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Moody's 'core' warning flags risk of chasing yield
July 24, 2012--Investors have been warned that they may be pushing their luck by piling into some safe-haven euro-zone government bonds as well as longer-dated German bunds as the region's debt crisis intensifies, strategists said Tuesday.
Moody's Investors Service late Monday cut its outlook on Germany’s triple-A credit rating to negative from stable, citing risks to the balance sheet of Europe’s biggest economy as European policy makers move slowly in response to an increasingly dangerous euro-zone debt crisis.
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Source: Market Watch
ESMA publishes updated list of measures adopted by competent authorities on short selling
July 24, 2012--ESMA today published an update regarding the measures taken by EU competent authoritites regarding short selling.
This update includes measures taken by Spain and Italy.
view the UPDATE ON MEASURES ADOPTED BY COMPETENT AUTHORI-TIES ON SHORT SELLING
Source: ESMA
ETF trading picks up as equities slide
July 23, 2012--The trading of European equities may be on a downward spiral, but brokers are looking to exchange-traded funds to provide some relief.
The value of European equities traded in the first six months of this year fell 14.3% to €4.5 trillion compared to the same period last year, according to data from Thomson Reuters, the slowest start to a year since 2009.
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Source: Financial News
Nine new iShares bond index ETFs launched on Xetra
ETFs based on government bonds from individual euro zone countries and corporate bonds from the emerging markets region
July 23, 2012--Nine new bond index ETFs issued by iShares have been tradable in Deutsche Börse's XTF segment since Monday.
Eight iShares bond ETFs from the Barclays index family enable investors for the first time to participate in the performance of government bonds denominated in euros from specific euro zone countries
across all maturities and irrespective of the relevant credit rating. The individual euro zone countries are Austria, Belgium, Germany, Finland, France, Italy, the Netherlands and Spain.
iShares Barclays Austria Treasury Bond (DE000A1J0BA2)
iShares Barclays Belgium Treasury Bond (DE000A1J0BB0)
iShares Barclays Finland Treasury Bond (DE000A1J0BC8)
iShares Barclays France Treasury Bond (DE000A1J0BD6)
iShares Barclays Germany Treasury Bond (DE000A1J0BE4)
iShares Barclays Italy Treasury Bond (DE000A1J0BF1)
iShares Barclays Netherlands Treasury Bond (DE000A1J0BG9)
iShares Barclays Spain Treasury Bond (DE000A1J0BH7)
The total expense ratio for each bond is 0.20 percent.
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Source: Xetra
Kay review sets out measures to transform UK equity markets
July 23, 2012--Restoring relationships built on long term trust and confidence and realigning incentives across the investment chain should be the basis of a much needed shift in the culture of the UK's equity markets, according to a new independent review from Professor John Kay, published today.
In his review, ‘UK equity markets and long-term decision making’, Professor Kay sets out a clear vision and a set of principles to ensure that equity markets support their core purpose of enhancing the performance of UK companies, and providing returns to savers. The report finds that short-termism is an underlying problem in UK equity markets, principally caused by a misalignment of incentives within the investment chain and the displacement of trust relationships by a culture based on transactions and trading.
view the UK equity markets and long-term decision making-final report
Source: BIS
ESMA publishes an update to the Q&A in the area of Prospectuses
July 23, 2012--ESMA has published a Q&A to provide guidance on the conditions for the consent to use a prospectus in retail cascades to apply until such time when, pending European Parliament's approval,
the requirements of the Commission Delegated Regulation (COM DR) dealing with this issue come into force. The COM DR is currently subject to the objection period of the European Parliament and it is not expected to enter into force until mid-September at the earliest.
The Prospectus Directive 2003/71/EC as amended by Directive 2010/73/EU entered into force on 1 July 2012 and addresses the practice of retail cascades in article 3 (2) subparagraph 3. It requires that the issuer provides their consent to the use of the prospectus in a retail cascade by means of a written agreement. The COM DR will provide the conditions and information requirements to apply this regime. In order to promote a consistent application across the Member States of these requirements, ESMA recommends that prospectuses who grant their use in retail cascades apply the requirements of COM DR from the time of communication of this Q&A.
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Source: ESMA
Moscow Exchange --New Brand-Name Of MICEX-RTS Exchange
July 20, 2012--Moscow Exchange is the new brand-name for the former MICEX-RTS Exchange.
Moscow Exchange Group includes Moscow Exchange, National Settlement Depository, MICEX Stock Exchange, National Clearing Center, Depository Clearing Company, RTS Settlement Chamber, RTS Clearing Center, National Mercantile Exchange,
Source: Online News
ECB suspends eligibility of Greek bonds as collateral
July 20, 2012--The European Central Bank said Friday it will stop accepting Greek sovereign bonds as collateral but will review the situation once a team of international auditors has completed its visit to Athens.
In the interim, Greek banks could continue to get funding from the Greek central bank, the ECB said in a statement.
The decision to suspend Greek sovereign bonds and other assets backed by the Greek government came with the expiry next week of a bond swap launched earlier this year, the ECB explained.
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Source: EU News
ETFs finally come to Russia
July 19, 2012--Recent changes to Russian legislation have opened up the market to exchange traded funds (ETFs), allowing the creation of this previously unused investment vehicle by Russian investment houses.
Local fund providers welcome the change, saying that the market has been lacking liquid investment options.
The Russian State Duma has recently approved a legislation allowing Russian investment managers to form ETFs, Russian financial press reports. Until now, all investment funds on the Russian market were open- or closed-ended investment vehicles, which are not as flexible as ETFs and lock the investor into a rigid agreement with the fund provider.
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Source: Investment Europe
DB - Equity Research-Weekly European ETF Market Monitor
July 18, 2012--Please find attached the most recent issue of the Weekly European ETF Market Monitor. The report includes key statistics on the European ETF market as well as global ETF market highlights.
For more detailed coverage please refer to the monthly report, issued in the first week following the end of each month.
The following link will be available for 90 days. For more information, please click on the link for the full PDF. If you have any trouble viewing the link, copy and paste the link in a browser.
http://pull.db-gmresearch.com/p/611-DFEA/86832863/ETF_Research_-_Weekly_European_ETF_Market_Monitor.pdf
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
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