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New fund launches set to drop by 30%
May 31, 2012--The number of new fund launches will drop dramatically over the coming year as Europe contends with an overabundance of funds which are either too small or too poor in quality, according to research firm Cerulli Associates.
In its May 2012 analysis of the European fund industry the group said that while the fund launch rate slowed down in 2011 it expects it to drop by a further 30%.
Cerulli said the average European portfolio is getting smaller, not larger, as assets decline faster than fund numbers in France, Germany and Spain.
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Source: Citywire
Eurex Clearing and major dealers to cooperate in launch of OTC Interest Rate Swaps Clearing
EurexOTC Clear for Interest Rate Swaps will deliver efficient risk management and safety for dealer and client clearing/ Strong Client Asset Protection services in line with new EMIR requirements/ High capital efficiency through portfolio risk management and efficient collateral processes
May 31, 2012--Eurex Clearing, Europe's leading clearinghouse, announced today that it is cooperating with Barclays, BNP Paribas, Citigroup, Credit Suisse,
Deutsche Bank, J.P. Morgan and Morgan Stanley to support the launch of its new clearing service for OTC Interest Rate Swaps (IRS).
EurexOTC Clear for IRS will deliver efficient risk management and safety for dealer and client clearing ahead of the start of the clearing obligations in Europe as required by the European Market Infrastructure Regulation (EMIR). Eurex Clearing plans to achieve technical production readiness beginning of July 2012; the production roll-out planned for the second half of 2012 will then be closely coordinated with the readiness of clearing firms ahead of the new regulatory requirements.
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Source: Eurex
Eurozone inflation eases to 2.4% in May
May 31, 2012--Eurozone inflation eased at a quicker pace than expected in May, EU figures showed Thursday, giving the struggling 17-nation bloc a rare piece of good news.
Annual inflation slowed to 2.4 percent in May compared with 2.6 percent in April and 2.7 percent in March, according to Eurostat data agency.
While the inflation rate topped the European Central Bank's ceiling of just under 2.0 percent for the 18th month running, the May figure was better than the average analyst forecast of 2.5 percent compiled by Dow Jones Newswires.
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Source: EUbusiness
EFAMA publishes Annual Asset Management Report: Facts & Figures in Europe
May 31, 2012--The European Fund and Asset Management Association (EFAMA) has today published EFAMA's Fifth Annual Review Asset Management in Europe: Facts & Figures, using data as at end 2010. This review provides a snapshot of the industry looking at its overall size, general structure, asset allocation and client base.
This year’s review highlights the following statistics for 2010:
Assets under Management (AuM) in Europe enjoyed strong growth of 10% in 2010 to reach EUR 14.0 trillion at year end. Europe ranks as the second largest market in the global asset management industry, managing 33% of global assets under management.
Discretionary mandate assets represented EUR 7,131 billion or 50.8% of AuM at end 2010, whereas investment funds accounted for the remaining EUR 6,904 billion. Bond and equity remain asset managers preferred asset classes, with an asset allocation of 44% and 31% respectively of total AuM at end 2010.
More than 3,100 asset management companies were registered in Europe employing about 85,000 people directly at end 2010. Taking into account related services along the asset management value chain, the level of direct and indirect employment would increase to a significantly higher figure.
Asset management plays a key role in the financing of the European economy, thereby supporting economic growth. On the basis of data published by the European Central Bank and EFAMA’s calculations, European asset managers held 23% of the debt securities issued by euro area sectors at end 2010, and 31% of euro area companies’ total equity.
Asset management is highly concentrated in a limited number of countries. The top three countries -- the UK, France and Germany -- together accounted for 65% of total AuM in Europe at end 2010.
view the report-Asset Management in Europe
Source: European Fund and Asset Management Association (EFAMA)
MSCI outlines Greek euro exit scenarios
Index provider gives details on how indices will be affected by a break up of the eurozone.
May 31, 2012--Greece may be ringfenced by MSCI as a "standalone market" in the event of a disorderly exit from the eurozone.
