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ESMA launches a consultation on EMIR and announces an open hearing on 6 March
February 16, 2012--The Regulation of the European Parliament and Council on OTC Derivatives, CCPs and trade repositories (EMIR) introduces provisions to improve transparency and reduce the risks associated with the OTC derivatives market and establishes common rules for central counterparties (CCPs) and for trade repositories (TRs).
It has been identified that common rules are required in the case of CCPs in view of the shift of risk management from a bilateral to a central process for OTC derivatives and in the case of trade repositories because of the increase in information that needs to be reported to them. The Regulation delegates or confers powers to the Commission to adopt regulatory technical standards (RTS) and implementing technical standards (ITS) on a number of areas. This discussion paper covers the draft RTS and ITS which ESMA is required to develop.
ESMA is organising a public hearing on 6 March to give an opportunity to interested stakeholders to discuss the relevant sections of the discussion paper. Please sign up online.
Following this discussion paper and on the basis of the relevant input received, ESMA will prepare draft technical standards to be included in the consultation paper which will most likely be published around summer 2012.
Nine UBS bond index ETFs launched
February 16, 2012--Since Thursday, nine new UBS Global Asset Management ETFs on US and German government bonds as well as on European corporate bonds have been tradable in Deutsche Börse's XTF segment.
The UBS ETFs on Barclays Capital US treasury bonds as well as on Markit iBoxx € Germany indices offer investors access to US and German government bonds with the opportunity to react to interest rate expectations within the different maturity ranges.
UBS ETFs on Barclays Capital US treasury bonds, management fee 0.20%:
UBS-ETF Barclays Capital US 1-3 Year Treasury Bond A (LU0721552544)
UBS-ETF Barclays Capital US 3-5 Year Treasury Bond A (LU0721552627)
UBS-ETF Barclays Capital US 5-7 Year Treasury Bond A (LU0721552890)
UBS-ETF Barclays Capital US 7-10 Year Treasury Bond A (LU0721552973)
UBS ETFs on Markit iBoxx € Germany indices, management fee 0.15%:
UBS-ETF Markit iBOXX EUR Germany 1-3 A (LU0721553351)
UBS-ETF Markit iBOXX EUR Germany 3-5 A (LU0721553435)
Moody's puts Europe's top banks on rate cut watch
February 16, 2012--Moody's said Thursday it was reviewing some 114 European banks and financial groups, including many of the top firms, for a possible ratings downgrade because of the eurozone debt crisis.
Germany's Deutsche Bank and Commerzbank were among two of the largest groups named, alongside Britain's HSBC and Royal Bank of Scotland, ING of the Netherlands, Spain's Santander and Italy's Unicredit.
In France, BNP Paribas, Societe Generale, Credit Agricole and Natixis among others will be reviewed, it added in a statement.
In all, Moody's Investors Service, one of the top three ratings agencies, put 24 groups in Italy on review, followed by 21 in Spain, 10 in France, nine in Britain, eight in Austria and eight in Denmark, seven in Germany, and six each in Portugal and the Netherlands.
NYSE Euronext announces new ETF on European markets
February 16, 2012--NYSE Euronext is pleased to announce that LYXOR AM has listed 9 new ETFs on NYSE Euronext's Paris market today.
