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Revisions to the Basel Securitisation Framework, consultative document published by the Basel Committee
December 18, 2012--The Basel Committee on Banking Supervision has today published a consultative paper entitled Revisions to the Basel Securitisation Framework.
The performance of securitisations and the central role they played during the financial crisis were a key motivation for the Basel Committee to perform a broader review of its securitisation framework for regulatory capital requirements. The Committee's objectives are to make capital requirements more prudent and risk-sensitive; to mitigate mechanistic reliance on external credit ratings; and to reduce current cliff effects in capital requirements.
In July 2009, the Committee introduced enhancements to the Basel II framework to address deficiencies identified during the financial crisis. These measures primarily addressed immediate concerns over resecuritisations, forming part of a set of reforms commonly referred to as "Basel 2.5". The Committee subsequently agreed to conduct a more fundamental review of the securitisation framework, including its reliance on external ratings.
view the Consultative Document Revisions to the
Basel Securitisation Framework
Source: BIS
Poland ETFs: Defying Logic as Economy Slows
December 17, 2012--Relative to the recent rally in other emerging markets ETFs, the surge in the two funds devoted exclusively to Poland has gone somewhat unnoticed.
What is even less discussed is a point that makes the recent upside moves by the iShares MSCI Poland Investable Market Index Fund (NYSE: EPOL [FREE Stock Trend Analysis]) and the Market Vectors Poland ETF (NYSE: PLND) all the more impressive.
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Source: Benzinga
ESMA publishes the responses to the consultation on Guidelines on remuneration policies and practices (MiFID)
December 17, 2012--ESMA has published the responses to the consultation on Guidelines on remuneration policies and practices (MiFID).
view responses
Source: ESMA
German economy to shrink markedly: Bundesbank
December 17, 2012--The German economy, Europe's biggest, is set to contract "noticeably" in the fourth quarter of this year and will probably tread water early next year, the Bundesbank forecast on Monday.
"Current indicators point to a noticeable drop in economic production at the end of the year," largely due to weakness in the country's key industrial sector, the German central bank wrote in latest monthly report, reiterating its updated growth forecasts published 10 days ago.
The outlook for German companies had "deteriorated" amid a slowdown in global growth and falling demand from the rest of the eurozone, it said.
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Source: Yahoo News
SIX purchases Oslo Clearing ASA
SIX, Switzerland's financial market infrastructure group, agrees to purchase Oslo Clearing ASA from Oslo Børs ASA
December 17, 2012--
Oslo Clearing is 100% owned by Oslo Børs VPS Holding ASA, and is authorized to act as a central counterparty in accordance with the Norwegian Securities Trading Act.
Oslo Clearing currently carries out CCP clearing of financial directives and security lending products.SIX has agreed to acquire 100% of Oslo Clearing from Norway’s Oslo Børs at the price of approximately NOK 180 Millions (ca. CHF 30 Mio.), assuming freely available cash or book equity to amount to about NOK 120 millions (ca. CHF 20 Mio.). The acquisition is subject to customary approvals and other conditions and is therefore expected to close in Q2 2014. Oslo Clearing will be part of Securities
Services, the post trade division of SIX.
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Source: SIX Securities Services
FESE European Equity Market Report -November 2012
December 17, 2012--FESE has published the 'European Equity Market Report' which gathers data from all the market segments operated by FESE members (including Regulated Markets and Multilateral Trading Facilities) as well as from the major MTFs operated by investment firms in the European market.
The FESE Statistics Methodology used in the Report has been agreed by all the trading venues involved, both RM and MTFs.
view updated report
Source: FESE
Two new Lyxor ETFs launched in the XTF segment on Xetra
December 17, 2012--Two new ETFs issued by Lyxor Asset Management have been tradable in Deutsche Börse's XTF segment since Monday.
