FSA consults on changes to the Listing Rules-continued

January 26, 2012--The Financial Services Authority (FSA) has today proposed a number of changes to the Listing Rules that set out the requirements for companies listed in the UK. The changes are updates to the rules to take account of market developments.
The Listing Rules are the responsibility of the United Kingdom Listing Authority (UKLA), operating under the FSA. The Consultation Paper (CP) also sets out some wider issues in relation to the premium listing standard on which comment is sought.

The Listing Rules have been reviewed on a regular basis since their introduction in 2000. The last review in 2008-10 introduced the premium and standard segments in order to provide greater clarity for investors. Today’s proposals, the majority of which are technical in nature, fall under a number of different headings:

Reverse Takeovers
The proposed changes will ensure that reverse takeovers cannot be used as a ‘back-door’ route to listing for companies that would otherwise be ineligible. There are currently exemptions that remove some acquisitions from the reverse takeover requirements. These proposed changes will narrow these exemptions.

Sponsor Regime
Sponsors play an important role in the regime for premium listed companies by ensuring that such companies understand the regulatory framework and by providing assurance to the UKLA that companies are meeting the requirements. Today’s proposals are intended to clarify UKLA’s expectations of sponsors – for example by adding a rule that that the FSA can require a sponsor to confirm to the FSA that its client is complying with the Listing Rules.

