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ESMA consults on systems and controls for highly automated trading
July 20, 2011--ESMA publishes a consultation paper (ESMA/2011/224) today setting out its proposals for detailed guidelines for trading platforms, investment firms and competent authorities to address challenges of a highly automated trading environment, of which high frequency trading (HFT) is an important part.
The guidelines seek to clarify the obligations of trading platforms and investment firms under the existing EU legislative framework. ESMA believes that the proposed guidelines contribute to the efficiency, orderly functioning
and resilience of trading in a highly automated environment.
Secondary trading in financial instruments carries a number of risks, such as operational, credit and market risks as well as risks of abusive behaviour that can threaten the regulatory objectives of investor protection, fair and orderly trading, efficient price formation, financial stability and prevention of behaviour undermining market integrity. These risks are inherent to trading and also exist when trading is done on a person-to-person basis or over the telephone. However, in a highly automated trading environment, the organisational arrangements required by trading platforms and investment firms should be tailored to the scale, sophistication and speed of the trading activity that is now taking place and should keep up with the challenges posed to regulatory objectives.
European Commission Wants Stronger And More Responsible Banks In Europe
July 20, 2011--Banks have been at the centre of the financial crisis the global economy is facing since 2008. 1 Lessons have been drawn from this and mistakes of the past should not repeat themselves.
This is why the European Commission has brought forward today proposals to change the behaviour of the 8000 banks that operate in Europe The overarching goal of this proposal is to strengthen the resilience of the EU banking sector while ensuring that banks continue to finance economic activity and growth. The Commission's proposals have three concrete goals.
1.The proposal will require banks to hold more and better capital to resist future shocks by themselves. Institutions entered the last crisis with capital that was insufficient both in quantity and in quality, leading to unprecedented support from national authorities. With its proposal, the Commission translates in Europe international standards on bank capital agreed at the G20 level (most commonly known as the Basel III agreement). Europe will be leading on this matter, applying these rules to more than 8000 banks, amounting for 53% of global assets.
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Source: Europa
Scripts for eurozone crisis: from doomsday to tighter union
July 20, 2011--- The eurozone debt crisis has raised a doomsday scenario for the single currency -- a debt default in Greece that triggers a devastating domino effect, sinking the euro and the wider economy.
Ahead of a pivotal eurozone debt summit on Thursday, here are potential outcomes of the biggest crisis faced by the 17-nation single currency area since its birth in 1999:
CRISIS CONTAMINATES ITALY AND SPAIN
Instead of a blockbuster deal to resolve the debt crisis, the summit produces just another bandaid measure that fails to calm the markets. The lack of investor confidence pushes borrowing costs for Italy and Spain to record highs, making it too expensive for Rome and Madrid to raise fresh funds. The eurozone's third and fourth biggest economies are forced to go cap in hand to their European partners and the IMF for loans to pay off their debts. Belgium, mired in a political crisis, follows suit.
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Source: EUbusiness
Ten new db x-trackers ETFs launched on Xetra
ETFs cover MSCI World sector indices
July 19, 2011--Ten new ETFs issued by db X-trackers have been tradable in Deutsche Börse’s XTF segment since Tuesday.
The new ETFs track the performance of the world’s largest companies from the following sectors in the MSCI World Index family: Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Information Technology, Materials, Utilities and Telecommunication Services.
The acquisition of the new ETFs via Deutsche Börse does not involve a front-end load, and the annual total expense ratio is 0.45 percent.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 848 exchange-listed index funds, making it the largest offering of all European stock exchanges.
view List of the new ETFs
Source: Deutsche Börse
LYXOR Launches The First Thailand SET50 ETF In Europe
July 19, 2011--Lyxor Asset Management Co. Ltd, a wholly owned subsidiary of Société Générale, listed its Thailand-based exchange traded fund on NYSE Euronext Paris on July 18, 2011. This marks the first listing of the SET50-based ETF in Europe and outside Asia.
Lyxor ETF Thailand (SET50 Net TR) (ticker: THA FP) is designed to track performance of the SET50 net total return index, a widely recognized Thai stock index calculated by the Stock Exchange of Thailand (SET).
Mr. Veerathai Santiprabhob, Executive Vice President and Chief Strategy Officer of SET, said: “Thailand has been an attractive destination for European investors for decades. European portfolio investors account for 49 percent of the total foreign holding in Thai listed equities by market value. The ETF launched by Lyxor will provide European retail and institutional investors with an efficient and cost effective channel to benefit from Thailand’s growing economy. Despite the recent global economic slowdown and domestic political uncertainties, the SET index increased by 41 percent in USD terms during the past 12 months, making Thailand one of the three best performing markets in East Asia.”
