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More Transparency and Protection for Investors: EU Issues Guidelines on ETFs, Other UCITS Issues
July 31, 2012--On 25 July the European Securities and Markets Authority (ESMA) published Guidelines on ETFs and other UCITS issues, following two consultations on ETF-related issues (to which CFA Institute responded) and considerable work on the subject.
ESMA also launched a short consultation on the treatment of repurchase and reverse repurchase agreements (included in Annex IV of the Guidelines document).
The most important changes in ESMA’s proposals pertain to collateral characteristics and disclosure, to securities lending and repos (enhanced disclosure), and to restrictions in the use of indices. New ETF-specific rules are introduced as well.
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Source: Market Integrity Insight
Dutch regulator stands by its ETF advice
July 31, 2012--The Dutch financial markets regulator (AFM) said on Tuesday that it would stand by its own recommendations on index tracking financial products while also welcoming the publication last week of new guidelines on exchange traded funds and other Ucits by the European Securities Markets Authority.
The AFM said there was “no conflict” between its recommendations, which were published in June, and Esma’s new guidelines
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Source: FT.com
DB - Equity Research-Weekly European ETF Market Monitor
July 31, 2012--Attached is 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 the 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/593-BAF0/8087620/ETF_Research_-_Weekly_European_ETF_Market_Monitor.pdf
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
Deutsche Bank axes 1,900 jobs in EUR 3.0bn cost-cut drive
July 31, 2012-- Deutsche Bank, Germany's biggest lender, said Tuesday it planned to slash 1,900 jobs, mainly outside Germany, as part of a 3.0-billion-euro ($3.7-billion) cost-cutting programme.
In view of the current difficult environment, where the long-running debt crisis cut Deutsche Bank's profit nearly in half in the second quarter, the group said it would "reduce headcount predominantly outside of Germany by approximately 1,900 positions."
Of those, 1,500 would be axed in the bank's corporate banking and securities division, it said in a statement.
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Source: EUbusiness
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
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