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EMIR delay avoided with last-ditch deal
February 7, 2013--The final sign off of the European markets infrastructure regulation (EMIR) will avoid potentially lengthy delays after regulators agreed a last minute deal related to the treatment of non-financial swaps users.
The European Parliament was expected to reject two of the technical standards for EMIR drawn up by the European Securities and Markets Authority (ESMA) relating to when non-financial firms would have to clear swaps through central counterparties (CCPs).
If the standards were rejected, ESMA would have been required to redraft its technical standards, causing a three-to-six month delay.
However, the Parliament struck a deal with the European Commission that allows non-financial users of derivatives to be phased into EMIR at a yet-to-be-determined date. This will cover corporate entities that use OTC derivatives for hedging purposes.
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Source: The Trader
DB-Synthetic Equity & Index Strategy-Europe Monthly ETF Market Review-Equity ETFs drive a strong start to the year
February 7, 2013--February 7, 2013--Global Summary
Global ETF industry assets increased by 5.6% in January and closed the month at $1.78 trillion while the European ETF industry ended the month at €258.9bn. Strong cashflows into DM equity ETFs drove this result, while fixed income ETFs saw more moderate cashflows. Asian ETFs saw moderate net cash outflows over the month.
Regional cash flow summary
Europe witnesses strong monthly flows in Dec-12 & Jan-13
European domiciled ETFs recorded cash flows of +€4.6 billion in the last month, making for the strongest January since 2009 (Jan09 +€7.1bn, Jan10 +€2.5bn, Jan11 +€3.1bn, Jan12 +€2.0bn).
The European ETF industry carried forward the momentum built in Dec-12 into January (Dec-12 cash flows totaled over +€5.3bn). Equities contributed largely to this with cash flows of +€3.7bn out of which DM and EM benchmarked ETFs collected +€1.9bn and +€1.1bn, respectively.
Fixed income flows totaled +€1bn for the month with sovereign and corporate ETFs registering +€541m and +€488m, respectively.
Commodity ETPs had a flat month recording cash flows of +€139mn.
Equity cash flows dominate; sovereigns continue to recede in the US
US domiciled ETFs collected over +$30bn in monthly cash flows, maintaining the positive trend in Dec-12 where net inflows totaled over +$28.5bn.
Equities registered monthly cash flows of $28.7bn as compared to +$28.1bn registered in Dec-12. ETFs tracking Emerging market benchmarks collected over +$6.3bn while dividend products received +$2.5bn as cash flows over January.
Fixed income ETFs received cash flows of +$1.1bn, improving on the +$371m received in Dec-12. Sovereigns registered outflows of -$1.8bn while corporates gained +$1.8bn.
Commodity ETVs registered cash outflows of -$0.9bn over the month. Commodity sectors registering the largest cash in/out flows were: (Precious metals -$729m, Energy -$477m and broad commodities +$262m).
Outflows from equities in Asia
Asia domiciled ETFs registered -$278m in monthly cash flows with equities accounting for most of the outflows.
Japanese equities recorded the largest outflows (-$971m) followed by Hong Kong (-$141m) and Taiwan (-$120m). On the other hand, South Korea and China focused ETFs registered cash inflows of +$468m and +$159m respectively. Leveraged long equity ETFs attracted $400m of inflows during January.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - Europe
Boost -DAX Trade Idea-Has the DAX Rally Stalled?
February 6, 2013--The DAX fell by over 2.4% on Monday to 7638.23, putting strong support at the 7635/7600 area in the spotlight. While the choppy rally since the 2011 lows argues for further gains, the scope of the fall on Monday argues for further corrective losses as the last leg of the rally from 16 November 2012 has been steep
From a pairs or long/short point of view, the FTSE 100 has outperformed the DAX since the start of 2013 (by almost 6 percentage points) and this may continue. Germany faces unique challenges in 2013 which may temper the rally in the DAX from the 05 June 2012 lows, while the UK’s FTSE is benefitting from currency moves and the different mix of shares in the index
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Source: Boost
ETFs and ETPs in Europe reach a new all-time high of $389 billion at the end of January 2013
February 6, 2013--Assets invested in Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs) listed in Europe reached a new all-time high of $389 billion at the end of January 2013.
ETF and ETP assets have increased by 5.3% from $369 billion to $389 billion during January, according to figures from ETFGI’s monthly European ETF and ETP industry insights.
Market performance contributed to the increase in the value of assets held in ETFs and ETPs as 18 of the top 20 markets globally showed gains in January. Two of the markets with strong gains were the US and the UK where history has shown that a strong January tends to be a good predictor for the rest of the year. A review of history in both markets shows that strong January performance is typically followed by positive returns in the subsequent 11 months.
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Source: ETFGI
Brussels releases early draft of Green Paper on long-term investing
February 6, 2013--The EU may seek preferential treatment for certain types of long-term asset classes in Solvency II and the proposed new solvency rules for occupational pension funds, according to an early draft of the European Commission's Green Paper on long-term investing that IPE has seen.
The paper is set to call for a balance between the need for long-term investment capital on the one hand versus future capital requirements in Solvency II and proposed new rules for IORPS.
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Source: IP&E
State Street initiative to boost ETF trading
February 5, 2013--State Street has launched a free tool for exchange traded funds users in Europe to promote the trading of ETFs between different countries.
Moving exchange traded funds from one country to another in Europe can be extremely challenging and frustrating for traders and investors in the fragmented European ETF market, with investors ultimately paying higher costs.
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Source: FT.com
ESMA publishes responses to consultations on the AIFMD
February 5, 2013--The responses to the consultations on draft RTS on types of AIFMs and on Guidelines on key concepts of AIFMD have been published today
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Source: ESMA
UK Official holdings of international reserves-January 2013
Febraury 5, 2013--In summary this month's release shows that, in January 2013: No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:view the UK Official holdings of international reserves-January 2013
Source: HM Treasury
New regulations regarding covered bonds
February 5, 2013--Finansinspektionen is deciding on new regulations and general guidelines regarding covered bonds.
The new regulations and general guidelines will enter into force on 1 July 2013, at which time the current regulations and general guidelines will be repealed.
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Source: Finansinspektionen
UK banks face break-up under new law
February 4, 2013--Britain's biggest banks will face being broken up if they fail to ring-fence their retail and investment arms, under draft legislation set to be announced by finance minister George Osborne on Monday.
The new law will empower the government and a new banking watchdog to "electrify the ring-fence" if banks refuse to separate high-risk operations from savers' deposits.
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Source: FIN24
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