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AMF applies ESMA guidelines on ETFs and other UCITS issues
February 22, 2013--The Autorité des Marchés Financiers (AMF) has adopted in Position No. 2013-06 the guidelines1 issued by the European Securities and Markets Authority (ESMA) on exchange-traded funds (ETFs) and other issues related to Undertakings for Collective Investment in Transferable Securities (UCITS).
Based on the UCITS Directive (2009/65/EC), the ESMA guidelines explain how European legislation is to be
applied in particular to the management of UCITS compliant with Directive 2009/65/EC.
The guidelines have been incorporated into the AMF's position and give details concerning:
the information to be supplied to investors about index funds and ETFs;
the special rules that UCITS have to apply if they use over-the-counter derivatives and efficient portfolio management techniques;
the criteria for financial indices in which UCITS invest;
implementation deadlines, particularly for existing UCITS. 1 ESMA/
view position paper-Position No. 2013-06
Source: Autorité des Marchés Financiers (AMF)
Boerse Stuttgart extends its trading hours
February 22, 2013--Boerse Stuttgart extends its trading hours. From 1 March 2013, all German and international equities and participation certificates can be traded up to 22.00 hours CET.
Christoph Lammersdorf, CEO of Boerse Stuttgart Holding GmbH, commented: “We are pleased to be able to offer a further innovative service to private investors in the form of extended trading hours. This will give them the opportunity to respond to developments in the leading US markets in the late evening. This is a particular advantage for trading in the increasingly popular ETPs, in addition to international equities.”
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Source: New Europe
EC-Winter forecast 2013-The EU economy: gradually overcoming headwinds
February 22, 2013--On 22 February, the Commission published its first winter economic forecast for the euro area and the European Union as a whole. The forecast covers a wide range of indicators including gross domestic product (GDP), inflation, employment and public finances for 2012-14.
Gross domestic product
Financial market conditions in the EU have improved substantially since last summer. But economic activity has been disappointing in the second half of last year. However, leading indicators suggest that GDP in the EU is now bottoming out and economic activity is expected to gradually accelerate. The pick-up in growth will initially be driven by increasing external demand. Domestic investment and consumption are projected to recover later in the year, and by 2014 domestic demand is expected to take over as the main driver of strengthening GDP growth.
view the European Commision-European Economic and
Financial Affairs Winter 2013
Source: European Commisiion
MSCI index futures to trade in Europe
February 21, 2013--Institutional investors will be able to trade some of their key MSCI benchmark indices as futures in Europe after the index provider announced plans to list them on the region's main derivatives exchanges.
On Thursday the US-based group said that in the coming weeks it will launch futures and options of popular benchmark indices on NYSE Liffe, part of NYSE Euronext, and Eurex, owned by Deutsche Börse
MSCI indices are frequently used by pension funds and asset managers to provide the framework for their investments.
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Source: FT.com
Amundi shuts commodity ETFs amid "hunger speculation" charge
February 21, 2013--Amundi, Europe's second-largest asset, is in the process of closing three of its commodities exchange traded funds amid criticism that such funds are "speculating on hunger".
The Amundi ETF Commodities S&P GSCI Agriculture, the Amundi ETF All Commodities S&P GSCI Light Energy and the Amundi S&P GCSI Non Energy ETF will be closed “within the next few weeks”, the French fund house says.
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Source: FT.com
MTS Licences Lyxor For MTS Spain Government Bond Index
February 21, 2013--Lyxor listed new ETF tracking the index this week
First MTS index to measure the performance of Spanish government bonds
Transparency of methodology and accuracy of index calculation meet highest industry standards
MTS, Europe’s premier facilitator for the European fixed income market, today announced that it has granted a licence to Lyxor to launch ETFs based on its MTS Spain Government Bond Index.
The Lyxor ETF MTS Spain tracks the all-maturity MTS index composed of government bonds issued by the Spanish government with an outstanding volume of at least EUR 2 billion.
Francois Millet, Product Line Manager ETF & Indexing at Lyxor said: “The MTS Spain Government Bond Index is the most accurate and representative benchmark for Spanish sovereign debt. By tracking it with our new ETF, investors now have plain and direct access to this market”.
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Source: London Stock Exchange
Eurex Exchange lists four new MSCI index derivatives
Launch date on 11 March 2013
February 21, 2013--The international derivatives marketplace Eurex Exchange will start listing new derivatives on global MSCI indices on 11 March.
From this date, futures and options based on the MSCI World, MSCI Europe, MSCI All Countries Asia Pacific ex-Japan and futures on the MSCI Frontier Markets will be available. Other derivatives on regional and country-specific MSCI emerging markets indices will be launched in July this year. A total of around 30 new index derivatives will be launched in two phases. The two planned product launches will grow the existing offering of equity index derivatives, which currently covers 70 different indices, to around 100.
“We are pleased that Eurex has chosen to expand its product offering to include futures and options on the MSCI World Index and the MSCI Europe Index, two widely used benchmark indices in the investment community,“ said Ricardo Manrique, Executive Director and Head of Derivatives at MSCI. “We look forward to continuing to work with Eurex as they develop their suite of derivatives based on MSCI indices.”
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Source: Eurex
Italian financial transactions tax-Italy imposes Tobin tax on financial transactions
February 21, 2013--Introduction
Italy has introduced a domestic tax on financial transactions (FTT-so called Tobin Tax). The new tax will be imposed on certain financial transactions executed as from 1 March 2013 and on others executed as from 1 July 2013.
Relevant Transactions, Excluded Transactions and Exempt Parties
The FTT applies to certain financial transactions (the Relevant Transactions), wherever executed and regardless of the nationality of the parties.
The five categories of Relevant Transactions are:
transfers of shares and participating financial instruments issued by Italian resident entities (Shares and PFIs), including those transfers on conversions of bonds (except for newly issued shares). Bonds, quotas and fund units are, instead, excluded (further exclusions may be introduced with a subsequent ministerial decree)
transfer of other instruments representing such Shares and PFIs (for example, ADRs – American Depositary Receipts)
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Source: Norton Rose
Healthy prognosis for European ETF market
February 20, 2013--The US has led the global exchange-traded funds market since the early 1990s, but market practitioners are bullish about the prospects for Europe.
Assets under management in ETFs grew 23% last year to reach $369bn, and in January continued growing to a $389bn all-time high.
ETF provider iShares had the highest net inflows in 2012 in Europe with $18.6bn. However, Stephen Cohen, head of investment strategy and insights Emea, thinks there are even better times ahead. He said: “We feel we are on the verge of a real pickup of ETFs in Europe.”
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Source: Financial News
Deutsche Bank sheds db X-trackers ETF brand
February 20, 2013--Deutsche Bank's newly merged asset and wealth management division is undergoing a major rebranding exercise to bring consistency to its marketing message.
Germany’s largest lender is in the process of scrapping the numerous brands that are grouped under its recently formed asset and wealth management division.
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Source: FT.com
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