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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
AMUNDI IS has listed 7 new ETF on NYSE Euronext’s Paris market today
June 22, 2010-NYSE Euronext has listed 7 new ETFs from Amundi.
Listing date:22/06/2010
ETF Name: AMUNDI ETF US TREASURY 1-3
ETF ISIN:FR0010892281
ETF Symbol:US1
Listing date:22/06/2010
ETF name:AMUNDI ETF US TREASURY 3-7
ETF ISIN:FR0010892299
ETF Symbol: US3
Listing date:22/06/2010
ETF name:AMUNDI ETF US TREASURY 7-10
ETF ISIN:FR0010892307
ETF Symbol: US7
Listing date:22/06/2010
ETF name:AMUNDI ETF SHORT US TREASURY 1-3 DAILY
ETF ISIN:FR0010892265
ETF Symbol:SU1
Listing date:22/06/2010
ETF name:AMUNDI ETF SHORT US TREASURY 3-7 DAILY
ETF ISIN:FR0010892273
ETF Symbol:SU3
Listing date:22/06/2010
ETF name:AMUNDI ETF SHORT US TREASURY 7-10 DAILY
ETF ISIN:FR0010892745
ETF Symbol:SU7
Listing date:22/06/2010
ETF name:AMUNDI ETF EX AAA GOVT BOND EUROMTS
ETF ISIN:FR0010892190
ETF Symbol:X1G
NYSE Euronext now has 541 listings of 493 ETFs based on more than 300 indices. So far this year, 44 ETFs have been listed on NYSE Euronext’s European markets. Visit www.euronext.com/etf for more info
Source: NYSE Euronext
Deutsche Börse Launches Real-time, Web-based Macroeconomic Data Service
June 22, 2010--Deutsche Börse has launched AlphaFlash Monitor, a new real-time, web-based application that delivers key economic indicators directly to subscribers’ trading screens immediately upon release. The new data display is designed for market participants who seek instant access to macroeconomic figures as a basis for their trading decisions.
AlphaFlash Monitor uses the same high-speed technology infrastructure and content offering as AlphaFlash, Deutsche Börse’s machine readable algorithmic news feed launched in April 2010.
“AlphaFlash Monitor provides an ultra fast, practical and easy-to-use solution for traders who trade based on economic event data. As an extension of the AlphaFlash product suite, the new data service delivers identical content to the original algorithmic news feed via a clear and distinct screen display to a broad customer base,” said Georg Gross, Head of Front Office Data & Analytics at Deutsche Börse.
AlphaFlash Monitor delivers more than 150 market moving economic indicators from the U.S., Canada and Europe at millisecond speeds. Data content includes central bank interest rate decisions, employment numbers, housing statistics and gross domestic product figures. Deutsche Börse is currently expanding the AlphaFlash product suite geographically to include economic figures from Asia.
The AlphaFlash product range is the first joint offering of Deutsche Börse’s Market Data & Analytics segment and U.S. financial news agencies Need to Know News (NTKN) and Market News International (MNI), both entities of Deutsche Börse Group. As fully accredited news agencies, NTKN and MNI have direct access to government lock-up rooms as well as embargoed news releases. As a result, economic events are processed so they become available with minimum latency to speed-sensitive algo and professional traders via Deutsche Börse’s high speed network. The information can be used either directly in trading applications or via a web-based data display immediately following its release.
Source: Deutsche Börse
European Parliament Economic Affairs Committee: Call For Laws On Financial Service Sector Pay And bank Crisis Management
June 22, 2010--Two resolutions, calling for legislation on remuneration in the financial service sector and on the management of cross-border banking crises, were passed by the Economic Affairs Committee on Tuesday. These resolutions lend further weight to Parliament's calls to transfer more powers to EU level, as the only way to deal effectively with the EU's highly-interdependent economy and prevent further financial meltdowns and taxpayer bailouts.
Both resolutions call on the Commission to draw up legislative proposals that go beyond the current model of recommendations and loose co-ordination, which had only a limited impact in controlling the build-up of risk.
The first resolution calls for binding rules to regulate remuneration in the financial services sector and obligatory disclosure of directors' pay in all companies traded on stock exchanges.
The second, on cross-border crisis management in the banking sector, advocates establishing an EU crisis management framework characterised by harmonisation, very tight co-ordination, and ultimately the development of an EU banking company law with a harmonised EU insolvency regime.
Real rules and transparency for pay
The resolution on remuneration policies in the financial sector and remuneration of directors of listed companies argues that tougher measures are needed to reduce incentives to take risks significantly and avoid the need for taxpayers to pick up the costs.