view more

Source: FSA.gov.uk

Europe ETP News
Deutsche Börse to encourage hidden trades
November 29, 2015--Deutsche Börse is to follow in the footsteps of the London Stock Exchange Group by encouraging investors to trade large blocks of shares hidden from public view without breaching new rules on controversial "dark pools".
read more
Four new ComStage ETFs launched on Xetra
ETFs track the indices DAX, MDAX, DivDAX and EURO STOXX 50
November 27, 2015--Four new equity index funds issued by Commerz Funds Solutions S.A., a Commerzbank Group fund management company, have been tradable on Xetra and Börse Frankfurt since Friday.
read more
Annual Growth Survey 2016: Strengthening the recovery and fostering convergence
November 26, 2015--Annual Growth Survey starts the 2016 European Semester
Today's package launches the annual cycle of economic governance. It sets out general economic and social priorities for the EU and gives Member States policy guidance for the following year.
read more
The EU's economic governance explained
November 26, 2015--An explanation of the EU's economic governance
The economic and financial crisis revealed weaknesses in the EU's economic governance. The EU responded by taking a wide range of measures to strengthen its governance and to facilitate a return to sustainable economic growth, job creation, financial stability and sound public finances.
read more
IMF Staff Concludes Visit to Russian Federation
November 23, 2015--An International Monetary Fund (IMF) mission visited Moscow during November 16-20, 2015, to discuss the economic outlook and related policies. At the conclusion of the visit, Ernesto Ramirez Rigo, IMF mission chief for Russia, issued the following statement:
read more
Fund manager fee cap could control costs
November 23, 2015--Competition does not keep charges down in the pensions industry.
read more
Bond issuance in euros hits six-year high
November 23, 2015--Investment grade companies scramble to sell debt ahead of any ECB QE2
read more
Legal & General and Source form exchange traded fund alliance
November 22, 2015--Legal & General Investment Management and Source have formed a new alliance as the UK asset managers attempt to combat competition in Europe's fast-growing exchange traded fund market.
read more
ESMA will not exempt the collateralisation of bank guarantees for energy derivatives under EMIR
November 19, 2015--The European Securities and Markets Authority (ESMA) has decided not to further extend the existing grace period of three years for the non-financial firms' use of non-collateralised bank guarantees to cover transactions in energy derivatives cleared by European central counterpar-ties (CCPs).
read more
Official Statistics: Forecasts for the UK economy: November 2015
November 18, 2015--Forecasts for the UK economy is a monthly comparison of independent forecasts.
read more
FCA to scrutinise competition in £6.8 trillion asset management industry
The City watchdog wants to make sure investors aren't being ripped off through high costs and conflicts of interest
November 18, 2015--The UK financial watchdog has said it "may intervene" in the asset management industry if a new report finds there is not enough competition in the sector
read more
First Indian fixed income ETF launched in LSE
November 18, 2015--Sun Global Investments and ZyFin Holdings have announced plans to list the world's first Indian fixed income ETF, theLAM Sun Global ZyFin India Sovereign Enterprise Bond UCITS ETF, on the London Stock Exchange.
read more
Exchanges and interdealer brokers reshape
November 17, 2015--In recent weeks the sector has experienced a wave of asset swaps and consolidation.
read more
China Europe International Exchange launched in Frankfurt
November 17, 2015--A Sino-German joint venture named China Europe International Exchange (CEINEX) was launched here on Wednesday, kicking off the trading of Renminbi-denominated exchange traded funds (ETFs).
read more
Amundi MSCI Europe Buyback UCITS ETF Launched on Xetra
Focus on European companies with stock buyback programmes
November 17, 2015--A new equity index exchange-traded fund (ETF), issued by Amundi, is open for trading on Xetra and the Börse Frankfurt venue.
Name: Amundi MSCI Europe Buyback UCITS ETF
Asset class: equity index ETF
read more
World's first Indian fixed income ETF launched on Xetra
November 17, 2015--Deutsche Börse welcomes ZyFin as new ETF issuer
November 17, 2015--The world's first Indian fixed income ETF has been listed on Xetra and the Börse Frankfurt venue on Tuesday.
read more
MiFID: ESMA makes available pan--EU data on suspensions and removals from trading
November 17, 2015--The European Securities and Markets Authority (ESMA) has launched today a new database which makes available information on suspensions and removals from trading including restoration details that national supervisory authorities have to notify under the Markets in Financial Instruments Directive (MiFID).
read more
Pressure mounts on fund managers to disclose hidden fees
November 16, 2015--New draft European rules are piling pressure on fund managers to come clean about hidden fees that can reduce dramatically the value of individuals' retirement pots.
read more
Banks race to revamp research units ahead of new European rules
Mifid 2 to reshape way analysts report on companies and how research can be priced and circulated
November 16, 2015--Banks are facing a pressing deadline to get their sprawling research divisions in order after decades of deliberations and experimentation.
read more
New Deka bond index ETF launched on Xetra
ETF tracks European government bonds with highest 5-year yield
November 16, 2015--A new bond index ETF issued by Deka Investment GmbH was launched and available for trading on Xetra and Börse Frankfurt since Monday, 16th.
read more
IMF-Emerging Europe Sees Stronger Growth Ahead, but Faces New Risks
November 13, 2015--Much of the region growing at a healthy pace; CIS economies face challenges
Growth expected to turn positive next year, but new risks have emerged
Countries face fiscal challenges; growth-friendly budgets needed
read more
GDP up by 0.3% in the euro area and by 0.4% in the EU28
November 13, 2015--Seasonally adjusted GDP rose by 0.3% in the euro area (EA19) and by 0.4% in the EU28 during the third quarter of 2015, compared with the previous quarter,according to flash estimates published by Eurostat, the statistical office of the European Union.
read more
BlackRock partners with Euroclear and Clearstream to migrate 20 ETFs to international settlement structure
November 12, 2015--Centralised post-trade arrangements increase liquidity- efficiency and reduce cost
BlackRock, Euroclear and Clearstream have partnered to migrate 20 iShares ETFs to an international issuance and settlement structure.
read more
Saxo rolls out SaxoTraderGo to other banks and brokers
November 11, 2015--Institutional build out to be bolstered through deeper white label partnerships
read more
BMO launches European ETF range
November 7, 2015--BMO Global Asset Management has launched a range of European-listed exchange traded funds
read more
Lyxor's flagship synthetic exchange traded fund becomes physical
November 7, 2015--The future of "synthetic" exchange traded funds that use futures to follow an index was dealt another blow last week after Lyxor, the French asset manager, dropped the synthetic structure for one of its biggest funds.
read more
Unscheduled free float adjustment in SDAX
Changes to be effective as of 11 November
November 6, 2015--Deutsche Börse AG has announced an unscheduled adjustment to the free float of alstria office REIT AG in SDAX.
read more
Consultation paper on indirect clearing under EMIR and MiFIR
November 5, 2015--ESMA has published the Consultation paper on indirect clearing under EMIR and MiFIR.
read more
European Commission-Autumn 2015 Economic Forecast: Moderate recovery despite challenges
November 5, 2015--The economic recovery in the euro area and the European Union as a whole is now in its third year. It should continue at a modest pace next year despite more challenging conditions in the global economy.
read more
Four WisdomTree equity index ETFs launched on Xetra
ETFs track German, European and Japanese companies with weighting factor dividends
November 5, 2015-Four new exchange-listed index funds issued by WisdomTree have been tradable on Xetra and Börse Frankfurt since Thursday. The stock corporations in the reference indices are weighted according to dividend amount, with those paying a higher dividend weighted heavier.
read more
Positive market reception for recently launched Euro-BONO- and Mini-DAX-Futures
November 4, 2015--The two Eurex Exchange futures contracts newly listed last week have already generated considerable trading volume in their first week of trading.
read more
UK official holdings of international reserves: October 2015
November 4, 2015--This monthly release shows details of movements in the UK's official holdings of international reserves, or assets. These consist of gold, foreign currency assets and International Monetary Fund assets.
read more
Turnover at Deutsche Borse's cash markets at 126.7 billion euros in October
November 2, 2015--November 2, 2015--Order book turnover on Xetra, Börse Frankfurt and Tradegate Exchange across all asset classes stood at €126.7 billion in October (October 2014: €141.2 billion).
read more
New Source equity index ETF launched on Xetra
ETF offers access to US S&P 500 companies
November 2, 2015--A new equity index fund from the ETF offering issued by Source has been available on Xetra and the Börse Frankfurt venue since Monday. The ETF tracks the performance of the S&P 500 Index using a selection of companies comprised in it.
read more
IFAs call for more ETFs to be made available on investment platforms
November 2, 2015-- New research from Source, one of the largest providers of Exchange Traded Products (ETPs) in Europe, reveals that 82% of IFAs believe ETFs need to be more widely available on the investment platforms they use.
read more