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
Russia's 'Massive' Rate Rise Seen Halting Ruble Tumble
December 16, 2014--The Russian central bank took a big enough step to halt the ruble's record decline by unexpectedly raising the benchmark interest rate to 17 percent, according to Alliance Bernstein LP and Stone Harbor Investment Partners.
read more
Russian cenbank moves to limit pricing manipulation in futures market
December 15, 2014--The Russian central bank said on Monday it had sent an order to the Moscow Exchange to halt trading in certain instruments in order to prevent possible manipulation of the equity futures market.
read more
New Source ETF launched in XTF segment on Xetra
ETF offers currency-hedged access to the S&P 500
December 12, 2014--A new equity index ETF issued by Source has been tradable in the XTF segment on Xetra since Friday.
ETF name: Source S&P 500 UCITS ETF-EUR Hedged
Asset class: equities
Total expense ratio: 0.15 percent
read more
European Commission adopts first equivalence decision for the purposes of credit risk weighting Regulation (EU) No 575/2013
December 12, 2014--Today, the Commission adopted its first 'equivalence' decision for the purposes of credit risk weighting under Regulation (EU) No 575/2013 ('Capital Requirements Regulation').
read more
Borsa Italiana-ETFstat November 2014
December 12, 2014--New Listing
In November 2 new ETFs and 1 new ETC were listed on ETFplus market
At the end of November 2014 there were listed 919 instruments (669 ETFs and 250 ETCs/ETNs)
read more
ECB's liquidity auction falls short of expectations
December 11, 2014--ECB's liquidity auction falls short of expectations...doubts about policy makers' efforts to stave off stagnation.
read more
Lyxor UCITS ETF iBoxx Germany 1-3Y (DR) launched on Xetra
ETF tracks German government bonds
December 11, 2014-- A new exchange-listed bond index fund issued by Lyxor Asset Management has been tradable in Deutsche Börse's XTF segment since Thursday.
ETF name: Lyxor UCITS ETF iBoxx Germany 1-3Y (DR)
Asset class: bond index ETF
ISIN: FR0012283398
read more
ESMA-MiFID-Conduct of Business, fair, clear and not misleading information
December 11, 2014--Summary
The European Securities and Markets Authority (ESMA) has conducted a peer review of how national regulators (national competent authorities or NCAs) supervise MiFID conduct of business rules on providing fair, clear and not misleading information to clients.
read more
Lyxor switches Government Bond range to physical replication
December 11, 2014--Lyxor Asset Management has announced that the rest of its Government Bond ETF range will switch to the direct replication model known as "physical" replication.
read more
BOOST launches Europe's first 3x Short and 3x Leverage Banks ETPs on Borsa Italiana as trading volumes reach $1bn
December 10, 2014--Europe's first 3x Leveraged and 3x Short Banks ETPs listed on Borsa Italiana
5x Leverage EUR-USD and 5x Short EUR-USD ETPs also listed on Borsa Italiana
BOOST ETP's short and leverage platform hits new AUM record as Boost expands into FX, offering now covers equities, commodities, fixed income and FX
read more
'Pension passport' still under scrutiny
December 10, 2014--The City regulator is considering ways to offer savers a "Pension Passport",
read more
Eurex Adds to Swap-Future Lineup as Rules Reshape Market
December 10, 2014--Eurex plans to offer a futures contract that mimics an interest-rate swap, the latest effort by an exchange operator to win a piece of the $421 trillion market for rate swaps.
read more
Emerging Turkey: Lessons from an Economy in Transition
December 10, 2014--Highlights
Turkey's solid economic performance over the past decade is a source of inspiration for many emerging markets and offers some valuable lessons for their policy makers.
read more
Euro area securities issues statistics
December 9, 2014--The annual rate of change of the outstanding amount of debt securities issued by euro area residents decreased from -0.5% in September 2014 to -0.8% in October. For the outstanding amount of quoted shares issued by euro area residents, the annual growth rate was 1.6% in October 2014, compared with 1.5% in September.
read more
ETFGI's research finds the global ETF/ETP industry has reached a new record of 2.76 trillion US dollars in assets at the end of November 2014
ETFGI's research finds the global ETF/ETP industry has reached a new record of 2.76 trillion US dollars in assets at the end of November 2014
December 9, 2014--ETFGI's research finds 2014 is proving to be a very good year for the Global ETF/ETP industry.
