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AMF completes the incorporation of ESMA guidelines on risk measurement and the calculation of global exposure for certain types of structured UCITS
May 25, 2012--Having already incorporated virtually all ESMA guidelines on this subject, the AMF has supplemented the provisions of AMF Instruction 2011-15 so as to achieve full compliance.
The AMF is compliant with the guidelines on risk measurement and the calculation of global exposure for
certain types of structured UCITS (ESMA/2012/197). These guidelines – which continue on from work
published by the CESR in July 2010 (CESR/10-788) and ESMA’s final report (ESMA/2011/112)-supplement the requirements on the calculation of global risk associated with derivatives.
The AMF had already incorporated virtually all of these guidelines into its monitoring practices in Articles 411-80 and 411-81 of its General Regulation1 and Article 11 of AMF Instruction 2011-152.
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Source: AMF
Increased investor confidence sees UCITS sales up in first quarter of 2012
May 25, 2012--The European Fund and Asset Management Association (EFAMA) has today published its latest Quarterly Statistical Release for the first quarter of 2012. These first quarter statistics describe the trends in the European investment fund industry from January to March 2012
The main highlights of the report can be summarized as follows:
Net sales of UCITS leapt to EUR 91 billion in the first quarter of 2012, up from net outflows of EUR 50 billion recorded in the last quarter of 2011. This was the result of increased investor confidence after the launch of the ECB’s longer-term liquidity operations, which helped alleviate tensions in financial markets.
Long-term UCITS, i.e. UCITS excluding money market funds, recorded net inflows of EUR 70 billion, marking a significant turnaround compared to the previous quarter when net outflows of EUR 61 billion were registered. All asset classes recorded net inflows in the first quarter, led by bond funds with net sales of EUR 49 billion. However, the relatively low net sales of equity funds (EUR 9 billion) highlights an element of investor caution.
Money market funds attracted net inflows for the second consecutive quarter amounting to EUR 22 billion, up from EUR 11 billion in the previous quarter. This increase of net sales into money market funds contrasted with remaining uncertainties regarding the economic outlook and financial stability.
view the EFAMA Trends in the European Investment Fund Industry in the First Quarter of 2012-report
Source: European Fund and Asset Management Association (EFAMA)
'Turkey Exciting Market For British Companies' : TheCityUK Launches Turkey Advisory Group
May 25, 2012--TheCityUK is launching a new market advisory group for Turkey. The Turkey Advisory Group will be chaired by Dr Robert Barnes, CEO of UBS MTF and Managing Director, Equities, UBS.
The Group has been established to develop and build closer business links between the financial and related professional services sector in the UK and Europe's fastest growing economy. Regionally, Turkey continues to lead as an economic and political powerhouse. During his visit to Turkey in 2010, Prime Minister David Cameron set a goal to double bilateral trade to £18 billion by 2015.
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Source: Mondovisione
EU watchdog says will meet G20 derivatives target
May 24, 2012--The European Union will meet a global end-of-year deadline for tougher supervision of the multi-trillion dollar derivatives market, the bloc's market regulator said on Thursday, quelling industry concern of a delay.
The European Securities and Markets Authority (ESMA) will publish draft rules by the end of June to implement a law the bloc has already adopted, ESMA Executive Director Verena Ross told a financial conference
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Source: Reuters
STOXX launches ESG leaders blue-chip indices and becomes UNPRI signatory
May 24, 2012--STOXX Limited, the market-moving provider of innovative, substantial and global index concepts, today introduced the STOXX Europe ESG Leaders 50, EURO STOXX ESG Leaders 50, STOXX Asia/Pacific ESG Leaders 50 and STOXX North America ESG Leaders 50 indices.
The new blue-chip indices complement the existing, fully transparent STOXX Global ESG Leaders Index family.
STOXX furthermore announced that the company has become a signatory to the United Nations Principles
for Responsible Investment (PRI) as a professional service partner. The PRI is a global initiative which
supports the integration of environmental, social and governance (ESG) issues into investment decisionmaking
and ownership practices.
