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Euro area securities issues statistics
January 11, 2013--The annual growth rate of the outstanding amount of debt securities issued by euro area residents decreased from 3.2% in October 2012 to 2.9% in November.
For the outstanding amount of quoted shares issued by euro area
residents, the annual growth rate was 1.0% in November 2012, the same as in October.
New issuance of debt securities by euro area residents totalled EUR 793 billion in November 2012.
Redemptions stood at EUR 754 billion and net issues amounted to EUR 49 billion.1 The annual growth rate of outstanding debt securities issued by euro area residents decreased from 3.2% in October 2012 to 2.9% in November (see Table 1 and Charts 1 and 3).
The annual rate of change of outstanding short-term debt securities decreased from -2.8% in October 2012 to -4.0% in November. For long-term debt securities, the annual growth rate decreased from 3.9% in October 2012 to 3.6% in November. The annual growth rate of outstanding fixed rate long-term debt securities increased from 5.7% in October 2012 to 6.0% in November. The annual rate of change of outstanding variable rate long-term debt securities decreased from -2.2% in October 2012 to -3.8% in November.
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Source: ECB
French transaction tax loophole could prompt tougher European regimes
January 10, 2013--France went first with its new transaction tax regime-and found that leaving derivatives outside its scope created a loophole. Italy is up next and is set to fix that problem with a broader tax.
Could other European nations follow suit? Tom Newton reports
In 1984, Sweden launched its first financial transaction tax (FTT), a 0.5% levy on equity trades. Over the next six years, it was refined and extended to other asset classes, including bonds and derivatives. The results were stark. Roughly half of Swedish equity trading migrated to London. Bond trading volumes dropped 85%, even though the tax rate was just 3 basis points. The volume of futures trading fell 98%, and the options market effectively disappeared.
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Source: Risk.net
Successful 2012 for Tradegate Exchange
Leading trading venue for private investors/Tradegate Exchange continues its growth path
January 10, 2013--5.7 million transactions were executed on Tradegate Exchange in 2012 (2011: 5.6 million) and the total turnover in all securities rose by ten percent to
approximately €36.0 billion (2011: €32.7 billion).
The turnover in equities reached a new high of €.33.5 billion in 2012 (2011:€30.1 billion.), turnover in funds and ETPs was €1.7 billion (2011: 2.1 billion). The strongest increase in 2012 was seen in bonds: turnover here hit €736 million, up 58 percent on the previous year (2011: €467 million).
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Source: Deutsche Boerse
BlackRock to buy Credit Suisse's European ETFs -source
January 9, 2013--BlackRock Inc has won the bidding for Credit Suisse Group AG's European exchange-traded fund business, according to a source familiar with the situation.
The deal is expected to be announced shortly, said the source, who declined to be identified because the deal is not yet public. The value of the deal could not be determined.
A BlackRock spokeswoman and a Credit Suisse spokeswoman declined to comment.
Credit Suisse put its $17.6 billion ETF unit up for sale in October, sources told Reuters at the time.
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Source: Reuters
ESMA publishes its advice on delegated acts for the Prospectus Directive
January 9, 2013--ESMA publishes the third part of its final advice on possible delegated acts for the Prospectus Directive (PD). The advice was submitted to the European Commission on 21 December 2012.
In its advice, ESMA proposes clarifications of, and amendments to, the Prospectus Regulation in order to increase legal clarity and propose application of the proportionate disclosure regime for convertible/exchangeable debt securities. Today’s advice follows a public consultation which began on 20 June 2012.
Eurozone contracts sharply end 2012, rebound mid-2013
January 9, 2013--The eurozone's recession likely sharpened at the of last year but the single currency zone will begin to rebound in the second quarter of this year, forecasters at German, French and Italian agencies said Wednesday.
Ifo, INSEE and Istat said in a joint statement that "...business surveys as well as the decline of the industrial production in October suggest a further decrease of activity in" the fourth quarter of 2012 of 0.4 percent compared with the previous quarter.
The eurozone economy contracted by 0.1 percent in the third quarter after a 0.2 percent drop in the second quarter.
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Source: EUbusiness
Lyxor launches LYXOR ETF MSCI ACWI GOLD
Lyxor Asset Management launches a new ETF to provide exposure to GOLD mining equities
January 9, 2013--Lyxor Asset Management has launched an ETF on the MSCI ACWI Gold with EM DR 18% Group Entity Capped Index on the NYSE EURONEXT PARIS. This new ETF provides investors with an alternative way to play the gold theme.
Instead of investing in gold itself, investors can access the performance of the gold mining companies whose fortunes are strongly tied to "Physical Gold" prices.
The third round of Quantitative Easing (QE3) and the accommodative monetary policies of the major central banks have all helped to bolster gold prices. During QE1 and QE2, gold prices increased by 36% and 21% respectively. Since 2008, gold mining stocks have been lagging far behind actual gold spot prices. An increase in gold prices combined with a more favourable environment for equities might lead to a recovery in gold miners’ equity prices (source: SG Cross Asset Research, SG MAP Q1 2013).
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Source: Financial Investigator
IMF-France: Selected Issues
January 8, 2013--FRENCH BANKS: BUSINESS MODEL AND FINANCIAL STABILITY1
This note (i) provides an overview of the domestic context of the French banking sector;
(ii) reviews developments leading to the 2007 to 2008 financial crisis; (iii) discusses
challenges to French banks' business model during the Eurozone crisis; and (iv) discusses its adaptation with a view to assess vulnerabilities and risks to financial stability.
A. The Domestic Context
1. French households allocate most of their wealth in life insurance and banking products. Life insurance and banking products, mainly deposits, accounted for about 43 and
53 percent, respectively, of the €2.5 trillion in financial assets held by household at end-2011, with
the balance invested in mutual funds (Table 1). Tax exemptions for life insurance and regulated
deposits help explain the composition of households’ financial assets2.
view IMF Country paper-IMF-France: Selected Issues
Source: IMF
BNY Mellon establishes Central Securities Depository
BNY Mellon CSD will enhance interoperability and efficiency in line with regulatory imperatives
January 7, 2013-- BNY Mellon, management and investment services, has received regulatory approval to launch a new Issuer Central Securities Depository (CSD) entity that will offer market participants enhanced interoperability and efficiency in the global post-trade arena.
BNY Mellon CSD SA/NV will offer issuer, settlement and safekeeping services for
the benefit of all market participants across Europe and the wider global
marketplace.
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Source: Reuters
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
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