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Spain and Italy re-introduce bans on short selling
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.
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.
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Source: Opalesque
EU moves to shore up price of carbon emissions
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.
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Source: The Guardian
Commission prepares for change of the timing for auctions of emission allowances
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.''
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Source: European Commission
ETF Securities appoints head of Benelux region
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.
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Source: International Adviser
DB - Equity Research-Weekly European ETF Market Monitor
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.
http://pull.db-gmresearch.com/p/611-D87B/94993797/European_ETF_Market.pdf
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
Moody's 'core' warning flags risk of chasing yield
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.
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Source: Market Watch
ESMA publishes updated list of measures adopted by competent authorities on short selling
July 24, 2012--ESMA today published an update regarding the measures taken by EU competent authoritites regarding short selling.
This update includes measures taken by Spain and Italy.
view the UPDATE ON MEASURES ADOPTED BY COMPETENT AUTHORI-TIES ON SHORT SELLING
Source: ESMA
ETF trading picks up as equities slide
July 23, 2012--The trading of European equities may be on a downward spiral, but brokers are looking to exchange-traded funds to provide some relief.
The value of European equities traded in the first six months of this year fell 14.3% to €4.5 trillion compared to the same period last year, according to data from Thomson Reuters, the slowest start to a year since 2009.
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Source: Financial News
Nine new iShares bond index ETFs launched on Xetra
ETFs based on government bonds from individual euro zone countries and corporate bonds from the emerging markets region
July 23, 2012--Nine new bond index ETFs issued by iShares have been tradable in Deutsche Börse's XTF segment since Monday.
Eight iShares bond ETFs from the Barclays index family enable investors for the first time to participate in the performance of government bonds denominated in euros from specific euro zone countries
across all maturities and irrespective of the relevant credit rating. The individual euro zone countries are Austria, Belgium, Germany, Finland, France, Italy, the Netherlands and Spain.
iShares Barclays Austria Treasury Bond (DE000A1J0BA2)
iShares Barclays Belgium Treasury Bond (DE000A1J0BB0)
iShares Barclays Finland Treasury Bond (DE000A1J0BC8)
iShares Barclays France Treasury Bond (DE000A1J0BD6)
iShares Barclays Germany Treasury Bond (DE000A1J0BE4)
iShares Barclays Italy Treasury Bond (DE000A1J0BF1)
iShares Barclays Netherlands Treasury Bond (DE000A1J0BG9)
iShares Barclays Spain Treasury Bond (DE000A1J0BH7)
The total expense ratio for each bond is 0.20 percent.
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Source: Xetra
Kay review sets out measures to transform UK equity markets
July 23, 2012--Restoring relationships built on long term trust and confidence and realigning incentives across the investment chain should be the basis of a much needed shift in the culture of the UK's equity markets, according to a new independent review from Professor John Kay, published today.
In his review, ‘UK equity markets and long-term decision making’, Professor Kay sets out a clear vision and a set of principles to ensure that equity markets support their core purpose of enhancing the performance of UK companies, and providing returns to savers. The report finds that short-termism is an underlying problem in UK equity markets, principally caused by a misalignment of incentives within the investment chain and the displacement of trust relationships by a culture based on transactions and trading.
view the UK equity markets and long-term decision making-final report
Source: BIS
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