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2012 Will Be a Year of Disruption for US Hedge Funds Trading Equities, Says TABB
Large Funds Slashing Broker Tails; 50% of Funds Want Greater Algorithmic Transparency; Rising Cost of Compliance a Top Concern
May 8, 2012--After enduring 2011's bruising markets, US hedge funds trading equities tell TABB Group that 2012 will be a year of disruption with market conditions, sell-side broker economics and regulation creating a triangle of change, already reshaping their trading environment.
When trading volume drops, says Miranda Mizen, a TABB principal, director of equities research and author of the new annual benchmark study, “US Hedge Fund Equity Trading 2012: Disparate and Desperate,” it causes shifts in trading channels and occasionally strategic direction. This requires a more thorough and constant review of broker lists, a lean on other profit avenues within the firm and a demand for greater control via transparency and information. In 2012, she says, “three major areas already in flux will directly impact the products and services that hedge funds need from their sell-side brokers and the vendor community this year – the cost of doing business, the make-up of liquidity and the reinvention of the brokerage business.”
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Source: TABB
FTSE Licences MSS Real Estate LLP to launch FTSE UK Commercial Property Index Fund
May 8, 2012--FTSE Group ("FTSE"), the award winning global index provider, announces the licensing of MSS Real Estate LLP ("MSS") to create the FTSE UK Commercial Property Index Fund Limited,
a new closed-ended investment company to be listed on the Main Market of the London Stock Exchange which tracks the FTSE All UK Property Index, the headline index of the FTSE UK Commercial Property Index Series (“Index”).
Launched in 2006, with data back-cast by FTSE to 2001, the Index is calculated daily and is designed to reflect the investment performance of retail, office and industrial property in the UK. The Index also provides investors with a definitive daily measure of the performance of over £60 billion of investable, institutional grade commercial property across the UK, offering a liquid and diversified alternative to direct property investment.
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Source: FTSE
EEX creates Solution for Market Participants in Fulfilling REMIT Reporting Requirements
May 8, 2012--The European Energy Exchange (EEX) responds to the chal-lenges of a market environment which is increasingly shaped by regulatory require-ments.
This does not only concern exchanges and over-the-counter platforms but, in particular, the market participants. In the framework of the Regulation on Energy Market Integrity and Transparency (REMIT), which took effect at the end of last year, they are obliged to disclose insider information that is relevant for pricing in power and natu-ral gas trading. This essentially includes data on the capacity, utilisation and availability of facilities for the production, consumption, storage and transport of power and natural gas.
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Source: EEX
IMKB Signs a Memorandum of Understanding with Macedonian Stock Exchange
May 8, 2012--During the XIII Annual Conference of the Macedonian Stock Exchange, İMKB Chairman and CEO Mr. İbrahim Turhan and Macedonian Stock Exchange CEO Mr. Ivan Steriev signed a Memorandum of Understanding on May 4 in Skopje.
The main purpose of the Memorandum of Understanding is the deepening and enhancement of the already established cooperation between the two stock exchanges.
By signing this Memorandum, both exchanges expressed their willingness to collaborate in several areas: the transfer of know-how referring, inter alia, trading in securities, order routing, listing of securities, settlement and clearing, dissemination of information as well as the surveillance of transactions; the exchange of information and expertise regarding their activities, markets and operations; the organization of joint events with the common objective of improving the understanding and knowledge of capital markets and exchanges in both countries and the establishment of a channel of communication in respect of the ongoing and systematic flow of information between the two exchanges.
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Source: Istanbul Stock Exchange
SIX Securities Services signs a Memorandum of Understanding with Turkey's post-trade infrastructure-Takasbank and MKK
May 8, 2012--In a landmark agreement, Switzerland's post-trade services provider, SIX Securities Services signed a Memorandum of Understanding (MoU) with both Takasbank and MKK to provide international clearing, settlement and custody services.
This move is a precursor to the opening up of
Turkey’s financial markets to international investment and aligns with SIX
Securities Services’ internationalization strategy.
The clearing and settlement arms of SIX Securities Services, SIX x-clear Ltd and SIX SIS Ltd, both signed a MoU with Takasbank and MKK, Turkey’s domestic providers for post trade services, to establish international post trade services for Turkey. Through the agreement, SIX Securities Services will play the roles of international Central Counterparty (CCP) for the Turkish market and global custodian for Takasbank. In return, Takasbank will become a full-service provider for the Turkish market via a direct CSD link with SIX SIS Ltd.
