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EBA, EIOPA and ESMA consult on Commission's Review of the Financial Conglomerates Directive
May 14, 2012--The European Supervisory Authorities, EBA, ESMA and EIOPA respectively, have today published a consultation paper on the Financial Conglomerates Directive (FICOD).
The Joint Committee of the European Supervisory Authoritiesin April 2011had received a Call for Advice from the European Commission to look at the (A) scope of application, especially the inclusion of non-regulated entities (B) internal governance requirements and sanctions, and (C) supervisory empowerment of Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate.
The ESA advice shall contribute to the European Commission’s fundamental review of the FICOD. Stakeholders are invited to comment by August 13.
Dow Jones Indexes to License "Distributing" Version of the Dow Jones Industrial Average
New Calculation Method Highlights Dividends Paid by Components of the Iconic Dow Jones Industrial Average
May 14, 2012-Dow Jones Indexes today announced that a new "distributing" version of the Dow Jones Industrial Average has been licensed by Commerzbank and UniCredit to serve as the basis for Tracker Certificates listed on the Frankfurt and Stuttgart exchanges.
The certificates will be marketed by UniCredit under the brand names “HypoVereinsbank onemarkets” in Germany and “UniCredit onemarkets” in Austria.
The new version of The Dow will be disseminated by market data vendors under the name Dow Jones Industrial Average (Distributing Index) and the suggested symbol DJINRD / DJINRDE. The index is calculated according to Dow Jones Indexes’ distributing methodology, which couples the performance of a base equity index, in this case The Dow, with a theoretical cash component designed to reflect the dividends paid by the base index’s constituents in a given six-month period. The index reflects distribution of the accumulated cash and resets the theoretical cash component to zero on a semi-annual basis. The index is calculated in USD and EUR.
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Source: Dow Jones Indexes
FESE European Equity Market Report-updated with April figures
May 14, 2012--FESE has published the 'European Equity Market Report' which gathers data from all the market segments operated by FESE members (including Regulated Markets and Multilateral Trading Facilities) as well as from the major MTFs operated by investment firms in the European market. The FESE Statistics Methodology used in the Report has been agreed by all the trading venues involved, both RM and MTFs.
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Source: FESE
European equity yields could soar 20 per cent after ECJ ruling
Equity income fund managers expect a windfall for yields after a European Court of Justice (ECJ) ruling which could end a punitive tax on dividends.
May 14, 2012--Last week the ECJ ruled that a 15 per cent withholding tax imposed by France on dividends paid to Ucits-compliant funds was "unfair" as French investors were exempt from the payment.
Accountancy and audit firm PricewaterhouseCoopers (PwC) said the ruling could set a precedent across other European countries with similar withholding taxes.
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Source: FT Advisors
Euro area securities issues statistics-March 2012
May 14, 2012--The annual growth rate of the outstanding amount of debt securities issued by euro area residents increased to
4.6% in March 2012 from 4.3% in February.
For the outstanding amount of quoted shares issued by euro area
residents, the annual growth rate was 1.6% in March 2012, compared with 1.5% in February.
New issuance of debt securities by euro area residents totalled EUR 1,226 billion in March 2012.
Redemptions stood at EUR 1,185 billion and net issues amounted to EUR 42 billion.1 The annual growth rate of outstanding debt securities issued by euro area residents increased to 4.6% in March 2012 from 4.3% in February 2012
A< href="http://www.ecb.europa.eu/press/pdf/sis/si1203.pdf" TARGET="_top">read more
Source: ECB
ETF Stat April 2012 -Borsa Italiana
May 14, 2012--The ETF Statistics of the ETF Plus Market for the month of April 2012 are now available.
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Source: Borsa Italiana
Plus Markets to close after failing to find buyer
Chief executive blames over-regulation for stock exchange's collapse
May 14, 2012--The boss of the Plus Markets stock exchange group has blamed over-regulation for the company's collapse.
The business, self-described as the "next generation" stock market, is set to wind down over the next six months after failing to find a buyer.
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Source: the Guardian
Northern Trust Monthly Funds Market Review
April 13, 2012--This month's highlights include:
Northern Trust ready for launch of new UK tax-transparent vehicle
Minister approves development of proposals for new Irish funds corporate structure
European fund distributors increasingly powerful, according to report
Data shows investors flocked to exchange-traded products in first quarter
Research suggests European private equity still "in the doldrums"
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Source: Northern Trust
Spring forecast 2012-13: towards a slow recovery
May 11, 2012--Following the output contraction in late 2011, the EU economy is estimated to be currently in a mild recession.
While uncertainty about economic and financial prospects remains high, strong policy actions and major advancements in the EU institutional framework have brought about an easing of financial market tensions in the beginning of 2012 and a tentative stabilisation of confidence, expected to further strengthen over the forecast period. Together with an expected acceleration in global growth, the recovery is forecast to set in slowly from the second half of the year on.
The picture presented in the interim forecast in February is broadly confirmed for 2012, with real GDP projected to stagnate in the EU and to contract by -0.3% in the euro area. For 2013, growth is forecast at 1.3% in the EU and 1.0% in the euro area. Unemployment is expected to remain high at 10% in the EU and 11% in the euro area over the forecast period. Inflation is set to moderate gradually as the impact of higher oil prices and tax increases fades away. Fiscal consolidation is forecast to progress, with public deficits in 2013 declining to 3.3% in the EU and just below 3% in the euro area. The economic situation differs considerably across Member States, also in view of the ongoing adjustment to the large disparities in external positions and structural conditions that have come to the fore over the last years.
view the EU European Economic Forecast-Spring 2012
Source: European Commission
Research Reveals That 1.4bn (euro) Flowed Into European Listed Commodity Exchange Traded Products In Q1 2012
May 11, 2012--Commodities remain an important area in terms of asset gathering for European ETPs and new analysis by Lyxor reveals that in the first quarter of 2012 over €1.4bn has flowed into these exposures, which represents over 26% of all ETP net asset inflows.
In terms of total assets under management commodities, at close to €46bn, represent over 18.5% of the total ETP market.
Whilst historically the key area for asset gathering has been in gold-related ETPs, the most recent trends in Q1 have seen substantial inflows into energy related exposures on the back of the rising oil price driven by macro-economic and political concerns.
In the 12 months to March 2012, there were net inflows of €4.52 billion into commodity based European listed ETPs.
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Source: Mondovisione
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