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EMIR - Information on the deadline for joint draft regulatory technical standards on risk mitigation techniques for OTC derivatives contracts not cleared by a CCP
July 30, 2012--On 7 June 2012, the Joint Committee of the European Supervisory Authorities (ESAs) addressed a request to the European Commission for a postponement of the deadline for the submission of the joint draft regulatory technical standards (RTS) on risk mitigation techniques for OTC derivatives contracts not cleared by a CCP (mainly related to margins for bilateral transactions).
The rationale behind the request is to enable consistency of the European rules with the on-going global development of international standards by the Working Group on Margining Requirements of the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO), which are expected to be delivered by end 2012.
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Source: ESMA
Economic sentiment declines in the EU and the euro area
July 30, 2012--In July the Economic Sentiment Indicator (ESI) decreased in the EU by 1.4 points, to 89.0, and in the euro area by 2.0 points, to 87.9.
The decline resulted from lower confidence in all sectors entering the calculation of the ESI. However, a loss of confidence in the services sector was the main driver of the decrease in the EU, while the euro area saw the biggest declines in industry and among consumers.
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Source: European Commission
db X-trackers listet ETF fur die Wertentwicklung von A-Aktien an chinesischen Borsen
July 30, 2012--db X-trackers, Deutsche Bank Exchange Traded Funds (ETFs), hat an der Deutschen Börse den db x-trackers CSI300 Index ETF gelistet. Dabei handelt es sich um den, gemessen am Fondsvolumen, gröβten ETF Europas, der die Entwicklung der an den chinesischen Börsen von Shanghai und Shenzhen notierten "A-Aktien" nachvollziehen soll.
Der dem ETF zugrunde liegende CSI300 Index bildet die Wertentwicklung der 300 wichtigsten-gemessen aus einer Kombination von Marktkapitalisierung und Liquidität-„A-Aktien“ an den chinesischen Börsen von Shenzhen und Shanghai ab. Der db x-trackers CSI300 Index ETF verfügt über ein Fondsvolumen von 272,5 Millionen Euro (Quelle: Deutsche Bank, Stand 20.07.12). Er wurde Anfang 2010 an den Börsen von Singapur und Hongkong gelistet, seit Mitte Juli 2012 auch an der London Stock Exchange.
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Source: db X-trackers
Brussels may curb use of derivatives
July 29, 2012--The European Commission, which last week released its consultation paper on Ucits funds, is sounding out market practices on the use of derivatives.
Brussels has grown increasingly concerned over the appropriateness of “highly complex risk profiles” and has opened the door to adjustments being made to the Ucits directive.
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Source: FT.com
ETFs fees may rise after Esma move
July 29, 2012--Management fees for some exchange traded funds will rise due to new rules governing securities lending, according to the Edhec-Risk Institute, a division of Edhec business school.
The European Securities Markets Authority said last week that all profits from securities lending generated by Ucits funds should be returned to investors, rather than being split with the fund manager.
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Source: FT.com
S&P affirms UK's AAA rating, outlook stable
July 28, 2012--Standard & Poor's on Friday affirmed the United Kingdom's AAA rating with a stable outlook, stamping the debt with the agency's highest grade on expectations the economy will gather steam toward year-end.
"We project that despite recent weakness, the U.K. economy should begin to recover in the second half of 2012 and steadily strengthen, and we expect economic policy to continue focusing on closing the fiscal gap," S&P said in a statement.
"In our view, monetary flexibility remains a key credit strength owing to the British pound sterling's role as a global reserve currency," the statement added.
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Source: Reuters
db x-trackers CSI300 Index ETF launched on Xetra
July 27, 2012--A new equity index ETF issued by db X-trackers has been tradable in Deutsche Boerse's XTF segment since Friday.
ETF name: db x-trackers CSI300 Index ETF
Asset class: equity index ETF
ISIN: LU0779800910
Total expense ratio: 0.50 percent
Distribution policy: non-distributing
Benchmark: CSI300 Index
The db x-trackers CSI300 Index ETF enables investment in A-class shares on the Chinese equity market via an exchange-listed ETF. A-class equities are shares in Chinese companies that are traded in Chinese currency (renminbi) in Shanghai and Shenzhen. These equities used to be reserved exclusively for domestic investors. Since 2006, however, this restriction for foreigners has been relaxed and trading contingents put in place to allow foreign investors to trade in these securities. The CSI 300 Index comprises the equities of 300 Chinese companies with the highest market capitalisation and greatest liquidity.
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Source: Xetra
Commission launches consultation on a future framework for investment funds
July 27, 2012--The Commission today launched an in-depth consultation on issues arising in the area of investment funds. The consultation focuses on:
the issue of money market funds and how such funds should be regulated in future;
the fund industry's involvement in securities lending and repurchase (repo) arrangements; and
the fund industry's exposure to certain OTC derivatives that, in future, will be subject to central clearing and the fund industry's approach to investors' redemptions.
The consultation builds on and is complementary to the European Securities and Markets Authority's (ESMA) guidelines on ETF (exchange-traded funds) and other UCITS issues of 25 July. The consultation raises a series of issues and policy options aimed at maintaining investor confidence in money market funds. Issues at the centre of the consultation are the role of money market funds in the management of liquidity for investors, their engagement in the securities lending and repo markets as well as their systemic involvement in the overall financial marketplace. Issues such as the various methods for calculating the net asset value (NAV) for money market funds are also addressed.
An important focus for the consultation is also a UCITS fund manager's employment of so-called efficient portfolio management (EPM) techniques. The use of EPM techniques is widespread and, in the industry's view, they are an essential tool for generating additional revenue for the fund and its investors. EPM includes securities lending and repurchase transactions as well as the management of collateral that is received or granted to secure these transactions. The above-mentioned ESMA guidelines and the Commission's consultation on shadow banking has already raised the general issues that arise in this context and the current consultation aims to deepen the Commission's insight into the potential systemic and investor implications raised by a fund's use of EPM techniques.
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Source: Europa
ESMA publishes response to the European Commission Green Paper on shadow banking
July 27, 2012--ESMA has published its response to the European Commission's Green Paper on shadow banking.
view the Reply of ESMA to the European Commission’s Green Paper on Shadow Banking
Source: ESMA
Commission launches consultation on a future framework for investment funds
July 26, 2012--The Commission today launched an in-depth consultation on issues arising in the area of investment funds. The consultation focuses on
the issue of money market funds and how such funds should be regulated in future;
the fund industry's involvement in securities lending and repurchase (repo) arrangements; and
the fund industry's exposure to certain OTC derivatives that, in future, will be subject to central clearing and the fund industry's approach to investors' redemptions.
The consultation builds on and is complementary to the European Securities and Markets Authority's (ESMA) guidelines on ETF (exchange-traded funds) and other UCITS issues of 25 July. The consultation raises a series of issues and policy options aimed at maintaining investor confidence in money market funds. Issues at the centre of the consultation are the role of money market funds in the management of liquidity for investors, their engagement in the securities lending and repo markets as well as their systemic involvement in the overall financial marketplace. Issues such as the various methods for calculating the net asset value (NAV) for money market funds are also addressed.
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Source: EUROPA
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