“STOXX is proud to be a signatory to the United Nations Principles for Responsible Investment, and to provide market participants with innovative tools to incorporate ESG factors into their investment decisions,” said Hartmut Graf, chief executive officer, STOXX Limited. “With the launch of the regional STOXX ESG Leaders blue-chip indices, we are demonstrating our commitment to this pledge, as the new indices again set standards in terms of full transparency and comprehensiveness in the ESG indexing space.”
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Source: STOXX
Deutsche Boerse expands its European network
May 24, 2012--Deutsche Boerse continues to expand its high-performance network. The company announced today that it will set up an additional access point to its global trading network in the Equinix ZH4 data centre in Zurich.
This access should be ready for use in the third quarter. SIX Swiss Exchange already uses the Zurich data centre operated by Equinix as a co-location centre for its customers.
Customers of the Eurex international derivatives market as well as the Xetra cash market will both benefit from connection of this Zurich data centre to the Deutsche Börse network infrastructure through an even greater reduction in latency. Latency is, moreover, also reduced for SIX Swiss Exchange customers connected via the Deutsche Börse network. Deutsche Börse expects an average latency of 2.6 milliseconds for the Zurich-Frankfurt connection and 6.9 milliseconds for the Zurich-London connection in the future. The new Equinix ZH4 data centre access point also offers customers the opportunity to efficiently link their respective installations in Frankfurt and Zurich via the low latency network connections provided by Deutsche Börse.
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Source: Deutsche Boerse
LSE supported Italy banks' decision to sell stake
May 24, 2012--The two Italian banks that this week sold a combined 11.5 percent stake in the London Stock Exchange did so to cut debt, the LSE CEO said adding ties with Intesa Sanpaolo and UniCredit would continue to be close.
Speaking at a financial conference in Milan on Thursday, Chief Executive Xavier Rolet also said the large size of the public debt accumulated in Europe in recent decades was crowding out equities, and hurting small and medium-sized companies especially at the start-up level.
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Source: Reuters
ETF chiefs shrug off April slowdown
May 24, 2012--The global head of exchange-traded funds at Credit Suisse has quelled concerns that the market is cooling, projecting growth continuing at a 'strong rate'.
Dan Draper attributed outflows in April to seasonal effects, saying the health and prospects for ETFs as a wrapper remain intact.
April saw outflows of $4.7bn from ETFs in Europe, but followed inflows of $6bn in the first quarter
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Source: Efinancial news
Finansinspektionen -Market Risks Management
May 24, 2012--During 2011, Finansinspektionen (FI) investigated how 11 financial companies market risks management. 'Market risk' refers to the risk of loss-incurring value changes in assets and liabilities due to fluctuations in interest rates, foreign exchange rates, stock prices and commodity prices.
Market risks often arise during normal business transactions, e.g. within client-driven trade or during lending/borrowing transactions. In some cases, companies actively expose themselves to market risks in order to earn money, which is referred to as ‘proprietary trading’. To a certain extent, companies can choose the level of market risk exposure via hedging, an investment strategy used to mitigate or eliminate risk.
View the Finansinspektionen (FI) Report: Market risks management
Source: Finansinspektionen (FI)
ESMA finds high level of consistency in EU national regulators' practices for the approval of investment prospectuses
May 23, 2012--The European Securities and Markets Authority (ESMA) has published today "Prospectus Directive-Good Practices in the approval process", a peer review report on the application of regulatory good practices by national supervisory authorities -competent authorities (CA) when approving investment prospectuses.
The review was conducted using good practice criteria that ESMA developed on selected areas of the Prospectus Directive dealing with the approval process for investment prospectuses. The prospectuses provide investors with easy to understand and relevant information on investment products. Peer review reports on national regulators’ procedures contribute to ESMA’s objective of fostering supervisory convergence and achieving a level playing field between jurisdictions.
view the report-Prospectus Directive: Peer Review Report on good practices in the approval process
Source: ESMA
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