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No respite in regulation from Esma
February 1, 2013--Exchange traded fund providers may be mistaken if they think regulation of their sector is in the rear view mirror.
Last year, the European Securities and Markets Authority (Esma) gave ETFs, as one market participant put it, a “good 10-year check-up” by issuing rules on disclosure, product identifiers and securities lending. The guidelines came after concerns that the authority would separate complex ETFs from the rest of the Ucits crowd. It did not happen, but Esma’s intervention was only the first manifestation of regulators’ concerns.
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Source: FT.com
ESMA issues guidelines on market-making and primary dealer exemptions
February 1, 2013--The European Securities and Markets Authority (ESMA) has published its final Guidelines and a Feedback Statement on the Exemption for market making activities and primary market operations under the Short Selling Regulation.
The Guidelines are aimed at providing market participants and national supervisors with clarity on the criteria to be met to benefit from a market making exemption, and the conditions to be used in assessing the notifications.
These Guidelines will support the creation of a level-playing field, consistency of market practices and convergence of supervisory practices amongst national securities market regulators across the EU.
More for BlackRock, Less for Europe
February 1, 2013--Just when you thought BlackRock Inc., the world's largest asset manager, could not get any bigger, it did.
The announcement last month that it is to acquire the exchange traded funds (ETF) arm of Credit Suisse Group, Switzerland’s second-largest bank, will see the U.S. fund giant add a further $18-billion (U.S.) of fund assets to an already impressive $3.67-trillion.
But while the U.S. investment house’s asset pile grows ever larger, the Credit Suisse deal is said to mark the beginnings of a decline in the number of participants in the ETF market
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Source: Globe and Mail
EDHEC-Risk Institute Reiterates its Warnings to the European Commission on the Inadvisability of Imposing a Tobin Tax
January 31, 2013--In an open letter to European Commission President, José Manuel Barroso on January 30, 2013, Professor Noël Amenc, Director of EDHEC-Risk Institute and Professor of Finance at EDHEC Business School, has reiterated EDHEC-Risk Institute's opposition to a 'Tobin' or financial transactions tax (FTT).
Research findings from EDHEC-Risk Institute and other academic institutions show that the theoretical arguments in support of the FTT as a measure to reduce volatility are, at best, mixed; the empirical evidence, on the other hand, indicates that a FTT has either no effect on volatility or it actually increases volatility; and, introducing an FTT faces serious implementation challenges.
DB-Synthetic Equity & Index Strategy-ETF Research - European Weekly ETF Market Review
January 30, 2013--The most recent issue of the European Weekly ETF Market Review is now available.
The report includes key statistics on the European ETF market as well as global ETF market highlights.
For more detailed coverage please refer to our monthly report, issued in the first week following the end of each month.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - Europe
ESMA and the EBA announce an open hearing on the benchmarks setting processes
January 30, 2013--In connection with its consultation paper: Principles for Benchmarks-Setting Processes in the EU, published on 11 January 2013 (ESMA/2013/12), the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) are organising a public roundtable on benchmarks-setting processes.
The hearing will be held at ESMA’s premises in Paris on Wednesday, 13 February 2013.
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Source: ESMA
ESMA publishes 2nd Update of Q&A on the application of the Short Selling Regulation
January 30, 2013--The European Securities and Markets Authority has published an updated version of its Q&A on the Application of the Short Selling Regulation.
The purpose of the Q&A is to promote common supervisory approaches and practices amongst the EU’s national securities markets regulators on the requirements of the Short Selling Regulation, that came into force on 1 November 2012. It will also provide clarity on the requirements of the new regime to market participants and investors.
Vanguard listed as new product provider of three ETFs to SIX Swiss Exchange
January 30, 2013--Vanguard listed as new product provider of three ETFs to SIX Swiss Exchange
SIX Swiss Exchange is pleased to welcome Vanguard as a new issuer of ETFs. Vanguard is launching three products based on the European and American equity market indices.
Pennsylvania-based product provider Vanguard was founded in 1975 and is now one of the world’s largest asset management companies, with more than 250 managed investment funds and ETFs. Vanguard has been among the leading providers in its core business of index investments for over 30 years.
The ETF segment of SIX Swiss Exchange now comprises 905 listed products. Goldenberg Hehmeyer LLP and Commerzbank AG act as market maker for the Vanguard ETFs.
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Source: SIX Exchange
ComStage ETF S&P SMIT 40 launched on Xetra
ETF offers first-time access to companies in the SMIT emerging markets
January 29, 2013--A new equity index fund issued by ComStage ETF has been tradable on Xetra since Tuesday.
For the first time, investors are able to participate in the performance of the S&P SMIT 40 TRN EUR Index.
ETF name: ComStage ETF S&P SMIT 40 Index TRN
Asset class: equity index ETF
ISIN: LU0860821874
Total expense ratio: 0.60 percent
Distribution policy: non-distributing
Benchmark: S&P SMIT 40 Net Total Return EUR Index
The S&P SMIT 40 Net Total Return EUR Index tracks the performance of ten stock corporations in the emerging markets South Korea, Mexico, Indonesia and Turkey. All four countries are given equal weighting in the index, with the weighting of the individual stock corporations within a country determined by free-float market capitalisation and trading volumes. The index is a net return index, i.e. dividend payments after tax deduction are taken into account.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 1,020 exchange-listed index funds, making it the largest offering of all European stock exchanges.
Source: Xetra
New listing ETFs on NYSE Euronext
January 29, 2013--NYSE Euronext is pleased to announce that Amundi IS has listed a new ETF on NYSE Euronext Paris on January 29, 2013:
Listing Date:29/01/2013
Trading Name: AMUNDI MS EUR X FI
ISIN: FR0011340413
Symbol:EUXF
Benchmark index:MSCI Europe ex Financials
TER:0.30
NYSE Euronext now has 669 listings of 579 ETFs listed on its European markets.
Source: NYSE Euronext
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