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ESMA publishes its opinion on the emergency measure by the Spanish CNMV under the Short Selling Regulation
November 1, 2012--The European Securities and Markets Authority has published its Opinion on the emergency measure proposed by the Spanish CNMV under the Short Selling Regulation.
Opinion
ESMA is adopting the following opinion on the notified measure, on the basis of Article 27(2) of Regulation 236/2012 on Short selling and certain aspects of credit default swaps:
On the adverse events or developments ESMA considers that there are adverse developments which constitute a serious threat to financial stability and to market confidence in Spain.
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Source: ESMA
Xetra orderbook turnover at 84 billion euros in October
November 1, 2012--Order book turnover on Xetra and the Xetra Frankfurt specialist trading stood at €88.7 billion in October-a decrease by 19 percent year-on-year (October 2011: €109.5 billion).
Of the €88.7 billion, €84.1 billion were attributable to Xetra – a decrease by 20 percent y-o-y (October 2011: €104.6 billion). €4.6 billion were attributable to the Xetra Frankfurt specialist trading – a decrease by 7 percent y-o-y (October 2011: €5.0 billion). Order book turnover on Tradegate Exchange* totalled approximately €2.6 billion in October.
In equities, turnover reached €76.5 billion on Deutsche Börse’s cash markets (Xetra: €74.8 billion, Xetra Frankfurt specialist trading: €1.7 billion). Turnover in bonds was €2.0 billion, and in structured products on Scoach €1.6 billion. Order book turnover in mutual funds and exchange-traded funds (ETFs) amounted to €8.7 billion.
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Source: Deutsche Börse
User's guide related to the net short position notification in accordance with Regulation (EU) no.236/2012 on short selling and certain aspects of credit default swaps
October 31, 2012--User's guide related to the net short position notification in accordance with Regulation (EU) no.236/2012 on short selling and certain aspects of credit default swaps
As referred to in the AMF press release of 17 October 2012 about the Short Selling Regulation, the AMF has
published a document describing the new reporting system for short positions. This new system will be available
as of 1st November 2012.
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Source: AMF
Exchange Traded Product (ETP) Entrepreneurs to launch new independent platform "BOOST ETP"
October 31, 2012--Today sees the official launch of an exciting new entrant into the Exchange Traded Fund/Product market, BOOST ETP.
BOOST's founders and owners are Hector McNeil and Nik Bienkowski who have been in the European ETP market since its genesis.
McNeil and Bienkowski were Managing Partners at ETF Securities (ETFS). They were instrumental in growing ETFS from $50 million of AUM to $22 billion when they left in September 2010 and October 2010 respectively. Both are still significant shareholders at ETFS, the world's leading Exchange Traded Commodities (ETC) provider.
The opportunity to launch one of only a few European independent ETP issuers has arisen from the significant changes currently affecting the ETP world. In a market dominated by large investment banks and diversified financial institutions significant questions are being asked about their respective ETP business models. Investors and regulators have been looking for more transparency around practices such as stock lending, collateral management and use of in-house hedging techniques. As a result innovation has slowed and is expected to slow further due to funding cuts, bank's requirements to reduce staff numbers and non-core assets. This has left a significant opportunity for an independent, nimble and focused player such as BOOST.
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Source: BOOST
UBS keeps quiet on future of asset management division
October 31, 2012--UBS has declined to comment on the future of its asset management business after the Swiss bank announced the closure of its investment bank's fixed income arm.
The closure, announced yesterday as part of the bank's third-quarter results, comes as UBS seeks to "exit lines of business that do not meet their cost of capital sustainability".
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Source: IP&E
DB-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review
October 31, 2012--Attached is the most recent issue of the European Weekly ETF Market Review. The report includes key statistics on the European ETF market as well as global ETF market highlights.
For more detailed coverage please refer to our monthly report, issued in the first week following the end of each month.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Europe-ETF Research
Flash estimate-October 2012 Euro area inflation estimated at 2.5% Euro
October 31, 2012--Euro area1 annual inflation2 is expected to be 2.5% in October 2012, down from 2.6% in September3, according to a flash estimate from Eurostat, the statistical office of the European Union.
Looking at the main components of euro area inflation, energy (7.8% compared with 9.1% in September) is
expected to have the highest annual rate in October, followed by food, alcohol & tobacco (3.2% compared with
2.9%), services (1.8% compared with 1.7%) and non-energy industrial goods (1.1% compared with 1.2%).
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Source: EUbusiness
Greek recession worse than forecast next year
The Greek recession will be even worse than expected next year, according to a draft budget tabled in parliament on Wednesday.
October 31, 2012--The country--which risks running out of money in two weeks--will run a bigger public deficit than forecast a month ago in a previous draft and the economy is expected to shrink by 4.5 percent in 2013, compared with the previous forecast of 3.8 percent.
The new forecast nonetheless predicted that Greece's recession would ease next year, with the forecast for 2012 being that the economy will shrink by 6.6 percent.
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Source: EUbusiness
Lyxor cuts fees as ETF price war spreads
October 30, 2012--Lyxor has dismissed the suggestion that it could spark a price war among exchange trade fund providers in Europe after announcing fee cuts for seven of its largest ETFs.
“There is no price war in Europe,” said Simon Klein, global head of business development in ETFs and indexing at Lyxor, the third largest player in the European ETF market.
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Source: FT.com
Professional ETF buyers look to diversify among product providers, reveals HSBC survey
October 30, 2012--More than a quarter, at 27%, of professional buyers of exchange-traded funds (ETFs) expect to widen the range of ETF providers they use over the coming three years, as professional asset allocators and investment advisers look to reduce exposure to any one provider going forward, according to a survey commissioned by HSBC Global Asset Management.
The report, which focused on the four largest ETF markets in Europe (the UK, Switzerland, France and Germany) further supports the assertion that the European ETF buying community wants to diversify across a wider range of providers, with 74% of respondents asserting they would not allocate any more than 20% to one provider, with the average allocation being 15.5%.
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Source: ETF Strategy
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