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S&P cuts Greece rating to 'selective default'
December 5, 2012--Standard & Poor's cut Greece's already junk-level debt rating to "selective default" Wednesday after the country launched an operation to buy back debt at a big discount.
Greece was cut from CCC, the lowest level before default, S&P said, because its invitation to investors to sell back the Greek bonds they hold at discounts to face value "constitutes the launch of what we consider to be a distressed debt restructuring."
"The offer, in our view, implies the investor will receive less value than the promise of the original securities; and we believe the offer is distressed, rather than purely opportunistic."
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Source: EUbusiness
Eurozone downturn may have hit 'nadir': Markit
December 5, 2012--Private sector business activity across the eurozone may have hit a three-and-a-half-year "nadir," the Purchasing Managers Index (PMI) survey showed on Tuesday.
The Purchasing Managers Index (PMI), a leading indicator compiled by the London-based Markit research firm, produced a combined manufacturing and services score of 46.5 points, better than a flash estimate of 45.8 and up from October's 45.7.
"There are signs that the recession may have reached a nadir," said Markit chief economist Chris Williamson.
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Source: EUbusiness
ESMA finalises guidelines on repo arrangements for UCITS funds
December 4, 2012--The European Securities and Markets Authority (ESMA) has today published its final guidelines on repurchase and reverse repurchase agreements for UCITS funds.
The guidelines state that UCITS should only enter into such agreements if they are able to recall at any time any assets or the full amount of cash.
Key elements of the guidelines are:
For repurchase arrangements, UCITS should be able to recall at any time the assets subject to such arrangements;
For reverse repurchase agreements, UCITS should be able to recall at any time the full amount of cash on either an accrued or a mark-to-market basis. However, when cash is recalled on a mark-to-market basis, the mark-to-market value of the reverse repurchase agreements should be used for the calculation of the net asset value of the UCITS; and
ESMA considers fixed-term repurchase and reverse repurchase agreements that do not exceed seven days as arrangements that allow the assets to be recalled at any time by the UCITS.
view the final report-Guidelines on repurchase and reverse repurchase agreements
Source: ESMA
BNY poaches currency specialist for fund launch
New recruit to report to Euro Stars AAA-rated manager David Leduc and oversee planned Alt Ucits strategy.
December 4, 2012--BNY Mellon has hired currency specialist Federico Garcia Zamora from rivals American Century in order to oversee its planned currency-focused absolute return fund.
Zamora, who will report to Euro Stars AAA-rated manager David Leduc (pictured), will join the firm’s Boston-based fixed income specialist Standish Mellon Asset Management.
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Source: CityWire
Boerse Stuttgart generates turnover of almost EUR 7 billion in November 2012
December 4, 2012--Little change in trading turnover//Year-on-year increase in corporate bonds
According to its order book statistics, Boerse Stuttgart generated turnover of more than EUR 6.8 billion in November 2012, slightly lower than the previous month.
Securitised derivatives accounted for the largest share of the turnover. In this asset class turnover amounted to around EUR 3.2 billion in November 2012, around the same as in October 2012, in a continued weak market environment. The total volume of investment products traded at Boerse Stuttgart was about EUR 2 billion. Leverage products accounted for more than EUR 1.2 billion of the total turnover.
The turnover in debt instrument trading in November 2012 was up by around 10 percent in comparison with the previous month. However, in comparison with November 2011 there was a significant increase of more than 13 percent. Turnover in corporate bonds alone was almost EUR 1.3 billion, and thus 46 percent higher than in November 2011. The total turnover generated in debt instrument trading was around EUR 2.2 billion.
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Source: Boerse Stuttgart
Eurex Exchange launches its new advanced derivatives trading system
Migration to the new technology offers participants greater choice and better performance
December 4, 2012--Eurex Exchange, the derivatives arm of Deutsche Börse Group, has successfully launched the world's most advanced trading system yesterday.
With the new trading system, participants of Eurex Exchange benefit from significantly better performance, more choice and enhanced functionalities – all based on Eurex Exchange’s proven reliability.
“We believe this ‘next generation’ system will substantially change the way traders and investors access the world’s most dynamic markets, and it will establish a clear competitive advantage for our participants,” said Jürg Spillmann, member of the Eurex Executive Board and responsible for IT & Operations.
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Source: Eurex
Lyxor chief Hamid exits firm
December 4, 2012--Lyxor Asset Management's Nizam Hamid, head of exchange traded fund (ETF) strategy and deputy head of ETFs Europe, has left the firm, Wealth Manager understands.
Hamid, who joined the firm in November 2010, reportedly left last week.
Before joining Lyxor, Hamid was head of sales strategy at BlackRock’s iShares, having joined the ETF provider in 2008.
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Source: Wealth Manager
Northern Trust Monthly Funds Market Review: Ireland continues funds growth-New Luxembourg Fund rules-Guernsey planning parallel regulatory regimes
December 3, 2012--This month's highlights include:
Another strong year for Ireland funds industry
New rules for Luxembourg Management Companies and self-managed funds
New reports proposed by US regulator for previously opaque derivatives swaps
Guernsey planning two parallel regulatory regimes for investment funds
Attitudes towards ETFs evolving, claims report
ANORTHERN
TRUST HIGHLIGHTS
Northern Trust has developed a reporting solution to provide a consolidated view of holdings for institutional investors and sovereign wealth funds that have accounts with
multiple custodians, allowing clients to receive intra-day reporting that integrates all
assets.
Fearghal Woods has been named by Northern Trust as Head of EMEA (Europe, Middle East and Africa) Fund Administration Product. In his new role, Woods is responsible for defining and executing the regional product strategy in support of asset managers, including fund accounting, transfer agency, and ETF administration. Business Wire 27 November IRISH FUND HIGHLIGHTS
The Irish Funds Industry Association (IFIA), in partnership with IDA Ireland, the Irish Government’s inward investment agency, has opened a representative office in São
Paulo, Brazil. The IFIA now has representative offices in four locations in the US in
New York, Atlanta, Boston and Chicago; throughout Asia in Shanghai, Singapore,
Tokyo and in Hong Kong with the Hong Kong Chamber of Commerce; in Europe in
Frankfurt and London as well as in Sydney, Australia and now also São Paulo, Brazil.
IFIA 27 November
Independent figures just out from the European Fund and Asset Management
Association (EFAMA) reveal that Ireland secured 45 per cent of the total European market for the first half of 2012 with growth across every asset class. These figures demonstrate another strong year for Ireland which saw the industry reach the
significant milestones of €1 trillion in domiciled assets and €2 trillion in total funds under administration.
IFIA 15 November
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Source: Northern Trust
EU and Swiss regulators to co-operate on cross-border supervision of alternative investment funds
December 3, 2012--The European Securities and Markets Authority (ESMA) has approved the co-operation arrangements between the Swiss Financial Market Supervisory Authority FINMA and the EU securities regulators for the supervision of alternative investment funds, including hedge funds, private equity and real estate funds.
ESMA has negotiated the agreement with FINMA on behalf of all 27 EU national competent authorities for securities markets regulation.
The co-operation arrangements include the exchange of information, cross-border on-site visits and mutual assistance in the enforcement of the respective supervisory laws.
