Europe ETP News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
FSA and Bank of England announce new draft code of practice for auditors and supervisors
February 10, 2011--Following joint work with the Bank of England, the Financial Services Authority (FSA) has today published, for consultation, a draft code of practice designed to enhance the dialogue between auditors and supervisors.
The aim of the code is to improve audit effectiveness and ensure that supervisors are better informed about, and able to challenge, the firms they regulate. Auditors have an important role to play in the supervisory process as the annual financial statements that they audit form the basis of the prudential information that the FSA uses when supervising firms.
The code of practice proposes a framework for auditors and supervisors to work together in an open and collaborative way. This increased coordination will enhance the ability of the FSA to scrutinise specific accounting practices and related judgements in order to understand fully their implications and to highlight emerging problems. Equally, auditors are expected to gain valuable insights from their dialogue with the FSA when gathering evidence to support their audit opinions.
view the Code of Practice for the relationship between the external auditor and the supervisor (‘the Code’)
Source: FSA.gov.uk
German investors 'misunderstand' fiduciary management
February 10, 2011-- The concept of fiduciary management has been largely misunderstood in Germany and is not about "yielding decision-making powers", asset managers have said.
Last week, a number of consultants told IPE that fiduciary management was struggling to take off in Germany because institutional investors wanted to "remain in the driver's seat".
read more
Source: IP&E
NYSE Euronext European ETF Activity-January 2011
February 10, 2011--NYSE Euronext European ETF activity highlights for January 2011
Listings
One new issuer joined our market: Credit Suisse listed 45 ETFs on NYSE Euronext in Paris on January 18th. In addition, January saw new listings from Amundi (one in Paris), EasyETF (one multi-listed in both Paris and Amsterdam), iShares (four in Amsterdam) and Lyxor (two in Paris) for a total of 54 new listings of 53 ETFs.
At the end of January, NYSE Euronext had 621 listings of 544 ETFs from 17 issuers on its European market.
These ETFs cover 363 indices exposed to an extended range of assets and strategies (Equity, Fixed Income, Commodities, Short, Leverage, etc.).
Trading activity
In January 2011, both the average daily number of trades and the Average Daily Turnover (ADT) figures continued to show strong growth:
On average, there were 10 188 trades on a daily basis, representing an increase of 17.7% versus January 2010.
ADT of €473.4 million, representing an increase of 37.8% from the €343.7 million in January 2010.
Assets under Management
At the end of January, the combined AUM of all ETFs listed on the NYSE Euronext European markets totaled €140.8 billion, an increase of 32.8% from the €106.1 billion at the end of January 2010.
Market Quality
The combination of the flow of 22 first-class Liquidity Providers, competitive market makers, client orders and our high capacity, low latency technology contributed to a median spread of 28.5 bps of all listed ETFs.
Visit www.euronext.com/etf for more info.
Source: NYSE Euronext
BBVA forecasts 'weak' economic recovery for Spain
February 9, 2011--The Spanish economy will post a "weak" recovery this year with growth of 0.9 percent that will pick up to 1.9 percent in 2012, the country's second-largest bank, BBVA, forecast Wednesday.
The BBVA forecast is more pessimistic than that of the government which predicts the economy will expand by 1.3 percent this year and by 2.5 percent in 2012.
"The recovery of the Spanish economy will continue to be weak in the short term," the bank's research department said in its latest quarterly bulletin.
read more
Source: EUbusiness
Eurozone debt crisis: The calm before the storm
February 9, 2011--- After taking a relentless pounding from the markets last year, the eurozone is breathing easier these days, but analysts warn it may just be the calm before another storm for the debt-stricken bloc.
A drive to coordinate the economic and fiscal policies of the 17 nations that share the euro, coupled with plans to boost a debt rescue fund, have helped to ease market fears about the single currency area.
