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European Council-Regulation adopted on short selling and credit default swaps
February 21, 2012--The Council today adopted a regulation on short selling and certain aspects of credit default swaps which introduces common EU transparency requirements and harmonises the powers that regulators may use in exceptional situations where there is a serious threat to financial stability (docs 6216/12 + 6216/12 ADD 1 REV 1 + PE-CONS 68/11).
Adoption of the regulation follows agreement reached with the European Parliament in first reading on 18 October 2011, and subsequent approval by the Permanent Representatives Committee on 10 November 2011.
At the height of the financial crisis in 2008, several member states adopted emergency measures to restrict or ban short selling in some or all securities in order to counter a downward spiral in the prices of shares that could create systemic risks.
As the EU lacks a common regulatory framework for dealing with short selling, member states adopted divergent measures. The current fragmented approach limits the effectiveness of the adopted measures and results in regulatory arbitrage2.
view full text REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on short selling and certain aspects of credit default swaps
Source: European Council
NASDAQ OMX Starts Trading in Actively Managed ETF from Alpcot
February 21, 2012-NASDAQ OMX Stockholm today lists a new actively managed ETF (Exchange Traded Fund) from Alpcot Capital Management. The "Alpcot Active Greater Russia ETF (short name: AAGR) is a UCITS IV compliant fund that invests in the securities of issuers based in the 'Greater Russia' region, i.e. Russia and other CIS region states
Björn Lindström, partner at Alpcot Capital Management said: "This is a truly actively managed equity ETF that targets retail and institutional investors locally, as well as professional investors across Europe. The product uniquely captures the best of both worlds of investing by offering investors real-time trade execution and a high degree of transparency, while also allowing for effective active management to take place."
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Source: NASDAQ OMX
Deutsche Boerse expands its global network
February 21, 2012--As part of the planned introduction of the new Eurex trading system in December 2012, Deutsche Boerse Group will be gradually expanding its global network in the next few months. The financial centres of Amsterdam, Frankfurt/Main, London, Paris and Zurich will in future be linked via redundant 10 Gbps connections.
The links to other locations in Europe, the USA and Asia will be upgraded to 1 Gbps. The expansion project started in early February 2012 and should be completed in Q4 2012.
"After having successfully introduced our global trading infrastructure at our US options market International Securities Exchange, we are now taking the next logical step in Europe," said Michael Kuhn, Deutsche Börse AG’s Chief Information Officer. "Our global customers will benefit from the expansion of our high-speed network. At the same time we are laying the foundations for our company’s further growth."
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Source: Deutsche Boerse
Publication of an update to the Q&A on Money Market Funds
February 21, 2012--Two new Q&A have been added, Q15 and Q16. The purpose of this document is to promote common supervisory approaches and practices in the application of the guidelines on a Common Definition of European Money Market Funds developed by CESR by providing responses to questions posed by the general public and competent authorities.
The content of this document is aimed at competent authorities to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by ESMA.
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Source: ESMA
Alpcot Capital Management launches Europe's first actively managed equity ETF
Fund to offer investors the benefits of active management within an ETF structure
February 21, 2012--Alpcot Capital Management (Alpcot), a leading asset manager focused on investing in Eastern Europe, has today announced the launch of Europe's first actively managed equity ETF.
The physically-backed fund Alpcot Active Greater Russia aims to achieve long-term capital appreciation through investing in the securities of issuers based in the 'Greater Russia' region, i.e. Russia and other CIS region states. The Luxembourg-domiciled UCITS IV - compliant fund today lists its ETF Share Class on NASDAQ OMX in Stockholm, and is targeting retail and institutional investors locally, but is also open to professional investors across Europe. Alpcot Active is organised as an investment company registered under Part I of the Luxembourg law of 17 December 2010 on undertakings for collective investment.
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Source: Alpcot Capital Management
French Parliament to Vote on Financial-Transaction Tax, VAT
February 21, 2012--France's lower chamber of Parliament will probably today pass President Nicolas Sarkozy's bills to create a tax on financial transactions and to increase the country's main value-added tax to 21.2 percent.
The parliament in Paris will debate the two bills, which are part of a revised 2012 budget law, later today. The Senate is scheduled vote tomorrow. The increase in VAT, a sales tax, from 19.6 percent will be enacted in October.
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Source: Bloomberg Businessweek
Esma enlists regulators for commodities taskforce
February 20, 2012--The European Securities and Markets Authority has appointed two senior UK regulators to head up its newly created commodities task force, which will be tasked with managing the slew of regulations that are set to overhaul European commodity markets.
Last week, Esma revealed that it had appointed Martin Wheatley and David Lawton to head up its commodity task force at a meeting of its board of supervisors in November.
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Source: Financial News
LME says it has received several first-round bids
February 20, 2012--The London Metal Exchange (LME) has received a good number of first-round bids for the 130-year-old bourse, the world's largest metals market place, an LME spokesman said on Friday.
Separate sources familiar with the situation said the list includes NYSE/Euronext (NYX.N). Around half of the 15 or so parties that had shown interest in the LME had made initial offers.
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Source: Reuters
Tradition and Nomura launch Navesis-ETF, the first MTF that facilitates NAV-based trading of ETFs
New trading platform provides a more efficient and transparent way to trade
ETFs, referencing NAV
February 20, 2012--Navesis-ETF, the new fully electronic trading platform designed to enhance the way exchange traded funds (ETFs) are traded, launches today.
The platform is a joint venture
between Tradition, the global interdealer broker, and Nomura, the global investment bank and leading
market maker in ETFs.
In the rapidly evolving ETF environment, Navesis-ETF has been designed to increase transparency and efficiency, boost market liquidity, reduce costs and be fully regulatory-compliant. The platform will allow market participants, including institutional traders, sell-side banks and market makers, to engage in intraday and auction trading; referencing net asset value (NAV) prices in the ETF primary market, with cross asset class coverage, for the first time.
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Source: Nomura
Interview with Deborah Furh-ETF Radar Magazine
February 20, 2012--Deborah Fuhr, Independent ETF Strategist, talks about the latest industry trends, investor education as a never-ending process, arising challenges and her personal plans for 2012.
Debbie, in the last months one could read and hear a lot of transparency initiatives started by several ETF issuers. Was this (in some cases) just nice marketing or has the ETF industry already reached a deep and reliable level of transparency?
Daily transparency of the securities in an ETF has been of the Unique Selling Points, or USPs of ETFs since the launch of the first ETF the Toronto 35 Index Participation Units (TIPs) on March 9, 1990 – nearly twenty-two years ago – in Canada on the Toronto Stock Exchange.
Providers of ETFs have been reacting since the financial crisis in 2008 to investors requests for greater transparency by providing details of swap counterparties and collateral for synthetic ETFs and more recently on securities lending activities including the average and maximum amount of securities on loan, collateral levels, composition, frequently-used counterparties and the net returns to the fund for physical ETFs.
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Source: etf Radar Magazine
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