To achieve this, the resolution asks the Commission to adopt strong binding principles on remuneration policies in the financial sector, which would go further than what can be provided for through the capital requirements directives. Listed companies whose directors' remuneration policy does not comply with these principles would be required to explain their reasons.
The resolution goes into the corporate governance systems needed to develop sound remuneration policies, including stronger shareholder control of salaries of directors in listed companies. It also advocates an effective alignment of compensation with prudent risk-taking, remuneration oversight powers for supervisors, and bonus limits, to ensure a balance between the fixed and variable parts of a pay packet.
Avoiding another Fortis... only through tighter co-ordination and planning
The key aim of the resolution on banking crisis management is to set up a structure to ensure that crises are resolved earlier and avoid rushed, weekend bank bailouts costing the taxpayer hundreds of billions of Euros. The growing size, complexity and interconnectedness of banks means that such a system must be established at European level, says the resolution.
The crisis management framework proposed by the resolution would, in the event of a crisis, preserve financial stability, minimise the cost to taxpayers, preserve basic banking services and protect depositors. It would also encourage banking sector players to act more responsibly.
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Source: European Parliment
Britain scraps euro preparation plans
June 22, 2010-- Finance Minister George Osborne scrapped a government unit tasked with preparing for Britain's hypothetical entry to the eurozone Tuesday, as he unveiled the new coalition government's first budget.
Finance Minister George Osborne scrapped a government unit tasked with preparing for Britain's hypothetical entry to the eurozone Tuesday, as he unveiled the new coalition government's first budget
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Source: EUbusiness
Budget 22 June 2010: British Bankers' Association statement
June 22, 2010--The BBA said:
"The banking industry fully understands the part it must play in helping the UKs economic recovery. We know this is a difficult Budget for everyone and the banking industry will work to meet its obligations in helping bring the economy back to strength.
"The banks are committed to working with the Government to ensure new bank levies balance tax raising objectives with the need to keep the recovery moving, and for banks to contribute to economic growth through continued support for the wider economy by lending to businesses and individuals.
"The UK is a trading nation and we must ensure bank taxes do not hurt our national interests or provide an unfair advantage for other businesses operating here. This levy is to apply to all major banks and building societies operating in the UK regardless of nationality. We are a large financial centre and a great many jobs are created here as a result. The industry does business globally but pays its taxes in Britain. The UK is not the only country creating some form of bank levy. So bank levies need to be co-ordinated internationally: they must not prevent the industry in the UK from being able to compete. It is essential that the international banks do not find themselves taxed multiple times for the same thing"
Source: BBA
Europe falls behind, as alternative investments grow worldwide
June 22, 2010-- Institutional investment in alternative assets is set to grow by more than a third, according to a recent survey by Russell Investment
Responses to the group's 2010 Global Survey on Alternative Investing showed institutional investors worldwide planned to increase their stakes in assets such as real estate and hedge funds by 5 percentage points by 2012.
In Europe, private equity was expected to make up just 3.7% of all assets, far from the nearly 7% share predicted for North America, while hedge funds were not expected to return to pre-crisis levels until after 2012.
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Source: IP&E
New online forum Eurex Innovate launched -Ideas and discussion platform for all market participants went live in mid-June
June 21, 2010--The international derivatives exchange Eurex has been launched Eurex Innovate recently, its new ideas and discussion forum for customers and people interested in financial markets and derivatives. The aim of the online forum – https://innovate.eurexchange.com – is to initiate and promote a web-based network to exchange information about product innovations on Eurex and to discuss events of financial and derivatives markets.
“We want to the use the internet as a means of further increasing the exchange of information with our customers and people interested in our company. Eurex Innovate will allow us to involve these people more closely in the product development process," said Peter Reitz, member of the Eurex Executive Board. “The experience and ideas of our participants are key factors driving the expansion of our product and service range.”
Eurex Innovate consists of two areas: the “Ideas Board” and the “Discussion Board”. Via the Ideas Board, participants can simply submit suggestions, which are then evaluated by Eurex product specialists and further analyzed together with the contributors. The status of the idea can be traced online. The Discussion Board serves as a means of exchanging information about products, trading strategies and financial market trends. At present, the product-specific forums “Fixed Income”, “Equities”, “Equity Index Derivatives” and “Other Asset Classes” have been set up for this purpose. A simple and one-time registration process is all that is required to use Eurex Innovate.
Source: Eurex
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