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Virtu IPO filing reveals European growth
March 11, 2014--US high-frequency trading firm Virtu Financial has filed for an initial public offering with US regulators, revealing strong revenue growth at its Dublin outpost
Virtu, founded in 2008, will seek to raise $100 million in the flotation, potentially valuing the company at around $3 billion
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Source: Financial News
Euronext Markets Halted for an Hour on Technical Malfunction
March 11, 2014--Euronext NV is investigating the cause of a technical glitch after trading on its European exchanges was halted for more than an hour today because of a technical malfunction, preventing transactions in companies ranging from Royal Dutch Shell Plc to Sanofi.
Citing a problem with market data, Euronext paused trading at 12:15 p.m. Paris time, according to a notice on its website. Trades for stocks and bonds resumed at 1:10 p.m., and for other products including exchange-traded funds at 1:15 p.m.
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Source: Bloomberg
CME to Start Europe Exchange April 27 Following Approval
March 11, 2014--CME pushed back the start date for its first new bourse as it awaited a decision from the Bank of England, which had to approve the market before the FCA.
CME Europe Ltd. was originally intended to open in September. The new London-based exchange will offer trading in 30 currency pairs and commodities including biodiesel contracts, Lee Betsill, chief executive officer of CME Clearing Europe Ltd., said in an interview today.
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Source: Bloomberg BusinessWeek
First ETF with an international security structure launched on Xetra
New iShares ETF tracks EURO STOXX 50 ex-Financials index
March 11, 2014--The iShares EURO STOXX 50 ex-Financials UCITS ETF, which is issued by iShares, has been tradable in Deutsche Börse's XTF segment since Tuesday.
The new ETF is the first ETF to be issued with an international security structure. Transactions on the Frankfurt Stock Exchange are settled using the international settlement infrastructure of Clearstream Banking. This new structure is intended to further increase the efficiency of cross-border transactions and the provision of liquidity by international trading participants.
The iShares EURO STOXX 50 ex-Financials UCITS ETF offers exposure to the largest stocks in the euro zone, excluding companies that are allocated to the industry "Financials". The index is free float market capitalisation weighted.
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Source: Deutsche Börse
Euronext first exchange to start ETF NAV Trading
March 10, 2014--Euronext, a wholly owned subsidiary of IntercontinentalExchange Group (NYSE: ICE), today announced that it is the first exchange to trade ETFs on the NAV Trading Facility.
This initiative will open up the ETF market to a broader investor base by offering a regulated on-exchange forward pricing solution for order execution at Net Asset Value (NAV).
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Source: Euronext
EU abandons reform of money market funds
March 9, 2014--Controversial proposals that could have killed off Europe's €450bn-strong fixed-value money market fund industry have been pushed back to the next European parliament.
The parliament's economic and monetary affairs committee was due to vote on reform of so-called "constant net asset value" funds today, but the vote has been abandoned with the committee said to be "split down the middle" on the proposals.
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Source: FT.com
Vote on EU benchmarks law postponed to next European Parliament
March 7, 2014-The European Parliament will not vote before May on a draft European Union law aimed at making it harder to rig market benchmarks, the chair of its economic affairs committee told Reuters on Friday.
The draft law was proposed last year after banks were fined for rigging the London Interbank Offered Rate (Libor), a market benchmark used to help price products worth trillions of dollars.
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Source: Reuters
Basel III monitoring results published by the Basel Committee
March 6, 2014--The Basel Committee today published the results of its Basel III monitoring exercise.
The study is based on the rigorous reporting processes set up by the Committee to periodically review the implications of the Basel III standards for financial markets. The results of previous exercises in this series were published in September 2013, March 2013, September 2012 and April 2012.
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Source: BIS
EBA reports on impact of possible leverage ratio definitions
March 5, 2014--The European Banking Authority (EBA) published today a report on the leverage ratio which provides a policy analysis and a quantitative assessment of the impact that would derive from aligning the current Capital Requirements Regulation (CRR) definitions of the leverage ratio's exposure measure to the revised standard published by the Basel Committee on Banking Supervision (BCBS) on 12 January 2014 ('Basel III'). The EBA has produced the report on its own initiative to provide recommendations to the European Commission in view of its forthcoming delegated act on the definitions of leverage ratio.
The report uses data collected for the Basel III monitoring exercise as of 30 June 2013 through a sample consisting of 173 EU institutions from 18 Member States.
Overall, the assessment indicates that the revised Basel III framework leads to leverage ratios that are broadly in line with, or possibly slightly higher than, leverage ratios calculated according to the current CRR.
view the Report on impact of differences in leverage ratio definitions
Source: European Banking Authority (EBA)
Euronext launches PEA PME family of indices
NEW CAC(R)PME INDEX
MORE INDICES TO BE ADDED IN 2014
March 5, 2014-- Euronext, a wholly owned subsidiary of IntercontinentalExchange Group (NYSE: ICE), welcomes publication of the implementing decree introducing PEA PME savings accounts in France, and today announced the launch of its new CAC(R) PME index.
This unique index is the first in Euronext's new PEA PME index family, based on the French government's initiative aimed at encouraging investment in shares and support for financing of SMEs.
The CAC(R) PME index tracks the performance of between 20 and 40 French companies eligible as investment vehicles for PEA PME accounts and listed on Euronext and Alternext markets in Paris. Its components are based on local trade volumes. The weight of each individual stock is capped at 7.5%. The CAC(R) PME index is calculated in real time, and its components and weightings are revised each quarter.
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Source: Euronext
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