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CESR Publishes 8th Extract from EECS’s
July 13, 2010--CESR has published Eight Extract From EECS’s Database Of Enforcement Decisions (Ref: CESR/10-834)
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Source: CESR
CESR: EFRAG’s draft comment letter on the IASB’s Exposure Draft Fair Value Option for Financial Liabilities
July 13, 2010--The Committee of European Securities Regulators (CESR) has considered, through its standing committee on corporate reporting (CESR-Fin), EFRAG’s draft comment letter on the IASB’s Exposure Draft (ED) Fair Value Option for Financial Liabilities.
The ED is part of the IASB’s revision of IAS 39 – Financial Instruments: Recognition and Measurement, of which IFRS 9 – Financial Instruments: Classification and Measurement as published in November 2009 was the first part.
CESR supports the IASB’s tentative decision to maintain the current IAS 39 requirements regarding financial liabilities except for specific amendments on the cost exception for equity derivatives and the treatment of credit risk for liabilities designated under the fair value option.
CESR welcomes the IASB’s initiative to maintain the bifurcation of embedded derivatives on the liabilities side but is at the same time concerned that this might create inconsistencies with the assets side where bifurcation is prohibited. CESR therefore would like the IASB to consider further assessment in due course whether bifurcation of a hybrid contract with a financial asset host would provide users with more decision-useful information.
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Source: CESR
EU vows transparency in bank stress tests
July 13, 2010-- EU finance ministers scrambled on Tuesday to ease market concerns over the health of European banks, vowing that results of tests on their ability to survive a new economic crisis would be transparent.
European officials hope results of tests on 91 banks accounting for 65 percent of the European banking system will reassure investors worried that some lenders may have hidden the extent of their exposure to bad debt.
Belgian Finance Minister Didier Reynders, whose country holds the rotating EU presidency, said his counterparts had agreed at a meeting in Brussels to coordinate the July 23 release of the test results.
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Source: EU Business
EU moves forward on cross-border financial watchdogs
July 13, 2010-- European efforts to create cross-border watchdogs for the financial industry moved forward Tuesday after British fears over the powers to be entrusted to the new agencies were eased.
European finance ministers meeting in Brussels handed Belgium, which holds the EU's rotating presidency, a new mandate to negotiate with the European parliament in the hope of getting a vote in September.
The creation of the EU-wide agencies is a key plank in European efforts to prevent a repetition of the 2008-2009 financial crisis, which was blamed on the excessive risk taking of banks and investment funds.
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Source: EUbusiness
Nearly all EU states now on deficit watch
July 13, 2010--The European Union placed Bulgaria, Cyprus, Denmark, Finland under its excessive deficit watch on Tuesday, leaving only three of 27 EU states off the list of those breaking EU fiscal rules.
The decision by EU finance ministers meeting in Brussels leaves only Luxembourg, Sweden and Estonia off of a list of countries facing an excessive deficit procedure for budget shortfalls exceeding three percent of output.
Bulgaria and Cyprus exceeded the public deficit limit in 2009 while Denmark and Finland are expected to breach the limit, the council of finance ministers said in a statement.
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Source: EUbusiness
HBSC launches ETF replicating MSCI Brazil index
July 13, 2010--HSBC has announced a series of emerging markets exchange-traded funds (ETFs), beginning with the HSBC MSCI Brazil ETF based on the MSCI Brazil Index.
The Ucits III-compliant ETF will have a total expense ratio (TER) of 0.6%. It will be domiciled in Ireland and initially listed on the London Stock Exchange with further registrations and cross-listings in Europe planned.
The MSCI Brazil index is made up of Brazil's largest listed companies.
HSBC's head of ETFs Farley Thomas said HSBC would develop a range of ETFs covering the major emerging markets.
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Source: Hedge Fund Review
Thomson Reuters All European Equities Market Activity by Trade Type (June 2009 to June 2010)
July 13, 2010--The Thomson Reuters All European Equities Market Activity by Trade Type (June 2009 to June 2010)report is now available.
View the Main Trading Venues for all European Equities (June 2010)Report
Source: Thomson Reuters
Too many 'active' funds are passive, study finds
July 13, 2010-- Institutional investors are paying for active management, but getting de facto benchmark huggers, according to a recent study.
