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CESR publishes the responses to four consulations concerning the Key Investor Information Document
September 21, 2010--CESR has published the responses to four consulations concerning the Key Investor Information Document.
view responses
Source: CESR
FSA Chairman welcomes the decisions reached on the Basel III package of capital and liquidity reforms
September 21, 2010--In a speech at the Mansion House tonight, the Chairman of the Financial Services Authority, Lord Turner, will say that to design an effective regulatory response to the financial crisis, we need to move beyond the demonization of over-paid financial traders and recognise the fundamental mistakes made by policy makers.
"In finance and economics", he will say, "ill-designed policy is a more powerful force for harm than individual greed and error".
He will argue that the crisis had many causes, including "absurd bonuses for excessive risk taking" and "an explosion of exotic socially useless product development", but that underlying these problems were prudential rules and an entire philosophy of market regulation which failed to identify and address the dangers of excessive leverage, and which too confidently relied on supposedly efficient and rational markets always to produce good results.
Addressing that failure requires the implementation of three major sets of reform: significant increases in bank capital and liquidity requirements; clear strategies to ensure that banks will not be bailed out by tax-payers; and macro-prudential tools which can slow down excessive credit growth. But applying these tools will sometimes have unpopular consequences for the supply of credit which society needs to be willing to accept.
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Source: FSA.gov.uk
Kostenlose Sparpläne mit db x-trackers ETFs und db
September 20, 2010--Ab sofort fallen für Sparpläne auf ausgewählte db xtrackers ETFs und db ETCs ab einem Mindestbetrag von derzeit 50 EUR bei der
DAB bank, München, keine Transaktionsgebühren mehr für den Kunden an. Dies haben die Direktbank und die Deutsche Bank AG, welche die Erstattung der Transaktionsgebühren übernimmt, vereinbart.
Damit sind db x-trackers und db ETC
die ersten Anbieter in Deutschland, deren ETFs und ETCs künftig gebührenfrei als Sparplan erhältlich sind. Die Kooperation wurde für fünf Jahre – mit Option auf Verlängerung – geschlossen und gilt sowohl für bestehende als auch für neu
abgeschlossene Sparpläne.
“Mit dieser neuen Kooperation setzen wir im Segment der Sparpläne bei der DAB bank mit ETFs und ETCs neue Maßstäbe“, sagt Thorsten Michalik, Global Head of db x-trackers ETFs und db ETCs der Deutschen Bank. „Immer mehr Privatanleger scheinen börsennotierte Indexprodukte für sich als Instrument für den langfristigen Vermögensaufbau zu entdecken. Die Abschaffung der Transaktionsgebühren für den Kunden wird dazu beitragen, dass ETFs ihren Weg in die Depots selbst entscheidender Privatanleger finden werden.“
„Wir waren 2001 die Ersten, die auf dem deutschen Markt ETF-Sparpläne angeboten haben“, so Niki Bat, Bereichsleiter Products & Services bei der DAB bank. „Jetzt bestätigen wir unsere Pionierstellung ein weiteres Mal: Wir sind die erste Bank in Deutschland, die die Transaktionsgebühren für ETF-Sparpläne für die Kunden abschafft.“
Mit dem Start der Kooperation steigt die Zahl der bei der DAB bank angebotenen Sparpläne auf db x-trackers ETFs auf 59. Neu angeboten werden zum Beispiel der db x-trackers Portfolio Total Return Index ETF, der einen Mix aus verschiedenen Anlageklassen abbildet, der db x-trackers EuroStoxx 50 ETF und verschiedene Aktien-ETFs auf Schwellenländer-Märkte. Aus dem Rentensegment werden neu Sparpläne auf ETFs angeboten, die über entsprechende Indizes die Wertentwicklung von Staatsanleihen mit verschiedenen Laufzeiten, Pfandbriefen oder inflationsgeschützten Anleihen abbilden.
Erstmals wurden auch Sparpläne auf sieben ETCs der Deutschen Bank von der DAB
bank ins Programm aufgenommen. db ETC ist die Plattform der Deutschen Bank für
Börsengehandelte Rohstoffprodukte (Exchange Traded Commodities – ETC). Zu den Silber, Palladium und Platin. Anleger partizipieren durch die Wertpapiere an der
Entwicklung der Kassakurse des Edelmetalls. Bei den neu von der DAB bank als Sparplan angebotenen db ETCs besteht zudem ein
Währungssicherungsmechanismus.
Source: db x-trackers
EU to include commodities in new market rules
September 20, 2010--The European Commission said on Monday it intends to use a plan to reform financial markets to rein in speculation on commodities markets, notably by reinforcing controls and extend the market abuse legislation.
