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ESMA consults on guidelines for CCPs' interoperability arrangements
December 20, 2012--The European Securities and Markets Authority (ESMA) has published a Consultation Paper on guidelines regarding the assessment of interoperability arrangements for central counterparty clearing (CCPs). The guidelines, which relate to the European Markets Infrastructure Regulation (EMIR), clarify the obligations for national regulators on how to assess existing or new interoperability arrangements between CCPs.
CCPs enter into such agreements to allow their users to execute trades with a counterparty that has chosen another CCP. From 2013, CCPs will have to obtain authorisation under EMIR in order to do business in the European Union (EU).
ESMA’s guidelines are aimed at providing a level-playing-field for CCPs in the EU by improving the rigour and uniformity of standards applied in the assessments of CCPs’ interoperability arrangements. The guidelines define what national regulators should look at in assessing those arrangements and the aspects of the interoperable arrangements CCPs will need to focus their attention on in order to have safe and sound agreements in place.
ESMA’s draft guidance focuses on the following issues related to interoperability arrangements:
legal risk: in order to properly mitigate and manage any legal risk, all rights and obligations of the relevant CCPs, their processes and procedures should be easy to identify at any time;
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Source: ESMA
Ex-BlackRock marketing head Bower to join Invesco Perpetual
December 20, 2012--Invesco Perpetual is hiring BlackRock's David Bower to join its European marketing team, Wealth Manager understands.
Bower formerly worked at BlackRock as head of EMEA marketing, before leaving in early November.
The move comes shortly after Invesco Perpetual head of marketing Rick White was made redundant, after serving at the firm for 12 years.
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Source: CityWire
IMF Working paper-Bank Debt in Europe "Are Funding Models Broken"
December 20, 2012--Summary: The crisis in Europe has underscored the vulnerability of European bank funding models compared to international peers.
This paper studies the drivers behind this fragility and examines the future of bank funding, primarily wholesale, in Europe. We argue that cyclical and structural factors have altered the structure, cost, and composition of funding for European banks. The paper discusses the consequences of shifting funding patterns and investor preferences and presents possible policy options and bank actions to enhance European bank funding models’ robustness.
view the IMF Working paper-Bank Debt in Europe "Are Funding Models Broken"
Source: IMF
BOOST Lists Ten 3x Long and 3x Short Commodity ETCs on the LSE
Includes 3x gold and 3x oil ETCs
Brings BOOST's total of 20 ETPs providing 3x exposure to equities and commodities
AUM hits $18m
December 20, 2012--BOOST ETP (BOOST), the independent Exchange Traded Product (ETP) provider, announces today that it has listed ten new Exchange Traded Commodities (ETCs) on the London Stock Exchange (LSE).
This brings BOOST’s product lineup to 20 ETPs, providing 3x leveraged and 3x short exposure to some of the most liquid and widely followed commodity and equity global indices.
BOOST’s ten new commodity ETCs track a range of indices provided by NASDAQ, which are a variety of front month indices from the NASDAQ Commodity Benchmark Index Family. The NASDAQ Commodity Benchmark Index is designed to provide a broad and representative exposure to the commodity market by measuring the performance of 33 commodities based on commodity futures prices.
The new ETCs listed today are:
Product Name: Boost WTI Oil 3x Leverage Daily ETP
LSE Code: 3OIL
Boost WTI Oil 3x Short Daily ETP
LSE Code: 3OIS
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Source: BOOST
First Exchange-Traded Products Based on NASDAQ OMX Commodity Indexes are Introduced
Product Launches Represent BOOST ETP-NASDAQ OMX Collaboration
December 20, 2012--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), parent of the world's first electronic stock market and a leading index provider, today announced exchange-traded product (ETP) provider BOOST ETP will launch ten new exchange-traded products in the United Kingdom (UK) that are based on indexes in the NASDAQ Commodity Index Family(SM).
They are the first products linked to the NASDAQ Commodity Index Family.
John Jacobs, NASDAQ OMX EVP and Head of NASDAQ OMX Global Index Group, said, "The roll-out of these ETPs is a significant milestone for NASDAQ OMX's index business and our growing relationship with BOOST ETP. We look forward to continuing to support our partnership and serving the needs of investors by creating indexes that track a variety of asset classes and regions."
The following ETPs will begin trading today on the London Stock Exchange:
Boost WTI Oil 3x Leverage Daily ETP 3OIL
Boost WTI Oil 3x Short Daily ETP
Boost Gold 3x Leverage Daily ETP
Boost Gold 3x Short Daily ETP
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Source: NASDAQ OMX
MTS Licences Lyxor for MTS Italy Treasury BOT 6M Index
December 20, 2012--MTS, Europe's premier facilitator for the European fixed income market, today announced that it has granted a licence to Lyxor to create ETFs based on its MTS Italy-Treasury BOT 6 Months Index.
The new index is composed of short term debt instruments – BOTs – issued by the Italian government, with minimum maturities of two months, leading to a targeted average duration of components of approximately six months.
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Source: MTS Group
ESMA publishes supervisory briefings in the area of MiFID
December 19, 2012--ESMA has today published two briefings, on Suitability and Appropriateness and execution only.
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Source: ESMA
ESMA clarifies rules for alternative investment funds and their managers
December 19, 2012--The European Securities and Markets Authority (ESMA) has launched a consultation on Guidelines on key concepts of the Alternative Investment Fund Managers Directive (AIFMD). The Directive provides the legal framework for both alternative investment funds (AIFs) and their managers (AIFMs).
ESMA’s draft guidelines are aimed at clarifying the rules applicable to hedge funds, private equity and real estate funds. These proposals help to clarify what entities fall under the remit of the AIFMD, thereby creating a level-playing-field by providing for consistent application of the provisions throughout the EU.
view the Consultation paper-Guidelines on key concepts of the AIFMD
Source: ESMA
DB-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review
December 19, 2012--The most recent issue of the European Weekly ETF Market Review is now available.
The report includes key statistics on the European ETF market as well as global ETF market highlights. For more detailed coverage please refer to our monthly report, issued in the first week following the end of each month.
request report
Deutsche Bank-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review
db X-trackers launches full replication equity index ETFs on Xetra
December 19, 2012--The issuer db X-trackers has been offering three equity index funds with indirect and direct index tracking since Wednesday. The new ETF's, which fully replicate the DAX, EURO STOXX 50 and FTSE 100 indices, are denoted by the inclusion of "DR" in the product name.
ETF name: db x-trackers DAX UCITS ETF (DR)
Asset class: equity index ETF
ISIN: LU0838782315
Total expense ratio: 0.15 percent
Distribution policy: distributing
Benchmark: DAX Index
ETF name: db x-trackers EURO STOXX 50 UCITS ETF (DR)
Asset class: equity index ETF
ISIN: LU0846194776
Total expense ratio: 0.15 percent
Distribution policy: distributing
Benchmark: EURO STOXX 50 Index
ETF name: db x-trackers FTSE 100 UCITS ETF (DR)
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Source: Xetra
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