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European Firms Await AIFMD Onslaught
November 5, 2012--Financial News Online reports: The European Union's Alternative Investment Fund Managers Directive-which aims to regulate private equity and hedge funds-is just nine months away, but a new survey has shown that most firms are unprepared, and industry executives say some are ready to move offshore until they see how the new rules will work.
Accountant PwC has warned that the compliance process could take a year to put in place with time quickly running out. Its survey last week showed that 85% of 44 alternative managers have not started compliance or implementation programmes to address AIFMD. The accountant said: “This present predicament is particularly acute as, due to volatile, low market returns elsewhere, investors are increasingly looking to invest in alternatives.”
Source: Albourne Village Newsletter for Friday 9th November 2012
Fitch upgrades Turkey's rating to investment grade
November 5, 2012--Leading global credit rating agency Fitch has upgraded Turkey's rating to investment grade, a first in Turkish history.
Fitch had maintained Turkey's rating at “"BB+," one notch below investment grade.
The agency said on Monday that "the upgrade to investment grade reflects a combination of an easing in near-term macro-financial risks as the economy heads for a soft landing and underlying credit strengths including a moderate and declining government debt burden, a sound banking system, favourable medium-term growth prospects and a relatively wealthy and diverse economy."
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Source: Today's Zaman
Inflation eases to one-year low at 7.8 pct in October
November 5, 2012--Turkey's annualized inflation of consumer prices slowed to 7.8 percent in October, marking the lowest level in 11 months after rising sharply in the preceding month, data released by the Turkish Statistics Institute (TurkStat) have shown.
Consumer prices increased by 1.96 percent in October over September. This is still higher than the 1.03 percent rise in September over August. Monday's data arrives amid anticipation that earlier tax and energy hikes pushed October inflation much higher. Market expectation for an inflation increase in October over a month ago was 2.17 percent. Observers, however, argued a lower-than-expected rise in food prices helped mitigate the upward pressure from tax and energy hikes on October inflation
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Source: Todays's Zaman
GBP listing for MAN GLG Europe Plus Source ETF
November 5, 2012--Source, a leading European ETP provider, is pleased to announce that its Man GLG Europe Plus ETF is now listed in GBP on the London Stock Exchange (LSE) and has US$800m in assets under management**.
This listing complements the existing listing in EUR on the XETRA section of the Deutsche Börse, and provides GBP-denominated investors easy access to this ‘smart beta’ outperformance strategy via an efficient ETF structure.
The Man GLG Europe Plus Source ETF seeks to provide the performance of the Man GLG Europe Plus Index, which replicates a liquid, highly diversified long only European equity portfolio constructed from high quality ideas contributed by approximately 65 leading brokers. The Index has a market cap exposure to the broad European equity market, and aims to deliver enhanced returns. Since inception in January 2011, the Fund has attracted strong inflows, taking its AuM to US$800m (GBP 510m) as at 5 November 2012**.
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Source Source ETF
Eurex Clearing to launch Europe's first central clearing service for the bilateral securities lending market
Pilot phase to commence operation on November 22/ Unique clearing service to mitigate counterparty risk and increase capital efficiency/ Partnership with leading service providers for trading and collateral management
November 5, 2012--Eurex Clearing, one of the leading CCPs globally, announced today that it will go live with Europe's first central counterparty (CCP) service for the bilateral securities lending market on 22 November.
In order to ensure a smooth and efficient market establishment, Eurex Clearing’s lending CCP will commence operations with an initial group of banks and asset classes; at the start, German and Swiss blue chip equities and Exchange Traded Funds (ETFs) will be available for pilot clients. This initial phase will allow clearing members to lay the necessary foundations for the alignment of their systems and processes and extensively test the infrastructure to access this innovative CCP offering. Building on this, the product scope will be extended to include additional European markets for loans in equities, fixed income products (such as European government bonds, corporate and covered bonds) and further ETFs.
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Source: Eurex
BME expands its IBEX 35(R) index family
The new indices will be calculated and disseminated in real time as of 22nd November
November 5, 2012--BME expands its IBEX 35(R) index family with three new tradable indices, all of which are based on the IBEX 35(R).
The new indices, called IBEX 35® TRIPLE LEVERAGE NET, IBEX 35® X5 LEVERAGE NET and IBEX 35® X5 SHORT will start to be calculated and disseminated in real time from November 22nd.
The IBEX 35® TRIPLE LEVERAGE NET, which offers triple exposure to the daily return on the IBEX 35® NET RETURN, through the investment of an initial capital plus an equivalent loaned capital. A positive daily return on the IBEX35® NET RETURN yields an also positive return, but triple that amount for the IBEX 35® TRIPLE LEVERAGE NET and vice versa, if we refer to a daily calculation basis.
The IBEX 35® X5 LEVERAGE NET which offers quintuple exposure to the daily return on the IBEX 35® NET RETURN through the investment of an initial capital plus an equivalent loaned capital. A positive daily return on the IBEX 35® NET RETURN yields a positive return, but quintuple that amount for the IBEX 35® DOUBLE LEVERAGE NET and vice versa, if we refer to a daily calculation basis.
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Source: Bolsas y Mercados Españoles
UK Official holdings of international reserves, October 2012
November 5, 2012--This monthly release shows details of movements in October in the UK's official holdings of international reserves, which consist of gold, foreign currency assets and International Monetary Fund assets.
These reserves are maintained primarily so that the UK Government’s reserves could be used to intervene to support Sterling, or the Bank of England’s reserves could be used to support the Bank’s monetary policy objectives. If such interventions were to occur, then they would be shown and explained in this release. The Background note at the end of this release explains more about the reserves, and about these statistics.
In summary this month’s release shows that: No intervention operations were undertaken.
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Source: HM Treasury
Decision on inducement ban sparks criticism
November 4, 2012--Politics. Damn politics. That is what lay behind the European parliamentarians' recent refusal to agree to an outright ban on the payment of commissions to banks and advisers who peddle investment products, say cynics.
Europe’s consumer advocates are aggrieved about the lobbying that went on in the run-up to last month’s vote in Brussels on the Markets in Financial Instruments Directive (Mifid II). On the issue of inducements, they accuse German banks of “browbeating” politicians to back policies that will not disrupt the profits their high-margin asset management businesses generate.
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Source: FT.com
Greek PM warns of euro exit
November 4, 2012--Greek Prime Minister Antonis Samaras warned again on Sunday that the debt-crippled country could be forced out of the euro if parliament fails to approve a new round of austerity measures needed for a lifeline from creditors.
"We must save the country from catastrophe... if we fail to stay in the euro nothing will make sense," he told lawmakers from his conservative party.
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Source: FIN24
Nasdaq woos traders to back new European futures market
November 1, 2012--Nasdaq OMX is offering incentives to European trading firms in a bid to win support for its nascent futures exchange and ensure a strong start for a market aiming to boost competition in European futures trading.
The New York-based exchange is talking with banks and other trading houses, encouraging them to use NLX, a London-based futures exchange set to debut in the first quarter of next year, subject to regulatory approval.
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Source: Reuters
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