The European Commissioner in charge of financial reform services Michel Barnier made the announcement in the opening speech of a conference on the revision of the Market in Financial Instruments Directive (MiFID) in Brussels, along with his colleague, European Union Agriculture Commisionner Dacian Ciolos. “The revision of MiFID is one of the key elements of an ambition reform of the raw materials markets,” the EU’s financial markets chief said, stressing that commodities markets regulation was a high on his agenda. “We are ready to go further. This is a key issue. We will not hesitate to consider further measures,” Barnier, a former French farm minister, also said.
read more
Source: Today's Zaman
Trading in financial products – new rules for safer markets
September 20, 2010--Proposed changes to EU rules would make short-selling and trading in over-the-counter derivatives safer and more transparent.
The reforms are part of a series of steps being taken by the Commission to create a more harmonised and sounder financial system for the EU in the wake of the global economic crisis.
The proposals, announced yesterday, would reduce risk and help coordinate preventative action among EU countries, says internal market commissioner Michel Barnier.
One of the draft regulations would require investors to clear trades in over-the-counter derivatives through central counterparties. The trades would have to be reported to registered central repositories under the regulation of the new European Securities Market Authority.
view the Regulation of The European Parliament and of The Council on OTC derivatives, central counterparties and trade repositories
Source: Europa
Eurex to Launch New Future on Short-term Italian Government Bonds
Listing on 18 October 2010/ Existing Euro BTP Future to be complemented
September 20, 2010--The international derivatives exchange Eurex announced today that it will be launching a new future that is based on notional short-term debt instruments issued by the Republic of Italy (Buoni del Tesoro Poliennali – BTP) on 18 October 2010. The contract will complement the Eurex benchmark interest rate derivatives family; along with the existing 10-year Euro BTP Future, the short-term BTP contract will serve as an appropriate hedging instrument for all non-triple-A-rated European government bonds as well as for other interest rate instruments (such as swaps).
Following the launch of the new future, the short-term Italian government bond market will additionally benefit from the ensuing increase in basis and repo trading opportunities. Spread trading strategies will also be possible, thereby enhancing trading volumes in both futures.
“The success of the Euro BTP Future we launched in September 2009 underlines the market needs for a complementary short-term hedging instrument,” said Peter Reitz, member of the Eurex Executive Board. “Since its launch, more than 1.3 million contracts have been traded in our Euro BTP Future. This shows that market participants are actively using our contract as a hedging instrument for government bonds with a non-triple-A-rating.”
The short-term Euro BTP Future will be based on deliverable bonds with a remaining maturity of 2 to 3.25 years and have a notional coupon of 6 percent as well as a contract value of EUR 100,000. The minimum tick size will be 0.01 percent (EUR 10 per tick) in line with the tick sizes of the BTP, Bund and Bobl futures. Trading hours will be from 8:00 a.m. to 7:00 p.m. CET.
Eurex will also be offering a market-making program. Various banks have already shown an interest in market-making to provide sufficient liquidity from the outset.
Source: Eurex
Euronext calls for OTC trade threshold
September 20, 2010--Regulators should impose a minimum size on trades that can be done in off-exchange share markets because a large proportion of such transactions are not contributing to the way prices are established in the markets overall, NYSE Euronext has said.
The call by Rolande Bellegarde, head of NYSE Euronext’s European cash equities business, highlights the tension between exchanges and participants, such as banks, that do much of their trading in over-the-counter markets.
read more
Source: FT.com
EU to rein in commodity speculation
September 20, 2010--Reforming commodities markets to curb speculation activity will be a key aim for Brussels officials as they overhaul the rules for trading in Europe during the coming months.
EU internal market commissioner Michel Barnier said on Monday he planned to use the review of the Markets in Financial Instruments directive and the Market Abuse directive to tackle what officials view as dangerous price volatility.
read more
Source: FT.com
iShares launches its first swap-based ETFs
September 20, 2010--iShares has launched its first swap-based ETFs offering exposure to multiple counterparties in a bid to minimise counterparty risk.
The iShares MSCI Russia Swap ETF will track the MSCI Russia Capped Index, while the iShares S&P CNX Nifty India Swap ETF will track the S&P CNX Nifty India Index.
RBS, UBS and Credit Suisse are all counterparties to the products, which aim to provide exposure to indices that physical-based ETFs cannot.
Axel Lomholt, head of product development at iShares EMEA, said the new swap-based ETFs would allow investors to avoid the liquidity constraints which exist in certain markets.
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Source: City Wire
Barclays Wealth unveils risk-rated fund range
September 20, 2010--Barclays Wealth has unveiled the full details of its new global markets proposition, saying the multi-asset range will consist of five risk-rated funds that will invest only in exchange-traded funds.
The group says the UK-domiciled Oeics will offer ultra-low fees and tap into the trend in the IFA market towards outsourcing asset allocation work ahead of the Retail Distribution Review.
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Source: Money Marketing
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