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Insurers set to escape global risk list
October 27, 2010--Individual insurance groups are likely to escape inclusion on the global list of dangerously large financial institutions slated for tougher regulatory scrutiny, Lord Turner, chairman of the UK financial watchdog, signalled to an industry meeting.
Lord Turner, who sits on the Financial Stability Board that is drawing up the list, told international insurance regulators in Dubai on Wednesday that the FSB did not believe large individual insurers posed systemic risks in the way that banks did.
Insurers have been concerned about inclusion – and the higher capital requirements and regulatory costs that that would likely entail – since a preliminary list last year named six big insurance companies: Aegon, Allianz, Aviva, Axa, Swiss Re and Zurich Financial Services.
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Source: FT.com
Eurozone credit growth still subdued
October 27, 2010-- Lending to the eurozone private sector grew at a steady pace of 1.2 percent in September from the equivalent amount last year, the European Central Bank said on Wednesday.
This meant that lending, a vital measure of the vigour of credit activity, grew at the same rate as in August, a bank spokesman said.
"In sum, the still subdued expansion (or even stagnation month/month) of credit aggregates - so far the major source for money production - suggests that the recovery of bank lending remains gradual for now," Barclays Capital economist Thorsten Polleit said.
Commerzbank economist Michael Schubert added that "things have to improve much further, before ECB president Trichet - to use his own words - can declare victory.
"We stick to our forecast that the ECB will leave rates unchanged (at 1.0 percent) over a long time span," Schubert concluded.
view the ECB Monthly Statement October 2010
Source: EUbusiness
CESR sees improvements in financial instruments disclosures by European financial institutions in 2009 accounts
October 26, 2010--CESR publishes today a follow-up statement (Ref. CESR/10-1183) on an earlier statement (Ref. CESR/09-821) on the “Application of Disclosure Requirements related to Financial Instruments in the 2008 Financial Statements of Financial Institutions” (hereafter “CESR on 2008’s Financial Statements”) published in November 2009.
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CESR publishes its Half-Yearly Report for 2010
October 26, 2010--This interim report for 2010 complements CESR‘s Annual Report for 2009, published in June 2010, by providing a half-yearly update on the activities of the Committee of European Securities Regulators (CESR) to the European Commission (Commission), Parliament and the European Securities Committee (ESC). The report covers work conducted by CESR from January to June 2010; all work conducted after this, is referred to as ?next steps‘.
In the first half of 2010, CESR‘s work can be dived into two broad areas: firstly, work to develop technical advice and guidance already initiated earlier and, secondly preparatory work on implementing and designing future policies and procedures for ESMA, the European Securities and Markets Authority CESR is due to become in 2011.
view the CESR Half-Yearly Report 2010
Source: CESR
Parliament sees its priorities through on hedge funds directive
October 26, 2010--European Parliament and Council negotiators on Tuesday overcame the final major hurdles to an agreement on the alternative investment fund managers directive. Parliament succeeded in pushing through new chapters on asset stripping and remuneration principles, as well as strongly influencing the rules on the passporting system, depositary liability, capital requirements, and use of leverage.
Over a year in the making, this often-controversial law will impose registration, reporting and initial capital requirements on a financial industry sector which until now has been subject only to "light touch" regulation. Alternative investment funds (AIF), notably hedge funds and private equity, will henceforth be subject to more substantial regulatory oversight, so as to enhance investor protection and financial stability, both key priorities for Parliament all throughout the negotiations.
Three key problems were resolved today, by deals on a passport for non-EU AIF and AIF managers, combating asset stripping, and ensuring tough rules on depositary liability.
A passport for everyone without a free for all culture
Today's agreement will enable non-EU AIF and AIF managers to market to investors across the EU without first having to seek permission from each Member State and comply with different national laws. This was a bone of contention between Parliament and some Member States, with Parliament pushing for a marketing passport to be granted to non-EU players. Parliament allayed these Member States' fears by proposing the provisions now in the text whereby AIF and AIF managers will obtain passports only if the non-EU country they are located in meets minimum regulatory standards and has agreements in place with Member States to allow information sharing.
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Source: European Parliament
EU wraps up final deal to curb hedge funds
October 26, 2010-- The European Union wrapped up a final deal on Tuesday to apply strict new legislative curbs on the trillion-dollar hedge fund industry.
"Even if the text is not perfect, it's a good start," said Jean-Paul Gauzes, the EU parliament rapporteur on the bill after successful negotiations between the European Parliament, EU states and the European Commission.
"It's a real first step towards real European supervision," added Belgian Finance Minister Didier Reynders.