read more
Rand/dollar at 6-year low on deficit news
December 8, 2014--The rand has fallen to its worst level against the dollar in six years after SA's third-quarter
read more
Eurozone ministers disagree on 'Tobin' tax
December 8, 2014--Eurozone ministers failed to find common ground on a long promised financial transaction tax, official sources said on Monday, put into jeopardy by sharply differing views on its implementation.
read more
World Bank Revises Its Growth Projections for Russia for 2015 and 2016
December 8, 2014--The World Bank has updated its economic outlook for Russia for 2015 and 2016 to reflect a further decline and increased volatility in global oil prices. The revised outlook is articulated through three scenarios-a baseline, an upper, and a lower-case-based on different oil price assumptions.
read more
The end looms for 'Alice in Wonderland' fees
December 7, 2014--The asset management industry suffered a shock last month when an influential panel that advises the UK regulator on policy issued a damning report on the state of the fund market.
read more
Defining 'closet tracking' is a hotbed of regulatory arbitrage
December 7, 2014--The active versus passive investment debate has taken a new turn. Esma, the European watchdog of securities markets, is to take a closer look at so-called "closet trackers", with a view to identifying whether a co-ordinated pan-European policy response is needed.
read more
IMF-Kingdom of the Netherlands-Netherlands: Selected Issues Paper
December 5, 2014--OVERVIEW
House Prices, Consumption, and the Household Debt Overhang In the Netherlands
Deflated housing prices that were fueled by robust borrowing often leave in their wake households with heavy debt burden. This "debt overhang" forces level of debt to sustainable levels.
read more
UPDATE 1-EU may ditch plan to separate bank trading activities
December 5, 2014--The European Union may ditch plans to force banks to keep high-risk trading activities separate from their main businesses because of opposition from some member states.
read more
Assessment of Basel capital regulations in the European Union concluded by the Basel Committee
December 5, 2014--The Basel Committee on Banking Supervision has today published a report assessing the implementation of the Basel capital framework in the nine EU Member States that are members of the Basel Committee.
read more
UBS Global Asset Management launches medium duration fixed income ETFs
December 5, 2014--UBS Global Asset Management has broadened the range of its fixed-income ETFs with the listing of three ETFs on the London Stock Exchange.
read more
New UBS bond index ETF launched on Xetra
ETF offers access to liquid US corporate bonds
December 4, 2014--A new bond index fund issued by UBS Global Asset Management on liquid US corporate bonds has been tradable in the XTF segment on Xetra since Thursday.
read more
New SPDR bond index ETF launched on Xetra
ETF tracks performance of euro-zone government bonds
December 4, 2014--A new SPDR bond index ETF issued by State Street Global Advisors has been tradable in the XTF segment on Xetra since Thursday.
ETF name: SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF
Asset class: bond index ETF
ISIN: IE00BS7K8821
read more
Euro zone bond yields rise as some trim ECB QE bets
December 4, 2014--Peripheral bond yields lead rise post-Draghi comments

ECB's Draghi says to consider govt bond purchases in 2015
Comments disappointed those positioned for concrete plans (Recasts with prices moves post-Draghi

read more
London Stock Exchange December 2014 ETF & ETP Monthly Report
December 4, 2014--Listings
7 new ETFs and 1 new ETN listed on London Stock Exchange in November 2014
There are now 737 ETFs (available as 1,128 lines through multi-currency offerings) and 359 ETCs/ETNs (available as 410 lines) on our London market
Pimco/Source became the second issuer to launch an International ETF on London Stock Exchange
read more
Russia ETF Rush Halted as Kremlin Faces Recession
December 3, 2014--Investors who piled into the biggest exchange-traded fund tracking Russian stocks at a record pace last month have started pulling out as the government acknowledged that the country is headed toward a recession.
read more
Invesco Powershares: smart beta in demand
December 3, 2014--Demand for smart beta indices across Europe is growing, according to research by exchange-traded fund (ETF) provider, Invesco PowerShares.
read more
Boerse Stuttgart reports November turnover in region of EUR 6.4 billion
December 2, 2014--Based on its order book statistics, Boerse Stuttgart turned over around EUR 6.4 billion in November 2014.
read more
Russia expects recession in 2015 as sanctions, oil prices bite
December 2, 2104--Low oil prices and sanctions imposed on Moscow over Ukraine will send the Russian economy into recession next year, government officials said on Tuesday, a dramatic change to an earlier forecast of 1.2 percent gross domestic product growth.
read more
PIMCO issues first actively managed fixed income ETF in Euroclear's international structure
December 2, 2014--PIMCO, a world-leading investment manager, has today made history by launching the first actively managed fixed income ETF in Euroclear Bank's international structure.