For billionaire investor George Soros, Europe's debt crisis is "about to be resolved," although he warned that the new system was also flawed because it would cast in stone divergences between strong and fragile economies.
read more
Source: EUbusiness
Four new UBS ETFs launched on Xetra
ETFs on MSCI USA and S&P 500 denominated in US dollars listed in XTF segment
February 9, 2011--Four new exchange-traded index funds issued by UBS ETFs plc have been tradable for the first time in US dollars in Deutsche Börse’s XTF segment since Wednesday.
ETF name: UBS ETFs plc MSCI USA TRN Index (USD) I-acc
Asset class: equity index ETF
ISIN: IE00B3RJTD64
Management fee: 0.15 percent
Distribution policy: non-distributing
Benchmark: MSCI USA Index
Trading currency: US dollar
ETF name: UBS ETFs plc MSCI USA TRN Index (USD) A-acc
Asset class: equity index ETF
ISIN: IE00B3SC9K16
Management fee: 0.32 percent
Distribution policy: non-distributing
Benchmark: MSCI USA Index
Trading currency: US dollar
ETF name: UBS ETFs plc S&P 500 Index (USD) I-acc
Asset class: equity index ETF
ISIN: IE00B3VSBW23
Management fee: 0.05 percent
Distribution policy: non-distributing
Benchmark: S&P 500 Index
Trading currency: US dollar
ETF name: UBS ETFs plc S&P 500 Index (USD) A-acc
Asset class: equity index ETF
ISIN: IE00B4JY5R22
Management fee: 0.22 percent
Distribution policy: non-distributing
Benchmark: S&P 500 Index
Trading currency: US dollar
The MSCI USA Index tracks the performance of the developed equity markets in the USA based on total return with dividends reinvested. The index currently includes around 600 large and medium-sized US companies selected on the basis of free-float market capitalisation.
The S&P 500 Total Return Net Index is weighted according to free float market capitalisation and in turn tracks the performance of the 500 largest US stock corporations. All dividends and distributions are taken into account in the index calculation after any tax is deducted.
The UBS ETFs plc MSCI USA TRN Index (USD) I-acc and the UBS ETFs plc S&P 500 Index (USD) I-acc are primarily aimed at institutional investors.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 775 exchange-listed index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of €13 billion, makes Xetra Europe’s leading trading venue for ETFs.
Source: Deutsche Börse
Deutsche Börse AG and NYSE Euronext Confirm Advanced Merger Discussions
February 9, 2011-- In light of recent market rumors, Deutsche Börse and NYSE Euronext today confirmed that they are engaged in advanced discussions regarding a potential business combination. They cautioned that no agreement has been reached. They also noted that there cannot be any assurance that an agreement will be reached or, if an agreement is reached, that a transaction will be completed. Any transaction would be subject to regulatory and shareholder approvals, as well as other customary conditions.
This transaction creates a group that is both a world leader in derivatives and risk management and the premier global venue for capital raising. As a true pacesetter across the spectrum of capital markets services, the combined group will offer clients global scale, product innovation, operational and capital efficiencies, and an enhanced range of technology and market information solutions. The combined group, which would be the world’s largest exchange operator by revenues and profit and would continue to operate all exchanges under local regulatory frameworks and supervision, and would work closely with regulators to facilitate transparency and standardization of global markets.
It is expected that Deutsche Börse and NYSE Euronext would combine their businesses in all-stock transaction under a new legal entity incorporated in the Netherlands. If fully consummated, Deutsche Börse shareholders would hold approximately 59 to 60%, and NYSE Euronext shareholders would hold approximately 40 to 41%, of the combined company’s equity.
The combined group would have dual headquarters in New York and Frankfurt. The Chairman would be Reto Francioni, based in Frankfurt, and the CEO would be Duncan Niederauer, based in New York. The new company would have an Executive Committee drawn equally from the current leadership of both companies.
