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IOSCO Technical Committee Task Force on Commodity Futures Markets Report to the G-20
June 24, 2010--The Technical Committee of the International Organization of Securities Commissions (IOSCO) and the IOSCO Task Force on Commodity Futures Markets (IOSCO Task Force), are pleased to report to the G-20 leaders IOSCO’s progress in improving the transparency and oversight of oil markets as called for in paragraph 28 of the September 24-25, 2009 Pittsburgh Leaders’ Statement.
view the The Task Force on Commodity Futures Markets update to the G-20 on improving transparency of oil markets
view the Survey results of Task Force members compliance with the March 2009 Task Force recommendations
Source: IOSCO
FSA chief backs 'more intrusive' supervision
June 24, 2010--The UK’s leading investors have criticised the chief City regulator’s “new intrusive approach” to vetting bank directors, warning it would put off candidates applying for jobs and hamper boards’ effectiveness.
The Association of British Insurers cautioned the Financial Services Authority against adopting too prescriptive an approach to approving candidates to roles of “significant influence” within banks and other financial institutions.
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Source: FT.com
Euro at 18-month low against sterling
June 24, 2010--The euro was mixed on Thursday, at one point hitting an 18-month low against the pound as concerns over the fiscal health of countries on the periphery of the eurozone returned to the fore – but it later rebounded as the dollar suffered a rare setback in a risk-averse environment.
The euro’s earlier fall came as the price of insuring against a default on Greek government debt rose to a record high.
David Bloom, at HSBC, said although the European Central Bank’s debt purchase programme was still in place, it was apparent that its efforts were not supporting the market in the same manner they did when the programme was first launched last month.
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Source: FT.com
ETF Landscape: European STOXX 600 Sector ETF Net Flows, week ending 18-Jun-10
June 23, 2010--Last week saw US$205.2 Mn net outflows from STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Basic Resources with US$98.7 Mn and Oil & Gas with US$19.6 Mn while Banks experienced net outflows of US$178.8 Mn.
Year-to-date, Media has seen the largest net inflows with US$284.1 Mn net new assets, followed by Industrial Goods & Services with US$89.8 Mn. Basic Resources sector ETFs have seen the largest net outflows with US$213.4 Mn YTD. In total, STOXX 600 sector ETFs have seen US$513.3 Mn net outflows YTD.
The assets invested in the ETFs are greater than the open interest in the corresponding futures contract in all 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
J.P. Morgan And NASDAQ OMX Announce New Clearing Options For Nordic Derivatives Markets
June 23, 2010--NASDAQ OMX and J.P. Morgan today announced that J. P. Morgan has become NASDAQ OMX Stockholm AB's first non-Nordic custodian for the NASDAQ OMX Derivatives Markets. As custodian, J.P. Morgan will provide collateral management agency services for the cash and securities with which member firms collateralize their derivatives trades.
“We are very pleased to be able to offer J.P. Morgan as a custodian solution to our customers. As the first non-Nordic custodian, J.P. Morgan’s global reach will offer an excellent complement to the existing custodians that already serve our Nordic derivatives market,” said Hans-Ole Jochumsen, Executive Vice President NASDAQ OMX and President NASDAQ OMX Nordic.
Through J.P. Morgan’s collateral management program, clients can select any NASDAQ OMX-eligible asset class and market, optimizing their complete collateral inventory intraday. Information reporting, inquiries and transaction services are available via web-based tools that increase visibility into collateralized assets and automated processes that enhance risk mitigation.
Kelly Mathieson, Global Business Executive for J.P. Morgan Clearance and Collateral Management, said “We've had an established presence in the Nordics for more than two decades and, as a global provider, are uniquely positioned to support NASDAQ OMX's member firms in the region. The relationship with NASDAQ OMX is a natural extension of the services we provide to other European and global exchanges and clearing houses, as the industry increasingly looks to move from OTC to centrally-cleared trading, given the evolving requirements associated with cross-asset clearing and collateral management.”
Source: J.P. Morgan
FTSE Group, Carbon Disclosure Project (CDP) And ENDS Carbon Collaborate To Launch New Carbon Strategy Indices For The Global Investment Community
June 23, 2010--FTSE Group (FTSE), the award winning global index provider, today announces the launch of the new FTSE CDP Carbon Strategy Index Series, jointly developed with the Carbon Disclosure Project which acts on behalf of over 500 institutional investors globally and ENDS Carbon, the leading provider of carbon performance benchmarking and ratings.
The new index series will launch initially with two UK indices; the FTSE CDP Carbon Strategy All-Share Index and the FTSE CDP Carbon Strategy 350 Index. Both indices have been designed in response to growing awareness of the significant potential impact of climate change on investment returns.
Post Copenhagen, governments across the globe have been working towards holding emissions below levels that would increase global temperatures by 2ºC. Achieving these levels will require increased costs for carbon emissions. The FTSE CDP Carbon Strategy Index Series reflects this carbon risk in its initial offering of ‘carbon-tilted’ versions of the UK’s FTSE All-Share and FTSE 350 indices. The indices feature the same constituents with a variation of weightings based on their exposure to carbon risk, relative to their sector peers.
The index series will be based on future-oriented criteria rather than past emissions data. It is the first index series to offer a long term forward-looking investment tool that closely tracks established UK benchmarks while supporting the reduction of climate change risks across investment portfolios. This means retail and institutional investors, such as pension funds, can achieve broad and diversified market exposure as well as manage the impact of climate change on their investment.
