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Deutsche Bank decides to integrate asset management divisions
September 11, 2012--Deutsche Bank is planning to set up an asset and wealth manager-which will include businesses it had formerly put up for sale- – that is to serve as the bank's "fourth business pillar".
As announced in June, the bank plans to establish Asset & Wealth Management (AWM), including former corporate banking and securities business such as ETFs.
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Source: IP&E
ETF specialist launches 8 thematic funds
September 11, 2012--The London-based group ETF Securities has announced the launch of eight Ucits-compliant ETFs on the Swiss market which mainly focus on the energy sector.
ETF Securities, which currently manages over €21 billion and leading ETP provider, has launched the following Ucits ETFs on the SIX Swiss Exchange:
ETFX DAXglobal Alternative Energy Fund - designed to track the performance of the DAXglobal Alternative Energy Index, replicating performance of the fifteen largest companies worldwide in the alternative energy segment.
ETFX DAXglobal Coal Mining Fund - designed to track the performance of the DAXglobal Coal Index. The index‘s constituents are exclusively companies from the areas of coal mining, mining equipment and coal transportation that generate at least 50% of their revenue from this sector.
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Source: CityWire
New ETF issuer: ETF Securities-Further internationalization of the ETF segment of SIX Swiss Exchange.
September 10, 2012--Today, ETF Securities is entering the Swiss market as a new provider with eight products for which Susquehanna will act as market maker.
This entails a growth to 18 ETF issuers at SIX Swiss Exchange. The range of products now comprises a record number of 880 ETFs.
Rima Haddad, Head of Switzerland & Middle East at ETF Securities, comments "We are seeing a lot of interest and demand from Swiss investors in our products and are pleased to now be able to offer a range of investment solutions based on commodities and commodity related equities on the local exchange." In an interview[pdf], Rima Haddad introduces ETF Securities and presents the eight Exchange Traded Funds newly-listed on SIX Swiss Exchange.
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Source: SIX Swiss Exchange.
New World Bank Report Calls for Integrating Eastern Europe's Informal Labor and Firms into the Formal Economy
September 10, 2012--Too many of Eastern Europe's workers and firms are engaged in the "shadow economy"-doing business and work in untaxed and unregulated markets for goods and services-finds a new World Bank report "In From the Shadow: Integrating Europe"s Informal Labor." As the impacts of the euro crisis,
population ageing, and labor force shrinkage spread to emerging economies of Eastern Europe, bringing workers and firms in from the shadow economy is critical for long-term economic growth in Eastern Europe.
The report, launched today in Brussels at a joint Centre for European Policy Studies (CEPS) - World Bank conference, finds that integrating the informal economies in the countries of Eastern Europe with the formal sector is crucial for the well-being of households, the growth of firms, and the advancement of society. The report provides guidelines for policy makers in the New EU Member States to bring as much economic activity in from the shadow economy as possible.
view the In from the shadow : integrating Europe's informal labor report
Source: World Bank
Alt Ucits demand increases in Q2
September 7, 2012--Investor appetite for Alternative Ucits strategies grew in the second quarter of 2012 with a number of new funds being launched to meet demand, according to a recently published report.
The Alternative Ucits market review was carried out by specialist firm Alceda Fund Management and is the first in a series of quarterly reviews of the sector. The review revealed there were 292 funds in the sector in Q2, up from 282 funds in Q1, which account for a total of €82.5 billion in assets.
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Source: CityWire
Schaeuble says ECB not financing sovereign debt
September 7, 2012--German Finance Minister Wolfgang Schaeuble said Friday the European Central Bank was not financing sovereign debt with its newly-announced plan to buy sovereign bonds of struggling eurozone members.
"It's not the beginning of monetary financing of sovereign debt," Schaeuble told reporters in Stockholm, bashing the German media as "very nervous" in its criticism of the ECB's decision taken Thursday.