ETF name: Lyxor ETF SG Global Quality Income NTR Share Class D-EUR
Asset class: equity index ETF
ISIN: LU0832436512
Total expense ratio: 0.45 percent
Distribution policy: distributing
Benchmark: SG Global Income NTR Index
ETF name: Lyxor ETF S&P 500 VIX Futures Enhanced Roll
Asset class: volatility
ISIN: LU0832435464
Total expense ratio: 0.60 percent
Distribution policy: non-distributing
Benchmark: S&P 500 VIX Futures Enhanced Roll Index
The Lyxor ETF SG Global Quality Income tracks the performance of global high-quality companies in industrialised countries that can expect above-average dividend yields and a sustained increase in value. "Quality income" companies have a history of high profitability, efficiency and strong balance sheets.
The Lyxor ETF S&P 500 VIX Futures Enhanced Roll tracks the implied volatility of the stocks in the S&P 500 using VIX futures contracts with varying maturities.
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Source: Deutsche Börse
Xetra-Gold most successful ETC on Xetra for past five years
Highest average turnover in ETC segment / New website to coincide with 5th birthday
December 14, 2012-- Xetra-Gold (ISIN: DE000A0S9GB0) has been the most frequently traded Exchange Traded Commodity (ETC) on Xetra since its launch on 14 December 2007.
With an average monthly turnover of €164.9 million, Xetra-Gold accounts for around 25 percent of Deutsche Börse's total ETC turnover. The issuer is Deutsche Börse Commodities GmbH, a joint venture between Deutsche Börse, five banks (Commerzbank, Deutsche Bank, DZ Bank, B. Metzler seel. Sohn & Co. and Swiss bank Vontobel) and gold producer Umicore.
Xetra-Gold represents the spot price of one gram of gold and is also backed by physical gold. Trading in small quantities is highly liquid, with a spread of 10 basis points or lower. Deutsche Börse Commodities GmbH currently holds 53.3 tonnes of gold worth over €2.3 billion.
Xetra-Gold reached its peak of €44.28 on 28 September 2012, and its low since launch of €17.15 on 15 August 2008. It recorded its highest daily turnover of €107.9 million on 10 August 2011. August 2011 also saw Xetra-Gold's highest monthly turnover – a total of €899.7 million. The lowest monthly turnover was recorded in May 2008 (€24.8 million).
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Deutsche Börse Commodities
UCITS enjoy surge in net inflows of EUR 41 billion in October
December 14, 2012--The European Fund and Asset Management Association (EFAMA) has today published its latest Investment Fund Industry Fact Sheet*, which provides investment sales and asset data for October 2012.
26 associations representing more than 99.6 percent of total UCITS and non-UCITS assets at end October 2012 provided EFAMA with net sales and/or net assets data.
The main developments in October 2012 in the reporting countries can be summarised as follows:
Net inflows to UCITS surged in October to EUR 41 billion, as all fund categories recorded net inflows. This compares to net outflows of EUR 10 billion recorded in September.
Long-term UCITS (UCITS excluding money market funds) jumped in October to EUR 34 billion, up from EUR 13 billion in September.
Net inflows into bond funds amounted to EUR 25 billion, marking a significant increase compared to September (EUR 9 billion).
Equity funds recorded net inflows of EUR 3 billion for the second successive month.
Balanced funds enjoyed increased net sales in October of EUR 5 billion, up from EUR 2 billion in September.
view the EFAMA Investment Fund Industry Fact Sheet-October 2012
Source: European Fund and Asset Management Association (EFAMA)
Deutsche unveils inaugural physical ETF range
December 14, 2012--Db X-trackers, the exchange traded fund (ETF) arm of Deutsche Bank, has launched its first physical ETFs on the London Stock Exchange.
The direct replication products track the FTSE 100, the Euro Stoxx 50 and the Euro Stoxx 50 Ex Financial indices.
The launch marks the first time the provider has offered a range of physically-replicated products, as part of its new dual strategy in providing both direct and indirect replication ETFs.
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Source: CityWire
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