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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
Economic outlook: UK GDP revision seen
August 19, 2012--Many economists expect second-quarter gross domestic product in the UK to be revised higher this week as the second assessment of the country's economic performance is delivered.
The flash estimate of the April-June period, published last month, came in much weaker than expected, showing that the UK economy shrank by 0.7 per cent over the quarter to give an annual GDP reading of -0.6 per cent. Persistently weak output in the industrial and construction sectors was exacerbated by the extra public holiday, the initial figures indicated.
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Source: FT.com
Rio gets the Olympics, London gets Itaú
August 19, 2012--A UK division of Itaú Unibanco's asset management business has won Financial Services Authority authorisation, according to the regulator's register, in a step that marks a "strategic moment" for the Brazilian firm in Europe.
In a statement to Financial News, a spokesman for Itaú said: “This official authorisation will allow Itaú Asset Management to serve an important client base in Europe in order to increase our offer of asset products managed worldwide.
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Source: Financial News
Treasury Committee publishes LIBOR report
August 18, 2012--The Treasury Select Committee published its report into LIBOR on 18 August, 2012 following its inquiry into the Final Notice issued by the Financial Services Authority with respect to Barclays on 27 June, 2012.
Report: Fixing LIBOR: Some preliminary findings
Alongside the report, a number of related pieces of supplementary and written evidence will also be published.
Commenting on the report, the Chairman of the Treasury Select Committee, Andrew Tyrie MP, said:
"As a result of this inquiry, a good deal of further information has now been brought into the public domain.
The Committee has called for action in a number of areas, including: higher fines for firms that fail to co-operate with regulators, the need to examine gaps in the criminal law, and a much stronger governance framework at the Bank of England.
Source: www.parliament.uk
ECB to supervise all eurozone banks: report
August 17, 2012--The European Commission wants the European Central Bank to act as supervisor for all eurozone banks, not just the region's biggest, the business daily Handelsblatt reported on Friday.
German Chancellor Angela Merkel had said at the end of June that the new banking supervisory authority, which is to be set up under the umbrella of the ECB, should be responsible for the single currency area's 25 biggest banks.
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Source: EUbusiness
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