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Europe backlash grows against Mifid reforms
February 1, 2011--European regulators face a growing backlash over moves to impose greater transparency on parts of the equities and derivatives markets as the region gears up for reforms mirroring US efforts to make the financial system safer.
The European Commission has proposed sweeping changes to the way the equities and derivatives markets are traded in its review of the Markets in Financial Instruments Directive, implemented in 2007.
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Source: FT.com
ESG Reporting, finally poised to become mandatory across Europe?"
January 31, 2011--Between November 2010 and January 2011, the European Commission (EC) underwent a public consultation process to address the future of the European corporate disclosure regime of non-financial information (i.e: information pertaining to environmental, social and corporate governance issues). After years of engaging in dialogue with industry stakeholders, disclosure of non-financial information by companies is poised to move from a voluntary to a mandatory basis.
Eurosif submitted a Response to this important consultation, shaped with the valuable contribution of Eurosif’s Board, Lobbying Advisory Group and its Member Affiliates.
This document provides an overview of Eurosif’s lobbying position on corporate non-financial disclosure and additional topics that were opened for debate in the EC consultation.
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Source: Eurosif
Update of the list of measures recently taken by competent authorities regarding short-selling.
January 31, 2011--CESR published on 22 September 2008 a statement that facilitates an overview of actions taken by CESR Members in relation to short-selling. The statement paper includes either the statements or links to the statements published by CESR Members explaining the measures taken. This paper is not a comparison of the measures taken.
ESMA updates the list of measures recently taken by competent authorities regarding short-selling. The documents will be updated on a continuous basis; the latest update has been provided by the French AMF and the German Bafin.
view Measures recently taken by competent authorities regarding short-selling
Source: ESMA
EU urged to restart carbon trading
January 31, 2011--Energy traders have warned European regulators that they must reopen the region’s carbon trading markets within days if they are to avoid damaging the fledgling emissions trade.
However, regulators have been unable to give a firm date for the resumption of trading in the physical market, known as the “spot” market, while a sale of 300,000 metric tonnes of carbon planned for Tuesday in Germany was cancelled.
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Source: FT.com
Eurozone inflation accelerates to 2.4 per cent
January 31, 2011-- Eurozone annual inflation shot up to 2.4 percent in January, the EU warned Monday, fuelling household fears of an earlier rise in interest rates than anticipated, though experts insisted they see no need.
The European Union Eurostat agency said the flash-estimate climb, from 2.2 percent in December, was almost certain to be confirmed in official figures next month.
The European Central Bank's core target for economic management, inflation close to but not above 2.0 percent, has now been breached for the second successive month, and the eurozone figure comes on top of inflation in non-euro Britain topping 3.7 percent in December.
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Source: EUbusiness
Source launches Man GLG Europe Plus ETF
January 31, 2011--Source is pleased to announce today the launch of its new Man GLG Europe Plus Source ETF, providing exposure to the Man GLG Europe Plus Index, a long-only index developed by Man Systematic Strategies (MSS), a new group which draws on the combined expertise of GLG, AHL and Man’s Multi-Manager business.
The Man GLG Europe Plus Index, created by MSS, is a long-only total return European equity index designed to capture outperformance from broker ideas provided specifically for Man GLG. It uses high quality ideas from approximately 60 leading brokers to create a liquid, highly diversified, long-only European equity portfolio. The index has similar market-cap exposure to the broad European equity market, with the potential for enhanced returns.
Europe’s brokerage community employs thousands of experienced research analysts who generate trade ideas for active investors. There is substantial evidence that these ideas add value. Since 2005, GLG has used a systematic process to select the highest quality broker ideas and run a liquid, diversified portfolio. This strategy is now available in index format, via the new Source ETF.
Commenting on the launch of the ETF, Ted Hood, CEO of Source, said, “Similar proprietary MSS strategies have delivered impressive and consistent outperformance relative to MSCI Europe over the last few years. We are very excited to be able to offer this quality of investment in the form of a Source ETF. It is groundbreaking to deliver an outstanding actively managed product in an investment with such a high degree of liquidity and transparency.”
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Source: Source ETF
HSBC launches new China ETF in Europe
January 31, 2011--HSBC has ushered in the Chinese New Year with the launch of the HSBC MSCI China ETF in Europe
The fund is listed on the London Stock Exchange in sterling and US dollar trading currencies, while further registrations and cross-listings across Europe are planned. The fund has a total expense ration (TER) of 0.6 per cent.
The HSBC MSCI China ETF will aim to mirror the MSCI China Index through ‘physical replication’, which is designed to offer exposure to leading companies in China.
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Source: Money Observer
Luxembourg Stock Exchange To List First Bond Issued By The European Financial Stability Facility
January 28, 2011--The first bond to be issued by the European Financial Stability Facility (EFSF) will be admitted to trading on the Luxembourg Stock Exchange on 1 February 2011.
This bond issue, which is guaranteed by fourteen EU Member States, is for an amount of EUR 5 billion and a term of 5 years with a final maturity on 18 July 2016. It will pay an annual coupon of 2.75% and will be issued at 99.302%. The majority of the proceeds of the issue will be used for the EU/IMF financial stability package for Ireland.
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Source: Mondovisione
OPEC sees no oil shortage, disputes S. Arabian rise
January 28, 2011--Top OPEC officials on Thursday reiterated that oil prices nearing $100 were not caused by a shortage of crude, and the group’s chief disputed a report that Saudi Arabia had quietly opened its taps.
In comments likely to reinforce expectations that the producer group is disinclined to step up production for now, OPEC Secretary-General Abdullah al-Badri said he was “100 percent sure” there was no shortage in the oil market. Badri said the near-record spread between US oil futures and European Brent showed futures had become “disconnected” from the physical market; UAE’s Mohammed al-Hamli blamed cold weather and trader buying for price gains.
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Source: Todays Zaman
Italian 8-billion euro bond issue a success
Jnauary 28, 2011-- Italy issued over eight billion euros of medium- and long-term bonds at encouragingly low interest rates on Friday, in a sign of easing fears among investors.
The Italian treasury sold off a total of 8.148 billion euros of bonds ($11.17 billion), and had bidders for another four billion euros, the Bank of Italy said in a statement.
The three-year bonds yielded 3.12 percent and the seven-year bonds 2.55 percent, both rates below that of the last such issue by Italy in December -- a welcome sign that investors' fears are easing.
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Source: EUbusiness
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