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EU ban on IFA rebates could restrict choice
July 13, 2014--Édouard Carmignac, founder and chairman of the eponymous French asset manager, has warned that a planned EU ban on rebates to independent financial advisers would put the so-called open architecture distribution model "in serious jeopardy".
In a scathing letter to Steven Maijoor, chairman of the European Securities and Markets Authority, Mr Carmignac said the introduction of a fee-based remuneration model for IFAs across Europe-as opposed to a commission-based model where IFAs receive rebates from fund companies for selling their products-could have a detrimental impact on third-party fund distribution.
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Source: FT.com
Regulators turn aim on broker research
Analysis is expensive to produce and the FCA must tread carefully
July 11, 2014--The annual report from the Financial Conduct Authority struggles to avoid sounding smug, but in vain. "Our first year was both challenging and encouraging" it burbles, detailing its triumphs as a consumer champion.
Among such exciting activities as extracting £425m in fines and reviewing the Retail Distribution Review is another review, that of broker commissions and analysts' research.
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Source: FT.com
Recovery Strengthens in Central and Eastern Europe, Yet Risks Remain, says World Bank
July 11, 2014--Economic growth is expected to almost double in the EU11* countries in 2014, and to continue to strengthen in 2015, according to the World Bank's latest EU11 Regular Economic Report (EU11 RER). The report says that, overall, EU11 GDP growth is forecast to strengthen from 1.4 percent in 2013 to 2.6 percent in 2014.
"The economic recovery is strengthening in the EU11, bolstered by the gradual upturn in the EU15** and supportive domestic policies,” said Mamta Murthi, World Bank Regional Director for Central Europe and the Baltic Countries. "Nonetheless, the recovery is expected to be gradual, with growth not reaching pre-crisis rates for some time."
view the World Bank-EU11 Regular Economic Report: Strengthening recovery in Central and Eastern Europe(PDF)
Source: World Bank
FCA-GC14/3 Retail Investment Advice: Clarifying the boundaries and exploring the barriers to market development
July 11, 2014--FCA has published guidance to help clarify the different types of retail investment sales models, the boundaries between them and the associated regulatory requirements.
This proposed guidance relates to the following rule(s) in the FCA Handbook: COBS 9 and COBS 10, COBS 6.1A, COBS 6.2A.4G, COBS 2.1.1R and PERG 8.26 and 13.3.
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Source: The Financial Conduct Authority (FCA)
Temporary restriction in short selling
July 11, 2014--The Financial Conduct Authority ("FCA") notifies that it temporarily prohibits short selling in the following instrument under Articles 23 (1) and 26 (4) of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short
selling and certain aspects of credit default swaps. This follows a decision made by another EU Competent Authority.
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Source: The Financial Conduct Authority (FCA)
Eurex to launch variance futures based on EURO STOXX 50
Eurex reaches deal with DRW to use U.S.-patented method for listed variance futures
July 11, 2014--Eurex is set to extend its product range by introducing a listed variance future on September 22, 2014, based on the EURO STOXX 50, the most prominent equity index in Europe.
Variance futures replicate the pay-off profile of a variance swap using a daily-margined futures contract.
Instead of a final settlement payment upon expiry the pay-off profile of a variance swap is calculated as the sum of all variation margin payments through the period the variance futures contract is held.
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Source: Eurex
ESMA defines central clearing of interest rate and credit default swaps
July 11, 2014--The European Securities and Markets Authority (ESMA) has launched a first round of consultations to prepare for central clearing of OTC derivatives within the European Union. The two consultation papers seek stakeholders' views on draft regulatory technical standards (RTS) for the clearing of Interest Rate Swaps (IRS) and Credit Default Swaps (CDS) that ESMA has to develop under the European Markets Infrastructure Regulation (EMIR).
With the overarching objective of reducing systemic risk, EMIR introduces the obligation to clear certain classes of OTC derivatives in central clearing houses (CCPs) that have been authorised (European CCPs) or recognised (third-country CCPs) under its framework. To ensure that the clearing obligation reduces systemic risk, EMIR specifies a process for the identification of the classes of OTC derivatives that should be subject to mandatory clearing. This includes the assessment of specific criteria that the relevant classes of OTC derivatives have to meet.
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Source: ESMA
Lyxor Hedge Fund Index up 0.7 per cent in June
July 10, 2014--The Lyxor Hedge Fund Index was up 0.7 per cent in June,
with seven out of 12 Lyxor indices ending the month in positive territory.
The index is up 1.6 per cent year-to-date.
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Source Hedge Week
Global Advisors announces world's first regulator-approved Bitcoin investment fund
July 10, 2014--Global Advisors Jersey (GAJ), an investment management company based in the Channel Islands, has received regulatory approval for a Bitcoin Investment fund.
The Global Advisors Bitcoin Investment Fund (GABI) has received certification from the Jersey Financial Services Commission (JFSC) and will launch on 1 August 2014. The GABI will operate within the Collective Investment Funds (Jersey) Law 1998 as an Expert Fund.
Daniel Masters, Director of GAJ commented: "Global Advisors is thrilled to be able to bring a robust Bitcoin fund product to the market. Our long experience in commodities means we are well placed to manage volatility and performance risks in this fast growing and opportunistic asset class
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Source: businesslife.com
Turkey: Macroeconomic stability and structural reform key to strong and inclusive growth, OECD says
July 10, 2014--Turkey's economy will grow stronger in the coming years, but remains overly dependent on domestic consumption funded by foreign finance, according to the latest OECD Economic Survey of Turkey.
Turkey should rebalance growth through monetary and financial policies that keep inflation, exchange rates and credit levels on sustainable paths, the OECD said.
The Survey notes that Turkey's short-term economic outlook has improved: buoyed by the projected global recovery, growth is set to pick up over the coming two years. Turkey's longer-term prospects, however, hinge on the authorities' ability to achieve disinflation and preserve the credibility of public finances, while implementing structural reforms that boost productivity and competitiveness across the economy.
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Source: OECD
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