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Eurex Repo to offer new long-term funding opportunities for GC Pooling and Euro Repo markets
Extension of maximum duration from one to two years
January 17, 2013--Eurex Repo, the leading marketplace for international, electronic repo trading and secured funding, today announced its plans to extend the maximum term of tradable securities for the Eurex Repo markets such as GC Pooling and Euro Repo.
Currently, the maximum duration for transaction is one year; as of 21 January, customers can also trade terms of up to two years. With this step, Eurex Repo provides its market participants with a new and easy-to-use opportunity to make use of the repayment option of the Long Term Refinancing Operations of the European Central Bank (ECB). Starting on the 30 January, the ECB will allow banks for the first time to prematurely return LTRO liquidity which they borrowed from the ECB in December 2011 and February 2012 with a maturity of 3 years. The fixed rate for the ECB loan is significantly higher than the current interest rate in the market.
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Source: Eurex
German investors pull out of solar funds, shift into wind
January 17, 2013--German investors' interest in wind-power funds continued to grow in the second half of 2012, while interest in solar energy waned, according to ratings agency Scope.
In 2010, more than 80% of all closed-end energy funds launched in Germany were solar funds, but their share almost halved to 43% in 2011 and dropped even further to 32% in 2012.
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Source: IP&E
UBS GAM sets fresh high for Italian ETF listings
January 17, 2013--UBS Global Asset Management has launched 61 exchange-traded funds on Borsa Italiana, marking the largest listing of such products on the Milan exchange in a single day.
The range of products replicate 40 indices spanning fixed income, equities and alternative investments, UBS GAM said in a statement on Monday, adding it was the largest one-time ETF listing in Borsa Italiana's history.
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Source: Financial News
Ernst & Young: Outlook positive for 2013 as investors eye Turkey
January 16, 2013--Turkey saw a record number of mergers and acquisitions (M&As) in 2012, an indication that 2013 may be a strong year for foreign and domestic investment, global consultation and auditing firm Ernst & Young told journalists gathered at a press breakfast on Wednesday.
The country saw 184 M&As by Turkish firms and 131 by foreign firms last year, with a total public value of around $23.2 billion. Clients often request to keep the value of their deals confidential, and the total value of M&As in Turkey last year might in fact be around $30 billion, Ernst & Young officials stated.
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Source: Todays Zaman
Ubs: quota 61 nuovi Etf su Borsa I.
January 14, 2013--Ubs Global Asset Management, uno dei maggiori provider
di Etf (Exchange Traded Funds) in Europa per patrimonio gestito, quota
un'ampia linea di prodotti Ubs Etf su Borsa Italiana.
Gli investitori italiani avranno cosi' accesso a 61 nuovi Ubs Etf che replicano 40 indici
azionari, obbligazionari e alternativi. Quella odierna rappresenta la piu'
grande quotazione simultanea di Etf nella storia di Borsa Italiana.
Clemens Reuter, responsabile a livello globale di Ubs Etf, spiega in una nota come la quotazione di questi nuovi prodotti su Borsa Italiana confermi "il nostro impegno nei confronti del mercato italiano e porta l'ampia linea di prodotti Ubs Etf su un'importante piazza finanziaria europea; attraverso la nostra gamma di Etf intendiamo aggiungere valore per gli investitori italiani fornendo strumenti e soluzioni per una gestione efficiente ed efficace dei portafogli. I nostri Etf sono studiati per essere considerati prodotti di risparmio gestito, spaziando da strategie core a strategie satellite".
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Source: Milano Finanza
Walkers-Alternative Investment Fund-Managers Directive ("AIFMD") Level 2 Measures - The Wait Is Over
January 14, 2013--With the deadline for implementation only 6 months away, the European Commission has finally adopted the AIFMD Delegated Regulations (the "Level 2 Measures"). Originally due to be published in July 2012, the adoption of the Level 2 Measures was delayed due to high level political debate surrounding, in particular, the issues of delegation and the depositary regime.
Despite the long wait, with the exception of the delegation rules, the Level 2 Measures do not significantly differ from the initial draft texts that were issued over the past 3 months. In the case of the delegation rules, a compromise qualitative test was
introduced in addition to the controversial quantitative proposals.
The Level 2 Measures provide the funds’ industry with much needed guidance and clarity and will allow asset managers to start the implementation process.
The Level 2 Measures were adopted in the form of a regulation on 19 December 2012 and are subject to a three month scrutiny period by the European Parliament and Council. The European Parliament and Council are unlikely to raise any objections as they only have the right to object to the entire Level 2 Measures and cannot propose further amendments. Regulations are directly effective and do not require implementation locally in the member states of the European Union ("EU"). The Commission chose this method of implementation to ensure a harmonised application of the AIFMD rules and to create a single rulebook throughout the EU. This will be of benefit to asset managers, particularly those with operations in more than one EU member state. Subject to no objections being raised by the European Parliament and Council, the Level 2 Measures will come into effect on 22 July 2013.
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Source: Walkers Global
ETF Stat December 2012 -Borsa Italiana
January 14, 2013--The ETF Statistics of the ETF Plus Market for the month of December 2012 are now available.
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Source: Borsa Italiana
Dutch banks demand commission-free ranges
January 13, 2013--Dutch banks are putting pressure on asset managers to review their fund ranges in light of a self-imposed ban on inducements that will begin in January 2014.
Fund managers say they must now create share classes that have commission payments stripped out if they want to maintain their lucrative business ties with large distributors in the Netherlands such as ABN Amro, Rabobank and ING.
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Source: FT.com
Euro area securities issues statistics
January 11, 2013--The annual growth rate of the outstanding amount of debt securities issued by euro area residents decreased from 3.2% in October 2012 to 2.9% in November.
For the outstanding amount of quoted shares issued by euro area
residents, the annual growth rate was 1.0% in November 2012, the same as in October.
New issuance of debt securities by euro area residents totalled EUR 793 billion in November 2012.
Redemptions stood at EUR 754 billion and net issues amounted to EUR 49 billion.1 The annual growth rate of outstanding debt securities issued by euro area residents decreased from 3.2% in October 2012 to 2.9% in November (see Table 1 and Charts 1 and 3).
The annual rate of change of outstanding short-term debt securities decreased from -2.8% in October 2012 to -4.0% in November. For long-term debt securities, the annual growth rate decreased from 3.9% in October 2012 to 3.6% in November. The annual growth rate of outstanding fixed rate long-term debt securities increased from 5.7% in October 2012 to 6.0% in November. The annual rate of change of outstanding variable rate long-term debt securities decreased from -2.2% in October 2012 to -3.8% in November.
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Source: ECB
French transaction tax loophole could prompt tougher European regimes
January 10, 2013--France went first with its new transaction tax regime-and found that leaving derivatives outside its scope created a loophole. Italy is up next and is set to fix that problem with a broader tax.
Could other European nations follow suit? Tom Newton reports
In 1984, Sweden launched its first financial transaction tax (FTT), a 0.5% levy on equity trades. Over the next six years, it was refined and extended to other asset classes, including bonds and derivatives. The results were stark. Roughly half of Swedish equity trading migrated to London. Bond trading volumes dropped 85%, even though the tax rate was just 3 basis points. The volume of futures trading fell 98%, and the options market effectively disappeared.
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Source: Risk.net
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