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Prepare for profound AIFMD changes
January 6, 2013--In implementing the alternative investment fund managers (AIFM) directive, the European Commission has not gone as far as some expected, either in limiting the delegation of investment activities or in expanding the scope of custody/strict liability for depositories.
It has, however, toughened the stance on the methodology of calculating leverage.
On delegation, the “letter-box” entity prohibition boils down to the alternative fund manager having to perform only some investment management activities itself. While it may result in the restructuring and in-sourcing of some activities, it is nowhere near the strict prohibition the industry feared. Moreover, competent authorities will have to look at an array of qualitative factors before labelling a manager a letter box, including the geographical and sectoral spread of the alternative fund manager’s investments. Fund domiciles will probably compete for the most business-friendly approach to delegation.
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Source: FT.com
iShares to change corporate bond ETF benchmark
BlackRock's ETF arm to change bond benchmarks over liquidity concerns for current indices.
January 4, 2013--iShares is set to change the benchmark for its Markit iBoxx Corporate Bond exchange traded funds (ETFs) to ensure the funds have enough liquidity.
The £1.3bn iShares Markit iBoxx £ Corporate Bond ETF will change its benchmark from the Markit iBoxx Sterling Liquid Corporates Long-Dated Bond index to the Markit iBoxx GBP Liquid Corporates Large Cap index on March 1 2013 if shareholders vote to approve the move in a general meeting on January 21.
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Source: FT.com
iShares to change corporate bond ETF benchmark
BlackRock's ETF arm to change bond benchmarks over liquidity concerns for current indices.
January 4, 2013--iShares is set to change the benchmark for its Markit iBoxx Corporate Bond exchange traded funds (ETFs) to ensure the funds have enough liquidity.
The £1.3bn iShares Markit iBoxx £ Corporate Bond ETF will change its benchmark from the Markit iBoxx Sterling Liquid Corporates Long-Dated Bond index to the Markit iBoxx GBP Liquid Corporates Large Cap index on March 1 2013 if shareholders vote to approve the move in a general meeting on January 21.
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Source: FT.com
Eurozone inflation 2.2% in December
January 4, 2013--Inflation in the 17-member eurozone was stable at 2.2 percent in December, official data confirmed on Friday, as the slowing economy took pressure off prices.
The Eurostat data agency noted that energy costs rose by 5.2 percent in December, slower than the 5.7 percent reported in November.
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Source: EUbusiness
European Financial Transaction Tax Will Not Hit End Investors, Claims Report
January 4, 2013--Despite repeated warnings from many in the industry that Europe's proposed financial transaction tax-which is aimed at curbing high-frequency trading-will be flawed and lead to end investors suffering, one recent report claims that the levy will actually benefit end investors such as pension funds.
The tax, which received a resounding go-ahead from the European parliament last month, now only needs to secure a qualified majority vote from the Council of Ministers before the controversial enhanced co-operation agreement—which will see the levy introduced in 11 of the 27 member states—is enacted.
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Source: Markets Media
Flash estimate-December 2012 Euro area inflation estimated at 2.2%
January 4, 2013--Euro area1 annual inflation2 is expected to be 2.2% in December 2012, the same as in November3, according to a flash estimate from Eurostat, the statistical office of the European Union.
Looking at the main components of euro area inflation, energy (5.2% compared with 5.7% in November) is expected to have the highest annual rate in December, followed by food, alcohol & tobacco (3.1% compared with 3.0% in November), services (1.8%, compared with 1.6% in November) and non-energy industrial goods (1.1%, stable compared with November).
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Source: Eurostat
Scoach retains highest turnover in structured products of all European exchanges
Consolidated trading volume of €42.6 billion
January 4, 2013--
Scoach achieved a trading volume of €42.6 billion in Zurich and Frankfurt in 2012.
Since it was founded, Scoach has held its number one position in Europe continually and ranks third in global terms behind the Hong Kong Exchange and the Korean Exchange. Its total offering of more than 950,000 tradable products is the largest in the world.
Turnover in Frankfurt stood at €16.1 billion in 2012, 18 percent less than in 2011. At 1.8 million, the number of transactions was 34 percent lower than in 2011. The average order volume increased by 25 percent to approximately €9,000 per transaction.
Turnover in the Swiss market was around 31.9 billion Swiss francs (€26.4 billion), making it about 38 percent less than in 2011. The number of listings fell by 14 percent to over 45,000 products.
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Source: Scoach
UK Official holdings of international reserves, December 2012
January 4, 2013--This monthly press notice shows details of movements in December in the UK's official holdings of international reserves, which consist of gold, foreign currency assets and International Monetary Fund assets.
These reserves are maintained primarily so that the UK Government’s reserves could be used to intervene to support Sterling, or the Bank of England’s reserves could be used to support the Bank’s monetary policy objectives. If such interventions were to occur, then they would be shown and explained in this release. The Background note at the end of this release explains more about the reserves, and about these statistics.
In summary this month’s release shows that, in December 2012: No intervention operations were undertaken. Movements in reserves and levels of reserves were as follows:
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Source: HM Treasury
Monetary developments in the euro area
January 2, 2013--The annual growth rate of the broad monetary aggregate M3 stood at 3.8% in November 2012, compared
with 3.9% in October 2012.1
The three-month average of the annual growth rates of M3 in the period from
September 2012 to November 2012 increased to 3.4%, from 3.1% in the period from August 2012 to
October 2012.
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Source: ECB
Boerse Stuttgart reports 2012 turnover of almost EUR 90 billion
Trading volume down relative to 2011 due to a generally difficult market environment // Corporate bonds and reverse convertibles register significant year-on-year growth // Europe's market leader for securitised derivatives and Germany's market leader for corporate bonds
January 2, 2013--According to Boerse Stuttgart's order book statistics, aggregate turnover for 2012 amounted to more than EUR 89.2 billion.
This means that total trading volume was down almost 18 percent relative to the previous year's figures. The main reason was a generally difficult market environment, one characterised by uncertainty and hesitancy on the part of investors in the wake of the protracted European debt crisis. The rate of decline varied widely by asset class, however. Thus, debt instrument (bond) trading registered the smallest drop in turnover, while trading in investment fund units took the biggest hit.
With a trading volume of more than EUR 42 billion for securitised derivatives, Boerse Stuttgart retained its position as Europe's market leader for this asset class. There was particularly strong growth in the trading of reverse convertibles, which recorded an increase of over 25 percent.
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Source: Boerse Stuttgart
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