| Trading Name | ISIN | Symbol | Reuters RIC | BBG Ticker | Underlying index | TER |
| LYXOR CODU | FR0011192681 | CODU | CODU.PA | CODU FP | S&P Select Sector Capped 20% Consumer Discretionary | 0.20 |
| LYXOR COSU | FR0011192715 | COSU | COSU.PA | COSU FP | S&P Select Sector Capped 20% Consumer Staples | 0.20 |
| LYXOR NRGU | FR0011158161 | NRGU | NRGU.PA | NRGU FP | S&P Select Sector Capped 20% Energy | 0.20 |
| LYXOR FINU | FR0011192723 | FINU | FINU.PA | FINU FP | S&P Select Sector Capped 20% Financials | 0.20 |
| LYXOR HLTU | FR0011192848 | HLTU | HLTU.PA | HLTU FP | S&P Select Sector Capped 20% Health Care | 0.20 |
| LYXOR INDS | FR0011192749 | INDS | INDS.PA | INDS FP | S&P Select Sector Capped 20% Industrials | 0.20 |
| LYXOR MATU | FR0011192780 | MATU | MATU.PA | MATU FP | S&P Select Sector Capped 20% Materials | 0.20 |
| LYXOR TNOU | FR0011192806 | TNOU | TNOU.PA | TNOU FP | S&P Select Sector Capped 20% Technology | 0.20 |
| LYXOR UTLU | FR0011192822 | UTLU | UTLU.PA | UTLU FP | S&P Select Sector Capped 20% Utilities | 0.20 |
visit http://etp.nyx.com for more info
Eurobonds and shorter-term solutions needed for Eurozone stability
February 15, 2012--Eurobonds will be a source of stability for the Eurozone in the medium term, but only when its remaining design issues are resolved, said Parliament in a resolution voted on Wednesday. At the same time, other financial instruments must be put in place rapidly to meet the bloc's short-term needs, such as the redemption pact proposed by the German Council of Economic Advisers, it added.
On Tuesday the Commission was questioned in plenary on the responses received so far to the green paper on introducing "stability bonds".
Questions still open on green paper
The resolution welcomes the Commission's green paper but also notes that further work is required on some issues. These would include specific ways of addressing potential moral hazard, making the system attractive for AAA countries as well as heavily indebted ones, increasing competitiveness, and introducing enforceable debt reduction systems.
FESE European Equity Market Report-Year 2011 Updated With January 2011 Figures
February 15, 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.
European Equity Market Report - Year 2012 (updated with January figures)
Moody's cuts ratings on Italy, Portugal and Spain
February 15, 2012--Ratings agency Moody's Investor Service on Monday downgraded its credit ratings on Italy, Portugal and Spain, while France, Britain and Austria kept their top ratings but had their outlooks dropped to "negative" from "stable."
Moody’s also cut its ratings on the smaller nations of Slovakia, Slovenia and Malta. All nine countries are members of the European Union.
DB - Equity Research-ETF Research : Weekly European ETF Market Monitor
February 15, 2012--The most recent issue ofthe Weekly European ETF Market Monitor is now available. The report includes key statistics on the European ETF market as well as global ETF market highlights.
For more detailed coverage please refer to our monthly report, issued in the first week following the end of each month.
To request a copy of the report
ESMA launches a consultation on short selling and CDS, and announces an open hearing on 29 February
February 15, 2012--The purpose of this consultation is to seek comments on the technical advice that ESMA proposes to give to the European Commission on a number of possible delegated acts concerning the Regulation as listed in the Commission request for advice.
These delegated acts should then be adopted in accordance with Article 290 of the Treaty of the Functioning of the European Union (TFEU).
Responses to the consultation should be submitted online, by 9 March. ESMA will consider the feedback it receives to this consultation and to the open hearing to be held on 29 February 2012 in March 2012 and expects to publish a final report and submission of the draft advice on Delegated Acts to the European Commission by mid-April 2012.
Bulgarian Stock Exchange to synchronize trading hours with the international markets
February 14, 2012--The Bulgarian Stock Exchange has announced today a change in its trading timetable. The purpose is to synchronize the exchange's trading session hours with the European markets and thus fulfilling one of the objectives set in the "BSE Development Strategy until 2012". Under the plan, the time interval for executing trades on the exchange will be extended.
Prolonged trading sessions will make it possible to cover a wider time range for trading on international exchanges and will concur with the duration of the stock markets in Western Europe and North America. Restructuring the BSE trading sessions is also a prerequisite for introducing new products based on mutual indices, as well as for the possibility to carry out arbitrage in the case of dual listings.
