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Bilateral Memorandum of Understanding Signed Between Capital Markets Board of Turkey and the Emirates Securities and Commodities Authority (ESCA)
October 19, 2010--On October 13, 2010 A Memorandum of Understanding (MoU) was signed between the Capital Markets Board of Turkey (CMB) and the Emirates Securities and Commodities Authority (ESCA).
The MoU which aims which aims to foster the cooperation and exchange of information between the authorities of the aforementioned two countries has been signed by Chairman Prof. Dr. A. Vedat AKGIRAY on behalf of the CMB and Chief Executive Officer Mr. H.E. Abdulla S. Al Turifi on behalf of the Emirates Securities and Commodities Authority.
In his speech at the signing ceremony, CMB Chairman Prof. Dr. Vedat AKG?RAY stated that CMB attaches importance to international relations and increases its efforts of cooperation between other countries. Besides, he stated that the MoU signed with United Arab Emirates is the 27th one made for this purpose and this collaboration will continue in an increasing trend.
Mr. AKGIRAY also drew attention to their activities within the framework of the International Organization of Securities Commissions (IOSCO) and emphasized that CMB is hosting the IOSCO Emerging Markets Committee Meeting and Conference at the same time in Istanbul.
In his speech at the Signing Ceremony, ESCA Chief Executive Officer H.E. Abdulla Al TURIFI stated that the signing of this MoU will enhance the mutual relationship between CMB and ESCA especially in the field of training and exchange of information.
Source: Capital Markets Board of Turkey
EU Governments Approve New Hedge Fund Rules
October 19, 2010--European Union governments reached agreement Tuesday on new rules for hedge funds and private equity firms, adding small changes to ease French concerns the rules would allow offshore funds to operate in the EU without adequate legal scrutiny.
If approved by the European Parliament, the rules will require hedge funds, private equity firms and other investment vehicles for sophisticated investors to register with national authorities. National regulators and even the European Securities and Markets Authority, the new pan-EU regulator, will have the power to order funds to limit the amount of borrowed money they use to boost returns if a risk to financial markets or the economy is seen.
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Source: Dow Jones
Twelve UK asset owners sign up to new Stewardship Code
October 19, 2010-Twelve UK pension funds have signed up to the UK’s new Stewardship Code, a set of seven voluntary principles which aim to formalise investor responsibility.
The asset owner signatories are: British Airways Pensions, Environment Agency Active Pension Fund, Equitable Life, Lothian Pension Fund, Merseyside Pension Fund, Northern Ireland Local Government Officers’ Superannuation Committee, Pension Protection Fund, Railpen, The BBC Pension Trust, the BT Pension Scheme, USS and the West Midlands Pension Fund.
Out of the 68 institutions which have signed up, 48 are asset managers and eight are service providers. Mercer is the only investment consultant that has signed up.
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Source: Responsible Investor
U.S. Forestry Firm Launches European Hedge Fund
October 19, 2010--Forestry investment firm Timberland Investment Resources has launched a European timber hedge fund.
Timberland Investment Resources Europe will offer British and other European investors access to the increasingly popular timber asset class.
The new London-based subsidiary is still awaiting Financial Services Authority approval. The fund will invest in timber resources in Europe, the U.S. and Latin America.
Source: FINalternatives
3038th ECONOMIC and FINANCIAL AFFAIRS Council meeting (provisional version) - Luxembourg
October 19, 2010--Main results of the Council
The Council reached agreement on a draft directive on the management of hedge funds and other
alternative investment funds, with a view to concluding negotiations with the European Parliament
so as to allow the text to be adopted at first reading.
The draft directive is aimed at establishing EU rules for monitoring and supervising the risks posed
by such funds, whilst allowing fund managers to market their funds, subject to compliance with strict requirements.
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Source: Council of the European Union
Hedge funds: Council sets out its position with a view to concluding negotiations with the Parliament
October 19, 2010--The Council today1 set out its position with a view to concluding negotiations with the
European Parliament on a draft directive introducing harmonised EU rules for entities
engaged in the management of hedge funds and other alternative investment funds.
The draft directive is aimed at:
establishing a harmonised framework for monitoring and supervising the risks that
alternative investment fund managers (AIFM) pose to their investors, to
counterparties, to other market participants and to the stability of the financial
system;
allowing AIFM to provide services and to market funds throughout the EU single
market, subject to compliance with strict requirements.
It is intended to fulfil commitments made by the EU at the G-20, as well as the European Council's pledge to regulate all market operators whose activities might pose a risk to
financial stability.
The negotiations with the Parliament are intended to enable adoption of the directive at first reading. There is a large degree of convergence between the two institutions, and the
Council hopes to be able to conclude the negotiations in the near future, on the basis of the
agreement reached today.
Source: Council of the European Union
EU curbs trillion-dollar hedge fund industry
October 19, 2010--- European governments sealed a landmark deal Tuesday to bring the trillion-dollar hedge fund industry under EU control, after Britain and France settled a two-year-old conflict.
"We have unanimity," said Belgian Finance Minister Didier Reynders, chairing the talks between his EU counterparts in Luxembourg. "It was very important to complete this before the G20 meetings" upcoming in South Korea.
EU Financial Services Commissioner Michel Barnier said it was "the first time" the sector would be "subject to European regulations."
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Source: EUbusiness
Amundi ETF significantly reinforces its offer in Switzerland with the listing of 23 additional ETFs on SIX Swiss Exchange
October 19, 2010-Amundi ETF is pursuing its ambitious development by listing 23 additional ETFs on SIX Swiss Exchange bringing the total number of its products available in Switzerland to 43.
