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AMF draws the attention of investors to the application on 1st November 2012 of the European Regulation on short selling
October 25, 2012--Regulation no. 236/2012 of the European Parliament and the Council of 14 March 2012 on short
selling and certain aspects of credit default swaps (the "Short Selling Regulation") was published
in the Official Journal of the European Union on 24 March 2012. The Short Selling Regulation strengthens and harmonises the rules that apply to short positions in shares and in sovereign debt, and prohibits the purchase of uncovered sovereign CDS.
It will apply as from 1st November
2012.1
A "short position" is a position in one or more financial instruments where this position gives its holder a financial advantage if the price of a given security falls. Since February 2011 France has had transparency rules on short positions in shares that are traded on a French regulated market or on an organised multilateral trading facility.
The new European rules will replace the current transparency requirements, but without substantially modifying them as regards shares admitted to trading on a French regulated market or on an organised multilateral trading facility. For example, the thresholds for notification and public disclosure of short positions, as defined by the provisions of the AMF General Regulation, will remain unchanged. What is new for investors is the extension of these transparency obligations to short positions in all shares admitted to trading on European markets, as well as in the sovereign debt issued by Member States of the European Union.
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Source: AMF
Credit Suisse to expand cost cutting
October 25, 2012--Swiss bankers are braced for more job losses after Credit Suisse reported a 63 per cent fall in third-quarter net profits and increased its cost-cutting programme by SFr1bn ($1.07bn), the second time it has deepened cuts this year.
Banks across the globe are grappling with the impact of economic uncertainty and a rising wave of regulation. UBS, Credit Suisse’s domestic rival, is in the throes of thrashing out cutbacks that could result in several thousand job losses.
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Source: FT.com
SPDR(R) ETFs launches Dow Jones Global Real Estate ETF
October 25, 2012--SPDR ETFs, the exchange traded funds (ETF) platform of State Street Global Advisors (SSgA), announced today that it has launched the SPDR Dow Jones Global Real Estate
ETF on Xetra. It marks the expansion of the European SPDR ETFs range into a new asset class.
The SPDR fund, which is physically backed, tracks the Dow Jones Global Select Real Estate Securities
Index by owning a diversified portfolio of listed real estate investment trusts and operating companies to
replicate the global real estate market. This new ETF offers an easy, cost-efficient and liquid way to
access property exposure in a UCITS-compliant form. Global real estate investment provides diversification due to its low correlation to equities and bonds. The inclusion of emerging markets (just under 5 percent of the index) enables investors to access property companies in rapidly growing countries that are likely to evolve to take greater prominence in the global property market.
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Source: State Street Global Advisors
New SPDR ETF launched on Xetra ETF tracks stock corporations in the global real estate sector
ETF tracks stock corporations in the global real estate sector
October 25, 2012-- A new exchange-listed equity index fund issued by SPDR (State Street Global Advisors) has been tradable on Xetra since Thursday.
ETF name: SPDR Dow Jones Global Real Estate ETF
Asset class: equity index ETF
ISIN: IE00B8GF1M35
Total expense ratio: 0.40 percent
Distribution policy: distributing
Benchmark: Dow Jones Global Select Real Estate Securities Index
The SPDR Dow Jones Global Real Estate ETF gives investors the opportunity to participate in the performance of globally listed stock corporations in the real estate sector. The requirements for acceptance into the reference index are a market capitalisation of at least US$200 million and a proportion of revenues derived from owning and managing real estate of at least 75%.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 1,006 exchange-listed index funds, making it the largest offering of all European stock exchanges.
Source: Xetra
Eurozone business slump accelerates: Markit
October 24, 2012--Eurozone private sector business activity slumped deeper into the mire in October, falling at its fastest rate since June 2009 to 40-month lows, a closely watched survey showed Wednesday.
The Composite Purchasing Managers Index (PMI), a survey of 5,000 eurozone businesses compiled by the Markit research firm, fell to 45.8 points in October from 46.1 in September.
The index is a leading indicator and any reading below 50 indicates a contraction in activity, with the eurozone getting off to a bad start for the fourth quarter as the debt crisis continues to undermine growth and jobs.
