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Amundi Appoints BNP For ETFs; Drops Credit Agricole
November 29, 2012--Amundi Investment Solutions has replaced Crédit Agricole Corporate and Investment Bank with BNP Paribas as the main market maker for its equity exchange-traded funds and as the single swap counterparty for its equity and commodity ETFs.
The decision by Amundi is a big coup for BNP, according to structurers, citing Amundi as one of the biggest providers of ETFs in Europe, with its largest ETF affected sitting at USD1.07 billion.
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Source: Derivatives Intelligence
Deal on stricter EU rules for sovereign debt ratings
November 28, 2012--Credit rating agencies will have to obey additional rules on sovereign debt ratings, including three set dates per year for issuing them, under a deal agreed by Parliament, the Council and the Commission on Tuesday.
Cross-ownership of agencies and the entities that they rate will be limited to prevent conflicts of interest.
"It was a very difficult process, but we have taken the existing legislation a step forward on a path which will have to be explored further", said lead MEP Leonardo Domenici (S&D, IT).
Some MEPs argued that more must be done to curb the behaviour of agencies whose ratings may be ill-timed or ill-founded and thus aggravate the economic crisis. They believe that the rating market needs more competition, and that rated entities should develop their own rating capacities to counterbalance those of the agencies.
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Source: European Parliament
IMF-Spain: Financial Sector Reform-First Progress Report
November 28, 2012--EXECUTIVE SUMMARY
The main finding of the report is that important progress has been made in reforming the financial sector. In the view of IMF staff, the financial sector program is on track so far, with all
deadlines met.
However, the most challenging steps lie ahead, especially those related to implementing bank restructuring plans and making the asset management company effective.
Recent developments and the outlook in key areas are as follows:
Macro-financial context: Financial market conditions have improved since the announcement of the European Central Bank’s Outright Monetary Transactions program, though they remain difficult. The economy faces further headwinds from private-sector deleveraging, tight credit, falling house prices, fiscal consolidation, and weak confidence amidst high uncertainty, as major pre-crisis imbalances correct.
view the IMF country report-Spain: Financial Sector Reform-First Progress Report
Source: IMF
DB-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review
November 28, 2012--The most recent issue of the European Weekly ETF Market Review is now available.
The report includes key statistics on the European ETF market as well as global ETF market highlights. For more detailed coverage please refer to our monthly report, issued in the first week following the end of each month.
request report
Source: Deutsche Bank - Synthetic Equity & Index Strategy - Europe
Lawmakers seek Libor controls at Deutsche Bank hearing
Deutsche Bank regulatory chief faces questions at Berlin hearing
Deutsche Bank has made provisions for Libor probe-board member
Bank declined to quantify size of provisions made for Libor probes
November 28, 2012--German politicians called for tighter regulation of global interest rates after questioning Deutsche Bank about the manipulation of London's Libor benchmark lending rate.
The flagship lender said it had made some provisions to cover the costs of various probes of possible manipulation of benchmark interest rates and reiterated that there were no signs that senior management had behaved inappropriately.
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Source Reuters
Deutsche Boerse completes planned changes in leadership structure
Hauke Stars takes over IT division and Market Data business / Xetra and Eurex under common management already from 1 January / New Head of Group Strategy
November 28, 2012-- Effective 1 December 2012, Ms Hauke Stars (45) will as previously announced assume responsibility for the newly-structured IT division of Deutsche Börse AG.
Deutsche Boerse completes planned changes in leadership structure
At the same time Deutsche Börse's entire market data business as well as selected external IT services will be brought together into this area of responsibility and led by the IT engineer.
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Source: Deutsche Börse
Four new iShares ETFs launched on Xetra
November 28, 2012--Three new bond index ETFs and one new equity index ETF issued by iShares have been tradable in Deutsche Börse's XTF segment since Wednesday.
ETF Name: iShares Global Government AAA-AA Capped Bond
Asset class: bond index ETF
ISIN: DE000A1J7CM0
Total expense ratio: 0.20 percent
Distribution policy: distributing
Benchmark: Barclays Global Government AAA-AA Capped Bond Index
ETF name: iShares Global Corporate Bond
Asset class: bond index ETF
ISIN: DE000A1J7CK4
Total expense ratio: 0.20 percent
Distribution policy: distributing
Benchmark: Barclays Global Aggregate Corporate Bond Index
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Source: Deutsche Börse
Government publishes consultation on regulation of LIBOR
November 28, 2012--The Government launched its public consultation on the regulation of the London Interbank Offered Rate (LIBOR) today.
The consultation seeks the views of industry and the public on legislation to implement the key recommendations of the Wheatley Review of LIBOR, which the Government accepted in full last month.
The Government is committed to restoring the confidence of this crucial international benchmark. It has taken swift and decisive action to make sure that this happens as quickly as possible. The publication of draft secondary legislation is another important step towards this objective.
The consultation paper invites comment on two pieces of secondary legislation:
bringing LIBOR within the scope of regulation
making the manipulation of LIBOR a criminal offence.
view the Implementing the Wheatley
Review: draft secondary legislation
Source: HM Treasury
Deutsche Boerse completes planned changes in leadership structure
Hauke Stars takes over IT division and Market Data business/Xetra and Eurex under common management already from 1 January/New Head of Group Strategy
November 28, 2012--Effective 1 December 2012, Ms Hauke Stars (45) will as previously announced assume responsibility for the newly-structured IT division of Deutsche Börse AG.
At the same time Deutsche Börse's entire market data business as well as selected external IT services will be brought together into this area of responsibility and led by the IT engineer.
Deutsche Börse will jointly manage the cash market and the derivatives businesses, comprising the Xetra and Eurex segments, within the responsibility of Deputy CEO Andreas Preuss (56), already with effect from 1 January 2013. As announced, Frank Gerstenschläger (52), the Executive Board member responsible for Deutsche Börse’s cash market operations, has opted not to extend his contract when it expires on 31 March 2013. Between the hand-over date and the expiry of his contract, Mr Gerstenschläger will assume special tasks.
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Source: Deutsche Börse AG
The COBA Project announces plan for an industry-led pan-European consolidated tape
November 27, 2012--In an open letter to key industry stakeholders, co-founders of The COBA Project, Graham Dick, former Head of Business Development at Chi-X Europe and Mark Schaedel former Global Head of Market Data at NYSE Euronext, has announced a plan for the delivery of an industry-led pan-European consolidated tape.
“Following six months of extensive consultations with European & domestic regulatory bodies, Regulated Markets, MTFs, key buyside and sellside institutions, we believe that we have established a framework which addresses all of the regulatory, technical and commercial issues and has sufficient industry support to move forward”, commented Graham Dick
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Source: Financial Services Research
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