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Fuhr: Is BoE sounding the warning bell on the right ETFs?
July 25, 2012--The Bank of England (BoE) has reiterated its call for greater education and transparency with regards to synthetic exchange traded funds (ETFs).
Although ETFs have always been among the most transparent types of funds, we are still hearing from regulators and investors that more education and transparency is needed.
On 29 June, the BoE published its Financial Stability Report, in which the bank repeated many of its criticisms of synthetic ETFs outlined in its 2011 report. The bank rated ETFs as high on 'increasing complexity' and 'less meaningful information'.
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Source: City Wire
EU Commission pushes for clampdown on Libor-style rigging
July 25, 2012--The European Commission warned on Wednesday that the EU could take over supervision of benchmarks such as Libor as one of its most senior officials unleashed a broadside at the Bank of England for its failure to stamp out rigging.
Manipulation of Libor, which is used to set prices for trillions of dollars of financial products around the globe, has landed Barclays (BARC.L) with a penalty of $453 million, claimed the scalp of its chief executive and threatens to drag in several other banks into the rate-fixing scandal.
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Source: Reuters
ESMA publishes ETF guidelines and consults on repo arrangements
July 25, 2012--The European Securities and Markets Authority (ESMA) has today published guidelines on Exchange-Traded Funds (ETFs) and other UCITS issues. These guidelines will apply to national securities markets regulators and UCITS management companies.
UCITS are authorised funds which can be sold to retail investors across the European Union. Today’s guidelines set out the information that should be given to investors about index-tracking UCITS and UCITS ETFs, together with specific rules for UCITS when entering into over-the-counter financial derivative transactions and efficient portfolio management techniques. The guidelines also set out the criteria for financial indices in which UCITS may invest.
The guidelines were developed following a review of the current regulatory regime by ESMA which was found to be insufficient to address the specific features and risks associated with these types of funds and techniques.
view ESMA report-Guidelines on ETFs and other UCITS issues-Consultation on recallability of repo and reverse repo arrangements Amundi boosts ETF range in UK with further sector fund launches read more Spain and Italy re-introduce bans on short selling
In February this year, Spain joined France and Belgium in lifting the short-selling bans that had been enforced in 2011. The regulatory authorities of France, Belgium, Italy and Spain had then ordered temporary bans on short positions in the stock of specified financial institutions within their respective jurisdictions. read more EU moves to shore up price of carbon emissions read more Commission prepares for change of the timing for auctions of emission allowances read more ETF Securities appoints head of Benelux region read more
DB - Equity Research-Weekly European ETF Market Monitor http://pull.db-gmresearch.com/p/611-D87B/94993797/European_ETF_Market.pdf Moody's 'core' warning flags risk of chasing yield read more
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Source: ESMA
Amundi ETF has launched a range of global sector exchange traded funds (ETFs) on the London Stock Exchange, boosting its UK product offering to 43.
July 25, 2012--The French firm has launched the Amundi ETF MSCI World Financials and MSCI World Energy funds, adding to its existing range of 11 European sector ETFs in the UK.
The launch of the financials ETF in particular comes at a time when counterparts on the actively managed side are unveiling funds to take advantage of beaten-up financial stocks.
Source: City Wire
July 25, 2012--The regulatory bodies of Spain and Italy have re-introduced bans on short-selling, only months after allowing the practice.
Spain’s ban on short selling will last until October 23, 2012, while the Italian ban on the short sale of certain financial stocks will run through July 27, 2012. The bans do not cover ordinary bonds but do cover bonds that convert into equity, international law firm Schulte Roth & Zabel (SCZ) reported in a Alert yesterday.
Source: Opalesque
Changes to emissions trading scheme are not the large-scale reforms that campaigners and green businesses had urged
July 25, 2012--he European Union moved to shore up the faltering price of carbon dioxide emissions on Wednesday, amid widespread concern that the current low price is failing to encourage companies to reduce their greenhouse gas output.
But the changes announced to the emissions trading scheme are relatively minor, resulting in changes in the timings of auctions of carbon permits, rather than the large-scale reforms that campaigners and green businesses had urged.
Source: The Guardian
July 25, 2012--The European Commission today concluded the review initiated in mid-April of the auction time profile of the EU Emissions Trading System (ETS) and proposed a Decision to clarify the provisions of the EU ETS Directive on the timing of auctions of emission allowances.
Climate Action Commissioner Connie Hedegaard said: "The EU ETS has a growing surplus of allowances built up over the last few years. It is not wise to deliberately continue to flood a market that is already oversupplied. This is why the Commission today has paved the way for changing the timing of when allowances are auctioned. This short-term measure will improve the functioning of the market. If the political will is there, all the necessary decisions can be taken before the next auctioning phase starts at the beginning of 2013. Now it is up to the European Parliament and Member States to deliver. After the summer recess, the Commission will also finalise the options for long-term structural measures.''
Source: European Commission
July 24, 2012--ETF Securities has appointed former iShares executive Philippe Roset as head of Benelux sales, a new role at the company.
Reporting to Scott Thompson, Roset will be responsible for managing the company’s relationships with key financial institutions in the Benelux region.
Source: International Adviser
July 24, 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.
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
July 24, 2012--Investors have been warned that they may be pushing their luck by piling into some safe-haven euro-zone government bonds as well as longer-dated German bunds as the region's debt crisis intensifies, strategists said Tuesday.
Moody's Investors Service late Monday cut its outlook on Germany’s triple-A credit rating to negative from stable, citing risks to the balance sheet of Europe’s biggest economy as European policy makers move slowly in response to an increasingly dangerous euro-zone debt crisis.
Source: Market Watch
