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ESAs consult on draft technical standards under EMIR
April 14, 2014--The European Supervisory Authorities (ESAs) launched today a consultation on draft Regulatory Technical Standards ('RTS') outlining the framework of the European Market Infrastructure Regulation (EMIR).
These RTS cover the risk management procedures for counterparties in non-centrally cleared OTC derivatives, the criteria concerning intragroup exemptions and the definitions of practical and legal impediments. The consultation will allow gathering public views on how to ensure a proportionate implementation of the requirements, as well as any other specific aspects that need discussion.
The consultation runs until 14 July 2014.
For those over-the-counter (OTC) derivative transactions that will not be subject to central clearing, these draft RTS prescribe that counterparties apply robust risk mitigation techniques to their bilateral relationships, which will include mandatory exchange of initial and variation margins. This will reduce counterparty credit risk, mitigate any potential systemic risk and ensure alignment with international standards. These draft RTS elaborate on the risk-management procedures for the exchange of collateral and on the procedures concerning intragroup exemptions including the criteria that identify practical and legal impediments to the prompt transfer of funds.
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Source: ESMA
Four new equity index ETNs from ETF Securities launched on Xetra
ETNs track DAX and EURO STOXX 50 with triple long and short leverage
April 14, 2014--Four new equity index ETNs issued by ETFS Equity Securities Limited have been tradable on Xetra since Monday. Exchange traded notes track the performance of underlying reference indices outside of the commodities sector.
The ETFS 3x Daily Long DAX 30 and ETFS 3x Daily Short DAX 30 enable investors to participate in the positive and inverse performance of Germany's 30 largest stock corporations with a leverage factor of three.
ETN name: ETFS 3x Daily Long DAX 30
Asset class: equity index ETN
ISIN: DE000A1YKTG2
Total expense ratio: 0.82 percent
Benchmark: LevDAX(R) x3 AR (TR)
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Source: Xetra
Asset managers miss out on 1bneuro of profit
April 13, 2014--European asset managers are missing out on €1bn of annual profits by failing to take advantage of the freedoms granted to them under EU legislation, according to McKinsey.
The consultancy said fund houses that reshaped their businesses in line with the Ucits IV legislation -which paved the way for a group to market funds across the EU without the need to have a separate management company in every country-should see their earnings rise by at least 15 per cent.
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Source: FT.com
Swiss & Global planning active ETF push
April 7, 2014--Swiss & Global plans an ambitious marketing campaign for its active exchange traded funds, aiming for an initial SFr2bn ($2.2bn) of inflows.
After securing listings on the Zurich bourse last week, the Swiss asset manager is also hoping to list the funds on the London Stock Exchange and to extend the range, first of all by adding a US equity fund.
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Source: FT.com
UK Official holdings of international reserves, March 2014
April 3, 2014---This monthly press notice shows details of movements in March in the UK's official holdings of international reserves, which consist of gold, foreign currency assets and International Monetary Fund assets.
These reserves are maintained primarily so that the UK Government’s reserves could be used to intervene to support Sterling, or the Bank of England's reserves could be used to support the Bank’s monetary policy objectives. If such interventions were to occur, then they would be shown and explained in this release. The Background Note at the end of this release explains more about the reserves, and about these statistics.
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Source: HM Treasury
Listing of Exchange Traded Notes issued by Skandinaviska Enskilda Banken AB
April 3, 2014--NASDAQ OMX Stockholm decides to officially list 14 Exchange Traded Notes issued by Skandinaviska Enskilda Banken AB with effect from 2014-04-04.
The instruments will be listed on STO Exchange Traded Notes.
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Source: NASDAQ OMX Stockholm
European Supervisory Authorities highlight cross-sectoral risks
April 2, 2014--European Supervisory Authorities highlight cross-sectoral risks The Joint Committee of the European Supervisory Authorities (ESAs) published today its third bi-annual report on risks and vulnerabilities in the European Union's (EU) financial system.
The report has identified a number of potential vulnerabilities and cross-sectoral risks to the stability of the European financial system including:
weak and uneven economic recovery;
uncertain outlook in a number of global emerging economies;
asset price imbalances and risks of a sharp adjustment;
increased search for yield in a protracted low interest rate environment;
conduct of business risks;
IT-related operational risks.
view the Joint Committe Report on Risks and Vulnerabilities in the EU Financial System March 2014
Source: ESMA
Turnover at Deutsche Borse's cash markets at 120.2 billion euros in March
April 1, 2014--Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at €120.2 billion in March (March 2013: €97.3 billion). Of the €120.2 billion, €110.1 billion were attributable to Xetra (March 2013: €89.6 billion). €5.1 billion were attributable to the Frankfurt Stock Exchange (March 2013: €4.3 billion).
Order book turnover on Tradegate Exchange* totalled approximately €5.0 billion in March (March 2013: €3.3 billion).
In equities, turnover reached €106.3 billion on Deutsche Börse’s cash markets (Xetra: €99.3 billion, Frankfurt Stock Exchange: €2.4 billion, Tradegate Exchange: €4.6 billion). Turnover in bonds was €1.0 billion, and in structured products €1.6 billion. Order book turnover in ETFs/ETCs/ETNs amounted to €11.1 billion.
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Source: Deutsche Börse
New approach for measuring counterparty credit risk exposures finalised by the Basel Committee
March 31, 2014--The Basel Committee has today published a final standard on the treatment of derivatives-related transactions in its capital adequacy framework.
The standardised approach for measuring counterparty credit risk exposures improves on existing non-modelled methodologies for assessing the counterparty credit risk associated with derivative transactions.
view the BIS The standardized approach for measuring
counterparty credit risk exposures
Source: BIS
First Russell Europe SMID 300 ETF launched on Xetra
New Source ETF tracks European small and mid-cap index
March 31, 2014--A new equity index fund from the ETF offering issued by Source has been tradable on Xetra since Monday.
ETF name: Source Russell Europe SMID 300 UCITS ETF
Asset class: equity index ETF
ISIN: IE00BJVD4K83
Total expense ratio: 0.35 percent
Distribution policy: non-distributing
Benchmark: Russell Europe SMID 300 Net Return Index
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Source: Xetra
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