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Vanguard Takes Aim at U.K. as Fees Replace Commissions
November 15, 2012--Vanguard Group Inc. rose to the top of the U.S. mutual fund industry by preaching the merits of cheap index-tracking funds. Now it wants to convert U.K. investors as that country enacts new rules that may lower fund costs that are among the highest in the developed world.
The firm is seeking to expand its less than 1 percent share of the 629 billion pound ($998 billion) market in the U.K. by more aggressively courting financial advisers, who control much of the country’s fund distribution, and striking deals to make its products more broadly available. Vanguard last month won access to the 13,000 U.K. advisers who use Cofunds, a platform with 45 billion pounds under administration.
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Source: Bloomberg
NYSE Euronext announces new Investment Funds on European markets- Intereffekt Investment Funds
November 14, 2012--NYSE Euronext is pleased to announce that Intereffekt Investment Funds N.V. have listed one new Investment Fund(s) on NYSE Euronext's Fund Service on November 14, 2012:
Listing Date: November 14, 2012
Trading Name:Intereff High Div
ISIN: NL0010278073
Symbol: INFRO
Benchmark index:MSCI Frontier Markets Index
TER: 2.30
NYSE Euronext has now 208 Investment Funds listed on the Euronext Funds Service (EFS).
Source: NYSE Euronext
Equity funds recorded net inflows of EUR 3 billion in September
November 14, 2012--The European Fund and Asset Management Association (EFAMA) has today published its latest Investment Fund Industry Fact Sheet*, which provides investment sales and asset data for September 2012.
26 associations representing more than 99.6 percent of total UCITS and non-UCITS assets at the end of September 2012 provided us with net sales and/or net assets data.
The main developments in September 2012 in the reporting
UCITS recorded net outflows of EUR 10 billion in September, compared to net inflows of EUR 24 billion in August. This turnaround came on the back of a large swing in net sales of money market funds.
Long-term UCITS (UCITS excluding money market funds) remained steady in September registering net inflows of EUR 13 billion for the second successive month
view the EFAMA Investment Fund Industry Fact Sheet-September 2012 Data
Source: EFAMA
Implementation of the Alternative Investment Fund Managers Directive
November 14, 2012--This Consultation Paper (CP) is the first of two on rules and guidance to transpose the requirements of the Alternative Investment Fund Managers Directive (AIFMD) into UK law. This means making changes to primary and secondary legislation (which the Treasury will consult on) and to the FSA Handbook.
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view the Implementation of the Alternative Investment Fund Managers Directive consultation paper
Source: FSA.gov.uk
iShares unveils Europe's first global high-yield bond ETF
November 14, 2012--The first European exchange-traded fund (ETF) providing exposure to global high-yield bonds has been launched by iShares.
The iShares Global High Yield Bond ETF tracks the Markit iBoxx Global Developed Markets Liquid High Yield Capped Index to offer exposure to sub-investment grade bonds issued by corporates based in developed markets.
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Source: Portfolio Adviser
FESE European Equity Market Report -October 2012
November 13, 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
IPO indicator points to improved sentiment on primary market
Deutsche Börse publishes forecast for Q4 2012
November 13, 2012--Deutsche Börse published the IPO sentiment indicator forecasting issue activity for the 4th quarter of 2012 on Tuesday. The IPO climate, which reflects sentiment among market participants, has improved considerably, climbing from 29.9 to 32.8 points quarter-on-quarter.
This is primarily due to lower volatility, higher prices for DAX shares and a slight increase in underpricing.
In the period from early August to the end of October 2012, expected volatility, measured by the VDAX-NEW index, dropped from levels that were almost constantly over the 20 percent mark to 16 percent, albeit with considerable fluctuations. The decrease in price fluctuations is having a positive impact on the primary market. One year ago, the volatility of German blue chip stocks was still 40 percent. One possible explanation for the impact of volatility on issue activity is the uncertainty that more marked share price fluctuations imply for issue proceeds and, as a result, the success of an IPO.
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Source: Deutsche Börse
Traders in limbo as short-selling rules bite
November 12, 2012--It was a particularly harrowing Halloween week for some dealers and trading firms this year. If the impact of the Hurricane Sandy wasn't enough to contend with, the first pan-European legislation on short selling also came into effect.
The rules, enforced on November 1, require much tougher disclosures around short positions and clamp down on “naked” shorting – the selling of shares without arranging to borrow them first.
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Source: Financial News
Environment MEPs discuss future of EU emissions trading
November 12, 2012--Progress towards a global deal to curb aviation emissions and proposals to delay the release of greenhouse gas allowances in the Emissions Trading System (ETS) dominated a special meeting of the Environment Committee on Monday.
Aviation emissions
Climate Action Commissioner Connie Hedegaard relayed a new Commission proposal to "stop the clock" on enforcing international aspects of aviation in EU emissions trading. The proposed suspension of obligations was to recognise recent progress at the International Civil Aviation Organization (ICAO) and look towards a global deal to be reached by autumn 2013.
Some MEPs questioned whether the level of progress in ICAO merited a suspension of the rules. In the debate and in a press statement, Environment Committee Chair Matthias Groote (S&D, DE) and Peter Liese (EPP, DE), rapporteur for the legislation adopted in 2008, cautiously welcomed the progress.
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Source: European Parliament
EU Races to Meet Basel III Deadline .
November 12, 2012--European Union legislators are ramping up meetings beginning Monday in an effort to agree on legislation governing banks' capital standards before the end of this year.
Last week, the U.S. Federal Reserve said that due to the wide range of views and volume of comment received on Basel III—a global effort to significantly increase the size of capital reserves held by banks in the aftermath of the financial crisis—the U.S. won't be able to meet the deadline of Jan. 1, 2013 to implement the rules.
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Source: Wall Street Journal
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