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Thomson Reuters Position Paper-The Practical Aspects Of Delivering A European Consolidated Tape
July 2, 2012--The Market in Financial Instruments Directive (MiFID) significantly opened up competition in trading of European equities, bringing several benefits for investors.
Yet, it also caused fragmentation, challenging both regulators and market participants in their ability to obtain a consolidated view of the market. A number of data collectors and aggregators, including Thomson Reuters, have emerged to address this unintended consequence of MiFID.
view the THE PRACTICAL ASPECTS IN DELIVERING A EUROPEAN CONSOLIDATED TAPE-position paper
Source: homson Reuters
89 billion euros turnover on Xetra in June
July 2, 2012--Order book turnover on Xetra and the Xetra Frankfurt specialist trading stood at €93.8 billion in June-a decrease by 15 percent year-on-year (June 2011: €109.9 billion).
Of the €93.8 billion, €89.2 billion were attributable to Xetra – a decrease by 15 percent y-o-y (June 2011: €105.3 billion). €4.6 billion were attributable to the Xetra Frankfurt specialist trading, unchanged y-o-y (June 2011: €4.6 billion). Order book turnover on Tradegate Exchange* totalled approximately €2.0 billion in June.
In equities, turnover reached €78.4 billion on Deutsche Börse’s cash markets (Xetra: €77.0 billion, Xetra Frankfurt specialist trading: €1.4 billion). Turnover in bonds was €2.0 billion, and in structured products on Scoach €1.9 billion. Order book turnover in mutual funds and exchange-traded funds (ETFs) amounted to €11.5 billion.
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Source: Xetra
ESMA publishes an update to the Q&A in the area of Prospectuses
July 2, 2012--The update published today contains new guidance on the format of summaries.
view the Questions and Answers
Prospectuses-15th updated version-July 2012
Source: ESMA
UBS anticipates RDR and Esma regulations with mammoth ETF splurge
UBS lists 64 exchange-traded funds on the London Stock Exchange in a single day -the largest ever daily listing of these products in the UK
July 2, 2012--UBS Global Asset Management has set a new record for the number of exchange-traded funds (ETFs) launched in the UK in one day with the listing of 64 ETFs on the London Stock Exchange (LSE) on June 28.
The listings cover global, Asian, European and North American equities, as well as specific equity strategies, alternatives and fixed-income assets, and follow the launch of two more ETFs by UBS on the exchange a week earlier. Of those 66 funds, 17 use synthetic replication to gain exposure to the underlying asset and the remainder are physically backed. Some of the ETFs have also been offered to investors on the Six Swiss Exchange, Xetra, Börse Stuttgart, Borsa Italiana and Nasdaq OMX.
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Source: Risk.net
PIMCO German Government Bond Index Source ETF
July 2, 2012--PIMCO, a leading global investment management firm and Source, a specialist provider of exchange traded products, have launched the PIMCO German Government Bond Index Source ETF ("BUND"), which is listed on Deutsche Börse (XETRA). BUND aims to track the Markit iBoxx €Germany Index.
In the current market uncertainty, many investors are seeking efficient ways to quickly switch between “risk-on” and “risk-off” positions. BUND delivers exposure to the German government bond market. The ETF benefits from PIMCO’s smart passive management to minimise tracking differences without the use of securities lending, and combines the transparency and operational ease that investors expect from Source ETFs with PIMCO’s scale and expertise managing government bond portfolios.
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Source: Source
Northern Trust Monthly Funds Market Review
July 2, 2012--This month's highlights include:
Ireland intending to implement AIFMD by the end of the year
Luxembourg-domiciled funds see assets under management rise to new record
EU publishes draft rules for OTC derivatives market changes
Research shows European financial services M&A activity fell during first quarter
Switzerland and Denmark join European countries looking to make FATCA agreements
EXCHANGE TRADED FUNDS
The majority of fund managers expect their exposure to exchange traded funds and products to rise, according to independent research carried out for Lyxor. More than half (54%) of the 131 UK and Ireland managers surveyed said their exposure to ETFs would increase over the next three years and almost a quarter (23%) anticipated that their exposure to ETFs would grow by 10% or more. Only 1.7% of the respondents said their exposure to ETFs would fall.
The survey also found that 81.3% of those surveyed held less than 10% of their assets in ETFs, underlining that penetration by ETFs remains low and has scope for future growth.
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Source: Northern Trust
Short selling: Commission adopts technical standards
June 29, 2012--The European Commission has today set out the detailed rules aimed at reducing the risk of settlement failures linked to naked short selling, as well as the means by which market participants should disclose significant short positions to the market.
The technical standards adopted today by the Commission are based on the work of the European Securities and Markets Authority (ESMA). They notably specify the details of the so-called "locate rule," which ensures that short sales do not result in a failure to deliver. The new rules also detail how ESMA is to determine the shares which are exempt from the Short Selling Regulation1 by virtue of their principal trading venue being outside the Union. Together with the Short Selling Regulation that they implement, the regulations adopted today will create a more transparent, orderly and stable market by reducing the risks tied to short selling.
Internal Market and Services Commissioner Michel Barnier said: "The new rules give public authorities and market participants legal certainty on the detailed requirements which short sellers must comply with to adequately ensure the settlement of shares or sovereign debt when this is due. The technical requirements on how to disclose significant short positions are also set out, so that market participants can prepare to apply the Short Selling Regulation as of 1 November 2012.
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Source: Europa
Swiss & Global lists four active ETFs on Xetra
New issuer launches with first actively managed equity ETFs
June 29, 2012--Four actively managed equity ETFs from the new issuer Swiss & Global Asset Management have been tradable in the active ETF segment on Xetra(R) since Friday for the first time.
“We welcome Swiss & Global Asset Management as one of the first issuers in the active ETF segment, which offers investors access to actively managed ETFs on Xetra, and are delighted with the primary listing on Europe's leading platform for exchange-traded index funds,” said Rainer Riess, Managing Director of Xetra Market Development at Deutsche Börse.
“The aim of our active strategy is to avoid and at the same time exploit the typical human errors in the investment process,” said Stefan Fröhlich, lead fund manager of the Julius Bär Smart Equity ETFs at Swiss & Global. “In addition, every position is also subject to a qualitative check before it is included in the portfolio. For the first time, we are now able to offer investors access to our expertise in the form of an ETF structure.”
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Source: Xetra
Esma: making time for ETFs
June 29, 2012--The European Securities and Markets Authority (Esma) has a lot of balls to juggle. A September 30 deadline for the completion of technical standards related to the European Market Infrastructure Regulation (Emir) is looming, requiring Esma to draw up guidelines on everything from which
products will be required to clear, to the authorisation of clearing houses.
That’s just one item on the supervisor’s to-do list, though. It is also working on a revised Markets in Financial Instruments Directive (Mifid), the Alternative Investment Fund Managers Directive, the Prospectus Directive, the Transparency Directive and the Market Abuse Directive, among others.
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Source: Risk.net
DB - Equity Research-Weekly European ETF Market Monitor
June 29, 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/611-EF8C/59153956/ETF_Research.pdf
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
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