The report – conducted by Germany's Union Investment and the WHU Otto Beisheim School of Management – covered the 52 master funds and 431 sub funds that Union had under administration for institutional clients between 2003 and 2008.
Participants in the study aimed to analyse the -0.29% annual underperformance reported by the master funds over the five-year period. On the sub-fund level, the annual underperformance was -0.31%.
The study found an average tracking error of 1.3% for the master funds and more than 2% for the sub funds.
Lutz Johanning, head of empirical capital market research at the WHU, said investors were essentially "getting structures sticking very closely to the benchmark" while paying for "so-called 'active' mandates".
He added: "This is a call for investors to set higher tracking errors for their active managers."
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Source: IP&E
Tradegate Exchange to Connect dwpbank
1,600 institutions can gain access to second largest exchange for private investors
July 13, 2010-- Tradegate Exchange and Deutsche WertpapierService Bank (dwpbank) have agreed on the technical connection of dwpbank to the exchange platform Tradegate. From the end of Q3 2010, dwpbank will provide its approximately 1,600 clients with market access to this Berlin-based trading venue geared to private investors.
“The connection to Tradegate Exchange means we are expanding market access for our client institutions and are enabling technical order routing to the second largest stock exchange for private investors in Germany via our WP2 settlement system,” said Karl-Martin im Brahm, member of dwpbank’s executive board and responsible for sales and distribution. The market-leading transaction bank is a process and system service provider in securities settlement for two thirds of all banks in Germany, the majority of which are savings banks, Volksbanks and Raiffeisenbanks.
This agreement is a continuation of Tradegate Exchange’s growth strategy, considerably increasing its number of trading participants. “We are delighted about this additional business potential. Tradegate is an exchange with key competitive advantages and an increasing number of private investors can benefit from it,” said Thorsten Commichau, Managing Director of Tradegate Exchange GmbH.
Tradegate Exchange’s special range of offers includes commission-free trading, long trading hours until 10 p.m., intelligent order types and free real-time prices. Orders are generally executed immediately and in full on Tradegate Exchange.
Previously an off-exchange trading platform, Tradegate has been operating as a regulated stock exchange since the beginning of 2010. It completed its first two quarters as a public-law stock exchange very successfully. The number of transactions increased year-on-year by 32 percent. A total of around 1.5 million trades were executed in the four instrument groups equities, bonds, ETFs and investment funds in the first six months of this year. This equates to a market share of 31 percent for Tradegate Exchange in the first six months of 2010, and enables the exchange to safeguard its position as Germany’s second largest trading venue for equity trades of private investors.
Source: Deutsche Börse
Swedish subsidiary of Boerse Stuttgart sets new trading record
Turnover exceeds EUR 551 million on Nordic Derivates Exchange (NDX) in first six months of 2010
July 13, 2010--The Nordic Derivates Exchange (NDX), which belongs to Boerse Stuttgart’s subsidiary Nordic Growth Market (NGM), has set a new record for turnover in the first half of 2010. With a trading volume of over SEK 5.2 billion (Swedish kronor) (equivalent to approximately EUR 552 million), turnover on the NDX was up more than 245 percent on the same period in 2009.
The strongest month was June, with a record trading volume of SEK 1.4 billion (equivalent to approximately EUR 147 million). This compares with around EUR 28 million in June of the previous year. June 2010 also saw the number of orders increase to a new record level. 37,000 orders were executed, a rise of 171 percent on the same month in 2009.
As well as strong growth and a greater volume of trading, the first six months of 2010 showed signs of improved market penetration. In the knock-out segment, for example, which comprises turbo warrants and mini futures, the NDX’s share of all stock exchange trading in Sweden stood at over 88 percent in May.
“We are delighted by this positive trend. It demonstrates that we are on the right track and confirms our strategy of opening up the Swedish market further to new certificates and new forms of investment. We are convinced that the level of acceptance among investors and their willingness to invest are on the increase,” observed NDX Business Manager, Tommy Fransson.
Source: Boerse Stuttgart
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