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Hedge Funds Pose Limited Risk to Financial Stability, FSA Says
August 21, 2012--Hedge funds pose a limited risk to the stability of the financial system, according to a survey by the U.K.'s Financial Services Authority.
Funds have a “strong ability to manage the liquidity of their assets and liabilities,” the FSA said in a report published on its website today. The regulator collected data on funds with a total of more than $380 billion under management.
Banks and other counterparties of hedge funds have “increased margining requirements and tightened other conditions on their exposures to hedge funds since the financial crisis,” according to the FSA report.
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Source: Bloomberg Business Week
LME approves Jefferies Bache as ring-dealing member
August 21, 2012--The London Metal Exchange (LME) has approved the brokerage arm of U.S. investment bank Jefferies Group as a Category 1, or ring-dealing member, the exchange said on Tuesday.
The LME did not say when Jefferies Bache would start trading as a Category 1 member. When it does, it will become one of a dozen top-tier members with the right to trade on the open-outcry ring, electronic LMESelect and the telephone market.
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Source: Reuters
Getco taps Credit Suisse ETF head
August 21, 2012--Getco, a leading high-frequency trading and marketmaking firm, has hired one of Credit Suisse's most senior traders of exchange-traded funds, Financial News has learned, in a sign of the firm's growing ambitions in the ETF sector.
Aidan Hsu, most recently head of European ETF trading at Credit Suisse, joined Getco Europe in London this month, according to the Financial Services Authority's register of authorised persons.
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Source: Financial News
STOXX Launches Broad, Size and Blue-Chip Indices for Emerging and Developed Markets
Further indices covering East Asia and Africa are added to STOXX universe
August 21, 2012--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today introduced 19 broad, size and blue-chip indices for covering Emerging and Developed Markets, East Asia and a broad index for Africa.
The new indices are derived from the STOXX Emerging Markets Total Market, STOXX Developed Market Total Market, STOXX East Asia Total Market and STOXX Africa Total Market indices that were introduced earlier this year.
“With the expansion of our STOXX Emerging and Developed Markets Index offering, as well as the launch of new regional indices, we are broadening the coverage of the world’s markets with innovative and rules-based STOXX indices,” said Hartmut Graf, chief executive officer, STOXX Limited. “STOXX is highly committed to the development of sophisticated and highly tradable index concepts, and the blue-chip indices launched today again prove this.”
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Source: STOXX
Publication of the translations of ESMA guidelines on certain aspects of the MiFID suitability requirements
August 21, 2012--Today ESMA published the official translations of the "Guidelines on certain aspects of the MiFID suitability requirements" (ESMA/2012/387).
Today’s publication triggers a transitional period of two months within which national competent authorities have to declare whether they intend to comply with the guidelines or otherwise explain the reasons for non-compliance.
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Source: ESMA
EEX Successfully Implements Diversification-Positive development in new business fields-Slight increase in sales revenue
EEX reinforces growth investments
August 21, 2012--In spite of the changing market environment resulting from the energy turnaround and lasting uncertainty on the market due to the Euro crisis and open regulatory issues, European Energy Exchange AG (EEX) was able to continue its growth strategy during the first six months of the current financial year.
The sales revenue generated by the energy exchange increased, for instance, by 2 percent to EUR 24.4 million compared with the same period in the previous year (EUR 24.0 million). As a result of the investments made in expanding and developing new fields of business, however, earnings before taxes (EBT) declined to EUR 8.4 million (same period in 2011: EUR 11.1 million).
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Source: EEX
Source in top 3 for 1H 2012 European ETP turnover
ETF turnover resilient despite challenging market conditions: source ranked in top 3
August 20, 2012--Source,, one of the fastest growing Exchange Traded Product (ETP) providers in Europe with assets under management (AuM) of US$9.7bn, is pleased to announce that its H1 2012 secondary market client business was third highest in Europe according to the latest Markit MSA ETP rankings.
Source’s secondary market client business exceeded EUR16.5bn, accounting for 14% of total European ETP off exchange trading volumes.
Source recognises the significant value available to its clients by actively working with leading market makers to ensure there are high levels of liquidity. Source’s open architecture, multi-partner approach optimises this opportunity, delivering enhanced liquidity through a suite of innovative products.
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Source: Source
Deutsche Bank-Equity Derivatives and Quantitative Strategy Research-ETF Research : Weekly European ETF Market Monitor
August 20, 2012--Please find attached the most recent issue of the Weekly European ETF Market Monitor. The report includes key statistics on the European ETF market as well as global ETF market highlights.
For more detailed coverage please refer to our monthly report, issued in the first week following the end of each month.
The following link will be available for 90 days. For more information, please click on the link for the full PDF. If you have any trouble viewing the link, copy and paste the link in a browser.
http://pull.db-gmresearch.com/p/548-800E/52721906/ETF_Research_22_Aug12.pdf
After 90 days you can access the report on our web site: http://gm.db.com
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
Evolution not revolution on guidelines from Esma
August 20, 2012--The European Securities and Markets Authority's eagerly anticipated guidelines on exchange-traded and other Ucits funds represent classic regulatory progress: they may be considered evolutionary, but revolutionary they are not.
Largely principles-based, the guidelines – which member states must make “every effort” to comply with – do contain considerable detail.
This will serve ETF investors and ultimately the ETF industry well and requires changes in the operating models of some promoters as well as having revenue impact.
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Source: Financial News
AMF publishes 2011 report on credit rating agencies
August 20, 2012--The AMF's eighth annual report on credit rating agencies (CRAs) covers CRA supervision, international regulatory developments and credit ratings.
It also provides an opportunity for the regulator to review Europe's new supervisory framework
With adoption and entry into force in 2011 of the revised CRA Regulation of 16 September 2009, the European Securities and Markets Authority (ESMA) has been given exclusive responsibility for the direct supervision of CRAs, its first area of competence in terms of registration and oversight. ESMA has gradually taken over direct authority from the AMF in this area since 1 July 2011, a transfer that was completed with the registration of the local subsidiaries of the three main agencies on 31 October 2011. ESMA now has exclusive registration, supervision and oversight powers over CRAs in the European Union.
view the Rapport 2011 de l'AMF sur les agences de notation
Source: AMF
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