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IOSCO finalises principles to address dark liquidity
May 20, 2011--The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published a final report, Principles on Dark Liquidity, containing principles to assist securities markets authorities in dealing with issues concerning dark liquidity.
The principles are designed to:
minimise the adverse impact of the increased use of dark pools and dark orders in transparent markets on the price discovery process by generally promoting pre-trade and post-trade transparency and encouraging the priority of transparent orders;
mitigate the effect of any potential fragmentation of information and liquidity by generally promoting pre-trade and post-trade transparency and consolidation of such information;
help to ensure that regulators have access to adequate information to monitor the use of dark pools and dark orders for market monitoring/surveillance purposes and to enable an appropriate regulatory response to market developments; and
help to ensure that market participants have sufficient information so that they are able to understand the manner in which orders will be handled and executed.
view the IOSCO report-Principles for Dark Liquidity-
Final Report
Source: IOSCO
Greece downgrade rattles euro
May 20, 2011--The euro fell to a session low against the dollar on Friday after Fitch downgraded Greece's credit rating, adding to concern that the country may have to restructure its debt.
The euro fell as low as $1.4142, the day's low, and was last at $1.4160, down 1% from late Thursday. It had gained against the dollar in the previous four sessions, but worries about Greece's finances and weekend regional elections in Spain - another indebted eurozone country - put it under pressure on Friday.
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Source: FIN24
EU's Barroso wants 'strong' European to head IMF
May 19, 2011-- The European Commission called on Thursday for a "strong" European candidate to succeed Dominique Strauss-Kahn at the IMF, staking Europe's claim in an expected battle with emerging countries.
The commission has taken note of the resignation of Mr. Strauss-Kahn as managing director of the IMF," said Pia Ahrenkilde-Hansen, spokeswoman for European Commission president Jose Manuel Barroso .
"The IMF needs strong leadership and president Barroso's position is clear," she said.
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Source: EUbusiness
Prudential Regulation Authority: the future approach to banking supervision
May 19, 2011--The Bank of England (the Bank) and the Financial Services Authority (FSA) have today published a joint paper The Bank of England, Prudential Regulation Authority - Our approach to banking supervision setting out the current thinking on how the future Prudential Regulation Authority (PRA) will approach the supervision of banks, building societies, credit unions and investment firms.
Hector Sants, FSA chief executive and PRA chief executive designate, said:
"The PRA's purpose is fundamentally different from that of previous regulatory regimes and will lead to a significantly different model of supervision to that which was in use pre-2007. In designing this new model we have incorporated both the lessons learned from the last financial crisis and those from firm failures of the past.
view the The Bank of England, Prudential Regulation Authority-
Our approach to banking supervision
Source: FSA
Eight new SPDR ETFs launched on Xetra
May 18, 2011--Eight new exchange traded index funds issued by SPDR (State Street Global Advisors) have been tradable on Xetra since Wednesday. The funds comprise seven equity-index ETFs and one bond-index ETF.
The five new SPDR ETFs on the MSCI Emerging Markets Index Series enable investors to participate in the performance of companies from emerging markets. While three ETFs are focused on Asia, Europe and Latin America, two ETFs track the performance of companies from all emerging-market regions. The SPDR MSCI Emerging Markets Small Cap ETF includes small companies from emerging markets around the world.
Two further equity index ETFs issued by SPDR offer investors the chance to invest in the MSCI ACWI (All Country World Index) and MSCI ACWI IMI (All Country World Investable Market Index). Both indices aim to track the performance of equities from industrialised countries as well as emerging markets. The MSCI ACWI All Country World Index comprises around 2,400 companies, the MSCI ACWI All Country World Investable Market Index around 9,000 companies from 45 countries, of which 24 are industrialised countries and 21 emerging markets.
The equities are weighted on the basis of free-float market capitalisation in all seven SPDR Equity index ETFs.
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Source: Deutsche Börse
BlackRock ETF Landscape: European STOXX 600 Sector ETF Net Flows for Week Ending 13-May-2011
May 18, 2011--For the week ending 13 May 2011, US$189.4 Mn net outflows from STOXX Europe 600 sector ETFs. The largest sector ETF net outflows last week were in oil and gas with US$114.8 Mn followed by chemicals with US$81.9 Mn net outflows while utilities experienced net inflows of US$31.3 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$367.9 Mn net inflows. Oil and gas has seen the largest net inflows with US$352.4 Mn, followed by banks with US$245.0 Mn net inflows while basic resources experienced the largest net outflows with US$173.3 Mn.
