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Vienna 2 proposes enhancements in cross-border supervision to European authorities
October 26, 2012--The Steering Committee of the Vienna Initiative 2 has submitted observations and proposals on cross-border supervisory practices to a number of European authorities. 1
These focus on critical aspects of home-host cooperation, which are of particular importance for host countries in Central, Eastern, and Southeastern Europe where locally systemic affiliates of foreign banks operate.
The aim is to provide input for the designing of the supervisory framework for Europe and to communicate systemic concerns of host countries. The proposals have been shared with the EBA, the ECB and the European Commission.
The document reflects the Steering Committee’s views on implementation of cooperation between national authorities in home and host countries during the crisis. It draws on discussions between home and host country supervisors, central banks, fiscal authorities and key parent banks, including at a workshop hosted by the EBRD in London on September 12, 2012. Frequent contacts with other national authorities and with the private banking sector have added further insights.2
view the Observations on Cross-border Supervisory Practices document
Source: IMF
EU Assembly Backs High-Frequency Curbs Against U.K. Panel Advice
October 26, 2012--European Union lawmakers renewed calls for tougher curbs on high-frequency trading and limits on commodity speculation as part of a push to toughen the 27-nation bloc's financial-market rulebook.
European Parliament legislators, voting in Strasbourg today, defined the assembly’s stance before talks on the proposals begin with national governments. They also agreed to largely scrap proposals to boost competition between clearinghouses, saying the measures may harm financial stability.
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Source: Bloomberg
Q3/2012: net revenue of roughly half a billion euros in weak market environment
Net revenue of €471 million in weak market environment/Adjusted earnings per share of €0.87/Cost target for 2012 confirmed / Expenditures for growth are to be increased further in 2013 / Share buyback program of around €100 million in Q4/2012
October 29, 2012--Deutsche Börse: Deutsche Börse AG published its results for the third quarter 2012, which continued to be dominated by a markedly weak market environment, on Monday.
At €471.0 million, net revenue was considerably lower than in the previous year (Q3/2011: €578.6 million). In the prior-year period market participants had entered into more hedges than usual and regrouped their portfolios more frequently due to substantial volatility connected with the turbulence in the euro zone and the downgrade of the US credit rating. Despite increased expenses for growth initiatives, the Group’s adjusted operating costs amounted to €225.6 million, virtually on a level with the previous year. Adjusted for special items, earnings per share amounted to €0.87 in the third quarter of 2012.
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Source: Deutsche Börse
AMF draws the attention of investors to the application on 1st November 2012 of the European Regulation on short selling
October 25, 2012--Regulation no. 236/2012 of the European Parliament and the Council of 14 March 2012 on short
selling and certain aspects of credit default swaps (the "Short Selling Regulation") was published
in the Official Journal of the European Union on 24 March 2012. The Short Selling Regulation strengthens and harmonises the rules that apply to short positions in shares and in sovereign debt, and prohibits the purchase of uncovered sovereign CDS.
It will apply as from 1st November
2012.1
A "short position" is a position in one or more financial instruments where this position gives its holder a financial advantage if the price of a given security falls. Since February 2011 France has had transparency rules on short positions in shares that are traded on a French regulated market or on an organised multilateral trading facility.
The new European rules will replace the current transparency requirements, but without substantially modifying them as regards shares admitted to trading on a French regulated market or on an organised multilateral trading facility. For example, the thresholds for notification and public disclosure of short positions, as defined by the provisions of the AMF General Regulation, will remain unchanged. What is new for investors is the extension of these transparency obligations to short positions in all shares admitted to trading on European markets, as well as in the sovereign debt issued by Member States of the European Union.
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Source: AMF
Credit Suisse to expand cost cutting
October 25, 2012--Swiss bankers are braced for more job losses after Credit Suisse reported a 63 per cent fall in third-quarter net profits and increased its cost-cutting programme by SFr1bn ($1.07bn), the second time it has deepened cuts this year.
Banks across the globe are grappling with the impact of economic uncertainty and a rising wave of regulation. UBS, Credit Suisse’s domestic rival, is in the throes of thrashing out cutbacks that could result in several thousand job losses.
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Source: FT.com
SPDR(R) ETFs launches Dow Jones Global Real Estate ETF
October 25, 2012--SPDR ETFs, the exchange traded funds (ETF) platform of State Street Global Advisors (SSgA), announced today that it has launched the SPDR Dow Jones Global Real Estate
ETF on Xetra. It marks the expansion of the European SPDR ETFs range into a new asset class.
