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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
Boerse Stuttgart generates turnover of around EUR 7.2 billion in August
Two-digit growth in investment products compared with previous month//Total turnover below record levels of August 2011
September 6, 2012--According to its order book statistics, the Stuttgart Stock Exchange generated turnover of around EUR 7.2 billion in August 2012.
The trading volume was around the same as in July 2012, but below the outstandingly high trading volume recorded in August 2011 when strong market turbulence resulted in a temporary collapse in markets around the world and an extraordinary increase in trading volumes.
Securitised derivatives accounted for the largest share of the transaction volume. Turnover in this asset class in August was more than EUR 3.6 billion, an increase of just under 2 percent in comparison with the previous month. However, the turnover trend of investment products was very different from that of leverage products. The transaction volume in leverage products was slightly weaker than in July, totalling almost EUR 1.4 billion. By contrast, trading in investment products was up around 12 percent to more than EUR 2.2 billion.
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Source: Boerse Stuttgart
Ratings agencies 'inadequate' for forward-looking investors
September 6, 2012--German asset manager Union Investment has challenged Standard & Poor's, Moody's and Fitch's ratings for European sovereign bonds.
Following Moody's recent threat to downgrade the EU's AAA rating, Union published details of its own in-house ratings for European sovereign bonds, arguing that the agencies were "no longer at all adequate for forward-looking investors".
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Source: IP&E
Turkey moves ahead with Islamic bond plan
September 6, 2012--After almost a decade of preparation works, Turkey makes the next step in its Islamic bond plan. Citigroup, HSBC and Liquidity House of Kuwait are mandated to examine opportunities for sukuk issuance.
The expectations are that the government will be able to gain a profit of up to $1bn through the sukuk. Also, the sukuk is likely to bridge the funding gap in the country's budget deficit target of 1.5 per cent of gross domestic product for 2012.
Source: Islamic Finance.de
ECB cuts eurozone growth view in 2012, 2013
September 6. 2012--The European Central Bank Thursday slashed its forecast for growth in the eurozone for both this year and next, it said, as the debt crisis increasingly takes it toll on the 17-nation bloc.
The ECB said its staff expects the economy to shrink by 0.4 percent in 2012 and then grow by 0.5 percent in 2013, a reduction from its previous call in June of minus 0.1 percent for this year and plus 1.0 percent next year.
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Source: EUbusiness
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