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German Banks Will Consider Hedge Fund Exit, Fitch Says
February 15, 2013--German banks may exit proprietary trading and hedge-fund businesses rather than set up separate units under a government plan to strengthen the finance industry, according to Fitch Ratings Ltd.
The banks could opt to stop “restricted activities rather than incur the costs of separation, as the affected businesses make relatively small contributions to earnings,” Fitch analysts including Michael Dawson-Kropf said in an e-mailed statement today. “Only a few banks would end up putting trading activities into separate subsidiaries.”
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Source: Bloomberg
Euro area securities issues statistics
February 14, 2013--The annual growth rate of the outstanding amount of debt securities issued by euro area residents decreased from 2.9% in November 2012 to 2.1% in December.
For the outstanding amount of quoted shares issued by euro area
residents, the annual growth rate was 1.1% in December 2012, compared with 1.0% in November.
New issuance of debt securities by euro area residents totalled EUR 709 billion in December 2012.
Redemptions stood at EUR 815 billion and net redemptions amounted to EUR 75 billion.2 The annual
growth rate of outstanding debt securities issued by euro area residents decreased from 2.9% in
November 2012 to 2.1% in December.
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Source: ECB
Deutsche expands physical ETF footprint with Japan launch
Deutsche Asset and Wealth Management has launched an exchange traded fund (ETF) physically tracking Japan’s Nikkei 225 index
February 27, 2013--Deutsche Asset and Wealth Management has launched an exchange traded fund (ETF) physically tracking Japan's Nikkei 225 index.
The db X-trackers Nikkei 225 Ucits ETFs ‘direct replication’ invests in the underlying index constituents, and joins the firm’s existing ‘indirect replication’ – or swap based – ETF on the Japanese market.
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Source: CityWire
EU finance trade tax applicable globally: Brussels
February 14, 2013--A financial transactions tax to be adopted by 11 EU states should raise 30-35 billion euros each year but the levy will apply worldwide, the European Commission said Thursday, sparking a sharp reaction from opponents led by Britain.
The Financial Transaction Tax (FTT) imposes a tax of 0.1 percent on a trade in shares and bonds, and of 0.01 percent for derivative instruments.
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Source: EUbusiness
Deutsche Boerse questions impact of a financial transaction tax
Striking discrepancy between political objectives and impacts/Risk import through the back door
February 14, 2013--Deutsche Bö
rse questions the sense of a financial transaction tax draft published today by the European Commission. The impacts of this potential tax show a striking discrepancy between political objectives derived from the financial crisis.
On the one hand, the European Union wants to improve transparency and stability and wants the financial sector to make a contribution to the costs of the crisis. On the other hand, such a very tax will lead to a situation in which financial transactions will migrate to less regulated and non-transparent markets. Potential systemic risks will remain unchanged, but they will merely be detracted from the influence and control of the supervision.
By introducing the tax in only 11 member states of the European Union theses negative impacts will only play out more strongly. Especially because important financial centers like London and Luxembourg will not take part in enhanced cooperation. This will mean a further weakening of the financial center in Germany with massive economic effects to follow.
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Source: Deutsche Bö
Europa- Flash estimate for the fourth quarter of 2012
February 14, 2013--Euro area GDP down by 0.6% and EU27 down by 0.5%
-0.9% and -0.6% respectively compared with the fourth quarter of 2011
GDP fell by 0.6% in the euro area1 (EA17) and by 0.5% in the EU271 during the fourth quarter of 2012,, compared with the previous quarter, according to flash estimates2 published by Eurostat, the statistical office of the European Union.
In the third quarter of 2012, growth rates were -0.1% and +0.1% respectively.
Compared with the same quarter of the previous year, seasonally adjusted GDP fell by 0.9% in the euro area and by 0.6% in the EU27 in the fourth quarter of 2012, after -0.6% and -0.4% respectively in the previous quarter.