read more
State Street names Rory Tobin head of European business
December 1, 2014--Asset management company State Street Global Advisors appointed Rory Tobin as head of its European distribution.
read more
IMF Turkey: Selected Issues Paper
Turkey's current account deficit is expected to remain elevated at around 5½-6 percent of GDP through 2019. Reducing the deficit to a more sustainable level around 2½-3 percent of GDP should be a key policy priority.
read more
Turnover at Deutsche Borse's cash markets at 103.9 billion euros in November
December 1, 2014--Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at €103.9 billion in November (November 2013: €92.9 billion). Of the €103.9 billion, €96.1 billion were attributable to Xetra
read more
HSBC says bye-bye to Bitcoin hedge fund Global Advisors
December 1, 2014--HSBC will no longer work with the first regulated Bitcoin investment fund amid concerns about "money laundering risk".
read more
New PowerShares equity index ETF launched on Xetra
December 1, 2014--A new equity index fund from the ETF offering issued by PowerShares Global Funds has been tradable in the XTF segment on Xetra since Monday.
ETF name: PowerShares Global Buyback Achievers UCITS ETF
Asset class: equity index ETF
read more
ESMA consults on AIFMD asset segregation requirements
December 1, 2014--The European Securities and Markets Authority (ESMA) has published today a consultation paper on the AIFMD asset segregation requirements.
read more
Roger Bootz geht zur DeAWM
01.12.2014--Roger Bootz verantwortet ab 01.12.2014 den öffentlichen Vertrieb passiver Anlageprodukte bei der Deutschen Asset & Wealth Management (Deutsche AWM).
read more
Boost ETP hits new records including AUM and trading volumes
December 1, 2014--BOOST AUM reaches a record $160m, which is a rise of 332% since the end of November 2013 when AUM stood at $37m BOOST trading volumes reached a record $288m so far in November, a ten-fold increase from November 2013 when volumes were $25m.
read more
Lyxor and Amundi predict big passive push
November 30, 2014--Record-breaking inflows this year into Europe's exchange traded funds industry have encouraged both Lyxor and Amundi to make bold predictions about future asset growth for their passive investment arms.
read more
European Commission-Fact Sheet-The EU's economic governance explained
November 28, 2014--The lessons learned from the recent economic, financial and sovereign debt crises have led to important reforms of the EU's economic governance rules.
read more
Deutsche Boerse Will Return to Currencies After 16 Years
November 28, 2014--Deutsche Boerse AG will re-enter currency trading 16 years after the birth of the euro prompted it to withdraw from the market.
read more
ESMA submits advice on delegated acts required by the UCITS V Directive
November 28, 2014--On 3 July 2014 ESMA received a provisional request from the European Commission for technical advice on the content of two of the delegated acts on depositaries required by UCITS V.
read more
Unscheduled free float adjustment in MDAX
November 28, 2014--Deutsche Börse AG has announced an unscheduled adjustment to the free float of Rhön-Klinikum AG in MDAX.
read more
New PIMCO Source active ETF launched on Xetra
Actively managed bond ETF tradable on corporate bonds
November 28, 2014--A new active ETF issued by PIMCO Fixed Income Source ETFS plc has been tradable in the XTF segment on Xetra since Friday.
Name: PIMCO Low Duration Euro Corporate Bond Source UCITS ETF
Asset class: active bond index ETF
read more
EU Annual Growth Survey 2015: A new Momentum for Jobs, Growth and Investment
November 28, 2014--The 2015 Annual Growth Survey (AGS) published by the European Commission today focuses on putting Europe firmly back on a path of sustainable job creation and economic growth. The arrival of the new Commission, with an ambitious agenda for Jobs, Growth, Fairness and Democratic Change, is the right moment to generate a new momentum.
read more
Deutsche Borse AG publishes results for Q3/2014
Net revenue in Q3 increased to €496 million / Operating costs of €266 million excluding exceptional items / Adjusted earnings per share (EPS) of €0.85 / Net revenue and EPS in the first nine months up slightly on the previous year / Clearstream passes ECB stress test
October 27, 2014--Deutsche Bouml;rse AG published its figures for the third quarter of 2014 on Monday. The Group generated net revenue of €495.9 million, an increase of 8 per cent on the prior-year period (Q3/2013: €457.9 million).
read more
WisdomTree Europe Hires Head of Sales
ETF Industry Veteran Nick Shellard Adds Depth of Institutional Sales Knowledge and Relationships
November 27, 2014--WisdomTree, an exchange-traded fund ("ETF") and exchange-traded product ("ETP") sponsor, and pioneer of dividend-weighted ETFs, announces the hire of Nick Shellard as Head of Sales at WisdomTree Europe.
