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New ICMA European Repo Council paper examines role of ‘haircuts’ in European repo market
February 8, 2012--ICMA’s European Repo Council (ERC) has today published a paper entitled: ‘Haircuts and initial margins in the repo market’, which calls for more detailed understanding of the precise impact of collateral haircuts in the repo market to inform the regulatory debate.
view the Haircuts and initial margins in the repo market
Source: ICMA
Euroclear UK & Ireland welcomes Deutsche Bank’s db X-trackers suite of ETFs
February 8, 2012--Clients of Euroclear UK & Ireland (EUI) can now route orders in any of 180 Deutsche Bank db X-trackers Exchange Traded Funds (ETFs) through Euroclear’s EMX Message System.
The development enables direct access for IFAs and other users of the
Message System to official net asset value (NAV) based pricing for ETFs
for the first time via EUI when routing their orders for settlement.
By routing orders through the EMX Message System and settling the transactions at EUI, automated end-to-end transaction processing is achieved for Deutsche Bank’s family of ETFs.
db X-trackers was launched in January 2007 and is among the five largest ETF companies in the world. With approximately USD 50 billion (GBP 33 billion) of assets under management, db X-trackers currently commands second place in the European ETF landscape, with 15% of the entire segment, according to BlackRock.
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Source: Euroclear
EEX launches CO2 Products for Airline Industry
February 7, 2012--The European Energy Exchange (EEX) will soon offer emission allowances for the airline industry for trading. The so-called European Aviation Allowances (EUAA) are special EU emission allowances which can only be used by airline companies for compliance purposes.
EEX is planning to launch the Derivatives Market for EUAA at the beginning of the second quarter and a Spot Market is to be established by mid-2012. With this step EEX makes an active contribution to the further development of EU emissions trading (EU-ETS) and opens its market for a new group of participants. The European airline industry is the second biggest industry to be integrated into EU-ETS after the energy suppliers.
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Source: EEX
Greek euro exit less damaging now: Dutch PM
January 7, 2012--A Greek exit from the eurozone now would be less risky than if it had happened in mid-2010 when its debt crisis first broke, Dutch Prime Minister Mark Rutte said Tuesday as bailout talks in Athens went to the wire.
"There is less risk now," Rutte told public radio.
"It is in our interest that Greece remain (in the eurozone) and to achieve that it must do all it has promised to do ... but if that does not work out, then we are stronger now that a year and a half ago," he added.
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Source: EUbusiness
Getting the best out of a financial transaction tax
February 7, 2012--A Eurozone financial transaction tax would not only curb high-frequency and intermediary traders, but could even boost overall GDP, said financial experts at an Economic and Monetary Affairs Committee hearing on Monday. MEPs also reiterated their support for the idea, although some said that the Commission proposal needs more fine tuning.
Avinash Persaud of Intelligence Capital, Sony Kapoor of Re-Define and Stephany Griffith-Jones of Colombia University all strongly advocated a financial transaction tax which, they argued would indeed hit the right players, such as high frequency traders and intermediary financial players, and not the real economy.
Indeed the overall impact of this tax could be directly beneficial, leading to a 0.25% increase in GDP and helping to stabilise the economy by curbing the practices most responsible for building up risk.
However, Richard Raeburn of the European Association of Corporate Treasurers, did worry that the cumulative impact of the tax, paid by all intermediaries in a transaction, would be too high and warned that end users could be hit harder than they should.
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Source: European Parliament
European Parliament: Getting The Best Out Of A Financial Transaction Tax
February 7, 2012--A Eurozone financial transaction tax would not only curb high-frequency and intermediary traders, but could even boost overall GDP, said financial experts at an Economic and Monetary Affairs Committee hearing on Monday. MEPs also reiterated their support for the idea, although some said that the Commission proposal needs more fine tuning.
Avinash Persaud of Intelligence Capital, Sony Kapoor of Re-Define and Stephany Griffith-Jones of Colombia University all strongly advocated a financial transaction tax which, they argued would indeed hit the right players, such as high frequency traders and intermediary financial players, and not the real economy.
Indeed the overall impact of this tax could be directly beneficial, leading to a 0.25% increase in GDP and helping to stabilise the economy by curbing the practices most responsible for building up risk.
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Source: European Parliament
Insider trading and market manipulation: first committee debate
February 7, 2012--Draft EU legislation to discourage insider trading and market manipulation was discussed for the first time in the Economic and Monetary Affairs Committee on Monday. MEPs focused on how best to define "insider information", ensure proper surveillance, encourage whistle blowers and punish offenders.
The draft market abuse directive is designed to tackle shortcomings observed in the markets during the financial crisis. It would impose EU-wide criminal and administrative penalties for insider trading and market manipulation. Some EU Member States do not currently impose criminal sanctions.
The draft market abuse regulation aims to harmonise Member States' existing rules and at the same time update them to suit new trading venues and financial instruments and keep pace with technological progress. Because of the growing integration of financial markets in the EU, market abuses can have cross-border effects that need to be tackled as such.
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Source: European Parliament
New ComStage ETF launched on Xetra
First leveraged ETF on emerging markets
February 7, 2012--An additional equity index fund issued by ComStage ETF has been tradable on Xetra since Tuesday. For the first time, investors have the opportunity to participate in the performance of the MSCI Emerging Markets Index with a double leverage.
ETF name: ComStage ETF MSCI Emerging Markets Leveraged 2x Daily TRN
Asset class: equity index ETF
ISIN: LU0675401409
Total expense ratio: 0.75 percent
Distribution policy: non-distributing
Benchmark: MSCI Emerging Markets Leveraged 2x Daily Net Index
The MSCI Emerging Markets Leveraged 2x Daily Net Index is weighted according to free float market capitalization. It aims to track the performance of the equity markets in all emerging market countries based on total return with net dividends reinvested, employing a double leverage. Alongside free float market capitalisation, stocks are selected on the basis of further criteria such as minimum capitalisation, liquidity, trading history and accessibility for foreign investors.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 924 exchange-listed index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of €16 billion, makes Xetra Europe’s leading trading venue for ETFs.
Source: Xetra/FWB
theScreener Launches a new Fund & ETF Analysis Service
February 7, 2012--In a time when funds and ETFs are being traded more actively than ever, theScreener, market leader in independent stock analysis, launches a new service by evaluating funds and ETFs in a directly comparable way.
For the first time, it is possible to comprehensively recognize where passive investments beat active ones and vice versa.
The Swiss provider of financial analyses, whose evaluations have historically shown above-average performance, is thus extending its range of services to 15,000 funds and ETFs that can be compared by applying the same analytical criteria.
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Source: theScreener Investor Services AG
London Stock Exchange Group-MONTHLY MARKET REPORT - December 2011
January 6, 2012--London Stock Exchange Group sits at the heart of the world's financial community, offering international business unrivalled access to Europe's capital markets. In December a total of 24.4 million trades were carried out across the Group's electronic equity order books with a combined value of £128.1 billion (€151.8 billion), down 11 per cent on December 2010 (£143.8 billion).
UK Equities Order Book
During the month, the average daily value traded on the UK order book was £3.5 billion (€4.2 billion), down 5 per cent year on year. The average daily number of trades increased 25 per cent to 584,371.
The LSE's share of trading in the total UK order book for December was 61.7 per cent.
Italian Equities Order Book
On the Italian order book, the average daily number of trades was 200,582, down 13.4 per cent on the same month last year, whilst the average daily value traded on the order book decreased 33 per cent year on year to €1.8 billion (£1.5 billion).
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Source: London Stock Exchange Group
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