Agreement was finally reached between warring EU institutions after Britain and France, the principal protagonists in the issue, last week settled a two-year-old conflict centred on who would control the issue of future Europe-wide "passports" allowing funds to market their wares.
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Source: EUbusiness
Natixis Global Asset Management Acquires Majority Stake in Specialty ETF Start-up
October 26, 2010--Natixis Global Asset Management (NGAM) has acquired a majority stake in Ossiam, an asset management start-up, which will specialize in exchange traded funds (ETFs), once the relevant agreement is obtained from the Autorité des Marchés Financiers (AMF).
Based in Paris, Ossiam will be the first European ETF start-up in Europe focused on providing a diverse range of specialty ETFs based on quantitative and fundamental data. Ossiam’s four directors, including CEO Bruno Poulin, previously deputy CIO and head of quantitative research at Systeia Capital Management, and Deputy CEO Antoine Moreau, formerly global head of fund derivatives and exotic equity derivatives trading at Calyon, will retain partial ownership.
Ossiam plans to launch its first ETFs in early 2011 in Europe. These products will be available to clients either through French funds, a Luxembourg SICAV structure or via dedicated funds tracking customized indices tailored for specific institutional client needs. Moreover, Ossiam is currently fine-tuning its set-up in order to meet the latest AMF requirements. The appropriate set-up in the U.S. will be determined in the nearer future.
“In Europe the ETF market is rapidly growing; even if it is still lagging behind the US market, the gap is decreasing. We want to position ourselves, not on the plain-vanilla market -an already very concentrated one- but in the specialty ETF market with a double goal: First, complete our range of expertise in order to offer our clients not simple replications of market indices but intelligent solutions with high added-value to diversify further their investments, and second, build an ETF distribution capacity” commented Pierre Servant, CEO of Natixis Global Asset Management. NGAM’s investment in Ossiam is a logical new step in the development of our multi-boutique model.” “Personally I am very delighted to see Ossiam’s highly experienced team, led by Bruno Poulin and Antoine Moreau, reinforce NGAM’s teams”, according to Mr. Servant.
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Source: Natixis
Boerse Stuttgart's Bondm Initiative for SMEs-Subscriptions close early for Solarwatt bond
Retail investors maintain enthusiasm for SME bonds
October 26, 2010--Beginning on 19 October, investors keen to subscribe to the sixth corporate bond issue to be listed in the SME segment Bondm were invited to submit a buy instruction through their bank or via the issuer’s website. Demand for the latest bond from SOLARWATT AG was so high that the entire issue of EUR 25 million was fully subscribed as early as four days before the planned closing date.
Following the closure of subscriptions and pro rata allotment at 17.00 hours (CET) on 25 October, investors will be able to start trading the bond in Boerse Stuttgart’s SME segment Bondm from Thursday, 28 October. With an issue volume of EUR 25 million, a coupon of 7 percent and maturing in 2015, the SOLARWATT AG issue is the first solar industry bond to be listed in the Bondm segment. All SME bonds listed in Bondm have a nominal value of EUR 1,000.
Source: Boerse Stuttgart
Government launches National Infrastructure Plan
October 25, 2010--The Prime Minister today announced the publication of the UK’s first ever infrastructure plan, identifying the scale of the infrastructure challenge and the major economic investment that is needed to underpin sustainable growth in the UK over the coming decades.
Speaking at a CBI conference in London, he said:
“I can announce today the UK’s first ever national infrastructure plan setting out the infrastructure Britain needs and how we will unlock some £200 billion worth of public and private sector investment over the next five years to deliver it.
This is incredibly exciting, and it shows how, together, we can help create the right framework for growth in which British business can thrive and compete with the rest of the world.”
The immediate challenge is to rebuild the economy, creating the conditions for enterprise to flourish based on an expansion of the private sector. The economy has been too reliant on growth from a limited number of sectors and regions. The infrastructure investment programme will help rebalance the economy and give industries the right conditions in which to grow.
view the National Infrastructure Plan 2010
Source: HM Treasury
German bankers in attack on regulations
October 25, 2010--Top bankers in Germany, including Deutsche Bank chief executive Josef Ackermann, have delivered a stark warning that politicians are putting the competitiveness of the country’s banks at risk with a surfeit of regulations.
The German financial sector “has reached its limits,” Mr Ackermann and other bankers, including Martin Blessing of Commerzbank, said in an unusually frank attack on politicians in Germany, where decisions are usually reached with strong consensus.
Lawmakers have proposed a series of measures to curb bank risk-taking or make them pay for future financial crises, including a levy on part of their balance sheets and a tax on transactions.
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Source: FT.com
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