NYSE Euronext and Deutsche Börse AG expect to be able to realize approximately €300 million in cost synergies, principally from economies of scale in information technology, clearing operations, market operations and corporate center functions. In addition Deutsche Börse AG and NYSE Euronext expect to generate substantial incremental revenues from clearing services, product innovation and cross-selling opportunities between the global cash and derivatives businesses.
read more
Source: Deutsche Börse
ETF Landscape: European STOXX 600 Sector ETF Net Flows for Week Ending Week Ending 04-Feb-2011
Februry 9, 2011--For the week ending 04 February 2011, there were US$168.0 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF net inflows last week were in banks with US$100.5 Mn followed by oil and gas with US$83.1 Mn net inflows while telecommunications experienced net outflows of US$54.5 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$1,177.0 Mn net inflows. Banks has seen the largest net inflows with US$385.4 Mn, followed by oil and gas with US$208.9 Mn net inflows while retail experienced the largest net outflows with US$39.3 Mn.
As of 04 February 2011, there is US$11.3 Bn AUM invested in the STOXX sector ETFs which is almost double the US$6.2 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 18 out of 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
Update of the list of measures recently taken by competent authorities regarding short-selling.
February 9, 2011--CESR published on 22 September 2008 a statement that facilitates an overview of actions taken by CESR Members in relation to short-selling. The statement paper includes either the statements or links to the statements published by CESR Members explaining the measures taken. This paper is not a comparison of the measures taken.
ESMA updates the list of measures recently taken by competent authorities regarding short-selling. The documents will be updated on a continuous basis; the latest update has been provided by the Romanian CNVM.
Further information can be found in the statement published today. To open the PDF documents attached to the statement paper, please download the Word document.
view Measures Adopted By Competent Authorities On Short Selling
Source: ESMA
London Stock Exchange Group plc and TMX Group Inc. join forces in merger of equals
An international exchange leader strongly positioned for growth
#1 venue in the world by number of listings
#1 global listings venue for natural resources, mining, energy and clean technology
Market leader in high-performance, cost-effective cash and derivatives trading technology
Scale and reach actively managed from joint headquarters in London and Toronto, supported by international centres of excellence
February 9, 2011-- London Stock Exchange Group plc ("LSEG") and TMX Group Inc. ("TMX") today announced an agreement to combine Europe's and Canada's leading diversified exchange groups in an all-share merger of equals.
The merger will create a world-leading organisation and is unanimously being recommended by the Boards of both LSEG and TMX.
The combined transatlantic group ("LSEG-TMX" or the "Merged Group") will be jointly headquartered in London and Toronto and will offer an international gateway, leading global pools of capital formation and liquidity together with a unique portfolio of highly complementary markets, products, technologies and services.
The Boards of LSEG and TMX believe that the merger is strategically compelling and will create a more diversified business with greater scale, scope, reach and efficiencies, generating substantial benefits for all stakeholders:
Global Listings Hub - A leading global listings franchise:
A flexible and deep pool of international capital and investment expertise
International markets for businesses of all sizes, from venture-funded companies, through small and medium enterprises ("SMEs") to large global corporations
The #1 listings venue in the world by number of total listings - over 6,700 companies with an aggregate market capitalisation of approximately £3.7 trillion / C$5.8 trillion
The #1 listings venue in the world for natural resources, mining, energy and clean technology companies
The #1 venue for international listings from emerging and growth markets
The #1 listings venue in the world for SMEs with approximately 3,600 combined AIM and TSX Venture Exchange listings providing deep expertise in supporting small-cap and early stage companies
Breadth of Markets - 20 trading markets / platforms across North America and Europe:
Cash equities, derivatives, fixed income and energy markets, with enhanced potential to develop new trading products and opportunities, supported by strong regional post-trade operations and information services
Information Leader - An extensive set of global information, market data and index businesses, offering customers an increased suite of products
Technology Expertise - A shared technology strategy:
Market-leading, high-performance, cost-effective cash and derivatives trading and clearing technology applied across the Merged Group
Efficient marketing and delivery to the global financial services and exchange industries LSEG-TMX is expected to create substantial value for stakeholders and shareholders, with a robust capital structure from which to capture future growth opportunities:
read more
Source: London Stock Exchange Group
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
