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BATS Chi-X Europe Unveils Competitive Market Data Pricing
Largest European Equities Exchange Sets Stage For Consolidated Tape Debate
With New Pan-European Market Data Pricing Model
May 29, 2012--BATS Chi-X
Europe, the largest pan-European equities market operator by market share and notional value, today announced plans for a competitive pan-European market data pricing model, effective 1st October 2012.
With approximately 25% of pan-European equities market share, BATS Chi-X
Europe aims to provide a competitive alternative to address industry concerns
regarding the high price of market data in Europe.
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Source: BATS Global Markets, Inc.
SocGen launches quality income ETN
May 29, 2012--Société Générale has launched an exchange traded note (Quality Income ETN)designed to provide relatively safe income, capital protection and growth as a response to the "appallingly low" returns delivered by equity markets over the past decade.
Andrew Lapthorne, quantitative strategist at Soc Gen says that savers have been pushed into bonds by a combination of poor returns and “gut-wrenching drawdowns” from the stock market. Future returns from sovereign bonds might look awful currently but investors believe that their capital is safe at least.
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Source: FT.com
Ucits sales up in first quarter of 2012
May 28, 2012--Net sales of Ucits leapt to €91bn in the first quarter of 2012, up from net outflows of €50bn in the last quarter of 2011, due to increased investor confidence, according to the European Fund and Asset Management Association's (EFAMA) latest Quarterly Statistical Release.
Long-term Ucits recorded net inflows of €70bn, compared to €61bn of new outflows in the previous quarter. All asset classes recorded net inflows in the first quarter, with bond funds taking the lead with net sales of €49bn, although the relatively low net sales of equity funds of €9bn highlights an element of investor caution.
Net inflows into money market funds were up from €11bn in the last quarter of 2011 to €22bn in the first quarter of 2012. Total net assets of Ucits increased by 5.8 per cent in the first quarter to €5,961bn at the end of March 2012. Net assets of equity funds increased by 8.5 per cent, while bond funds and balanced funds saw a growth of 5.6 per cent and 4.7 per cent, respectively. Money market funds registered a modest increase in net assets of 1.3 per cent.
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Source: European Pensions
Efama: Bank stimulus helps Europe fund inflows
May 28, 2012--The European Central Bank's LTRO (long term refinancing operation) is credited with helping reverse the surge in outflows Ucits funds reported towards the end of 2011.
Long-term funds took €70 billion in inflows having witnessed outflows of €61 billion in the prior quarter.
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Source: Fund Web
iShares and Bloomberg offer consolidated tape for ETFs
May 28, 2012--iShares, the exchange-traded fund (ETF) provider owned by Blackrock, and Bloomberg have teamed up to offer a consolidated tape for ETFs designed to improve transparency and limit the impact of market fragmentation.
The aggregated data offering will initially include European iShares ETFs and allow investors to see the best bid and offer prices and where liquidity exists.
Bloomberg will use its European composite tickets to aggregate volumes and trading data for reported OTC and exchange trades in iShares ETFs. The data includes information from 22 venues in Europe where ETFs are traded.
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Source: The Trade News
REMINDER: As of June 4th, 2012 Baltic exchanges change tick size table in equity markets
NASDAQ OMX Riga Announcement from the exchange
May 28, 2012-- NASDAQ OMX Tallinn, Riga and Vilnius exchanges together with market participants decided to change current 0.001 tick size.
New tick size table will be implemented as of June 4th, 2012 and it will be as
follows:
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Source: Cision
Fees debate may start a price war
May 27, 2012--The European fund management industry is coming of age, despite seeming to be suffering the turbulent throes of teenage angst. There are still some tantrums to come but there are also some glimmers of developing maturity.
Mifid II was the catalyst that put fund charging structures to the top of the European industry agenda but even as regulators discuss a dilution of the original fee-based regime to one of simple transparency, fund selectors have caught the fee bug and are placing more focus than ever before on the “value for money” proposition. With or without Mifid, the focus on fees is set to grow, putting pressure on fund managers to prove that their particular strategies, whether passive or active, are worth the cost.
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Source: FT.com
State Street lists fixed income ETFs on London Stock Exchange
May 25, 2012--SPDR ETFs, the exchange traded funds platform of State Street Global Advisors, has listed four new physically backed UK fixed-income ETFs on the London Stock Exchange.
The new SPDR ETFs, which were also listed in Germany last week, are: SPDR Barclays Capital Sterling Corporate Bond ETF, SPDR Barclays Capital UK Gilt ETF, SPDR Barclays Capital 1-5 Year Gilt ETF and SPDR Barclays Capital 15+ Year Gilt ETF.
SPDR ETFs has brought 28 new ETFs to Europe over the last 12 months. The Sterling Fixed Income SPDR ETFs are key UK benchmarks that investors can use as building blocks for a diversified fixed-income portfolio.
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Source: Investment Europe
AMF completes the incorporation of ESMA guidelines on risk measurement and the calculation of global exposure for certain types of structured UCITS
May 25, 2012--Having already incorporated virtually all ESMA guidelines on this subject, the AMF has supplemented the provisions of AMF Instruction 2011-15 so as to achieve full compliance.
The AMF is compliant with the guidelines on risk measurement and the calculation of global exposure for
certain types of structured UCITS (ESMA/2012/197). These guidelines – which continue on from work
published by the CESR in July 2010 (CESR/10-788) and ESMA’s final report (ESMA/2011/112)-supplement the requirements on the calculation of global risk associated with derivatives.
The AMF had already incorporated virtually all of these guidelines into its monitoring practices in Articles 411-80 and 411-81 of its General Regulation1 and Article 11 of AMF Instruction 2011-152.
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Source: AMF
Increased investor confidence sees UCITS sales up in first quarter of 2012
May 25, 2012--The European Fund and Asset Management Association (EFAMA) has today published its latest Quarterly Statistical Release for the first quarter of 2012. These first quarter statistics describe the trends in the European investment fund industry from January to March 2012
The main highlights of the report can be summarized as follows:
Net sales of UCITS leapt to EUR 91 billion in the first quarter of 2012, up from net outflows of EUR 50 billion recorded in the last quarter of 2011. This was the result of increased investor confidence after the launch of the ECB’s longer-term liquidity operations, which helped alleviate tensions in financial markets.
Long-term UCITS, i.e. UCITS excluding money market funds, recorded net inflows of EUR 70 billion, marking a significant turnaround compared to the previous quarter when net outflows of EUR 61 billion were registered. All asset classes recorded net inflows in the first quarter, led by bond funds with net sales of EUR 49 billion. However, the relatively low net sales of equity funds (EUR 9 billion) highlights an element of investor caution.
Money market funds attracted net inflows for the second consecutive quarter amounting to EUR 22 billion, up from EUR 11 billion in the previous quarter. This increase of net sales into money market funds contrasted with remaining uncertainties regarding the economic outlook and financial stability.
view the EFAMA Trends in the European Investment Fund Industry in the First Quarter of 2012-report
Source: European Fund and Asset Management Association (EFAMA)
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