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Source: EUbusiness
Second quarter of 2012 compared with first quarter of 2012-Euro area government debt up to 90.0% of GDP
EU27 debt up to 84.9%
October 24, 2012--At the end of the second quarter of 2012, the government debt1 to GDP ratio2 in the euro area3 (EA17) stood at 90.0%, compared with 88.2% at the end of the first quarter of 2012.
In the EU273 the ratio increased from 83.5% to
84.9%. Compared with the second quarter of 2011, the government debt to GDP ratio rose in both the euro area
(from 87.1% to 90.0%) and the EU27 (from 81.4% to 84.9%). These data are released by Eurostat, the statistical
office of the European Union.
At the end of the second quarter of 2012, securities other than shares accounted for 78.6% of euro area and for 80.1% of EU27 general government debt. Loans made up 18.6% of euro area and 16.1% of EU27 government debt. Currency and deposits represented 2.8% of euro area and 3.7% of EU27 government debt.
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Source: Eurostat
Amundi ETF launches an innovative ETF tracking the TOPIX Euro Daily Hedged strategy index
October 24, 2012--Amundi ETF has launched an innovative product designed for investors seeking to take positions on the Japanese equity market, while benefiting from daily currency hedging, on NYSE Euronext in Paris.
An unprecedented* ETF in Europe
This new ETF offers investors a solution in a context of volatile international markets and uncertainty over the euro/yen exchange rate. Based on the TOPIX Euro Daily Hedged strategy index (Total Return), it combines exposure to Japanese equities with daily euro/yen currency hedging. This ETF has a TER** of only 0.48%.
Daily currency hedging This ETF benefits from hedging against currency risk, which is managed and adjusted daily within the TOPIX Total Return Euro Daily Hedged strategy index through the use of forward contracts expiring at the end of each current month.
This daily readjustment reduces the influence of exchange rate volatility through the optimisation of the currency hedge.
Valérie Baudson, Managing Director of Amundi ETF comments: “Following the success of our ETF launched in 2011 tracking the S&P 500 EUR Daily Hedged strategy index, we wanted to offer investors the same innovative currency hedging solution but this time on the TOPIX, the main Japanese equity market index”.
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Source: Amundi ETF
Eleven EU nations get go-ahead on 'Robin Hood' finance tax
October 23, 2012--The European Commission on Tuesday backed plans by 11 EU nations to launch a hotly contested "Robin Hood" financial transactions tax (FTT) that is tipped to raise billions for the public purse.
After moves to launch the tax across the European Union were scuttled during months of raucous debate by Britain and others, the EU executive proposed that countries in favour, including France, Germany, Italy and Spain, go ahead on their own.
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Source: EUbusiness
NYSE Euronext launches CAC and AEX Low Risk Indices
Low Risk Indices respond to growing demand for better risk control mechanisms
October 23, 2012--NYSE Euronext today announced the expansion of its range of indices with the launch of the CAC(R) Low Risk Index and the AEX® Low Risk Index.
These low risk indices, developed in partnership with Finvex Group, are based on the successful European national blue chip indices and provide new risk adjusted investment possibilities for investors and Exchange Traded Product (ETP) providers.
With the introduction of the new low risk index series NYSE Euronext is responding to growing demand from institutional investors for better risk control mechanisms.
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Source: NYSE Euronext
Banking supervision: an accountable system open to all
October 23, 2012--Draft banking supervision legislation tabled in the Economic and Monetary Affairs Committee on Monday would give national supervisors a greater role than do earlier Commission proposals, while at the same time retaining the European Central Bank's power to decide to supervise any bank directly.
A second text approved by the committee would put the European banking watchdog at the head of a single supervisory system. Both texts would increase the supervisory system's democratic accountability.
The draft texts will now form the basis for work within the committee over the next month with a view to formalising an official committee position by the end of November. Once the committee has adopted its position, it will be ready to enter into negotiations with member states to hammer out a deal.
Accountability is key
Both draft reports propose amendments to the Commission proposals to increase the accountability of the banking supervisor. Powers transferred from the national to the EU level must be accompanied by transparency and accountability arrangements, the texts argue.
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Source: European Parliament
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