The SPDR fund, which is physically backed, tracks the Dow Jones Global Select Real Estate Securities
Index by owning a diversified portfolio of listed real estate investment trusts and operating companies to
replicate the global real estate market. This new ETF offers an easy, cost-efficient and liquid way to
access property exposure in a UCITS-compliant form. Global real estate investment provides diversification due to its low correlation to equities and bonds. The inclusion of emerging markets (just under 5 percent of the index) enables investors to access property companies in rapidly growing countries that are likely to evolve to take greater prominence in the global property market.
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Source: State Street Global Advisors
New SPDR ETF launched on Xetra ETF tracks stock corporations in the global real estate sector
ETF tracks stock corporations in the global real estate sector
October 25, 2012-- A new exchange-listed equity index fund issued by SPDR (State Street Global Advisors) has been tradable on Xetra since Thursday.
ETF name: SPDR Dow Jones Global Real Estate ETF
Asset class: equity index ETF
ISIN: IE00B8GF1M35
Total expense ratio: 0.40 percent
Distribution policy: distributing
Benchmark: Dow Jones Global Select Real Estate Securities Index
The SPDR Dow Jones Global Real Estate ETF gives investors the opportunity to participate in the performance of globally listed stock corporations in the real estate sector. The requirements for acceptance into the reference index are a market capitalisation of at least US$200 million and a proportion of revenues derived from owning and managing real estate of at least 75%.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 1,006 exchange-listed index funds, making it the largest offering of all European stock exchanges.
Source: Xetra
Eurozone business slump accelerates: Markit
October 24, 2012--Eurozone private sector business activity slumped deeper into the mire in October, falling at its fastest rate since June 2009 to 40-month lows, a closely watched survey showed Wednesday.
The Composite Purchasing Managers Index (PMI), a survey of 5,000 eurozone businesses compiled by the Markit research firm, fell to 45.8 points in October from 46.1 in September.
The index is a leading indicator and any reading below 50 indicates a contraction in activity, with the eurozone getting off to a bad start for the fourth quarter as the debt crisis continues to undermine growth and jobs.
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Source: EUbusiness
Second quarter of 2012 compared with first quarter of 2012-Euro area government debt up to 90.0% of GDP
EU27 debt up to 84.9%
October 24, 2012--At the end of the second quarter of 2012, the government debt1 to GDP ratio2 in the euro area3 (EA17) stood at 90.0%, compared with 88.2% at the end of the first quarter of 2012.
In the EU273 the ratio increased from 83.5% to
84.9%. Compared with the second quarter of 2011, the government debt to GDP ratio rose in both the euro area
(from 87.1% to 90.0%) and the EU27 (from 81.4% to 84.9%). These data are released by Eurostat, the statistical
office of the European Union.
At the end of the second quarter of 2012, securities other than shares accounted for 78.6% of euro area and for 80.1% of EU27 general government debt. Loans made up 18.6% of euro area and 16.1% of EU27 government debt. Currency and deposits represented 2.8% of euro area and 3.7% of EU27 government debt.
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Source: Eurostat
Amundi ETF launches an innovative ETF tracking the TOPIX Euro Daily Hedged strategy index
October 24, 2012--Amundi ETF has launched an innovative product designed for investors seeking to take positions on the Japanese equity market, while benefiting from daily currency hedging, on NYSE Euronext in Paris.
An unprecedented* ETF in Europe
This new ETF offers investors a solution in a context of volatile international markets and uncertainty over the euro/yen exchange rate. Based on the TOPIX Euro Daily Hedged strategy index (Total Return), it combines exposure to Japanese equities with daily euro/yen currency hedging. This ETF has a TER** of only 0.48%.
Daily currency hedging This ETF benefits from hedging against currency risk, which is managed and adjusted daily within the TOPIX Total Return Euro Daily Hedged strategy index through the use of forward contracts expiring at the end of each current month.
This daily readjustment reduces the influence of exchange rate volatility through the optimisation of the currency hedge.
Valérie Baudson, Managing Director of Amundi ETF comments: “Following the success of our ETF launched in 2011 tracking the S&P 500 EUR Daily Hedged strategy index, we wanted to offer investors the same innovative currency hedging solution but this time on the TOPIX, the main Japanese equity market index”.
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Source: Amundi ETF
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