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IMF Switzerland: Selected Issues Paper
May 21, 2013--NEGATIVE POLICY INTEREST RATES: SHOULD THE SNB CONSIDER THEM?1
1. With policy rates reaching historical lows in many countries and shrinking interest rate
differentials, the challenge of managing capital inflows and alleviating the resulting pressures
on the exchange rate has rendered negative interest rates a policy option worthy of discussion.
In the case of Switzerland, the SNB could charge negative interest rates on bank reserves, or on bank reserves above the minimum requirement. This policy would be aimed at lowering wholesale market interest rates, thus di
scouraging capital inflows and relieving pressureson the exchange rate. There are very few past episodes of using the negative interest rate to stem capital inflows.2
A recent example is Denmark, which introduced a negative policy interest rate in the summer of 2012.
view the IMF Switzerland: Selected Issues Paper
Source: IMF
The Autorite des Marches Financiers publishes a guide for investment management companies on the
May 21, 2013--With the aim of helping investment management companies fulfil their obligations under the European regulation on over-the-counter derivatives, central counterparties and trade repositories (EMIR), the AMF has published a guide explaining the implications of this new framework.
A key element in the drive to enhance financial stability and security, the EMIR European regulation
applies to users of derivatives. Investment management companies are therefore subject to new requirements, including a central clearing obligation (i.e. by means of an authorised clearing house) for their transactions in sufficiently-standardised and liquid over-the-counter derivatives. For those over-the counter derivatives that are not cleared centrally, other techniques designed to reduce operational and
counterparty risk must be implemented. Lastly, the regulation introduces a requirement to report transactions for all derivatives.
view the Les impacts du règlement EMIR en
matière de gestion d'actifs
Source: Autorite des Marches Financiers (AMF)
Bats Chi-X Europe plots ETF clean-up
May 20, 2013--Bats Chi-X Europe, the largest pan-European trading platform, is looking to shake up the region's exchange-traded fund market with a new model for secondary trading.
Mark Hemsley, chief executive of Bats Chi-X Europe, said the platform – which has helped to revolutionise European equities trading and clearing since its launch in 2008 – is exploring ways of cleaning up what he described as the “mess” in the ETF secondary market.
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Source: Financial News
Borsa Italiana Launches Single Stock Dividend Futures On IDEM
May 20, 2013--Borsa Italiana launches single stock dividend futures on IDEM
New product listed today on IDEM, the derivatives market of Borsa Italiana
Competitive pricing
Liquidity guaranteed by three Primary Market Makers
IDEM, the equity derivatives market of Borsa Italiana, has today broadened its offering, launching new futures on the dividends of single European blue-chip stocks.
The new product has been launched in response to investors demand for trading the expected dividends of 23 major listed European issuers.
Nicolas Bertrand, Head of Equity and Derivatives Markets at London Stock Exchange Group, said:
"The 'Pan-European Single Stock Dividend Future' is an innovative product launched on the IDEM market that allows intermediaries and investors to hedge their dividend risk on the main issuers across Europe.
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Source: Borsa Italiana
Boost Research-A golden short for the long run
May 20, 2013--Summary
Gold's fundamentals deteriorate: benign inflation, stock market rallies, resilient dollar and macro-stability undermine its price
High real price of gold is off by ~30% from 2011 peak. The directional downturn from the
1980 peak may suggest the bear market for gold has much further to go
Investors seeking to hedge against a fall in the gold price may consider a short leveraged gold position using the Boost Gold 3x Short Daily ETP (3GOS)
The bull case for gold may be fading fast: momentum rallies have been lacking fundamental support and have been short-lived. The macro backdrop, in a nutshell: a recovering US, a restructuring Europe and a rebalancing China as China moves away from exports to consumption. Disinflation, not inflation, is underpinning the trend in consumer prices, undermining the case for gold.
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Source: Boost ETP Research
Source launches US energy infrastructure ETF
May 20, 2013--Source, a leading European ETP provider, is delighted to announce the launch of the Source Morningstar US Energy Infrastructure MLP UCITS ETF, which seeks to track the Morningstar(R) MLP Composite IndexSM (TR).
The ETF provides exposure to US energy infrastructure via Master Limited Partnerships (“MLPs”) and is the first in Europe to offer diversified exposure to this compelling segment of the US energy market.
The US energy landscape is undergoing a profound structural shift. Domestic energy production has seen extraordinary growth since 2005, as technological advances have allowed the extraction of oil and natural gas from previously inaccessible reserves.
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Source: Source
FESE European Equity Market Report- April 2013 Figures
May 17, 2013--The FESE European Equity Market Report April 2013 is now available.
view the FESE European Equity Market Report-April 2013
Source: FESE
Two SPDR equity index ETFs launched on Xetra
May 16, 2013--Two new exchange-listed equity index funds issued by State Street Global Advisors have been tradable on Xetra(R) since Thursday.
ETF name: SPDR S&P Global Dividend Aristocrats UCITS ETF
Asset class: equity index ETF
ISIN: IE00B9CQXS71
Total expense ratio: 0.45 percent
Distribution policy: distributing
Benchmark: S&P Global Dividend Aristocrats Index
ETF name: SPDR S&P Pan Asia Dividend Aristocrats UCITS ETF
Asset class: equity index ETF
ISIN: IE00B9KNR336
Total expense ratio: 0.55 percent
Distribution policy: distributing
Benchmark: S&P Pan Asia Dividend Aristocrats Index
Both SPDR ETFs track the performance of companies with high dividend yields which have consistently pursued a policy of increasing or constant dividends for the last ten or seven years respectively.
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Source: Xetra
ESMA's report-Data on Prospectuses Approved and Passported-has been updated
May 16, 2013--NOTE: This Report is an amended version of the Report published on 25 September 2012. The previously published Report was amended on 15 May 2013 following the discovery of factual errors in the statis-tical information in Section III.2.
view the ESMA Data on Prospectuses Approved and Passported-January 2012 to June 2012 report
Source: ESMA
Boost Research-Macro Outlook-Equities as the new safe haven? Strengthening cash-flows amidst
May 15, 2013--Summary
Strong cash flows and company balance sheets give equities a potential safe haven status, with lower downside risk than bonds or commodities
Competitive dividend yields reflect a low growth environment and an overly risk averse corporate management style
Until extraordinary monetary stimulus unwinds, the relative high equity yield is expected to potentially offer investors better risk adjusted yields than bonds or gold
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Source: Boost ETP Research
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