The index provider has today (May 31) published details of how it intends to adapt its indices in the event of Greece leaving the euro, basing its plans on two “extreme” scenarios: an orderly, planned exit with a new currency being introduced in Greece, and a disorderly exit resulting in restricted access to markets and a lack of communication from Greek authorities.
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Source: FT Adviser
Seven new UBS ETFs launched on Xetra
ETFs reflect indices worldwide with a focus on the US and industrialised countries
May 30, 2012--Seven new exchange-listed equity index funds from the issuer UBS Global Asset Management have been tradable in Deutsche Börse's XTF segment since Wednesday.
Of the seven new ETFs, six are based on three reference indices – two ETFs on each index. The difference is in the unit class – the class “I” ETF is aimed primarily at institutional investors, and the class “A” ETF at private clients.
The UBS (Irl) ETF plc – MSCI USA (USD) tracks the performance of the developed equity markets in the US based on total return with dividends reinvested. The index currently includes around 600 medium to large-sized US companies, which represent approximately 84% of free-float market capitalisation.
The UBS (Irl) ETF plc – MSCI USA Value (USD) enables investors to access the American stock market using the value strategy approach. US equities are accepted into the reference index according to a selection process based on eight items of historical and forward-looking fundamental data. Those companies whose share price is classified as undervalued in comparison to the value of the company are included.
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Source: Xetra
DB - Equity Research-Weekly European ETF Market Monitor
May 30, 2012--The most recent issue of the European ETF Market Monitor is now available. . The report includes key statistics on the European ETF market as well as global ETF market highlights.
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/cgi-bin/pull/DocPull/605-D461/99509389/ETF_Research_-_Weekly_European_ETF_Market_Monitor.pdf
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
PwC report predicts key growth in five sectors by 2041
May 30, 2012--A PricewaterhouseCoopers (PwC) report, "Turkey in 2041: Looking to the future," which was released on Wednesday to shed light on the next 30 years of the Turkish economy, highlighted five industries with the potential to become "regional centers of excellence".
The report, prepared to mark the 30th anniversary of PwC and announced jointly by PwC UK Chief Economist John Hawksworth and PwC Turkey Territory Senior Partner Cansen Başaran-Symes at a press conference in İstanbul, underlined the five sectors where Turkey is expected to have particular sustainable comparative advantage: food and beverage processing, agricultural research and development (R&D) and services, alternative energy, automobile production, and tourism.
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Source: Todays Zaman
EU places Spain on critical list of economies
May 30, 2012--The European Commission on Wednesday placed Spain at the head of a list of 12 eurozone economies that are in critical state and need major reform this year.
Spain and Cyprus -- heavily affected by problems in the Greek economy -- were listed as being in "very serious" trouble by the Commission failing prompt action both on public finances and on economic levers most likely to generate wealth and create jobs.
"Spain faces major adjustment challenges following the bursting of the housing and credit bubble," the Commission said in its annual report on the Spanish economy.
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Source: EUbusiness
Publication of the first regulatory technical standards on credit rating agencies (CRAs)
May 30, 2012--Today, four European Commission Delegated Regulations establishing regulatory technical standards for credit rating agencies have been published in the Official Journal of the European Union.
These technical standards set out:
1.the information to be provided by a credit rating agency in its application for registration to the European Securities and Markets Authority (ESMA);
2.the presentation of the information to be disclosed by credit rating agencies in a central repository (CEREP) so investors can compare the performance of different CRAs in different rating segments;
3.how ESMA will assess rating methodologies; and
4.the information CRAs have to submit to ESMA and at what time intervals in order to supervise compliance.
The four standards, which complement the current European regulatory framework for credit rating agencies, were developed by the European Securities and Markets Authority (ESMA) and endorsed by the European Commission on 21 March. The regulatory technical standards will ensure a level playing field, transparency and adequate protection of investors across the Union and contribute to the creation of a single rulebook for financial services.
The first 3 regulations will come into force 20 days after their publication today on 20 June 2012. While the fourth RTS will come into force 6 months after its publication in the Official Journal on 30 November 2012.
view the Publication of the first regulatory technical standards on credit rating agencies (CRAs)
Source: ESMA
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