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Source: Carbon Disclosure Project
Financial reforms and the recovery
June 23, 2010--Introduction
BUSINESSEUROPE together with the European Banking Federation (EBF), the European Federation for Retirement Provision (EFRP), the European Private Equity and Venture Capital Association (EVCA) and the Federation of European Accountants (FEE) present in
this paper their ideas for effective financial reform in order to reinforce financial stability and
achieve sustainable economic growth.
Rebuilding trust in financial institutions and restoring investor confidence in financial markets
is key for a sustained economic recovery and for the competitiveness of the European Economy.
BUSINESSEUROPE and the key financial market players reiterate their call to turn the crisis into a catalyst for change. We are working together to draw the lessons from the
crisis and take all necessary measures to reinforce the financial system, increase transparency, rebuild trust, and reinforce the foundations for future growth.
These have been again put to the test by renewed tensions on capital markets and concerns about fiscal sustainability. The increased need for appropriate public sector accountability has been clearly evidenced. Confidence in sovereign debt markets and the stability of the euro are critical for company investment decisions and impact in many ways the capacity of the financial sector to deliver the necessary financing to stimulate growth. It is therefore a major factor influencing economic conditions and the chances of sustained recovery in Europe.
To prevent the contagion of the sovereign debt crisis in the eurozone, the European Council, the European Commission and the ECB agreed to implement an unprecedented stabilisation programme early May. This has demonstrated commitment to the single currency and to safeguarding financial stability at a critical moment.
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Source: Business Europe
Banks back pan-European short-selling rules
June 23, 2010--Financial institutions which lend securities are backing a pan-European approach to short-selling rules, but say they are opposed to greater public disclosure of short positions.
The International Securities Lending Association, which has about 100 members including institutional investors, banks, and securities dealers, said on Wednesday that it supported the drive by Brussels to encourage common rules on short-selling across the European Union.
“It is counter-productive for European securities regulators to unilaterally impose short-selling restrictions,” said Kevin McNulty, Isla’s chief executive.
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Source: FT.com
The Istanbul Stock Exchange Becomes A Full Member Of The Federation Of European Securities Exchanges
June 23, 2010--The General Assembly of FESE, held in Brussels, has approved the Istanbul Stock Exchange’s (ISE) application for full membership. With the admission of the Istanbul Stock Exchange, FESE represents 30 countries comprising of 46 Securities Exchanges (in equities, bonds, and derivatives), of which 21 are full members.
Among the exchanges of candidate countries in accession negotiations with the EU, the ISE is the first exchange to join FESE. In the process of Turkey’s EU accession, FESE membership will allow the ISE to follow EU regulations and exchange practices more closely. Furthermore, the ISE, also the founder of the Federation of Euro-Asian Stock Exchanges (FEAS) and a member of the World Federation of Exchanges (WFE), is expected to enhance its links with the regulatory and securities markets community in Europe and its leading role in various international projects through its membership to FESE. Meanwhile, ISE’s experience in the Euro-Asian region will add value to FESE and its members.
Source: Istanbul Stock Exchange (ISE)
Amundi launches seven new fixed income ETFs, of which four are unprecedented
June 23, 2010--Amundi ETF is pursuing its development by listing seven new fixed-income ETFs on NYSE Euronext in Paris. Four of these products are being launched in Europe for the first time demonstrating once again Amundi ETF’s capacity for innovation.
This new listing comprises:
A full range of of ETFs tracking a family of both “long” and “short” US Treasury bonds indices. This includes three ETFs that seeks to replicate as closely as possible the Markit iBoxx $ Treasuries 1-3Y®, the Markit iBoxx $ Treasuries 3-7Y®, and the Markit iBoxx $ Treasuries 7-10Y® indices.
The range also consists of three unprecedented “Short” ETFs* offering a daily inverse performance to the evolution of the same indices and the same buckets of maturities.
An innovative ETF* that replicates the performance of the EuroMTS ex-AAA Government Index. This index is reviewed on a monthly basis and is composed of debt securities issued by the Eurozone member states with a rating lower than “AAA” (or a lower equivalent rating to S&P, Moody’s and Fitch).
Amundi ETF’s fixed income range is reinforced with this new listing, offering investors new opportunities to diversify their positions and implement various asset allocation strategies.
Valérie Baudson, Managing Director of Amundi ETF comments: “Amundi ETF is accelerating its development with these seven new fixed income products, offering European investors an increasingly diversified range of innovative ETFs.”
Thierry Ancona, Head of Sales Continental Europe CA Cheuvreux comments: “The launch of these seven new products confirms our capacity to offer innovative solutions adapted to an evolving market for institutional clients. The quality of the Amundi ETF range united with our execution services positions CA Cheuvreux as a key market player. ”
Scott Ebner, Senior Vice President, Exchange Traded Products at NYSE Euronext declares: “We are delighted to widen our ETF range with the launch of these seven new Amundi products of which 4 are without precedent in Europe. With currently 493 products listed on the European market offering transparency and liquidity, NYSE Euronext meets the growing investor demand for these products.”
Further information about Amundi ETF can be found on the amundietf.com website.
*At the time of launch
Source: Amundi
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