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EU Makes Derivatives Deal That Osborne Says Benefits U.K.
October 4, 2011--European Union finance ministers reached an agreement on how to move forward with derivatives legislation in a way that satisfies the concerns of the U.K.
“We came here in a minority, somewhat outnumbered, but through some hard negotiating we have very much improved the directive in the direction that the United Kingdom wanted to see,” U.K. Chancellor of the Exchequer George Osborne told reporters after the meeting in Luxembourg today.
The agreement doesn’t widen the scope of the current derivatives legislation, as the U.K. had sought. Instead, it provides for an EU declaration that forthcoming financial market legislation will cover any derivatives that are not forced into central clearing by the proposal.
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Source: Bloomberg BusinessWeek
ESMA publishes its technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU
October 4, 2011-- The European Commission (the Commission) sent a formal request on Tuesday 25 January 2011 to ESMA to provide technical advice on possible delegated acts concerning the Prospectus Directive as amended by Directive 2010/73/EU.
Following a call for evidence and a consultation, the final technical advice has been submitted to the European Commission, and is published today.
First pan-European Study on the Adoption of ESG Practices among Corporate Pension Funds Reveals that SRI is Becoming Mainstream
As European regulators prepare to launch new recommendations on sustainable and responsible investment, Eurosif’s 2011 Corporate Pension Funds & Sustainable Investment Study reveals that a majority of EU corporate pension funds are already taking steps towards integrating ESG factors in investment decisions
October 3, 2011--With asset owners playing a fundamental role in influencing SRI practices, Eurosif’s 2011 Corporate Pension Funds Study shows that 56% of surveyed corporate pension funds have an SRI policy in place today and that about a quarter of those without an SRI policy intend to have one on the coming year.
A greater majority feel that environmental, social and governance (ESG) factors affect the long-term performance and their integration into investment decisions is part of investors’ fiduciary duty. Equities, bonds and real estate are the most popular asset classes in the implementation of SRI policies.
Created with the support of DB Advisors and HSBC Global Asset Management, Eurosif’s study is the first comprehensive EU-wide examination of to what extent and in what manner corporate pension funds across Europe have adopted sustainable investment practices.
Based on a survey of 169 respondents from 12 EU Member States, the study finds that 56% of corporate pension funds have an SRI policy in place. A higher percentage, 60%, consider that ESG factors affect pension funds’ long-term performance. Similarly, 66% of respondents feel that having an SRI policy is part of their fiduciary duty.
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Source: Eurosif
Chi-X Europe And Russell Indexes Unveil New European Indices -Tradeable Indices Designed To Reflect Pan-European And Eurozone Markets
October 3, 2011--Chi-X Europe, the leading pan-European equities exchange, and Russell Indexes, a leading provider of global and U.S. indices and part of financial services firm Russell Investments, today unveil the Chi-X Europe Russell Index (CHERI™) Series of pan-European indices. The new family of indices has been specially formulated to provide users with high quality, tradeable pan-European and Eurozone indices.
At launch, the four indices in the Chi-X Europe Russell Index series are:
Chi-X Europe Russell PanEurope Index (CHERI PanEurope) – a broad, highly liquid index of large capitalisation stocks from developed European markets. Only shares from the most liquid class of a company’s shares are included. The index includes 216 securities across 14 countries and 5 currencies.
Chi-X Europe Russell Eurozone Index (CHERI Eurozone) – a liquid, large cap index providing broad exposure to Eurozone markets. Only shares from the most liquid class of a company’s shares are included. The index includes 130 securities across 10 countries and 1 currency.
Chi-X Europe Russell PanEurope 60 Index (CHERI60) – a subset of CHERI PanEurope, including the 60 biggest stocks only. Transparent rules ensure that at least 3 stocks are priced in any one currency. The index includes 60 securities across 8 countries and 3 currencies.
Chi-X Russell Europe Eurozone 40 Index (CHERI40) – a subset of CHERI Eurozone. The 40 largest stocks are included. The index includes 40 securities across 8 countries and 1 currency.
These four new indices have been designed to offer more efficient and relevant trading, hedging and benchmarking opportunities as a basis for tradeable products. They have been constructed using Russell’s transparent, rules-based methodology which ensures consistency, predictability and objectivity. The pricing for the indices is supplied by Chi-X Europe, ensuring unprecedented homogeneous pricing for stocks across Europe. The new indices will provide targeted exposure by incorporating the most liquid and highly capitalised stocks across Europe to gain the necessary regional coverage and high investability. The indices will also efficiently balance currency exposure and tracking error with the number of constituents to appeal to the widest possible audience of equity index users.
The partnership between Chi-X Europe and Russell Investments, which was first announced in March 2011, brings together Europe’s largest pan-European equities exchange, with almost 20% market share, and the leading global index provider Russell with $3.9 trillion of assets benchmarked to its indices.
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Source: Russell Investments
New Market Maker Barclays Capital Brings Extra Liquidity To Order Book for Retail Bonds
Sixth dedicated market maker to join ORB
Follows migration of ORB to MillenniumIT
October 3, 2011--
London Stock Exchange Group today welcomes the latest dedicated market maker to its Order Book for Retail Bonds (ORB). Barclays Capital, the investment banking division of Barclays Bank PLC will join 5 existing market makers on the UK’s electronic order book for the trading of retail-sized bonds.
Barclays Capital has a proven track record in debt capital markets, distribution and fixed income trading. It is currently joint lead manager on the National Grid RPI-linked bond issue, the first RPI-linked bond marketed at retail investors, which last week raised £260m.