As of 13 May 2011, there is US$10.6 Bn AUM invested in the STOXX sector ETFs which is almost double the US$6.6 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 15 out of 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
New ETFs on NYSE Euronext-Amundi IS lists 2 new ETFs
May 18, 2011--NYSE Euronext is pleased to announce that Amundi IS has listed 2 new ETFs on NYSE Euronext’s Paris market today:
ETF name: AMUNDI ETF MSCI EM ASIA B
ETF Trading name:AMUNDI ETF EM AS U
ETF ISIN: FR0011018316
ETF Symbol:AASU
ETF Reuters RIC: AASU.PA
ETF Bloomberg Ticker: AASU FP
Underlying index:MSCI EMERGING MARKETS ASIA
TER: 0,45%
PEA:Y
SRD:Long-Only
Trading currency: USD
ETF Name: AMUNDI ETF MSCI EM LATIN AMERICA B
ETF Trading name:AMUNDI ETF EM LA U
ETF ISIN:FR0011018324
ETF Symbol:ALAU
ETF Reuters RIC: ALAU.PA
ETF Bloomberg Ticker: ALAU FP
Underlying index:MSCI EMERGING MARKETS LATAM
TER: 0,45%
PEA:Y
SRD:Long-Only
Trading currency: USD
NYSE Euronext now has 649 listings of 557 ETFs based on more than 360 indices. So far this year, a total of 108 new listings of 82 ETFs have taken place on the NYSE Euronext European market.
Source: NYSE Euronext
Investor Flight Spotlights Ucits Volatility
May 18, 2011-European investors withdrew almost five times more from so-called Ucits funds in March than they did from other regulated funds, highlighting the fast-expanding sector's susceptibility to retail sentiment.
Total assets held under a Ucits wrapper dropped 1.4 percent in March as unrest in North Africa and Japan's earthquake undermined investor confidence, dwarfing a 0.3 percent drop in non-Ucits products, fund industry body EFAMA said on Tuesday.
Source: Reuters
ESMA issues Guidelines on endorsement and clarifies the use for regulatory purposes of credit ratings issued outside the European Union after 6 June 2011
May 18, 2011--ESMA issues today its Guidelines on endorsement (ESMA/2011/139) in a Final Report, including a Feedback Statement.
The Guidelines address how ESMA will implement the “as stringent as” test for credit ratings produced
outside the European Union, in what are named “third countries”. These credit ratings are used by financial
institutions to assess the risk of their exposures and in calculating their capital requirements. The test
requires that the credit rating activities performed by Credit Rating Agencies (CRAs) outside the European
Union are subject to requirements established by law which are “as stringent as” those applicable in
the EU.
Key phases concerning the use of non EU credit ratings which are not endorsable
ESMA’s Guidelines clarify that EU CRAs can continue to issue credit ratings produced outside the EU after the 6 June at least until the point of registration.
If at the point of a CRA’s registration, credit ratings issued outside the EU are not considered endorsable in the European Union, because an appropriate regulatory regime has not entered into force in the relevant third country (or the other necessary conditions as set out in the Regulation are not in place), the use of such credit ratings for regulatory purposes by financial institutions will still be possible for three months from that date.
2010 record year for Turkish capital markets, report shows
May 18, 2011-The Turkish capital markets have broken multiple records in the past year, the Brokerage Industry Review 2010 report said on Wednesday.
According to the report, published by the Association of Capital Market Intermediary Institutions of Turkey (TSPAKB), the equity markets around the world -- including that in Turkey -- recovered in 2009 following the global crisis. Contrary to expectations, emerging equity markets outperformed developed markets in 2010. The İstanbul Stock Exchange Benchmark Index (İMKB-100) has increased by 25 percent in the past year, making it the 17th fastest growing bourse around the world, after Asian markets such as Colombo (102 percent), Thailand (58 percent), Indonesia (55 percent) and Malaysia (38 percent), compared to 2009.
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Source: Todays Zaman
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