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Credit Suisse Said to Consider Merging Its Asset-Management Unit
September 29, 2012--Bloomberg reports: Credit Suisse Group AG (CSGN), Switzerland’s second-biggest bank, is considering combining its asset-management unit with the private and investment banking divisions, a person familiar with the matter said.
The Zurich-based bank hasn’t made a decision on the consolidation, said the person, who asked not to be identified because the deliberations are private.
Source: Albourne Village Newsletter
Barclays opens new London gold vault
The first British bank-owned gold vault to open in over five years, Barclays is expecting demand for space from pension funds, central banks and sovereign wealth funds.
September 29, 2012--Too much gold and just nowhere to put it? A high security solution to bullion storage issues is at hand at a secret location somewhere inside London's orbital motorway-the first British bank-owned gold vault to open in over five years.
Barclays (BARC.L) new vault anticipates demand from pension funds, central banks and sovereign wealth funds who have been scooping up the precious metal that has doubled in value since late 2008.
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Source: MineWeb
BlackRock Buys Stake in Moscow Bourse, Vedomosti Says
September 28, 2012--BlackRock Inc. (BLK), the world's biggest asset manager, bought a stake in the Moscow Exchange from the Russia Direct Investment Fund, a government-backed private-equity fund, Vedomosti reported,
citing two unidentified people close to the bourse’s shareholders.
The RDIF owns 2.7 percent of the bourse. The newspaper didn’t identify the size of the stake BlackRock bought.
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Source: Bloomberg
EU Derivatives Rulebook Set to Increase Transparency .
September 27, 2012--Companies that engage in foreign-exchange hedging of less than $3 billion will be exempt from new rules forcing nearly all derivatives transactions to be reported and routed through central counterparty clearing houses.
In a rulebook published on Thursday, the European Securities and Markets Authority set standards for over-the-counter interest rate, credit, equity, foreign-exchange and commodity trading ahead of the implementation of the European Market Infrastructure Regulation by the end of the year. It also set a framework for regulating clearing houses, such as Eurex Clearing AG and LCH. Clearnet Ltd., for the first time ever.
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Source: Wall Street Journal
ESMA publishes the official translations of the "Guidelines on certain aspects of the MiFID compliance function requirements" (ESMA/2012/388)
September 28, 2012--Today's publication triggers a transitional period of two months within which national competent authorities have to confirm to ESMA whether they intend to comply with the guidelines, or otherwise explain the reasons for non-compliance.
view the official translations of the "Guidelines on certain aspects of the MiFID compliance function requirements" (ESMA/2012/388)
Source: ESMA
Source urges industry to challenge regulators
September 27, 2012--The chief executive of one of Europe's largest exchange traded fund providers says he is “"disappointed" that the asset management industry did not take more of a stand against regulators during their recent probe into ETFs.
Speaking at the Irish Funds Industry Association conference in Dublin last week, Source’s Ted Hood told delegates that it was “something of a shame” that an industry that has “delivered on its promises to investors” had been “put under a cloud” as a result of intense regulatory interest in ETFs.
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Source: FT.com
EU watchdog backs down on stock option hedging
September 27, 2012--Companies will not be penalized for using derivatives to "insure" their stock option plans under final European Union rules to make the $650 trillion market safer and more transparent.
World leaders agreed in 2009 that derivatives should be centrally cleared and recorded to provide the kind of snapshot of positions that regulators lacked when dealing with the collapse of U.S. bank Lehman Brothers in September, 2008.
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Source: Reuters
ESMA defines standards for derivatives and CCPs
September 27, 2012--The European Securities and Markets Authority (ESMA) has today published its technical standards on the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR), which set out the specific details of how EMIR’s requirements are to be implemented.
The EMIR framework aims to improve the functioning of OTC derivatives markets in the European Union (EU), by reducing risks via the use of central clearing and risk mitigation techniques, increasing transparency via trade repositories, and ensuring sound and resilient central counterparties (CCPs).