Mr. Nizam Hamid, Head of ETF Strategy of Lyxor, said: “The new SET50 ETF is an exciting addition in a fast growing ETF market. It adds to Lyxor ETFs market leadership in single-country Emerging Market ETFs and commitment to providing investors with efficient and low cost market access.”
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Source: WFE
ETF Stat June 2011 -Borsa Italiana
July 19, 2011--The ETF Statistics of the ETF Plus Market for the month of June 2011 are now available.
view report
Source: Borsa Italiana
db X-trackers listet ETFs auf weltweite Sektoren-Indizes an der Deutschen Börse
July 19, 2011--19. Juli 2011. db X-trackers, die Plattform der Deutschen Bank für Exchange Traded Funds (ETFs), hat heute an der Deutschen Börse je einen ETF auf die zehn MSCI-World-Branchen-Indizes gelistet, die zusammen den MSCI World Index bilden.
Die neuen ETFs beziehen sich auf die Sektoren Basiskonsumgüter
(zum Beispiel Nahrungs- und Genussmittel), Langlebige Konsumgüter (zum Beispiel Autos, Elektrogeräte, Bekleidung), Finanzwerte, Gesundheitswesen, Informationstechnologie, Telekommunikation, Versorger, Energieerzeugung, Industriewerte sowie Industrie-Rohstoffe (zum Beispiel Chemie, Industriegase, Metalle). „Mit diesen Branchen-ETFs können Anleger einfach und effizient Portfolios
mit den gewünschten Schwerpunkten versehen – je nach dem, welche
Markteinschätzung sie in Bezug auf die Entwicklung einzelner Branchen haben“, sagt Thorsten Michalik, verantwortlich für db X-trackers. Die Branchen-ETFs sollen so eine selektive Feinsteuerung der Asset Allokation in verschiedenen
Konjunkturphasen ermöglichen.
Die zehn neuen db x-trackers ETFs folgen der Entwicklung der MSCI-World- Sektoren-Indizes. Diese wählen aus 28 Industrienationen (ohne Schwellenländer) die wichtigsten Unternehmen der jeweiligen Branchen mit der höchsten Marktkapitalisierung aus. Die ETFs ermöglichen somit ein breit gestreutes Investment in die ausgewählten Sektoren.
mehr Infos
Quelle: www.dbxtrackers.com
FSB releases consultation documents on measures to address systemically important financial institutions
July 19, 2011--The Financial Stability Board (FSB) and the Basel Committee on Banking Supervision are today launching a public consultation on two documents that set out proposed measures to
address the systemic and moral hazard risks posed by systemically important financial institutions (SIFIs). The measures implement the framework contained in the FSB’s
recommendations endorsed by the G20 Leaders in November 2010.
The consultative document on Effective Resolution of Systemically Important Financial Institutions (sets out a comprehensive package of proposed policy measures to improve the
capacity of authorities to resolve failing SIFIs without systemic disruption and without exposing the taxpayer to the risk of loss. The proposed measures comprise four key building blocks:
Strengthened national resolution regimes that give a designated resolution authority a broad range of powers and tools, including statutory bail-in, to resolve a financial institution that is no longer viable.
Cross-border cooperation arrangements in the form of institution-specific cooperation agreements, underpinned by national law, that will enable resolution authorities to act collectively to resolve cross-border firms in a more orderly, less costly, way.
view the consultative document-Effective Resolution of Systemically Important Financial
Institutions view the second consultative document-Global Systemically Important Banks: Assessment
Methodology and the Additional Loss Absorbency Requirement NYSE Euronext Launches Single Commodity Indices On Its NYSE Liffe Futures Contracts read German pension schemes embracing socially responsible investment read more If you are looking for a particuliar article and can not find it, please feel free to contact us
Source: Financial Stability Board (FSB)
July 19, 2011--NYSE Euronext today announced the extension of its range of indices into the commodity asset class with the launch of four single commodity indices based on its NYSE Liffe Milling Wheat Futures Contract and Cocoa Futures Contract respectively.
The new single commodity indices will measure the performance of a strategy which consists of investing in the most active delivery month of the relevant Futures Contract, measured by level of open interest. When the expiry date of this delivery month approaches, the investment is rolled into the next most active delivery month. The indices offer investors an easy way to track the NYSE Liffe commodity markets, and will be calculated both on an excess return basis and a total return basis.
Source: NYSE Euronext
July 19, 2011-Socially responsible investment (SRI) is on the rise in most German municipal funds and professional pension funds (Versorgungswerke), but it has failed to take off with federal and state funds, according to a study by SD-M and Allianz Global Investors
In a paper on the preliminary results of the survey – covering 150 pension organisations with more than €200bn in combined assets under managements – Axel Hesse, senior consultant at SD-M, found that roughly 60% of pension funds managing money for either certain professions (berufsständische Versorgungswerke) or for municipalities and churches in various provinces are already applying SRI criteria to their investment decisions.
Source: IP&E