This listing, composed of equity and fixed income ETFs, remains consistent with Amundi ETF’s competitive pricing policy and enables Swiss investors to benefit from numerous innovations*.
12 equity ETFs providing exposure to the main developed countries. The series consists of:
Several complementary products for investors looking for an exposure to the US, including 3 ETFs that replicate the NASDAQ-100®, the MSCI USA® and the S&P 500® indices. This last one is offered with an attractive TER (Total Expense Ratio) of only 0.15%. Investors may also choose a leveraged ETF that replicates twice the daily performance of the MSCI USA® index***.
Among the unprecedented ETFs on SIX Swiss Exchange*: an ETF tracks the MSCI WORLD EX EUROPE® index, offering exposure to the world excluding Europe in a single transaction. An additional ETF seeks to replicate the MSCI NORDIC® index, allowing investors to benefit from the performance of the 80 most important stocks on the Nordic market (Denmark, Finland, Norway and Sweden).
3 equity ETFs investing in the largest emerging markets: an ETF offering cost-efficient exposure to China by replicating the MSCI CHINA® index, which is composed of the 50 most important Chinese companies listed in Hong Kong; an ETF tracking the MSCI INDIA® index, providing exposure to 60 stocks on the Indian market; and an ETF tracking the MSCI EASTERN EUROPE EX RUSSIA® index, enabling investors to benefit from an exposure to the 30 largest stocks in Central Europe outside of Russia.
2 unprecedented* sector ETFs tracking the MSCI WORLD ENERGY® and the MSCI WORLD FINANCIALS® indices, allowing investments in two flagship global sectors.
6 ETFs tracking a family of long and short US Treasury bond indices. These ETFs seek to replicate the Markit iBoxx $ Treasuries® indices on maturities ranging from 1 to 10 years. This range includes 3 long ETFs completed by 3 innovative* short ETFs with a daily inverse exposure to these indices.
* Unprecedented on SIX Swiss Exchange as of 19/10/2010
** Compared to the competitors listed on SIX Swiss Exchange as of 19/10/2010
*** Minus borrowing costs
Source: Credit Agricole
NASDAQ OMX Launches New Nordic Website To Deliver Professional Tools To Private Investors
October 18, 2010--NASDAQ OMX (NASDAQ:NDAQ) announces that it has launched a new web service targeting retail investors who follow the Nordic securities markets. Based on customer feedback, NASDAQ OMX has unveiled an updated nasdaqomxnordic.com on a brand new platform which delivers the customized and in-depth real-time content that our site visitors look for.
“In the Nordic securities markets, clients often focus on specific portions of NASDAQ OMX's comprehensive offering, so we let this be our guide in developing this new site. Our new Nordic site allows each customer to create their own personal investment portal with focus on their favorite markets, their native language, their asset classes, and their own portfolio. One goal we have with this re-launch is to showcase not only our transaction business, but many of the other exciting products and services that NASDAQ OMX has to offer in the region, such as Global Data Products, which, through this site, will offer real time data to private investors for the first time, ever”, said Hans-Ole Jochumsen, President NASDAQ OMX Nordic.
The new nasdaqomxnordic.com will offer professional tools to private investors, including real time market data and level 5 cash equity order depths for retail investors who choose to open a MyPage+ account*.
The re-launch of nasdaqomxnordic.com is a part of NASDAQ OMX Nordic's continuous efforts to increase Nordic retail investor audience's engagement with NASDAQ OMX and the Nordic securities markets, and to further establish NASDAQ OMX as a technology leader and information provider. The new nasdadqomxnordic.com is designed and constructed using the latest web technology to enable outstanding user experience and fast data response times, and will act as a flexible platform for further expanding NASDAQ OMX offering to retail investors.
Source: NASDAQ OMX
ICT research: Commission-backed project to help identify systemic financial market risks
October 18, 2010--The European Commission is investing in a research project to develop new systemic risk indicators for “early warning systems” that could alert governments and bankers to impending financial crises in the earliest stages and take early action to stop them from spreading. Researchers from universities in Italy, Spain, Switzerland and the UK, experts at Yahoo! and the European Central Bank will investigate how financial institutions are exposed to systemic risk as a result of complex, highly inter-connected digital information and transaction systems. Based on a new multi-disciplinary research approach, the project will analyse the complex system of global, ICT-based financial transactions, along with internet search queries, to monitor the build-up of risk in the financial system and the economy as a whole.
Commission Vice-President for the Digital Agenda Neelie Kroes said "This new research aims to allow better monitoring of financial markets by focussing on systemic risks arising from the highly inter-connected digital information and transaction systems in the financial markets."
Today's financial institutions are mutually interconnected in a complex web of computer-based transaction systems. In such a strongly interconnected system, if a financial institution fails, there can be a risk that a "domino effect" could lead to problems for other institutions, even financially healthy ones. One reason why the severity of the recent financial crisis was not adequately predicted was because existing tools and data did not allow experts to sufficiently consider the extent to which the sector relies on these complex interactions and mutual exposures.
The aim of the "Forecasting Financial Crises" project is to improve policy makers' understanding of how banking systems, stock markets and the flow of credit are mutually interconnected. The conceptual and software instruments developed during the research could help develop early-warning systems that would permit actions to be taken if needed to stabilise financial markets. The research will focus not only on financial transaction data, but also on internet search data such as the frequency of certain key words related to finance in search engines. The aim is to develop new risk indicators that could be used by policy bodies like the European Central Bank, the European Systemic Risk Board, or the Basel Committee on Banking Supervision to help to prevent future financial crises.
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Source: Europa
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