Steven Maijoor, ESMA Chair, said:
“The publication of ESMA’s standards on EMIR sees the EU taking its final steps towards meeting the G20 commitment on bringing OTC derivatives trading under supervision, and provides clarity to the market on the shape of the new regime. The new regulatory framework reduces the risks arising from OTC derivatives trading by improving transparency in the sector and ensuring resilient central counterparties.
Xetra Bonds to offer continuous trading for bonds
Liquid, transparent and broader bonds offering
September 27, 2012--With effect from 1 October, bond trading on Xetra will be expanded to include over 2,000 international government and corporate bonds and 60 German government bonds.
Trading participants will benefit from a transparent and liquid bond market and gain access to a broad investor network via Xetra.
For the first time, the open Xetra order book will have a depth of 5, showing the five best bid- and ask-limits and the market data dissemination offers trading participants complete transparency in pre and post trading. Xetra Bonds thereby meets the highest transparency requirements. Designated sponsors and specialists provide additional liquidity in trading and quote bid and ask prices on a continuous basis. The first designated sponsors are Optiver V.O.F. Netherlands, Florint B.V. and Close Brothers Seydler Bank AG, which also acts as specialist. Further specialists in bond trading are Steubing AG and ICF Kursmakler AG.
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Source: Xetra
Global Equity Index and ETF Research-Weekly European ETF Market Monitor:Conditions continue to improve in the equity market
Better conditions in the equity market
September 26, 2012--ETF trading patterns continue to point to an improved climate in the European equity market for the week ended on September 21st 2012.
The European ETF market registered total inflows of €924 million, the vast majority of which was received by equity benchmarked ETFs (€952 million). ETCs also had a good week, with commodity benchmarked ETCs receiving €300 million. Together, ETPs received a total of €1.2 billion of inflows, making this week the 6th (out of 38) best for this year.
This week’s strong ETF cash flows come on the back of continuously rising equity prices, both in the US and Europe, since 2012 lows in early June. Indeed, cash flow patterns for developed market (DM) equity benchmarked ETFs have reflected price movements closely. DM equity benchmarked ETF cash flows have also seen a rise, with an emphasis in the past two weeks.
DM equity benchmarks are important for the ETF industry and for Europe specifically. Equity ETFs make up 67% of the European ETF industry and DM benchmarked equity ETFs make up 68% of Europe’s equity ETF segment.
Year to date, European domiciled DM equity benchmarked ETFs have received total inflows of €1.8 billion, close to 30% of these (€508 million) have materialized in the most recent week ended on September 21st.
Who’s benefiting?
The top benchmark index benefactor of broad DM equity ETF flows is the MSCI World index, gathering €1.2 billion YTD, closely followed by MSCI Europe that gathered €1.1 billion. The US S&P 500 comes in third place with YTD inflows of €804 million, while Europe’s STOXX 600 experienced inflows of €564 million. All four indices saw positive ETF flows over the past week.
Germany’s DAX remains by far Europe’s largest DM ETF equity benchmark, despite ETF outflows topping €1.2 billion YTD. Switzerland’s SMI, France’s CAC 40 and the MSCI USA follow with ETF outflows of €417 million, €337 million and €324 million respectively. DAX and MSCI USA also experienced outflows in the most recent week that finished on September 21st.
The ratio of (top 10 DM ETF benchmark) winners to losers indicates an improvement in market sentiment, moving up to 2.9x for the week that ended September 21st, from 1.6x YTD. The ratio indicates that inflows for the top 10 inflow benchmarks outstrip outflows for the respective top ten outflow benchmarks.
The following link will be available for 90 days. For more information, please click on the link for the full PDF. If you have any trouble viewing the link, copy and paste the link in a browser.
http://pull.db-gmresearch.com/p/500-60E5/21296190/Weekly_European_ETF_Market_Monitor_26_Sept.pdf
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
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