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ESMA issues updated Q&A on the application of the Alternative Investment Managers Directive (AIFMD)
July 21, 2014--The European Securities and Markets Authority (ESMA) published today an update of its Questions & Answers (Q&A) document on the application of the Alternative Investment Managers Directive (AIFMD).
The updated Q&A clarifies:
the reporting obligations to national competent authorities; as well as
the obligations for depositaries and the calculation of leverage.
view the Questions and Answers-Application of the AIFMD
Source: ESMA
IMF Country Report-Germany: Selected Issues
July 21, 2014--I. THE GERMAN CURRENT ACCOUNT: A RETROSPECTIVE1
The build-up of Germany's current account surplus over the last decade does not lend itself to a single-factor explanation, as both global and domestic factors, as well as policy changes led to increased savings and lower investment.
All sectors contributed to the build-up of the surplus. While fiscal consolidation and higher
household savings played a role, the corporate sector experienced a more
pronounced shift. This note provides a retrospective on these developments and
explores whether the factors contributing to the surplus are likely to be reversed
going forward.
view the IMF Country Report-Germany: Selected Issues
Source: IMF
Two new ComStage equity index ETFs launched on Xetra
ETFs provide currency-hedged access to MSCI Japan and S&P 500
July 18, 2014--Two new equity index funds issued by ComStage have been tradable on Xetra since Friday.
ETF name: ComStage MSCI Japan 100% Daily Hedged Euro UCITS ETF
Asset class: equities
ISIN: LU1033694107
Total expense ratio: 0.45 percent
Distribution policy: non-distributing
Benchmark: MSCI Japan 100% Daily Hedged to EUR Index
The ComStage MSCI Japan 100% Daily Hedged Euro UCITS ETF enables investors to participate in the performance of Japanese large and mid-caps while benefiting from daily hedging against exchange rate fluctuations between the euro and the yen.
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Source: Xetra
ESMA advises Commission on creditworthiness assessment for sovereign debt
July 18, 2014--The European Securities and Markets Authority (ESMA) has published its advice to the European Commission on the appropriateness of the development of a European creditworthiness assessment for sovereign debt.
In its request for advice, the Commission asked ESMA to provide input to the issue of sovereign ratings and rating processes including an overview of the market for sovereign ratings, information on optional issues regarding the sovereign ratings, information on sovereign rating processes as well as lessons drawn from ESMA's supervisory experience.
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Source: ESMA
DAX serves as basis for first-ever European exchange-traded fund in China
Chinese investors can now access performance of leading German companies for the first time
July 17, 2014--The DAX index underlies the first exchange-traded fund (ETF) based on a European index that will be available in China. The HuaAn Germany DAX 30 ETF was introduced by HuaAn Asset Management Co. Ltd. on July 14, 2014 and will later be listed on the Shanghai Stock Exchange.
Later today the CEOs of STOXX Limited and HuaAn Asset Management will participate in a forum in Shanghai on global investing to present DAX as well as the new ETF to local market participants.
"DAX is one of the most recognized and well-known blue-chip indices in the world. As a completely rules-based and transparent barometer of top German companies, the index remains a leading choice to underlie a wide range of financial products," said Hartmut Graf, chief executive officer, STOXX Limited. "We are pleased that HuaAn has selected DAX to underlie the first European ETF in China."
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Source: Deutsche Börse:
New issuer Boost ETP launches four leveraged exchange-traded notes on Xetra
July 16, 2014--Four exchange-traded notes (ETNs) issued by Boost ETP have been tradable on Xetra since Tuesday. The new products are linked to indices in the LevDAX, ShortDAX and EURO STOXX 50 index families and enable investors to participate in the performance of rising or falling share prices with a leverage factor of three.
"We are happy to welcome Boost ETP as new issuer to our Exchange Traded Notes segment. With Boost ETP's new product range, investors will benefit from expanded trading opportunities in leveraged financial instruments on stock indices", said Martin Reck, Managing Director Cash Market at Deutsche Börse.
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Source: ESMA
Bats Chi-X gets green light for extending clearing house choice
July 14, 2014--Europe's largest equities platform has extended the choice of clearing houses through which it allows trades in exchange-traded funds to be cleared.
From Monday, July 21, ETFs and ETPs traded on Bats Chi-X Europe may be cleared not only on EuroCCP, but also on LCH.Clearnet or Six x-clear
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Source: Financial News
Five new ETNs from ETF Securities launched on Xetra
ETNs offer access to foreign currency markets via currency baskets
July 14, 2014--Five ETNs on currency baskets from the ETF Securities product offering have been tradable on Xetra since Monday. The new ETNs track the performance of four tactical and one strategic currency basket.
The first tactical currency basket offered as either long or short, is a Morgan Stanley index which tracks the performance of the euro against G10 currencies.
ETFS Bullish EUR vs G10 Currency Basket Securities (DE000A12Z3R4)
ETFS Bearish EUR vs G10 Currency Basket Securities (DE000A12Z3Q6)
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Source: Xetra
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