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ESMA launches a consultation on Key concepts of the Alternative Investment Fund Managers Directive and types of AIFM
February 23, 2012--Responses to this discussion paper will help ESMA in finalising its policy approach. In light of the feedback received, ESMA will develop a consultation paper in Q2 2012 setting out formal proposals for draft regulatory technical standards on Article 4(4) of the AIFMD.
The results of that public consultation will be used by ESMA in finalising the draft regulatory technical standards to be submitted to the European Commission for endorsement by the end of 2012.
view consultation paper
Source: ESMA
Alan Miller teams with Deutsche to launch UK's first ETF of ETFs
February 22, 2012--SCM Private is launching the first exchange traded fund (ETF) of ETFs in the UK in conjunction with db X-trackers, to provide a low-cost, actively managed multi-asset strategy.
The db X-trackers SCM Multi Asset ETF provides exposure to a portfolio of ETFs and exchange traded commodities (ETCs), with the aim of using asset allocation to accumulate returns significantly above inflation.
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Source: Wealth Manager
ETF Research : Weekly European ETF Market Monitor & Global Product Directory
February 22, 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
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
Painful period of synthetic-ETF losses comes to end
February 22, 2012--Synthetic exchange-traded products experienced a turnaround in fortunes in January, according to BlackRock figures, ending a painful six-month period which saw them haemorrhage some $11.7bn (€8.9bn) of assets.
According to the latest ETF statistics from BlackRock,
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Source: FT.com
Publication of a list of prospectuses and supplements on ESMA's website
February 22, 2012--Further to the different information requirements allocated to ESMA by the Directive 2010/78/EU (the so called Omnibus Directive) and reflected in the Amended Prospectus Directive (the Prospectus Directive as amended by Directive 2010/73/EU), ESMA informs its website users and stakeholders that, until further notice, the information required on Prospectus will only be available at the relevant National Competent Authority.
The information will be available in one of the forms detailed in article 14.4 of the Amended Prospectus Directive.
Article 14.4. of the Prospectus Directive: the competent authority of the home Member State shall publish on its website over a period of 12 months, at its choice, all the prospectus approved, or at least the list of prospectuses approved in accordance with Article 13, including, if applicable, a hyperlink to the prospectus published on the website of the issuer, or on the website of the regulated market.
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Source: ESMA
EU approves new Greek bailout
February 21, 2012--Eurozone finance ministers in Brussels approved early on Tuesday a second bailout of Greece after six months of extremely tense discussions which exposed sharp divisions in Europe.
The last few weeks of negotiations stalled on deep mistrust by some northern European countries of the determination in Greece to enact commitments and change the political culture.
These were some of the other major hurdles encountered:
FINANCIAL AID
The new bailout should be the biggest in history.
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Source: EUbusiness
Three new UBS equity index ETFs launched on Xetra with focus on growth stocks
February 21, 2012--Three new exchange-traded equity index funds issued by UBS Global Asset Management are tradable in Deutsche Börse's XTF segment since Tuesday.
ETF name: UBS ETFs plc - MSCI USA Growth TRN Index SF A-acc (USD)
Asset class: equity index ETF
ISIN: IE00B5ST4671
Total expense ratio: 0.76 percent
Distribution policy: non-distributing
Benchmark: MSCI Daily TR Net Growth USA USD Index
ETF name: UBS ETFs plc - MSCI USA Growth TRN Index SF I-acc (USD)
Asset class: equity index ETF
ISIN: IE00B4X9WC78
Total expense ratio: 0.59 percent
Distribution policy: non-distributing
Benchmark: MSCI Daily TR Net Growth USA USD Index
ETF name: UBS ETFs plc - MSCI EMU Growth TRN Index SF, A-acc (EUR)
Asset class: equity index ETF
ISIN: IE00B4MFJH03
Total expense ratio: 0.40 percent
Distribution policy: non-distributing
Benchmark: MSCI Daily TR Net Growth EMU Local Index
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Source: Deutsche Börse
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
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