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Commission adopts technical standards for the Regulation on OTC derivatives, central counterparties and trade repositories
December 19, 2012--The European Commission has today adopted nine regulatory and implementing technical standards to complement the obligations defined under the Regulation on OTC derivatives, central counterparties (CCPs) and trade repositories (the so-called European Markets Infrastructure Regulation-EMIR) which was adopted on 4 July and entered into force on 16 August 2012 (see MEMO/12/232).
They were developed by the European Supervisory Authorities and have been endorsed by the European Commission without modification. The adoption of these technical standards finalises requirements for the mandatory clearing and reporting of transactions, in line with the EU's G20 commitment made in Pittsburgh in September 2009.
Internal Market and Services Commissioner Michel Barnier said: "The adoption of these technical standards is the final step in achieving the mandatory clearing and reporting of OTC derivatives and in meeting our G20 commitments. This will improve transparency in the trading of derivatives."
The technical standards will enter into force on the twentieth day following publication in the EU's Official Journal. As with any other EU Regulation, their provisions will be directly applicable (i.e. legally binding in all Member States without implementation into national law) from the day of entry into force.
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Source: European Commission
ESMA has published the official translations of the Guidelines on ETFs and other UCITS issues
December 18, 2012--This publication consolidates the Guidelines on ETFs and other UCITS issues (ESMA/2012/474) and the Guidelines on repo and reverse repurchase agreements (ESMA/2012/722), respectively adopted in July and November this year.
Today’s publication triggers a period of two months within which national supervisors have to declare to ESMA whether they intend to comply with the guidelines or otherwise explain the reasons for non-compliance. The guidelines will apply from the end of this notification period.
view the Guidelines on ETFs and other UCITS issues
Source: ESMA
State Street quits bidding for Credit Suisse ETF unit
December 18, 2012--State Street Global Advisors has dropped out of the bidding for Credit Suisse's $17.34 billion European exchange-traded fund business, according to two sources familiar with the situation.
As first reported by Reuters, BlackRock Inc and State Street Global Advisors, the money management arm of State Street Corp, were among the first round of bidders for Credit Suisse's European ETF business in early October .
The investment banking arm of Credit Suisse is representing the parent company in the deal, sources said.
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Source: Reuters
ETF Stat November 2012--Borsa Italiana
December 18, 2012--The ETF Statistics of the ETF Plus Market for the month of November 2012 are now available.
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Source: Borsa Italiana
Revisions to the Basel Securitisation Framework, consultative document published by the Basel Committee
December 18, 2012--The Basel Committee on Banking Supervision has today published a consultative paper entitled Revisions to the Basel Securitisation Framework.
The performance of securitisations and the central role they played during the financial crisis were a key motivation for the Basel Committee to perform a broader review of its securitisation framework for regulatory capital requirements. The Committee's objectives are to make capital requirements more prudent and risk-sensitive; to mitigate mechanistic reliance on external credit ratings; and to reduce current cliff effects in capital requirements.
In July 2009, the Committee introduced enhancements to the Basel II framework to address deficiencies identified during the financial crisis. These measures primarily addressed immediate concerns over resecuritisations, forming part of a set of reforms commonly referred to as "Basel 2.5". The Committee subsequently agreed to conduct a more fundamental review of the securitisation framework, including its reliance on external ratings.
view the Consultative Document Revisions to the
Basel Securitisation Framework
Source: BIS
Poland ETFs: Defying Logic as Economy Slows
December 17, 2012--Relative to the recent rally in other emerging markets ETFs, the surge in the two funds devoted exclusively to Poland has gone somewhat unnoticed.
What is even less discussed is a point that makes the recent upside moves by the iShares MSCI Poland Investable Market Index Fund (NYSE: EPOL [FREE Stock Trend Analysis]) and the Market Vectors Poland ETF (NYSE: PLND) all the more impressive.
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Source: Benzinga
ESMA publishes the responses to the consultation on Guidelines on remuneration policies and practices (MiFID)
December 17, 2012--ESMA has published the responses to the consultation on Guidelines on remuneration policies and practices (MiFID).
view responses
Source: ESMA
German economy to shrink markedly: Bundesbank
December 17, 2012--The German economy, Europe's biggest, is set to contract "noticeably" in the fourth quarter of this year and will probably tread water early next year, the Bundesbank forecast on Monday.
"Current indicators point to a noticeable drop in economic production at the end of the year," largely due to weakness in the country's key industrial sector, the German central bank wrote in latest monthly report, reiterating its updated growth forecasts published 10 days ago.
The outlook for German companies had "deteriorated" amid a slowdown in global growth and falling demand from the rest of the eurozone, it said.
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Source: Yahoo News
SIX purchases Oslo Clearing ASA
SIX, Switzerland's financial market infrastructure group, agrees to purchase Oslo Clearing ASA from Oslo Børs ASA
December 17, 2012--
Oslo Clearing is 100% owned by Oslo Børs VPS Holding ASA, and is authorized to act as a central counterparty in accordance with the Norwegian Securities Trading Act.
Oslo Clearing currently carries out CCP clearing of financial directives and security lending products.SIX has agreed to acquire 100% of Oslo Clearing from Norway’s Oslo Børs at the price of approximately NOK 180 Millions (ca. CHF 30 Mio.), assuming freely available cash or book equity to amount to about NOK 120 millions (ca. CHF 20 Mio.). The acquisition is subject to customary approvals and other conditions and is therefore expected to close in Q2 2014. Oslo Clearing will be part of Securities
Services, the post trade division of SIX.
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Source: SIX Securities Services
FESE European Equity Market Report -November 2012
December 17, 2012--FESE has published the 'European Equity Market Report' which gathers data from all the market segments operated by FESE members (including Regulated Markets and Multilateral Trading Facilities) as well as from the major MTFs operated by investment firms in the European market.
The FESE Statistics Methodology used in the Report has been agreed by all the trading venues involved, both RM and MTFs.
view updated report
Source: FESE
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