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New regulations regarding covered bonds
February 5, 2013--Finansinspektionen is deciding on new regulations and general guidelines regarding covered bonds.
The new regulations and general guidelines will enter into force on 1 July 2013, at which time the current regulations and general guidelines will be repealed.
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Source: Finansinspektionen
UK banks face break-up under new law
February 4, 2013--Britain's biggest banks will face being broken up if they fail to ring-fence their retail and investment arms, under draft legislation set to be announced by finance minister George Osborne on Monday.
The new law will empower the government and a new banking watchdog to "electrify the ring-fence" if banks refuse to separate high-risk operations from savers' deposits.
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Source: FIN24
Turnover at Boerse Stuttgart around EUR 8.7 billion in January
Market conditions improve significantly at the beginning of the year // Strong growth in all asset classes // Turnover in German government bonds ('Bunds') four times higher than in December
February 4, 2013--Boerse Stuttgart generated turnover of just under EUR 8.7 billion in January 2013, according to its order book statistics. Market conditions were considerably improved, with turnover up 58 percent compared with the previous month.
The transaction volume was at the same level as in January 2012.
Securitised derivatives accounted for the largest share of the turnover. Boerse Stuttgart, the largest European stock exchange for structured products, generated turnover of around EUR 3.8 billion in this asset class in January. This represents an increase of around 58 percent in comparison with December. At just under EUR 2.4 billion, trading in investment products accounted for the lion’s share of this turnover. Leverage products accounted for just under EUR 1.4 billion of the total transaction volume.
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Source: Boerse Stuttgart
Russell Eurozone Index Indicates a Dynamic Start for Eurozone Markets YTD as of January 30th
February 1, 2013--Eurozone equity markets have had a dynamic start to the year, showing positive returns year-to-date as of Wednesday 30th January, as reflected by the Russell Eurozone Index returning +4.2%.
In addition, Dynamic-oriented stocks have outperformed Defensive-oriented stocks for this same time period, with the Russell Eurozone Dynamic Index returning 5.1% and the Russell Eurozone Defensive Index returning 3.0%. This follows a similar pattern from 2012, in which the Russell Eurozone Dynamic Index (+21.5%) also outperformed the Russell Eurozone Defensive Index (+15.7%).
Southern European equity markets are showing strong performance year-to-date as of January 30th relative to other country constituents within the Russell Eurozone Index. The Russell Eurozone Index has indicated that country constituents Portugal (+11.7%) has been the top performing country so far in 2013 (as of 1/30/13), followed by Greece (+8.9%) and Italy (+6.8%). Bringing up the rear in the Russell Eurozone Index YTD are Germany (+3.0%), Austria (+2.7%) and Luxembourg (+0.2%).
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Source: Russell Investments
Turnover at Deutsche Boerse's cash markets at 94.6 billion euros in January
February 1, 2013--Order book turnover on Xetra, the Xetra Frankfurt Specialist trading and Tradegate stood at €94.6 billion in January (January 2012: €107.6 billion).
Of the €94.6 billion, €85.5 billion were attributable to Xetra (January 2012: €99.1 billion). €5.2 billion were attributable to the Xetra Frankfurt Specialist trading (January 2012: €5.3 billion). Order book turnover on Tradegate Exchange* totalled approximately €3.9 billion in January (January 2012: €3.2 billion).
In equities, turnover reached €78.8 billion on Deutsche Börse’s cash markets (Xetra: €72.8 billion, Xetra Frankfurt Specialist trading: €2.4 billion, Tradegate Exchange: €3.6 billion). Turnover in bonds was €1.4 billion, and in structured products on Scoach €1.5 billion. Order book turnover in ETFs/ETCs/ETNs amounted to €12.8 billion.
A total of 15.8 million transactions were executed on Xetra in January (January 2012: 19.7 million).
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Source: Xetra
Average daily volume of 8.7 million contracts at Eurex Group in January
February 1, 2013--In January 2013, the international derivatives exchanges of Eurex Group recorded an average daily volume of 8.7 million contracts (January 2012: 8.2 million).
Of those, 5.9 million were Eurex Exchange contracts (January 2012: 5.5 million), and 2.8 million contracts were at the U.S.-based International Securities Exchange (ISE) (January 2012: 2.7 million). In total, 188.2 million contracts were traded, thereof 129.9 million at Eurex and 58.2 million at the ISE.
Eurex Exchange recorded in its equity index segment 47.9 million contracts compared with 59.8 million contracts in January 2013. Futures on the EURO STOXX 50® Index stood at 16.4 million contracts while 20.4 million options were traded on this index. Futures on the DAX totaled 2.2 million contracts while the DAX options reached another 3.8 million contracts.
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Source: Eurex
No respite in regulation from Esma
February 1, 2013--Exchange traded fund providers may be mistaken if they think regulation of their sector is in the rear view mirror.
Last year, the European Securities and Markets Authority (Esma) gave ETFs, as one market participant put it, a “good 10-year check-up” by issuing rules on disclosure, product identifiers and securities lending. The guidelines came after concerns that the authority would separate complex ETFs from the rest of the Ucits crowd. It did not happen, but Esma’s intervention was only the first manifestation of regulators’ concerns.
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Source: FT.com
ESMA issues guidelines on market-making and primary dealer exemptions
February 1, 2013--The European Securities and Markets Authority (ESMA) has published its final Guidelines and a Feedback Statement on the Exemption for market making activities and primary market operations under the Short Selling Regulation.
The Guidelines are aimed at providing market participants and national supervisors with clarity on the criteria to be met to benefit from a market making exemption, and the conditions to be used in assessing the notifications.
These Guidelines will support the creation of a level-playing field, consistency of market practices and convergence of supervisory practices amongst national securities market regulators across the EU.
More for BlackRock, Less for Europe
February 1, 2013--Just when you thought BlackRock Inc., the world's largest asset manager, could not get any bigger, it did.
The announcement last month that it is to acquire the exchange traded funds (ETF) arm of Credit Suisse Group, Switzerland’s second-largest bank, will see the U.S. fund giant add a further $18-billion (U.S.) of fund assets to an already impressive $3.67-trillion.
But while the U.S. investment house’s asset pile grows ever larger, the Credit Suisse deal is said to mark the beginnings of a decline in the number of participants in the ETF market
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Source: Globe and Mail
EDHEC-Risk Institute Reiterates its Warnings to the European Commission on the Inadvisability of Imposing a Tobin Tax
January 31, 2013--In an open letter to European Commission President, José Manuel Barroso on January 30, 2013, Professor Noël Amenc, Director of EDHEC-Risk Institute and Professor of Finance at EDHEC Business School, has reiterated EDHEC-Risk Institute's opposition to a 'Tobin' or financial transactions tax (FTT).
Research findings from EDHEC-Risk Institute and other academic institutions show that the theoretical arguments in support of the FTT as a measure to reduce volatility are, at best, mixed; the empirical evidence, on the other hand, indicates that a FTT has either no effect on volatility or it actually increases volatility; and, introducing an FTT faces serious implementation challenges.
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