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Warning on EU short-selling restrictions
October 12, 2012--EU restrictions on short selling, due to take effect next month, threaten to reduce liquidity in UK small-cap stocks and prevent small businesses from raising capital, market participants have warned.
The regulations, which come into force on November 1, are intended to address concerns that short selling – betting that shares will fall in price, by selling borrowed holdings and then buying them back cheaply – exacerbates market downturns.
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Source: FT.com
ECB-Euro area securities issues statistics
October 11, 2012--The annual growth rate of the outstanding amount of debt securities issued by euro area residents decreased
from 4.0% in July 2012 to 3.7% in August.
For the outstanding amount of quoted shares issued by euro area
residents, the annual growth rate was 0.9% in August 2012, compared with 1.0% in July.
New issuance of debt securities by euro area residents totalled EUR 795 billion in August 2012.
Redemptions stood at EUR 837 billion and net redemptions amounted to EUR 41 billion. 1 The annual growth rate of outstanding debt securities issued by euro area residents decreased from 4.0% in July 2012 to 3.7% in August.
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Source: ECB
Germany heading for 'small' recession, says top equity manager
October 11, 2012--A period of negative growth in Germany looks unavoidable, said Georg Geiger of Value Holdings Capital Partners, despite the country's economy emerging as the most resilient of the euro area since the financial crisis.
Speaking to Citywire Global, the top performing German equity manager said while a German recession was on its way it would not be as severe as before.
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Source: CityWire
Nasdaq U.K. derivatives system seeks 10% market share
October 11, 2012--Nasdaq OMX Group Inc., which is setting up a derivatives trading system in London to compete with Europe's two biggest futures exchanges, will seek more than 10 percent market share in its first year of operation.
“Success is at least 10 percent,” Nasdaq Chief Executive Officer Robert Greifeld said in an interview in London yesterday. “We don’t have an interest in being a 3 percent or 5 percent market player. We want to come in a meaningful way.”
The market for derivatives is growing as European and U.S. regulators push over-the-counter transactions onto exchanges. The second-largest U.S. equity exchange announced plans for the U.K. platform, known as NLX, in June, four months after the European Union blocked Deutsche Boerse AG’s takeover of NYSE Euronext amid concern the merger would stifle competition in derivatives and clearing.
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Source: Futures Magaize
ESMA publishes an update of the Q&A on Short Selling Regulation.
October 10, 2012--The European Securities and Markets Authority (ESMA) has updated the Q&A on the Implementation of the Regulation on short selling and certain aspects of credit default swaps.
The purpose of the Q&A is to promote common supervisory approaches and practices amongst the EU’s national securities markets regulators on the requirements of the Short Selling Regulation, once it comes into force on 1 November 2012. It will also provide clarity on the requirements of the new regime to market participants and investors.
Additional Q&As relate in particular to the duration adjustment issue for calculating net short positions in sovereign debt, and to the calculation and reporting for the specific situation of group and fund management activities.
Financial Transaction Tax: Anni Podimata welcomes plan to press ahead
October 10, 2012--Anni Podimata (S&D, EL), the MEP spearheading Parliament's position on establishing a financial transaction tax, today made the following statement about the intention of 11 countries to press ahead with the FTT.
"I welcome the decision of 11 Member States to introduce a Financial Transaction Tax under enhanced cooperation on the basis of the Commission proposal of September 2011. It is a socially fair tax, an indispensible part of a complete and coherent solution to exit the crisis.
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Source: European Parliament
DB-Global Equity Index and ETF Research-Europe-Monthly ETF Market Review - Healthy cash flows in Q3 push global ETF assets towards $1.6 trillion
October 10, 2012--The global ETF industry assets reached $1.59 trillion (YTD +22.3%) while the European ETF industry ended the month at $310.5 billion (YTD +15.3%). Cash flows contributed 12.7% to the YTD global ETF AUM growth while asset price increases accounted for 9.6%. In contrast, the European ETF industry's YTD growth was majorly driven by asset price increases (9.4%) with cash flows contributing 5.9%
Month over month, the Global ETF industry assets grew by 5%; largely propelled by equities which recorded a monthly asset increase of 5.9% ($67.9 billion). Equity ETFs domiciled across regions (US, Europe & Asia-Pacific) participated in the market rally, each registering monthly asset gains between 5% and 6%.
