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ESMA Approves The DTCC Trade Repository In Europe

Next 90 Days Crucial For The Industry's Readiness To Meet Reporting Requirements
November 7, 2013--The Depository Trust & Clearing Corporation (DTCC) announced today that the European Securities and Markets Authority (ESMA) has approved DTCC's Derivatives Repository Limited (DDRL) to operate a multi-asset class derivatives repository in Europe.

Located in London, with a data centre in The Netherlands, DTCC's European trade repository will support trade reporting mandated under the European Market Infrastructure Regulation (EMIR) which is due to begin on 12 February 2014.

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Source: DTCC

ETP investors boost European exposure

November 6, 2013--Investors in exchange-traded products upped their exposure to Europe in October, with ETPs offering exposure to the region raking in $6.19 billion in flows during the month.

The hefty European ETP flows in October helped push total inflows for equity ETPs offering exposure to the region to $20.59 billion year to date, according to new figures from consultancy ETFGI. By comparison, in the first 10 months of last year, those products attracted net inflows of $5.88 billion.

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Source: Financial News

The FCA strengthens the listing rules to enhance protection for shareholders

November 5, 2013--The Financial Conduct Authority (FCA) has strengthened its listing rules to protect minority shareholders. The new rules will give shareholders in premium listed companies additional voting rights and greater influence over key decisions.

David Lawton, the FCA's director of markets, said:

"Active engagement by all shareholders is essential to make markets work well. By safeguarding minority interests from abuse by controlling shareholders, these changes will promote market integrity and empower minority shareholders to hold the companies they invest in to account."

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Source: FCA.org.uk

EDHEC-Risk Institute disagrees with EFAMA on ESMA Guidelines and reiterates its call for greater index transparency

November 5, 2013--The European Fund and Asset Management Association (EFAMA) recently ventured that the European Securities and Markets Authority (ESMA) had exceeded its powers and mandate by issuing "quasi-regulation (...) on topics which were not previously regulated at EU level."

The representative body for the European investment management industry specifically targeted the ESMA Guidelines on ETFs and other UCITS issues and its provisions in terms of securities lending, collateral management, or the use of financial indices.

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Source: EDHEC

FSB Launches Quantitative Impact Study (QIS2) on Proposed Regulatory Framework for Haircuts on Securities Financing Transactions

November 5, 2013--The Financial Stability Board (FSB) is launching today the second-stage of its two-stage quantitative impact study (QIS) on the proposed regulatory framework for securities financing transactions.

On 29 August 2013, the FSB published the report Policy Framework for Addressing Shadow Banking Risks in Securities Lending and Repos that set out policy recommendations for addressing financial stability risks in relation to securities lending and repos. These measures formed part of an overall set of policy recommendations to strengthen oversight and regulation of shadow banking, an overview of which was published on the same date.

At the same time, the FSB noted that, although most of the policy measures were finalized, certain proposed measures would be finalised in light of further assessments of their potential impact on the financial system. These include proposals on a regulatory framework for haircuts on non-centrally cleared securities financing transactions, which consists of (i) minimum standards for methodologies to calculate haircuts on non-centrally cleared securities financing transactions and (ii) a framework of numerical haircut floors that will apply to non-centrally cleared securities financing transactions in which entities not subject to regulation of capital and liquidity/maturity transformation receive financing from regulated financial intermediaries against collateral other than government securities. The FSB invited comments from the public on these proposals by 28 November. As part of the development of these proposals, the FSB had launched a two-stage QIS in April 2013.

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Source: FSB

BATS trade reporting service to shake up market data

November 5, 2013--BATS Chi-X Europe's trade reporting service will not suffer the same fate as rival Markit Trade Reporting, which is to be closed next year, due to major differences in its business model.

Last week, Markit told clients it will close the trade reporting service, formerly known as Markit BOAT in September next year, shortly after BATS Chi-X Europe unveiled its own trade reporting service, citing insufficient demand for off-exchange data.

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Source: TradeWeb

European Commission-Autumn forecast 2013-EU economy: Gradual recovery, external risks

November 5, 2013--The EU economy has started growing again. Following a slow expansion of economic activity during the remainder of 2013, growth is set to become more robust in 2014 and 2015.

After several quarters of contracting activity, the European economy has started growing again in the second quarter of this year. Over the past months, there have been encouraging signs that the economic recovery will continue. The legacy of the crisis will continue weighing on growth, but its impact is expected to gradually subside over the forecast horizon.

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view the European Commission European Economic Forecast Autumn 2013

Source: European Commission

IMF Working paper-Spillovers to and from the Nordic Economies: A Macroeconometric Model Based Analysis

November 5, 2013--Summary: This paper analyzes the transmission of shocks and policies among and across the Nordic economies and the rest of the world. This spillover analysis is based on a pair of estimated structural macroeconometric models of the world economy, disaggregated into thirty five national economies.

We find that the Nordic economies are heavily exposed to external macroeconomic and financial shocks, but have significant scope to mitigate their domestic macroeconomic impacts through coordinated policy responses, given their high degree of regional integration.

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Source: IMF

Unscheduled free float adjustment in MDAX

November 4, 2013--Deutsche Börse today announced an unscheduled adjustment to the free float of GSW Immobilien AG in MDAX. Due to the takeover by Deutsche Wohnen AG, the free float of GSW Immobilien AG has been reduced from the current 88.21 percent to 13.68 percent.

The adjustment will become effective on 7 November 2013.

The next regular review of the Deutsche Börse blue-chip indices will be on 4 December 2013.

Source: Deutsche Börse

Source highlights importance of CPD post RDR

November 4, 2013--Source, the innovative asset manager with $15bn of ETP assets under management, today announces its next series of webinar courses to help investors continue and complete their required hours for Continuing Professional Development.

As a fully CISI accredited provider, over the last year, Source has run CPD accredited courses on a wide array of topics surrounding the ETP industry, coinciding with the introduction of the Retail Distribution Review in January.

The next series of Source ETF webinars, available to institutional investors, includes:..

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Source: Source