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Threat to long life for longevity swaps
May 29, 2012--From BMW to British Airways, a succession of big companies has reached deals with banks and insurers to cap the risk that their pension scheme members will live longer than expected.
With actuaries persistently underestimating life expectancy and schemes eager to control the resulting rising costs, the fledgling market for financial products that offer longevity protection had been growing steadily.
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Source: FT.com
ESMA publishes updated list of measures adopted by competent authorities on short selling
May 29, 2012--ESMA today published an update regarding the measures taken by EU competent authoritites regarding short selling.
This update includes measures taken by Austria.
view updated list of measures adopted by competent authorities on short selling
Source: ESMA
Germany to curb ultra-fast computerized stock trading
May 29, 2012--The government in Berlin seeks to tighten control of so-called algorithmic trading earlier than planned by the European Commission, media reports have said. The aim is to prevent 'flash crashes' of stock markets.
Germany is planning to impose curbs on ultra-fast computerized trading unilaterally, the Financial Times Germany newspaper wrote Tuesday, aiming for a respective draft bill to be ready by autumn this year.
"We want to introduce national legislation because we don't want to wait any longer," the newspaper quoted Volker Wissing as saying - a finance expert of the Free Democratic Party (FDP), which are junior coalition partner in the CDU-led government of Chancellor Angela Merkel.
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Source: Deutsche Welle
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
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