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SIX Swiss Exchange launches new product segment for Exchange Traded Products (ETPs)
SIX Swiss Exchange paves way for broader choice of exchange-traded products and further growth.
October 8, 2010--In drafting a new regulatory standard, SIX Swiss Exchange has completed the groundwork for launching a new segment for Exchange Traded Products (ETPs). SIX Swiss Exchange is thus promoting product diversity and enabling issuers to offer investors innovative solutions.
Exchange Traded Products are collateralized, non-interest-bearing bearer debt securities. They track the performance of an underlying asset either with or without leverage.
The Additional Rules for the Listing of Exchange Traded Products enter into force on 15 October 2010. The first products in this new segment are expected to appear during November 2010 at SIX Swiss Exchange. In order to ensure continuous, liquid trading on the Exchange, at least one market maker will be appointed for each product. SIX Swiss Exchange is providing an efficient trading platform and the requisite market controls.
ETPs are not investment funds and are thus not governed by the Swiss Federal Act on Collective Investment Schemes (CISA). They are subject to a standard listing procedure overseen by SIX Exchange Regulation. The rules pertaining to the admission of ETPs and maintaining their listing have been drafted by the SIX Swiss Exchange Regulatory Board and approved by the Swiss Financial Market Supervisory Authority FINMA.
Source: SIX Swiss Exchange
Deutsche Börse: HSBC joins XTF segment as new ETF issuer
HSBC equity index ETF tradable on Xetra since Friday/ Eight more HSBC ETFs to join by mid October
October 8, 2010-- The first exchange-traded index fund issued by HSBC ETFS has been tradable on Xetra since Friday.
“Deutsche Börse welcomes HSBC as a new issuer on the first and largest ETF trading platform in Europe. We are delighted to be expanding the offering in our XTF segment to 720 products today thanks to HSBC,” said Rainer Riess, Managing Director at Deutsche Börse.
The first HSBC equity index fund tradable on Xetra, the HSBC FTSE 100 ETF (ISIN: DE000A1C0BC5), allows investors to participate in the performance of the 100 largest and best-performing companies based in the UK.
“By listing our ETF range in Germany, we are expanding our existing offering and thus meeting the increasing demand from institutional and private investors and from wealth management,” said Heiner Weber, member of the Management Board of HSBC Global Asset Management (Deutschland) GmbH.
Six of the HSBC ETFs soon to be tradable on Xetra will enable investors to participate in the performance of companies from the following countries and regions of the MSCI index family: Brazil, Japan, USA, Europe, emerging markets from the Far East and the pacific-ex Japan.
HSBC ETFs will also soon be tradable on Xetra on the S&P 500 and EURO STOXX 50 indices. The HSBC ETF S&P 500 enables investors to track the performance of the S&P 500 Index, which comprises the 500 largest US stock corporations. The HSBC EURO STOXX 50 ETF allows investment in the performance of the 50 largest companies from twelve euro zone countries.
The table attached shows the new HSBC ETFs in Xetra, their ISIN, management fees and expected trading start on Xetra.
HSBC ETFs on Xetra
Source: Deutsche Börse
Revision protocol of the guidance to report transactions on OTC derivatives (ref CESR/10-661)
October 8, 2010--1. Introduction
In July 2010, CESR issued guidance to indicate to investment firms in Europe how to report transactions on OTC derivative instruments. Due to the speedy evolution of the OTC market and the number of other work streams in the European regulatory area, it was felt that CESR needed to define a revision protocol for this guidance to ensure their smooth and efficient revision when necessary.
This document aims to describe the main elements of this protocol as well as the different steps required before publication of a revised version of the guidance.
2. Protocol
This protocol contains three main phases:
- Initiation of the revision of the guidance
- Work stream to update the guidance
- Publication of the updated version of the document
view Revision protocol of the guidance to report transactions on OTC derivatives (ref CESR/10-661)
Source: CESR
Thomson Reuters MiFID Monthly Market Share Reports For September 2010
October 8, 2010---Trading is fragmenting between exchanges and competing venues. But by how much and which venues? Find out in the summarised monthly reports.
view All European Equities Market Activities by Trade Type-September 2009 thru September 2010
view the Main Trading Venues For all European Equities
Monthly summarised data on a per market and index basis view Monthly summarised data on a per market and index basis-by region & country
Source: Thomson Reuters
CESR-How to report transactions on OTC derivative instruments
October 8, 2010--I. Introduction
A. Transaction reporting in Europe
Competent authorities (“CAs”) throughout the European Economic Area are committed to detecting market abuse and maintaining the integrity of their markets. The receipt and examination of transaction reports are essential elements in enabling CAs to detect market abuse and the Market in Financial Instrument Directive (MiFID) gives CAs the power and obligation to collect transaction reports on instruments admitted to trading on regulated markets.
However, many CAs have noted that there are a range of OTC (over the counter) financial instruments that mirror instruments admitted to trading on regulated markets that can equally be used for the purposes of market abuse. Some CAs extended the collection of transaction reports to include OTC instruments whose value is derived from instruments admitted to trading on a regulated market to enhance their ability to detect suspicious activity and maintain the integrity of their markets. Many other competent authorities are currently investigating this option as well.
view more
Source: CESR
CESR Feedback Statement On The Consultation On Guidance To Report Transactions On OTC Derivative Instruments Subsequent CESR Decisions
(Ref: CESR/10-512)
October 8, 2010--Executive Summary The consultation was well received by respondents and most of them welcomed the opportunity to respond to the questions and to provide CESR Members with their knowledge and view on the subject. For each of the 25 questions in the consultation, this feedback statement presents a summary of the responses received and the subsequent decision taken by CESR.
A summary of the other issues raised by respondents is also included in the last section of this document.
1. Introduction
1.1. Transaction reporting in Europe
Competent authorities (“CAs”) throughout the European Economic Area are committed to detecting market abuse and maintaining the integrity of their markets. The receipt and examination of transaction reports are essential elements in enabling CAs to detect market abuse and the Market in Financial Instrument Directive (MiFID) gives CAs the power and obligation to collect transaction reports on instruments admitted to trading on regulated markets.
view feedback
Source: CESR
ELIX – The new European Electricity Index launched by EPEX Spot and EEX
October 7, 2010-- EPEX Spot and the European Energy Exchange (EEX) will launch a new European Electricity Index. Referred to as ELIX, the new index will be based on the actual market orders in the EPEX Spot auction for the market areas France, Germany/Austria and Switzerland
ELIX will be calculated in an auction based on the aggregated bid/offer curves of the existing market areas and the rules of EPEX Spot. ELIX is equal to the uncongested price, which means a price under the hypothesis of unlimited cross-border capacity be-tween these market areas. Similar to the existing day ahead market results it will be calculated for every hour of the delivery day. In addition, the average value for base (ELIX Day Base) and peak hours (ELIX Day Peak) will be calculated and published.