During the fourth quarter of 2012, GDP in the United States was stable compared with the previous quarter (after +0.8% in the third quarter of 2012). Compared with the same quarter of the previous year, GDP rose by 1.5% in the United States (after +2.6% in the previous quarter).
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Source: EUROPA
Long-term UCITS register strong net sales in December 2012 and reach EUR 234 billion of inflows in 2012
February 14, 2013--A continued increase in optimism on the economic outlook was brought about in December 2012 by reduced tensions in
the euro area sovereign debt markets and rising stock markets, which supported equity funds in attracting their highest level of monthly net inflows since January 2011.
The European Fund and Asset Management Association (EFAMA) has today published its latest Investment Fund Industry
Fact Sheet*, which provides investment sales and asset data for December 2012.
26 associations representing more than 99.6 percent of total UCITS and non-UCITS assets at end December 2012 provided us with net sales and/or net assets data.
The main developments in December 2012 in the reporting countries can be summarised as follows:
Long-term UCITS (UCITS excluding money market funds) continued to register strong net sales in December: EUR 35 billion, compared to EUR 38 billion in November.
Net sales of equity funds totaled EUR 14 billion, up from EUR 13 billion in November.
Bond funds continued to record strong net inflows in December, albeit less than in November: EUR 14 billion compared to EUR 21 billion.
Net inflows into UCITS amounted to EUR 1 billion in December, down from EUR 38 billion in November.
view the EFAMA Invest Fund Industry Fact Sheet(1) Decemeber 2012 DATA
Source: EFAMA
ESMA issues first risk report on EU securities markets
February 14, 2013--The European Securities and Markets Authority (ESMA) has published today its first report on trends, risks and vulnerabilities in European Union (EU) securities markets and a risk dashboard for the 4th Quarter 2012.
The report looks at the performance of securities markets in 2012, assessing both trends and risks in order to develop a comprehensive picture of systemic and macro-prudential risks in the EU that can serve both national and EU bodies in their risk assessments. By regularly looking into cross-border and cross-sector trends and risks both at the wholesale and retail level, ESMA’s report will contribute to promoting financial stability and enhancing consumer protection.
The report finds that EU securities markets and investment conditions in the EU improved in 2012, especially in the second half of the year; while systemic risk in EU securities markets decreased in the fourth quarter. The recovery can be linked to the ECB’s announcement of Outright Monetary Transactions (OMT) in early August, which alleviated pressure on euro area sovereign bond markets and reduced uncertainty among market participants. However, risk indicators remained at high levels: amongst other factors, this was due to the on-going sovereign debt and banking crisis, the realignment of risk assessments by investors, funding risk, potential long-term implications of low interest rates and obstacles to orderly market functioning.
view the ESMA Trends Risks Vulnerabilities report
Source: ESMA
ESMA publishes the feedback statement to the consultation on considerations of materiality in financial reporting
February 14, 2013--ESMA has today published a Feedback Statement to its consultation paper 'Considerations of Materiality in Financial Reporting' following on from the Summary of Responses published in August 2012,
and the public roundtable which took place in October 2012. The Feedback Statement provides an overview of the key messages from the responses received.
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Source: ESMA
db X-trackers lists Aussie dollar cash ETF in London
February 14, 2013--db X-trackers, Deutsche Asset & Wealth
Management's exchange-traded funds (ETF) platform, is providing European
investors with liquid, easily traded access to Australian money market rates via a new London listing.
The Australian overnight money market rate currently yields 3% on an annualized basis, placing it as an outlier in comparison with money market rates in other developed markets-the equivalent Sterling Overnight Index Average is currently 0.43%, while the equivalent US Federal funds rate is 0.09%.
The db x-trackers II Australian Dollar Cash UCITS ETF may therefore appeal to investors searching for yield in the current low-rate environment. As the fund is denominated in Australian dollars, but trades in GBP, it may also appeal to investors looking to diversify their currency exposure, or who want to take a view on the movement of the Australian dollar.
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Source: Deutsche Asset & Wealth Management
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