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EMIR-what are the margin requirements for uncleared OTC derivatives?
March 5, 2013--Will there be universal initial margining, how will it be calculated, will thresholds be permitted, what will count as eligible collateral, will letters of credit be included and, if so, on what basis?
These main questions come to mind in conjunction to EMIR. A new White Paper by ReedSmith discusses the main principles of these proposals and what they mean to those working in financial markets.
request whitepaper
Source: Eurex
One year of impressive risk-adjusted performance from Deutsche Asset & Wealth Management actively managed ETF.
March 4, 2013--The first London-listed actively-managed exchange-traded fund-of-funds, the db xtrackers
SCM Multi Asset UCITS ETF, has reached its one-year anniversary since listing
(on 24th February), registering risk-adjusted outperformance versus standard benchmark
UK equities and UK Gilts indices.
The ETF, which provides exposure to a portfolio of exchange-traded products actively managed by SCM Private LLP, a third-party asset manager that specialises in running asset allocation portfolios primarily consisting of ETFs, had a Sharpe ratio- a common
measure of risk-adjusted returns – of 1.0% for the year since launch, posting returns of 7.85% p.a with volatility of 7.84% p.a.
The equivalent Sharpe ratios for the FTSE 100 Index and for the iBoxx Gilts Overall Index were, respectively, 0.79% p.a and 0.28% p.a*. The higher the Sharpe ratio the greater the return generated per unit of volatility.
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Source: Deutsche Asset & Wealth Management
New Sponsored Funds trading segment on SIX Swiss Exchange
March 4, 2013--SIX Swiss Exchange is today launching Sponsored Funds, a trading segment in which conventional investment funds can be traded. This segment has been realized in conjunction with Bank Julius Baer & Co. Ltd, which is also acting as the first sponsor.
Until now, investors were only able to subscribe to or redeem fund units on the primary market. The new trading segment now allows them to trade conventional investment funds including equities, bonds, structured products and also exchange traded funds (ETFs) on the stock exchange efficiently and – above all – in a timely way that suits the market. This option to process orders on the secondary market differs from the primary market, in which calculation of the execution price – NAV (net asset value) – and order execution are subject to a delay.
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Source: SIX Swiss Exchange
Two new Lyxor-ETFs launched in the XTF segment on Xetra
ETFs track VIX based volatility indices
March 4, 2013--Two new exchange-listed equity index funds from the issuer Lyxor Asset Management have been tradable in Deutsche Borse's XTF segment since Monday.
ETF name: Lyxor ETF Dynamic Long VIX Futures Index -EUR
Asset class: volatility
ISIN: LU0871960976
Total expense ratio: 0.75 percent
Distribution policy: non-distributing
Benchmark: Dynamic Long VIX Futures Index
ETF name: Lyxor ETF Dynamic Short VIX Futures Index- EUR
Asset class: volatility
ISIN: LU0871961511
Total expense ratio: 0.40 percent
Distribution policy: non-distributing
Benchmark: Dynamic Short VIX Futures Index
The two new Lyxor ETFs offer investors access to the performance of two VIX based volatility indices.
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Source: Xetra/FWB
FSA publishes discussion paper on transparency
March 4, 2013--The Financial Services Authority (FSA) has published a discussion paper looking at how transparency and more effective disclosure could improve the accountability of the regulator and the financial services industry, and help consumers make more informed decisions.
The incoming Financial Conduct Authority (FCA) is committed to being a transparent regulator and to being open to scrutiny from consumers, firms and Parliament. As part of this, it is keen to gather views and ideas from interested parties about information which, if disclosed, would be helpful for firms and consumers.
view the Consultation paper-Transparency DP13/1
Source: FSA
Tradition appoints Jason Griffin head of sales for Navesis-ETF
March 4, 2013--Navesis-ETF, the fully electronic trading platform designed to enhance the way exchange traded funds (ETFs) are traded, today announced the appointment of Jason Griffin as Head of Sales, Navesis-ETF, as the platform continues its ambitious expansion plans.
Navesis-ETF has also released new matching functionality which will enable clients to run multiple matches, at potentially flat spreads, throughout the trading day and with no minimum size constraint.
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Source: Finextra
Boerse Stuttgart reports monthly turnover of around EUR 7.7 billion
Leverage products up //Surge in demand for index and participation certificates
March 4, 2013--According to its order book statistics, Boerse Stuttgart generated turnover of around EUR 7.7 billion in February 2013, slightly down on the figure for January.
Securitised derivatives accounted for the largest share of turnover. In this asset class, the volume of trading in February was almost unchanged on the figure for January at around EUR 3.6 billion.
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Soure: Boerse Stuttgart
Oxfam takes food fight to Belgium
March 3, 2013--Oxfam's fight to stamp out trading in food commodities is heading for Belgium, following its success with similar campaigns in France and Germany.
Oxfam is investigating KBC and Dexia as well as French banks and insurers with a Belgian presence such as BNP Paribas, ING Bank and Axa to examine the degree to which these institutions speculate in food commodities. Oxfam’s plan is to discourage them from doing so, on the view that market trading in food commodities ratchets up food prices around the world.
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Source: FT.com
Council proposes dark MTF threshold, targets bond transparency
March 1, 2013--The Council of the European Union will consider a US-style volume threshold for dark pools that use the reference price waiver at a meeting to discuss MiFID II on Monday.
Discussions on MiFID II were expected to take a backseat due to the desire of regulators to press ahead on other regulatory initiatives like the European banking union. However, an agreement on the Capital Requirements Directive IV reached on 27 February among European policymakers has freed up time for MiFID II to be put back on the agenda.
The 4 March meeting will cover market structure and the organised trading facility regime, transparency for bond markets and dark pool trades and portfolio compression.
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Source: The Trade
Component Changes Made to STOXX Blue-chip Indices
March 1, 2013--STOXX Limited, the market-moving provider of innovative, substantial and global index concepts, today announced the results of the first of the two regular semi-annual reviews of the STOXX Eastern Europe 50 Index.
Furthermore, component changes in the EURO STOXX 50 and STOXX Europe 50 indices due to the fast entry rule are also being announced. All changes become effective with the open of markets on March 18, 2013.
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Source: STOXX
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