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Source: SIX Securities Services
NASDAQ OMX starts trading in new ETFs from Swedbank Robur
May 7, 2012--NASDAQ OMX (NASDAQ:NDAQ) today starts trading in a new
series of ETFs (Exchange Traded Funds) from Swedbank Robur.
The ETF portfolio from Swedbank Robur is named Swedbank Robur ETF and today three new ETFs were listed on NASDAQ OMX Stockholm.
All the listed ETFs from Swedbank Robur track the OMXS30 (OMX Stockholm 30) index, one of the most traded indexes in Europe. OMXS30 is calculated by NASDAQ OMX and comprises the 30 most actively traded companies on NASDAQ OMX Stockholm. The products listed today are: Swedbank Robur ETF OMXS30 Bull 2 (SweR Bull2), Swedbank Robur ETF OMXS30 Bear (SweR Bear) and Swedbank Robur ETF OMXS30 (SweR OMXS30).
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Source: NASDAQ OMX
New OMX Stockholm Benchmark Portfolio Selected
The new portfolio of the OMX Stockholm Benchmark index will become effective on June 1, 2012
May 7, 2012-The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) announces
today the results of the semi-annual review of the OMX Stockholm Benchmark
index, (NASDAQ OMX Stockholm: OMXSB), which will become effective with the
market open on Friday, June 1, 2012.
“We have revised the selection criteria for the OMXSB index and now base the
industry diversification criteria on the Industry Classification Benchmark
(ICB). As a result we see that the new portfolio will hold, on average, larger
companies and more liquid stocks, thus maintaining the index’s position as the
most cost efficient benchmark for the Swedish equity market”, said Magdalena
Hartman, Vice President, NASDAQ OMX Global Index Group.
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Source: OMX AB
ESMA publishes its 2012 regulatory work programme
May 7, 2012--ESMA's annual regulatory programme aims to provide information on the planned technical standards, technical advice and guidelines & recommendations to be issued by ESMA in 2012.
This information is provided in accordance with article 3 of the procedure for developing and adopting draft technical standards and guidelines and recommendations.
The regulatory programme takes into account, amongst others, ESMA’s objectives and tasks, the procedure for adopting technical standards, providing technical advice and issuing guidelines as well as the scope and nature of specific powers conferred in European Union legislative acts to ESMA.
The regulatory work programme is based on the ESMA 2012 Work Programme approved by the Board of Supervisors in November 2011 and published on 4 January 2012 on the ESMA website, but provides a more detailed outline of the individual work streams.
view the ESMA 2012 Regulatory Work Programme
Source: ESMA
ESMA launches a call for evidence on transaction reporting
May 7, 2012--This call for evidence seeks to collect interested parties' views on what elements ESMA should consider in its work on guidelines on harmonised transaction reporting, as well as opinions on what areas of the OTC derivatives guidelines need to be updated.
On the basis of responses received to this call for evidence, ESMA will define its further work on guidelines on harmonised transaction reporting and launch a full public consultation.
view the ESMA-Call for evidence
Transaction reporting
Source: ESMA
Switzerland: Selected Issues Paper
May 7, 2012--UNPRECEDENTED CURRENCY APPRECIATION AND POLICY RESPONSE
A. Introduction
1. Last year saw an unprecedented appreciation of the Swiss franc and a series of policy actions by the SNB to stem it.
This annex gives a detailed account of the SNB’s policy response, which has put a halt to the appreciation, and sheds lights on its impact and
implications.
2. The Swiss franc has appreciated significantly since 2008, with a sharp acceleration last summer. The appreciation began as nominal interest rates in other advanced countries declined and the positive differentials with Swiss rates shrank, which reduced the appeal of the Swiss franc as a funding currency for carry trades. As the euro area sovereign crisis developed, safe haven flows added further upward pressure on the currency. The SNB intervened in foreign exchange markets in 2009 and 2010 to slow down the appreciation. By July 2011, the appreciation reached 50 percent vis-à-vis the euro, 47 percent vis-à-vis the dollar, and 33 percent in real effective terms. The Swiss franc became one of the most appreciated currencies among advanced economies.
view IMF paper-Switzerland: Selected Issues Paper
Source: IMF
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