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db X-trackers Getting Physical
October 16, 2012--Deutsche Bank's ETF arm, db X-trackers, is planning to launch a handful of physical replication ETFs in the coming weeks, according to well-informed Deutsche Bank sources.
This move comes just a few weeks after its close competitor, Lyxor, announced a similar move. Sources say that db X-trackers plans to launch these funds in November.
According to Deutsche Bank sources, the first round of new launches will feature physical replication ETFs which already have a synthetic replication version available for investors. In the coming weeks, physically replicated ETFs tracking the DAX 30, S&P 500, FTSE 100 and the Nikkei 225 indices, amongst others, will be launched. The plan is for Deutsche Bank to offer two distinct, parallel product ranges: the existing swap-based ETFs and a parallel set of products physically tracking benchmark indices, according to sources.
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Source: Morningstar
MEPs set date for MiFID II sign off
October 16, 2012--MEPs will vote on the European Parliament's version of MiFID II on 26 October, with broad support expected on key issues including broker crossing networks and high-frequency trading (HFT).
The plenary vote requires all MEPs to vote on the version of MiFID II agreed on by the European Parliament’s Economic and Monetary Affairs Committee (ECON).
Rickard Ydrenäs, policy advisor to Olle Schmidt MEP, a member of the Alliance for Liberals and Democrats in Europe, told theTRADEnews.com final amendments made last week would ensure widespread support among MEPs on MiFID II.
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Source: The Trade
Tradeweb launches 5,000-stock ETF platform
October 15, 2012--Electronic market operator Tradeweb has launched an execution platform for exchange-traded funds, aiming to bring what it calls a significant amount of liquidity to the European ETF marketplace.
The platform will offer buyside firms access to 5,000 European-listed ETFs via request-for-quote trading. The firm, which is owned by Thomson Reuters and a consortium of investment banks, has already signed 11 dealers to the platform and expects several more.
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Source: Financial News
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.
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