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Source: EUbusiness
STOXX Sustainability, STOXX Style and STOXX Balkan 50 Equal Weight Component Announcement-STOXX Sustainability, STOXX Style and STOXX Balkan 50 Equal Weight Component Announcement
Results of the Review to be Effective on September 24, 2012
September 7, 2012--STOXX Limited, the market-moving provider of innovative, tradable and
global index concepts, today announced the results of the annual review of the STOXX Sustainability, STOXX Global ESG Leaders, STOXX Strong Style and STOXX Balkan 50 Equal-Weight indices;
as well as those of the semi-annual review of the STOXX TMI Growth, STOXX TMI Value and their respective large,
mid- and small sub-indices and the respective indices for the euro zone. All changes will be effective on
September 24, 2012.
A full list of all companies that will be entering and exiting the STOXX Europe Sustainability, EURO STOXX Sustainability, STOXX Europe Sustainability 40 and EURO STOXX Sustainability 40, STOXX Europe Sustainability ex AGTAF, STOXX Europe Sustainability ex AGTAFA, EURO STOXX Sustainability ex AGTAF and EURO STOXX Sustainability ex AGTAFA indices can be found at http://www.stoxx.com/download/indices/methodology/sustainability_component_changes.xls.
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Source: STOXX
NASDAQ OMX Norwegian market share hits all time high of 14,5 % .
September 6, 2012--For the last two consecutive days NASDAQ OMX Nordic have reached new all time high market shares in the Norwegian
market.
Yesterday NASDAQ OMX had 14,55 % market share of lit orderbook trading
turnover in the OBX shares, and on Tuesday September 4 the market share was 13.60%. Thereby NASDAQ OMX was the largest alternative venue for Norwegian
shares.
NASDAQ OMX Stockholm AB offers trading in the 34 most liquid Norwegian shares listed at Oslo Bors, including all OBX index shares, with low transaction and settlement costs.
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Source: Wall Street Journal
ECB-Measures to preserve collateral availability
September 6, 2012--On 6 September 2012 the Governing Council of the European Central Bank (ECB) decided on additional measures to preserve collateral availability for counterparties in order to maintain their access to the Eurosystem's liquidity-providing operations.
Change in eligibility for central government assets
The Governing Council of the ECB has decided to suspend the application of the minimum credit rating threshold in the collateral eligibility requirements for the purposes of the Eurosystem’s credit operations in the case of marketable debt instruments issued or guaranteed by the central government, and credit claims granted to or guaranteed by the central government, of countries that are eligible for Outright Monetary Transactions or are under an EU-IMF programme and comply with the attached conditionality as assessed by the Governing Council.
The suspension applies to all outstanding and new assets of the type described above.
The decision on the collateral eligibility of bonds issued or guaranteed by the Greek government taken by the Governing Council on 18 July 2012 is still applicable (Decision ECB/2012/14).
Expansion of the list of assets eligible to be used as collateral The Governing Council of the ECB has also decided that marketable debt instruments denominated in currencies other than the euro, namely the US dollar, the pound sterling and the Japanese yen, and issued and held in the euro area, are eligible to be used as collateral in Eurosystem credit operations until further notice. This measure reintroduces a similar decision that was applicable between October 2008 and December 2010, with appropriate valuation markdowns.
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Source: ECB
FSA consults on changes to the client money and custody assets regime
September 6, 2012--The Financial Services Authority (FSA) has today issued a combined Consultation Paper (CP) and Discussion Paper (DP) that proposes a number of changes to the client money and custody assets (collectively "client assets") regime for firms that undertake investment business.
In addition to some changes required by the European Markets Infrastructure Regulation (EMIR), the FSA proposes changes that could lead to a radical shift in how firms protect client money. The FSA also seeks comment on some wider issues in relation to its fundamental review of the client assets regime with the aim of producing better results in the insolvency of an investment firm.
Today’s proposals fall under three different headings:
Part I: Changes required by EMIR One of the measures introduced by EMIR will require central counterparties (CCPs), or clearing houses, in the event of the default of a clearing member, to try to ‘port’ (i.e. transfer) the positions and certain associated margin of the failed clearing member’s clients to a back-up clearing member or return any balance. This will allow clients to either carry on trading or see their positions closed and money returned.
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Source: FSA.gov.uk
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