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Short selling regulation must be 'centralised, better coordinated'
June 30, 2011--Securities-lending specialists believe greater regulation for short selling is necessary, while EU representatives have called for greater coordination between each member state's measures
Speaking at the ISLA conference in Portugal, Cristina Dias, financial attaché at the European Union, said rules already existed in European countries on an individual basis and that those measures would need to be coordinated to improve regulation of the securities financing market.
Source: IP&E
ESMA publishes the last annual report of CESR
June 30, 2011-- 2010 marked the last year of CESR’s existence. The Committee of European Securities Regulators has been replaced, after nine years of existence, by ESMA, the European Securities and Markets Authority.
This last annual report for CESR sets out the work done by the Committee during the year 2010.
view the CESR ANNUAL REPORT 2010
Source: ESMA
Unscheduled free float adjustment in TecDAX
Adjustment for Roth & Rau AG as of 5 July 2011
June 30, 2011--Deutsche Börse has announced an unscheduled adjustment to the free float of Roth & Rau AG in TecDAX. Due to the takeover by Meyer Burger AG, the free float of Roth & Rau AG altered by more than 10 percentage points.
According to the guideline to the equity indices the company’s free float will thus be reduced from the current 42.47 percent to 18.11 percent.
Source: Deutsche Börse
Government publishes proposals on Controlled Foreign Companies
June 30, 2011--The Government today published proposals for reforming the UK’s Controlled Foreign Company (CFC) rules, as part of its ambition to create the most competitive tax system in the G20.
This marks the next step towards introducing a modernised CFC regime in 2012 that better reflects the way that businesses operate in a globalised economy, and include the Government’s Budget 2011 commitment to introduce a partial exemption for finance companies that will normally result in a 5.75% tax charge on those overseas profits by 2014.
These proposals are designed to strike the right balance between improving the competitiveness of the UK corporate tax system and protecting the UK tax base against avoidance by:
targeting and imposing a CFC charge on artificially diverted UK profits, so that UK activity and profits are fairly taxed;
view the Consultation on Controlled Foreign Companies (CFC) reform: detailed proposals
Source: HM Treasury
Concern as Turkish growth hits 11%
June 30, 2011--Turkey has outpaced China with first-quarter annualised economic growth of 11 per cent, but its red-hot economy is proving more of a headache for policymakers than a cause of celebration.
The data, showing quarter-on-quarter growth of 1.4 per cent driven mainly by consumer spending, will fuel doubts over the central bank’s unorthodox attempts to cool the economy by limiting banks’ lending, rather than raising interest rates.
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Source: FT.com
Evercore Pan-Asset moves ahead of market to bring clarity and simplicity to ETF fund structures
June 29, 2011-Evercore Pan-Asset (EPA) announced today that they will exclude swap-based Exchange Traded Funds (EFT) from the majority of their popular PanDYNAMIC model portfolios and OEIC funds to address investor concern after further Bank of England and FSA warnings last week
Action will be taken immediately to rebalance portfolios. Only the higher risk PanDYNAMIC Aggressive model portfolio and Aggressive OEIC fund will continue to use properly-structured, well-collateralised synthetic ETFs where an asset class cannot be efficiently accessed by other means.
EPA have confidence in their carefully-researched universe of synthetic ETFs and will continue to use them for direct clients with whom a dialogue can be held about the true risks and benefits.
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Source: Evercore Pan Asset
Borsa Italiana welcomes on the ETFplus market a new issuer: Ossiam listed its first 4 equity ETFs.
June 29, 2011--First 2 ETFs track minimum variance indices which aim is to select the most liquid components of the base index (respectively Stoxx 600 and S&P 500) so that the expected volatility of the portfolio obtained is minimized and is guaranteed a minimum sector diversification. The 2 ETFs are:
OSSIAM ETF ISTOXX EUROPE MIN VARIANCE NR (LU0599612842)
OSSIAM ETF US MINIMUM VARIANCE NR (LU0599612685)
The other 2 ETF track "Equally Weight" indices which are composed by the same shares of the base indices (respectively Stoxx Europe 600 and Eurostoxx 50) but with the same weight. The 2 ETFs are:
OSSIAM ETF EURO STOXX 50 EQUAL WEIGHT NR (LU0599613063)
OSSIAM ETF STX EUROP 600 EQUAL WEIGHT NR (LU0599613147)
view public notice
Source: Borsa Italiana
BlackRock ETF Landscape: STOXX Europe 600 Sector ETF Net Flows -Week Ending 24-Jun-2011
June 29, 2011--For the week ending 24 June 2011, there were US$216.2 Mn net outflows from STOXX Europe 600 sector ETFs. The largest sector ETF net outflows last week were in healthcare with US$98.4 Mn followed by oil and gas with US$97.7 Mn net outflows while telecommunications experienced net inflows of US$77.2 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$211.6 Mn net outflows. Insurance has seen the largest net outflows with US$188.8 Mn, followed by basic resources with US$173.6 Mn net outflows, while banks experienced the largest net inflows with US$298.0 Mn.
As of 24 June 2011, there is US$9.5 Bn AUM invested in the STOXX sector ETFs which is greater than the US$5.5 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 16 out of 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
Deutsche Bank acts as market maker in Eurex’s dividend option
June 29, 2011-The international derivatives exchange Eurex announced today that Deutsche Bank will serve as a market maker in the option on the EURO STOXX 50® Index Dividend future. Deutsche Bank is the first Permanent Market Maker in this product, providing continuous quotation in the order book. Since 1 June 2011, Eurex Exchange has been offering its Permanent Market Makers who fulfill predefined quote obligations in the option on EURO STOXX 50 Index Dividend future significant rebates until the end of 2012.
“We are pleased to have Deutsche Bank as a Permanent Market Maker as price transparency in the order book is one major precondition for the further success of our dividend option,” said Peter Reitz, member of the Eurex Executive Board. “With our option on the EURO STOXX 50 dividend future, investors can hedge the income streams from the dividends of the euro zone’s leading equity index and thus improve risk management of expected dividends in their portfolios.”
Eurex launched its dividend options in May 2010. So far in 2011, more than 270,000 options contracts were traded, while open interest is approximately 260,000 contracts.
The dividend options are part of Eurex’s dividend derivatives product suite, with the initial products introduced in June 2008. Year to date, in all dividend products approximately 20,000 contracts are traded daily; altogether more than 2.4 million contracts in 2011. Open interest stands at 1.6 million contracts currently, representing approximately 11 billion euros of notional dividend value.
Source: Eurex
Brussels wants 'Tobin' trading tax in Europe: EU sources
June 29, 2011--The European Commission is to call for a "Tobin" tax on financial transactions in Europe as part of a wide-ranging reform of the bloc's next seven-year budget, EU sources said Wednesday.
The move is part of a bid by the European Union's executive arm to enable the bloc to raise its own finance rather than depend on funding by EU states.
EU commissioners meeting on Wednesday "adopted a proposal on a tax on financial transactions," one of the sources close to the matter told AFP.
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Source: EUbusiness
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