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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
Successful 2012 for Tradegate Exchange
Leading trading venue for private investors/Tradegate Exchange continues its growth path
January 10, 2013--5.7 million transactions were executed on Tradegate Exchange in 2012 (2011: 5.6 million) and the total turnover in all securities rose by ten percent to
approximately €36.0 billion (2011: €32.7 billion).
The turnover in equities reached a new high of €.33.5 billion in 2012 (2011:€30.1 billion.), turnover in funds and ETPs was €1.7 billion (2011: 2.1 billion). The strongest increase in 2012 was seen in bonds: turnover here hit €736 million, up 58 percent on the previous year (2011: €467 million).
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Source: Deutsche Boerse
BlackRock to buy Credit Suisse's European ETFs -source
January 9, 2013--BlackRock Inc has won the bidding for Credit Suisse Group AG's European exchange-traded fund business, according to a source familiar with the situation.
The deal is expected to be announced shortly, said the source, who declined to be identified because the deal is not yet public. The value of the deal could not be determined.
A BlackRock spokeswoman and a Credit Suisse spokeswoman declined to comment.
Credit Suisse put its $17.6 billion ETF unit up for sale in October, sources told Reuters at the time.
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Source: Reuters
ESMA publishes its advice on delegated acts for the Prospectus Directive
January 9, 2013--ESMA publishes the third part of its final advice on possible delegated acts for the Prospectus Directive (PD). The advice was submitted to the European Commission on 21 December 2012.
In its advice, ESMA proposes clarifications of, and amendments to, the Prospectus Regulation in order to increase legal clarity and propose application of the proportionate disclosure regime for convertible/exchangeable debt securities. Today’s advice follows a public consultation which began on 20 June 2012.
Eurozone contracts sharply end 2012, rebound mid-2013
January 9, 2013--The eurozone's recession likely sharpened at the of last year but the single currency zone will begin to rebound in the second quarter of this year, forecasters at German, French and Italian agencies said Wednesday.
Ifo, INSEE and Istat said in a joint statement that "...business surveys as well as the decline of the industrial production in October suggest a further decrease of activity in" the fourth quarter of 2012 of 0.4 percent compared with the previous quarter.
The eurozone economy contracted by 0.1 percent in the third quarter after a 0.2 percent drop in the second quarter.
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Source: EUbusiness
Lyxor launches LYXOR ETF MSCI ACWI GOLD
Lyxor Asset Management launches a new ETF to provide exposure to GOLD mining equities
January 9, 2013--Lyxor Asset Management has launched an ETF on the MSCI ACWI Gold with EM DR 18% Group Entity Capped Index on the NYSE EURONEXT PARIS. This new ETF provides investors with an alternative way to play the gold theme.
Instead of investing in gold itself, investors can access the performance of the gold mining companies whose fortunes are strongly tied to "Physical Gold" prices.
The third round of Quantitative Easing (QE3) and the accommodative monetary policies of the major central banks have all helped to bolster gold prices. During QE1 and QE2, gold prices increased by 36% and 21% respectively. Since 2008, gold mining stocks have been lagging far behind actual gold spot prices. An increase in gold prices combined with a more favourable environment for equities might lead to a recovery in gold miners’ equity prices (source: SG Cross Asset Research, SG MAP Q1 2013).
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Source: Financial Investigator
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