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ESMA seeks feedback for review of the Short Selling Regulation
February 12, 2014--The European Securities and Markets Authority (ESMA) has published a Call for Evidence on the evaluation of the Regulation (EU) No236/2012 on short selling and certain aspects of credit default swaps (SSR).
This follows receipt of a formal mandate from the European Commission (EC) seeking technical advice on the evaluation of the effects of the SSR.
In order to prepare its technical advice on the effects of the SSR, ESMA is inviting investors, market participants and any other interested stakeholders to provide responses to the questions outlined in the Call for Evidence by 15 March.
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Source: ESMA
ETF rivals circle in on Switzerland
February 12, 2013--Exchange traded fund providers are ramping up their presence in Switzerland in response to client demand for passive investment and low-cost products.
At least three ETF players – Lyxor, Ossiam and Boost ETP – plan to boost their Swiss footprint in the next few months, following similar moves by US giants BlackRock and Vanguard.
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Source: FT.com
FSA says VCTs, ETPs and Reits likely to avoid Ucis ban
February 12, 2013--The FSA says it is considering proposals to refine its ban on Ucis marketing to ensure VCTs, exchange traded products, overseas investment companies and real estate investment trusts are not impacted.
The move comes after responses to the regulator’s August 2012 consultation paper on banning the promotion of Ucis to retail investors warned these product areas would be caught by the proposed ban.
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Source: Money Marketing
Boost weekly: Oil prices to fall? US equities to outperform EU equities?
February 11, 2013--Chart of the week: COMEX HG Copper futures (376.25c per lb.) are probing resistance and may turn above 380c per lb. this week. COMEX HG Copper futures star in our 'Chart of the Week' which offers a straight long play in the Boost Copper 3x Leverage Daily ETP (3HCL)
WTI expected to fall? In the energy markets WTI Crude Oil is expected to see prices drop as seasonal factors may be coming into play (peaks in prices over late Q4 through Q1 trading point to a seasonal effect). See Trading Note "Has the Oil Price Peaked"
US equities to outperform European equities? The relative outperformance by US indices over European indices last week underscores the view that the US economy will outperform the European economies, and is a correction of the underperformance seen in the last half of 2012
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Source: Boost
Eurex expands its product offering on French government bonds
Medium-term interest rate contract to launch on 11 March 2013/New contract complements the Euro-OAT Future listed in April 2012
February 11, 2013--On 11 March 2013, the international derivatives market Eurex Exchange will introduce a new interest rate future, the Mid-Term Euro-OAT Future, which is based on notional medium-term bonds issued by the Republic of France ("Obligations Assimilables du Trésor"-OAT).
Together with the long-term Euro-OAT Futures which were introduced in April 2012, the contract complements the existing segment and offers market participants an efficient and cost-effective hedging instrument which enables the hedging of risks and basis trading in the mid-term maturities range of the French yield curve.
“The success, positive volume and open interest performance of the Euro-OAT Future introduced in April 2012 increased the demand among our customers for improved coverage of the French yield curve. The new contract means that we also cover medium-term maturities, creating new, additional hedging and spread trading opportunities,” said Peter Reitz, member of the Eurex Executive Board.
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Source: Eurex
ESMA rules aim to curb excessive risk taking by alternative fund managers
February 11, 2013--The European Securities and Markets Authority (ESMA) has published final Guidelines on remuneration of alternative investment fund managers (AIFMs).
The rules will apply to managers of alternative investment funds (AIFs) including hedge funds, private equity funds and real estate funds. Non-EU AIFMs who market funds (using passport agreements) to EU investors will also be subject in full to the guidelines after a transitional period.
AIFMs will be asked to introduce sound and prudent remuneration policies and organisational structures which avoid conflicts of interest that may lead to excessive risk taking. Stronger governance of how fund managers are paid will ultimately lead to improved investor protection.
view the ESMA Guidelines on remuneration of alternative investment fund managers (AIFMs)
Source: ESMA
Five new iShares ETFs launched on Xetra
ETFs based on stock corporations with low volatility and high yield corporate bonds
February 11, 2013--Four new equity index ETFs and one new bond index ETF issued by iShares have been tradable in Deutsche Börse's XTF segment since Monday.
ETF name: iShares MSCI Emerging Markets Minimum Volatility
Asset class: equity index ETF
ISIN: DE000A1KB2B3
Total expense ratio: 0.40 percent
Distribution policy: non-distributing
Benchmark: MSCI Emerging Markets Minimum Volatility Index
ETF name: iShares MSCI Europe Minimum Volatility
Asset class: equity index ETF
ISIN: DE000A1KB2C1
Total expense ratio: 0.25 percent
Distribution policy: non-distributing
Benchmark: MSCI Europe Minimum Volatility (EUR)
ETF name: iShares MSCI World Minimum Volatility
Asset class: equity index ETF
ISIN: DE000A1KB2D9
Total expense ratio: 0.30 percent
Distribution policy: non-distributing
Benchmark: MSCI World Minimum Volatility Index
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Source: Xetra
SOURCE lists 2 further ETFs on SIX Swiss Exchange
SOURCE Lists Two Smart Beta Products On The SIX SWISS Exchange
February 11, 2013--Source is pleased to announce the listing of two of its flagship Exchange Traded Products (ETPs) on the SIX Swiss Exchange (SIX): the Man GLG Europe Plus ETF, a unique European equity product, and the J.P. Morgan Macro Hedge Dual Source ETF, which offers innovative volatility exposure.
These new listings take Source’s range on SIX up to 32 products.
The Man GLG Europe Plus Source ETF is one of Source’s most successful equity ETFs, with assets of US$ 950 million1 and an impressive track record.
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Source: SOURCE
UBS ETF appoints Calandra in Milan
February 11, 2013--UBS ETF has appointed Andrea Calandra as salesperson in its Italian offices. Calandra (pictured) will be based in Milan and will report to Simone Rosti.
He joined UBS in 2011, and he was initially head of investments for UBS Global Asset Management Italy.
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Source: Investment Europe
Fewer to take advice under RDR
February 10, 2013--The UK's Retail Distribution Review is likely to result in a sharp fall in the take-up of investment advice, new research suggests.
The RDR regime, which came into force on January 1, forces independent financial advisers to take upfront fees from clients rather than being remunerated via commission payments from the companies whose products they sell.
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Source: FT.com
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