September: A month of “firsts” for the European ETF and ETC markets
The month of September brought about many new milestones for the European ETF and ETC markets. Asset growth and cash flow activity, which has been positive for the past couple of months, reached new peaks over the last month.
ETF and ETP assets reached an all-time high of €241.3 billion and €269.1 billion respectively.
Monthly equity cash flows surpassed €2 billion, for the first time in 2012.
Monthly cash flows into ETCs were above the €1 billion mark in September, another first for 2012.
And, monthly cash flows into ETPs (ETFs+ETCs) were the highest YTD, totaling €3.7 billion.
The European ETF markets extended their good run to the month of September after having registered healthy cash inflows above the €2 billion mark in July and August. Total ETF cash flows topped €2.4 billion in September, with equities accounting for most of the inflows (€2.1 billion).
European domiciled ETCs had their best month of the year experiencing cash inflows of over €1.3 billion in September.
Market activity was on the rise with ETF turnover levels registering an 8% increase over August, though still below the monthly average for 2012 by 3%.
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Source: Deutsche Bank - Global Equity Index and ETF Research - Europe
FSA eases bank rules to support lending
October 10, 2012--The Financial Services Authority (FSA) said on Wednesday it has relaxed capital and liquidity rules on banks in an effort to stimulate lending and boost the recession-hit economy, lifting bank shares.
The FSA said the policy shift was set out in the Bank of England's Financial Policy Committee in September, and banks were aware of the changes.
But industry sources and analysts said there were mixed messages coming from regulators on capital rules, including several recent suggestions that more capital was needed.
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Source: Reuters
STOXX Introduces Low Risk Weighted Index Concept
October 9, 2012--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced the launch of the STOXX Europe Low Risk Weighted 100 Index which represents a hypothetical investment portfolio that selects those 100 components with the lowest volatility from the STOXX Europe 600 Index.
Components are weighted reversely by their volatility in order to achieve a minimal risk in the STOXX Europe Low Risk Weighted 100 Index: since inception (March 2001), the new index shows an annualized volatility of 13.28%, while the underlying STOXX Europe 600 Index shows a annualized volatility of 21.16% over the same timeframe.
The new index is designed to act both as a proper benchmark for actively managed funds, and as an underlying to exchange-traded funds and other investable products. Further index versions covering the Euro zone, as well as for different component numbers for both regions, are also available.
“Market participants appetite for innovative, low volatility investment strategies that are following a clear set of rules is still growing,” said Hartmut Graf, chief executive officer, STOXX Limited. “With the launch of the STOXX Europe Low Risk Weighted 100 Index, we are offering investors an innovative index, which is designed to single out the low-volatility stocks in Europe’s leading benchmark; thus providing exposure to this market, but with the least possible portfolio volatility.”
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Source: STOXX
EDHEC-Risk Institute Considers that the European Commission White Paper on Pensions could be Improved
October 9, 2012--EDHEC-Risk Institute has released a comprehensive new study in response to the European Commission White Paper entitled "An Agenda for Adequate, Safe and Sustainable Pensions," published on February 16th, 2012, which proposed a series of measures related to information and monitoring, European harmonisation and portability, and pension design.
In a letter addressed to Mr László Andor, European Commissioner for Employment, Social Affairs and Inclusion, on October 4, 2012, EDHEC-Risk Institute considers that the European Commission White Paper constitutes a first step but that the Commission should go further in terms of harmonisation and better take into account the specifics of the financial management of pension funds.
As such, EDHEC-Risk has highlighted three key messages from its study:
1. The current pension debate should be used by the Commission to foster increased coordination in pensions reform. When discussing the sustainability of public finance, one medium-term objective could be to recognise unfunded implicit pension commitments.
view the EDHEC study-Response to the European Commission White Paper "An Agenda for Adequate, Safe and Sustainable Pensions"
Source: EDHEC
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