read more
Amundi launches Nikkei 400 ETF
November 26, 2014--Amundi has bolstered its Japanese equities ETF range with its cheapest exchange-traded fund yet.
read more
S&P Dow Jones Indices-Europe Index Dashboard-November 2014
November 28, 2014--It was not a great month for Europe's bureaucrats. The OECD criticized the European Central Bank's efforts to combat economic stagnation and warned that Europe was the "locus of weakness" in the global economy; European Commission President Jean-Claude
read more
Boost launches triple leveraged gilts ETP on LSE
November 26, 2014--Boost, a leading European provider of short and leveraged exchange-traded products and a division of WisdomTree Europe,
read more
Euronext Paris to relocate
November 25, 2014--Euronext Paris, which houses the pan-European operational headquarters of the group, today announced plans to relocate to the Praetorium site at La Défense, the business district west of Paris.
read more
Lyxor unveils growth plans in business restructure
November 25, 2014--Lyxor Asset Management has restructured its business into three areas in an effort to achieve an ambitious growth objective over the next three years.
read more
Borsa Italiana-ETFstat October 2014
November 24, 2014--New Listing
In October 4 new ETFs and 19 new ETCs/ETNs were listed on ETFplus market
At the end of October2014 there were listed 917 instruments (668 ETFs and 249 ETCs/ETNs)
read more
RBS admits European stress test blunder
November 23, 2014--The Royal Bank of Scotland has accepted that it got its sums wrong over the European Banking Authority stress tests last month.
read more
European markets watchdog examines closet trackers
November 23, 2014--The European markets watchdog is probing "closet tracking", which critics say is enabling fund managers to charge high active fees while in practice doing little more than hugging an index.
read more
Lyxor and db X-trackers Shake Things Up
Two of the largest ETF providers in the industry have begun offering physical ETFs, marking a departure from their roots
November 21, 2014--The largest synthetic ETF providers in Europe, Lyxor and db X-trackers, have announced they are venturing into the physical ETF market.
read more
IMF Executive Board Concludes 2014 Article IV Consultation with Turkey
November 21, 2014--On November 21, 2014, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Turkey.1
read more
November 21, 2014--EXCHANGE NOTICE 21.11.2014 ETN
read more
Eurozone growth at 16-month slow point
November 20, 2014--Growth in the eurozone has slowed to its slowest pace in 16 months as new orders dipped,survey company Markit said Thursday,
read more
Securities financing transactions: Council agrees transparency rules
November 20, 2014--The Permanent Representatives Committee agreed, on behalf of the Council, its negotiatingstance on a draft regulation aimed at improving the transparency of securities lending and repurchase transactions.
read more
WisdomTree Lists Two Emerging Markets UCITS ETFs on London Stock Exchange
November 20, 2014--WisdomTree, an exchange-traded fund ("ETF") and exchange-traded product ("ETP") sponsor, and pioneer of dividend-weighted ETFs, today announced the launch of two UCITS ETFs listed on the London Stock Exchange (LSE).
read more
'Yes' vote in Swiss referendum not certain to lift gold prices-Deutsche Bank
November 20, 2014--A vote in favour of boosting Switzerland's gold holdings at a Nov. 30 referendum won't necessarily lift bullion prices, Deutsche Bank said in a note, adding there was a "considerable" chance the motion would pass.
read more
Turkey keeps interest rates on hold as inflation stays high
November 19, 2014-Inflation among highest in emerging markets
Most economists expected no change in rates
Bank sees inflation falling in 2015
read more
Forecasts for the UK economy: November 2014
November 19, 2014--Forecasts for the UK economy is a monthly comparison of independent forecasts.
read more
ISE removes daily disclosure requirement for Actively-Managed ETFs listed on ISE
November 19, 2014--The Irish Stock Exchange (the "ISE") has, with immediate effect, removed the requirement to provide daily disclosure of the holdings of actively managed ETFs listed on the ISE.
read more
Deutsche Bank AG Name Change Announcement-db x-trackers MSCI EMU INDEX UCITS ETF (DR)
REG-Deutsche Bank AG Name Change Announcement-db x-trackers MSCI EMU INDEX UCITS ETF (DR)
November 19, 2014--Name Change Announcement-db x-trackers MSCI EMU INDEX UCITS ETF (DR)
db x-trackers
Investment Company with Variable Capital
read more