The recent migration of ORB to the Millennium Exchange platform has provided enhanced flexibility and functionality for trading participants. Following its launch in 2010, ORB, has raised over £1billion, with 150 bonds now available for trading on the platform.
Pietro Poletto, Head of Fixed Income at London Stock Exchange Group, said:
"We are delighted to welcome Barclays Capital as a market maker to the Retail Bond Market, ORB. They have a strong track record in fixed income trading and have already worked with high profile bond listings on ORB, including National Grid’s bond issue. Since its introduction ORB has already seen promising growth and dedicated market makers such as Barclays Capital bring liquidity and depth to the market, which will only encourage further private investor participation."
Michael Cattano, European Head of Credit Trading at Barclays Capital, said:
"Following the launch of the ORB in February 2010 we have seen growing interest in the retail bond market from companies looking to diversify their funding and investors looking for fixed income solutions, a trend we fully expect to see continue. We are pleased to be able to deepen our strong existing relationship with the LSEG and work with them to help develop a highly efficient and transparent secondary market in the UK for dedicated retail bonds."
Source: London Stock Exchange
Northern Trust-Monthly Market Review:
October 3, 2011--This month's highlights include:
IRISH FUND HIGHLIGHTS
Irish funds recorded the highest level of net inflows in Europe in the first half of the year, according to the latest EFAMA statistics. The quarterly report revealed that
Ireland saw net inflows of EUR 39 billion in the first six months of 2011-some EUR 7 billion more than the next closest domicile. This news from EFAMA also means that Ireland’s market share has increased to 13 per cent compared to 11.5 per cent in
2010.
Ireland has been synonymous with cross-border UCITS since their inception
under the 1985 UCITS Directive. Over the past 10 years the net assets of Irish UCITS have grown by 422 per cent. IFIA 5 September
DISTRIBUTION
US fund houses are beating their European rivals in terms of inflows, accounting for 70 per cent of estimated European net sales in the first six months of the year, according to figures from Lipper. So reports FTfm. US firms represented €63bn of the €90.7bn in European net sales, with the vast majority coming from cross-border activity. In the first half of last year, they accounted for only 40 per cent of net sales. Ed Moisson, head of UK and cross-border research at Lipper, says exchange-traded funds and global bond vehicles made up a big part of inflows, according to FTfm. Ignites Europe 5 September.
EXCHANGE TRADED FUNDS
UBS is to blame for the shock $2.3bn (€1.7bn) loss from unauthorised trades at the Swiss bank, rather than the way ETFs are structured, experts say. Ben Johnson, director of European ETF research at Morningstar, says: “This episode highlights a lack of adequate risk controls at UBS, not any risks specific to ETFs. “Regardless of the actual instrument involved in this incident, it is not the vehicle that is at fault. Responsibility for this loss lies with the person that incurred it.” Losses were initially stated to be just under $2bn but have now been revised up to $2.3bn. Ignites Europe 19 September
Total European ETP assets decreased by 5.5% and ended the previous week at EUR218.5 billion. Equities lost close to EUR9 billion to end the week with EUR127.4 billion in assets. Overall commodity assets ended the week with EUR44.7 billion while Fixed income ETF assets declined by close to EUR300 million to end the week at EUR44.3 billion. ETF Express 29 September
request report
Source: Northen Trust
Eurozone private sector hits worst slump in 2 years: survey
October 3, 2011--The eurozone's private sector economic activity contracted in September, falling to its worst level in more than two years, a closely-watched survey showed on Monday.
The Purchasing Managers Index (PMI), compiled by London-based research firm Markit, dropped to 48.5 points last month compared to 50.7 points in August.
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Source: EUbusiness
UK's cure for slow economy: drive faster
September 30, 2011--The British government has come up with a literal cure for economic slowdown - it wants drivers to drive faster on the nation’s motorways.
“Now it is time to put Britain back in the fast lane of global economies and look again at the motorway speed limit which is nearly 50 years old, and out of date thanks to huge advances in safety and motoring technology,” Transport Secretary Philip Hammond said.
The speed limit on Britain’s motorways is 70 miles per hour (120km), lower than in many countries in continental Europe.
“Increasing the motorway speed limit to 80 mph would generate economic benefits of hundreds of millions of pounds through shorter journey times. So we will consult later this year on raising the limit to get Britain moving,” Hammond said.
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Source: FIN24
Euro inflation jumps sharply to 3.0%
September 30, 2011-Eurozone inflation soared to 3.0 percent in September, official figures showed Friday, just days before outgoing European Central Bank chief Jean-Claude Trichet chairs his last policy meeting.
The EU said the annual rate of price rises across the 17-nation currency area in September was 3.0 percent, a dramatic rise from 2.5 percent in August after Brussels said it had peaked, and well above the ECB's target of below but close to 2.0 percent.
An increase was expected after major economy Germany announced a spike to 2.8 percent but the figure was still a surprise just two weeks after the European Commission said inflation "seems to have peaked in the second quarter of 2011."
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Source: EUbusiness
German vote on euro fund fails to dispel unease
September 30, 2011--Unease over the eurozone's ability to chart a course out of its debt crisis lingered Friday, despite an overwhelming vote by German lawmakers to boost the bloc's bailout fund.
Stock markets on both sides of the Atlantic greeted the news with relief as Chancellor Angela Merkel survived a vote that proved a hard-fought test of her political authority as the world looks to her to defuse the debt problem.
But Asian markets were gloomy Friday, with analysts saying the German move had not assuaged doubts that European policymakers were on track to surmount the crisis that threatens to hobble the global economy.
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Source: EUbusiness
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