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ESMA provides opinions on pre-trade transparency waivers
August 10, 2011--ESMA today provided its first opinions on pre-trade transparency waivers to competent authorities under Article 29(1)(a) of the ESMA Regulation. These opinions contribute to a common supervisory culture and consistent supervisory practices. The decisions on ESMA opinions to competent authorities are taken by simple majority.
The opinions published today relate to the MiFID compliance of two trading functionalities submitted for ESMA’s assessment by the relevant national competent authorities as part of the process originally developed by CESR in spring 2009. The substance of the individual opinions has been included (in red) in the table annexed to the document “Waivers from Pre-trade transparency, ESMA opinions and CESR positions” (ESMA/2011/241). As the opinions relate to confidential information, the substance of the individual opinions has been anonymised. According to these opinions, ESMA considered a reference price system proposed by a trading venue to be MiFID compliant, whereas a system intended to formalise negotiated trades was not considered to comply with the MiFID requirements for granting a pre-trade transparency waiver.”
view the Waivers from Pre-trade Transparency
CESR positions and ESMA opinions
Source: ESMA
ESMA publishes updated list of measures adopted by competent authorities on short selling
August 9, 2011-- ESMA today published an update regarding the measures taken by EU competent authoritites regarding short selling.
This update includes measures taken by Greece
view Measures adopted by competent authorities on short selling statement
Source: ESMA
FSA publishes Recovery and Resolution Plans consultation
August 9, 2011--The Financial Services Authority (FSA) has today published a Consultation Paper (CP) and Discussion Paper (DP) on its proposals for Recovery and Resolution Plans (RRP), required of financial institutions.
The publication also covers policy proposals aimed at reducing the impact of firms' failure in relation to their investment business client money and custody assets holdings.
The CP covers the requirement for banks and large investment firms in the UK to prepare and maintain Recovery and Resolution Plans and the DP explores matters relevant to the resolution of financial services firms.
view the CP11/16 -Recovery and Resolution Plans
Source: FSA.gov.uk
European pension funds adopt 'wait and see' approach to market turmoil
August 9, 2011--European pension schemes are adopting a 'wait and see strategy' as the US market remains highly volatile.
Several of the larger Dutch pension funds have decided to refrain from any sudden changes in their investment policies and will stick to their long-term investment strategies for the time being.
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Source: IP&E
France's AMF sees no need for short sale ban
August 8, 2011--French market regulator AMF has no current plans to follow its Greek counterpart in implementing a ban on short-selling, a spokeswoman said on Monday.
"The AMF decided that at this stage, the situation on the French stock markets did not make it necessary to implement a short-selling ban," the spokeswoman said.
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Source: Reuters
Source Physical Platinum P-ETC and Source Physical Palladium P-ETC receive Shari'ah approval
August 8, 2011--Source, the US$10 billion specialist provider of Exchange Traded Products (ETPs) working in partnership with BofA Merrill Lynch, Goldman Sachs, J.P. Morgan, Morgan Stanley, Nomura, and other market makers, is pleased to announce that its
Source Physical Platinum P‐ETC (SPPT LN) and Source Physical Palladium P‐ETC (SPAL LN) have been confirmed as permissible Islamic investment certificates complying with the
requirements of Shari’ah law.
The Source products were approved on 26th July 2011 by a Board of Shari’ah Scholars facilitated by Amanie Islamic Finance Consultancy and Education LLC (“Amanie”). The Shari’ah Supervisory Board included representation from world‐renowned scholars versed in differing schools of fiqh including Dr. Mohammed Ali Elgari (Kingdom of Saudi Arabia), Dr. Mohd Daud Bakar (Malaysia), Dr. Muhammed Amin Ali Qattan (Kuwait), and Dr. Osama Al Dereai (Qatar). This Shari’ah Board has been retained by Source as its dedicated Shari’ah
Supervisory Board (Please see below for board member biographies).
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Source: Source ETFs
European equities fall after US downgrade
August 8, 2011--Europe’s leading benchmark indices fell sharply on Monday after Standard & Poor’s downgraded US sovereign debt, triggering a flight to safety.
The pan-European benchmark index tumbled 4 per cent to 936.29, with very few risers across the board.
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Source: FT.com
ECB to fight debt crisis with major bond purchases
August 8, 2011--The European Central Bank said it would make major purchases of eurozone government bonds in the latest move to stem a debt crisis that has world leaders scrambling for a global response.
The ECB said it would "actively" renew the bond purchases after Italy and Spain announced new measures and reforms to boost their economies and France and Germany pushed for full and rapid implementation of terms agreed at an emergency summit last month.
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Source: EUbusiness
Hellenic Capital Market Commission: Notice Of Prohibition Of Short Selling
August 8, 2011--The Board of Directors of the Hellenic Capital Market Commission (HCMC) decided today to temporarily ban short selling of shares and units of Exchange Traded Funds (ETFs) listed in the Athens Exchange irrespective of the venue where the transaction is executed (regulated markets, Multilateral Trading Facilities or over the counter).
The ban includes covered short sales and sales which are settled with subsequent intraday purchases. This Decision shall take effect from 9 August 2011 and shall remain in force up to and including 7 October 2011.
Source: Online News
Shareholders of MICEX and RTS voted for integration of the exchanges
August 8, 2011--On August 5, 2011 MICEX and RTS held extraordinary general shareholders meetings. Restructuring of OJSC RTS in form of accession to ZAO MICEX was the main issue on the agenda of these shareholders meetings.
Approximately 93.36% of MICEX shareholders and 88.45% of RTS shareholders were present at these meetings and participated in voting.
Restructuring of OJSC RTS in form of accession to ZAO MICEX was approved by 93.348% of all MICEX shareholders represented at the shareholders meeting. Out of all RTS shareholders that participated in the shareholders meeting 99.776 % voted for the restructuring.
The shareholders of RTS also voted for on all the other matters put to vote including dividend distribution on shares of OJSC RTS for H1 of 2011, the deal between OJSC RTS and Not-for-profit partnership "Russian Trading System" Stock Exchange", and the amended Articles of Association of OJSC RTS.
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Source: RTS Exchange
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