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CPSS-IOSCO Consultative report on Authorities' access to trade repository data
April 11, 2013--The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) have today published for public comment a consultative report entitled Authorities’ access to trade repository data.
Trade repositories (TRs) are entities that maintain a centralised electronic record of over-the-counter (OTC) derivatives transaction data. TRs will play a key role in increasing transparency in the OTC derivatives markets by improving the availability of data to authorities and the public in a manner that supports the proper handling and use of the data. For a broad range of authorities and official international financial institutions, it is essential to be able to access the data needed to fulfil their respective mandates while maintaining the confidentiality of the data pursuant to the laws of relevant jurisdictions.
view the CPSS-IOSCO consultative report on Authorities' access to trade repository data
Source: IOSCO
EDHEC-Risk Institute study illustrates that short-term risk control is not incompatible with long-term investment performance
April 11, 2013--A new study produced as part of the BNP Paribas Investment Partners research chair on "Asset-Liability Management and Institutional Investment Management," provides comprehensive insights into all of EDHEC-Risk Institute's research on dynamic allocation in asset-liability management.
The publication, “Hedging versus Insurance: Long-Horizon Investing with Short-Term Constraints,” demonstrates that failing to separate long-term risk-aversion and short-term loss-aversion may lead to poor investment decisions. As an illustration, the research points to a 32% opportunity cost when managing maximum drawdown constraints inefficiently through an excessive level of hedging.
view the Hedging versus Insurance: Long-Horizon Investing with Short-Term Constraints
Source: EDHEC
Lyxor develops ETFs offering on Borsa Italiana
April 11, 2013--Lyxor has quoted on Italy's Borsa Italiana the Lyxor ETF Dynamic SHORT VIX Futures Index.
The ETF is UCITS IV compliant and is incorporated in Luxembourg.
The investment objective is to track both the upward and downward evolution of the DYNAMIC SHORT VIX FUTURES INDEX
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Source: Investment Europe
Klein starts new role at Deutsche Bank ETF unit
April 9, 2013--The former European head of ETFs and global head of business development at Lyxor Asset Management has taken on a newly created role within Deutsche Bank's combined asset management and wealth unit.
Simon Klein has started work in Frankfurt as head of db X-trackers exchange-traded funds and exchange-traded commodity sales for Europe,
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Source: Financial News
Upon being registered and announced, Borsa Istanbul A.S. has received a foundation and operation permit
April 5, 2013--Capital Markets Board Law no. 6362 went into force after being in published in the Official Gazette dated December 30, 2012.
Pursuant to article 138 of the Law, Borsa İstanbul A.Ş. (BİAŞ) convenes all the exchanges operating in the Turkish capital markets under a single roof. Its Articles of Association was prepared by the Capital Markets Board, and following the approval by the Minister in charge, it was registered on April 3, 2013, thereby receiving a foundation and operation permit. BİAŞ Chairman & CEO is Mr. İbrahim M. TURHAN.
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Source: Borsa İstanbul A.Ş.
Statistical Release: UK Official holdings of international reserves, March 2013
April 4, 2013--This monthly press notice shows details of movements in March in the UK's official holdings of international reserves, which consist of gold, foreign currency assets and International Monetary Fund assets.
These reserves are maintained primarily so that the UK Government’s reserves could be used to intervene to support Sterling, or the Bank of England’s reserves could be used to support the Bank’s monetary policy objectives. If such interventions were to occur, then they would be shown and explained in this release. The Background note at the end of this release explains more about the reserves, and about these statistics.
In summary this month’s release shows that, in March 2013:
No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
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Source: HM Treasury
ESMA publishes the guidelines on market making and primary dealer exemption-application deadline starts
April 2, 2013--ESMA has published the official translations of its final "Guidelines on exemption for market making activities and primary market operations under the Short Selling Regulation" (ESMA/2013/158), first published on 1 February 2013.
Today’s publication of the translated guidelines triggers a transitional period of two months during which national supervisors have to declare whether they intend to comply with the guidelines, or otherwise explain the reasons for non-compliance. According to the ESMA Regulation national supervisors have to make every effort to comply with the Guidelines.
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Source: ESMA
Average daily volume of 9.7 million contracts at Eurex Group in March
April 2, 2013--In March 2013, the international derivatives exchanges of Eurex Group recorded an average daily volume of 9.7 million contracts (March 2012: 10.1 million).
Of those, 7.3 million were Eurex Exchange contracts (March 2012: 7.4 million), and 2.4 million contracts (March 2012: 2.7 million) were traded at the U.S.-based International Securities Exchange (ISE).
In its largest segment – equity index derivatives – Eurex Exchange achieved 65.9 million contracts (March 2012: 79.7 million). Futures on the EURO STOXX 50® Index stood at 30.6 million contracts and 20.5 million on the index options. Futures on the DAX index totaled 3.2 million contracts while the DAX options reached another 3.9 million contracts. The Eurex KOPSI Product recorded approximately 1.4 million contracts.
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Source: Eurex
Turnover at Deutsche Borse's cash markets at 97.3 billion euros in March
April 2, 2013--Order book turnover on Xetra, the Xetra Frankfurt Specialist trading and Tradegate stood at €97.3 billion in March (March 2012: €118.7 billion).
Of the €97.3 billion, €89.6 billion were attributable to Xetra (March 2012: €109.3 billion). €4.3 billion were attributable to the Xetra Frankfurt Specialist trading (March 2012: €5.9 billion). Order book turnover on Tradegate Exchange* totalled approximately €3.3 billion in March (March 2012: €3.5 billion).
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Source: Deutsche Börse
McNeil and Bienkowski offer ETP Boost(er)
April 2, 2013--In launching exchange-traded product firm Boost ETP last year, Hector McNeil heeded advice he was given in his childhood: stick to your strengths.
McNeil and partner Nik Bienkowski co-founded the firm, which specialises in three-times leveraged and short exchange-traded products, after helping to build the business of commodity exchange-traded fund firm ETF Securities from 2006 to 2010.
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Source: Financial News
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