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Germany's new rules tough on foreign funds
October 14, 2012--The German regulator's take on implementation of the Alternative Investment Fund Managers directive could push foreign firms out of the German fund market.
In July, the German ministry of finance published a draft act to implement the AIFM directive into German law, replacing the German Investment Act with the German Investment Code, which comprises the future legal framework for all investment funds in Germany.
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Source: FT.com
Government publishes draft Banking Reform Bill
October 12, 2012--On the 12 October the Government published draft legislation to implement key elements of the Independent Commission on Banking's recommendations.
This marks the latest milestone in the Government’s reforms of the banking system.
The draft Banking Reform Bill, which will now be scrutinised by the Parliamentary Commission on Banking Standards, chaired by Andrew Tyrie MP, prior to its formal introduction into Parliament, delivers on the Government’s timetable for implementation of the ICB’s recommendations, as set out in the June White Paper.
The Government remains on track to have all legislation in place by the end of this Parliament. Banks will be required to comply with all aspects of the ICB’s recommendations from 2019.
The Financial Secretary to the Treasury, Greg Clark said:
“The publication of the draft Banking Reform Bill today illustrates Government’s ongoing commitment to reforming the banking sector.
view the Draft Financial Services (Banking Reform) Bill
Source: HM Treasury
Warning on EU short-selling restrictions
October 12, 2012--EU restrictions on short selling, due to take effect next month, threaten to reduce liquidity in UK small-cap stocks and prevent small businesses from raising capital, market participants have warned.
The regulations, which come into force on November 1, are intended to address concerns that short selling – betting that shares will fall in price, by selling borrowed holdings and then buying them back cheaply – exacerbates market downturns.
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Source: FT.com
ECB-Euro area securities issues statistics
October 11, 2012--The annual growth rate of the outstanding amount of debt securities issued by euro area residents decreased
from 4.0% in July 2012 to 3.7% in August.
For the outstanding amount of quoted shares issued by euro area
residents, the annual growth rate was 0.9% in August 2012, compared with 1.0% in July.
New issuance of debt securities by euro area residents totalled EUR 795 billion in August 2012.
Redemptions stood at EUR 837 billion and net redemptions amounted to EUR 41 billion. 1 The annual growth rate of outstanding debt securities issued by euro area residents decreased from 4.0% in July 2012 to 3.7% in August.
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Source: ECB
Germany heading for 'small' recession, says top equity manager
October 11, 2012--A period of negative growth in Germany looks unavoidable, said Georg Geiger of Value Holdings Capital Partners, despite the country's economy emerging as the most resilient of the euro area since the financial crisis.
Speaking to Citywire Global, the top performing German equity manager said while a German recession was on its way it would not be as severe as before.
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Source: CityWire
Nasdaq U.K. derivatives system seeks 10% market share
October 11, 2012--Nasdaq OMX Group Inc., which is setting up a derivatives trading system in London to compete with Europe's two biggest futures exchanges, will seek more than 10 percent market share in its first year of operation.
“Success is at least 10 percent,” Nasdaq Chief Executive Officer Robert Greifeld said in an interview in London yesterday. “We don’t have an interest in being a 3 percent or 5 percent market player. We want to come in a meaningful way.”
The market for derivatives is growing as European and U.S. regulators push over-the-counter transactions onto exchanges. The second-largest U.S. equity exchange announced plans for the U.K. platform, known as NLX, in June, four months after the European Union blocked Deutsche Boerse AG’s takeover of NYSE Euronext amid concern the merger would stifle competition in derivatives and clearing.
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Source: Futures Magaize
ESMA publishes an update of the Q&A on Short Selling Regulation.
October 10, 2012--The European Securities and Markets Authority (ESMA) has updated the Q&A on the Implementation of the Regulation on short selling and certain aspects of credit default swaps.
The purpose of the Q&A is to promote common supervisory approaches and practices amongst the EU’s national securities markets regulators on the requirements of the Short Selling Regulation, once it comes into force on 1 November 2012. It will also provide clarity on the requirements of the new regime to market participants and investors.
Additional Q&As relate in particular to the duration adjustment issue for calculating net short positions in sovereign debt, and to the calculation and reporting for the specific situation of group and fund management activities.
Financial Transaction Tax: Anni Podimata welcomes plan to press ahead
October 10, 2012--Anni Podimata (S&D, EL), the MEP spearheading Parliament's position on establishing a financial transaction tax, today made the following statement about the intention of 11 countries to press ahead with the FTT.
"I welcome the decision of 11 Member States to introduce a Financial Transaction Tax under enhanced cooperation on the basis of the Commission proposal of September 2011. It is a socially fair tax, an indispensible part of a complete and coherent solution to exit the crisis.
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Source: European Parliament
DB-Global Equity Index and ETF Research-Europe-Monthly ETF Market Review - Healthy cash flows in Q3 push global ETF assets towards $1.6 trillion
October 10, 2012--The global ETF industry assets reached $1.59 trillion (YTD +22.3%) while the European ETF industry ended the month at $310.5 billion (YTD +15.3%). Cash flows contributed 12.7% to the YTD global ETF AUM growth while asset price increases accounted for 9.6%. In contrast, the European ETF industry's YTD growth was majorly driven by asset price increases (9.4%) with cash flows contributing 5.9%
Month over month, the Global ETF industry assets grew by 5%; largely propelled by equities which recorded a monthly asset increase of 5.9% ($67.9 billion). Equity ETFs domiciled across regions (US, Europe & Asia-Pacific) participated in the market rally, each registering monthly asset gains between 5% and 6%.
September: A month of “firsts” for the European ETF and ETC markets
The month of September brought about many new milestones for the European ETF and ETC markets. Asset growth and cash flow activity, which has been positive for the past couple of months, reached new peaks over the last month.
ETF and ETP assets reached an all-time high of €241.3 billion and €269.1 billion respectively.
Monthly equity cash flows surpassed €2 billion, for the first time in 2012.
Monthly cash flows into ETCs were above the €1 billion mark in September, another first for 2012.
And, monthly cash flows into ETPs (ETFs+ETCs) were the highest YTD, totaling €3.7 billion.
The European ETF markets extended their good run to the month of September after having registered healthy cash inflows above the €2 billion mark in July and August. Total ETF cash flows topped €2.4 billion in September, with equities accounting for most of the inflows (€2.1 billion).
European domiciled ETCs had their best month of the year experiencing cash inflows of over €1.3 billion in September.
Market activity was on the rise with ETF turnover levels registering an 8% increase over August, though still below the monthly average for 2012 by 3%.
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Source: Deutsche Bank - Global Equity Index and ETF Research - Europe
FSA eases bank rules to support lending
October 10, 2012--The Financial Services Authority (FSA) said on Wednesday it has relaxed capital and liquidity rules on banks in an effort to stimulate lending and boost the recession-hit economy, lifting bank shares.
The FSA said the policy shift was set out in the Bank of England's Financial Policy Committee in September, and banks were aware of the changes.
But industry sources and analysts said there were mixed messages coming from regulators on capital rules, including several recent suggestions that more capital was needed.
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Source: Reuters
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