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
U.K. Brexit Concerns Rise as Businesses Fret About Economy
August 22, 2017--Talks on Britain's exit from EU are due to resume next week
Oxford Economics says odds of a successful deal have reduced
read more
Lipper Monday Morning Memo: Review of the European ETF Market, July 2017
August 21, 2017--The promoters of ETFs enjoyed net inflows for July. Backed by the net inflows, the assets under management in the European ETF industry (€582.2 bn) increased for July, up from €577.6 bn at the end of June.
read more
Unscheduled adjustment in MDAX
August 21, 2017--On Monday, Deutsche Börse announced an unscheduled change to the MDAX Index. Due to the acquisition of STADA Arzneimittel AG by Nidda Healthcare Holding AG, the free float of STADA Arzneimittel AG changed by more than 10 percentage points.
read more
UK outlines approach to cross-border legal disputes post-Brexit
August 21, 2017-- Britain urged the EU on Tuesday to stick to the existing system for resolving cross-border civil disputes after Brexit, expanding on a list of proposals for future ties to try to nudge talks forward with the bloc.
read more
New ETF Listing on Euronext-Amundi ETF
August 18, 2017--Euronext is pleased to announce that Amundi Asset Management will list 1 new ETF on 22/08/2017 :
ISIN: FR0013267846
read more
ETFGI reports in Europe ETFs and ETPs gathered a record 74 billion US dollars in net inflows in first 7 months of 2017 surpassing the 2016 record total
August 18, 2017--ETFGI, a leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reported today that ETFs and ETPs listed in Europe gathered net inflows of US$10.16 Bn in July marking the 33rd month of consecutive inflows.
read more
ECB-Euro area investment fund statistics: second quarter of 2017
August 18, 2017--In the second quarter of 2017 the outstanding amount of shares/units issued by investment funds other than money market funds was €10,639 billion, which is €171 billion higher than in the first quarter of 2017.
read more
Banks Publish Research Costs Ahead of MiFID II, Revealing Industry Disparity
August 18, 2017--UBS and JPMorgan revealed the lowest priced equity research packages in the industry, starting at $10k.
read more
ECB-Account of the monetary policy meeting of the Governing Council of the European Central Bank
Held in Frankfurt am Main on Wednesday and Thursday, 19-20 July 2017
August 17, 2017--1. Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœur&?eacute; reviewed the latest financial market developments
read more
Walking the aisles of the UKs fund supermarkets
August 17, 2017-Platforms are increasingly popular with retail investors. But with some promoting their 'own brands' in the fund supermarket, are they offering real value?
read more
Borsa Italiana: ETFstat July 2017
August 17, 2017--New Listing
7 new ETFs listed on ETFplus market
Now available 1233 instruments (786 ETFs, 313 ETCs/ETNs and 134 open-end funds)
The Asset Under Management (AUM) in Italy sets a new record: €63.42 billion (€56.99bn for ETFs, €6.22bn for ETCs/ETNs and €0.216bn for open-end funds) with a growth of 25.24% compared to July 2016.
read more
Monthly report: Clearstream supports liberalisation of Chinese financial market
August 17, 2017--At the end of this month, the Shanghai International Financial Advisory Council will bring together top Chinese market regulators and representatives of leading international financial institutions involved in China's ongoing financial liberalisation story.
read more
Official Statistics: Forecasts for the UK economy: August 2017
August 16, 2017--Forecasts for the UK economy is a monthly comparison of independent forecasts.
read more
Morningstar Direct Asset Flows Commentary: Europe ETF
August 16, 2017--Bond ETFs see tepid demand in July, while equity ETFs enjoy solid inflows.
In July 2017, exchange-traded fund investors in Europe were more cautious when exposing themselves to bond market risks than in previous months but showed increased optimism for equity products.
read more
HM Treasury-Future customs arrangements: a future partnership paper
August 15, 2017--This paper discusses options for new customs arrangements between the UK and the EU in the future partnership.
read more
German GDP grows at fastest annual rate since 2014
August 15, 2017--Rising domestic demand helps economy expand 0.6 per cent in second quarter
read more
The Algo That Entices Fund Managers to Beat New EU Trading Caps
August 15, 2017--Liquidnet's new product comes months before European overhaul
MiFID II limits how much trading can take place in dark pools
read more
Source launches GBP share class for MSCI Europe ex-UK ETF
August 14, 2017--European ETF provider Source has introduced a pound sterling-denominated share class for the Source MSCI Europe ex-UK UCITS ETF (LON: MXUK).
read more
Boost co-founders McNeil and Bienkowski launch 'white label' ETF platform
August 14, 2017--New venture called HANetf
The duo, who became co-CEOs of WisdomTree Europe after it bought Boost in 2014, were also previously managing partners at ETF Securities.
read more
Lipper-Monday Morning Memo: ETFs, Corporate Governance, and Shareholder Rights
August 14, 2017--In the aftermath of the financial crisis of 2008 it became obvious that good corporate governance is a key factor in protecting markets and shareholders (owners) of companies from large drawdowns caused by scandal, greed,, or other factors of a bad corporate culture.
read more
ICMA Corporate Bond Analysis
August 14, 2017--ULTUMUS has worked with ICMA group to undertake analysis of the European Corporate Bond market in terms of ETFs.
read more
Ex-WisdomTree chiefs want to 'crush' ETF barriers to entry
August 14, 2017--Duo have launched a platform to help asset managers to launch exchange traded funds and are in talks with several potential members
read more
DB-Synthetic Equity & Index Strategy-ETF Monthly Europe-Eurozone Bluechips and Financials benefit most in July
August 11, 2017--Data in this report is as of 31st July 2017.
Eurozone Bluechips and Financials benefit most in July
Data in this report is as of 31st July 2017. European ETP Monthly Highlights (Assets & Flows):
European ETPs AUM increased by €4.4bn on MoM basis and ended the month at €610bn.
European-domiciled ETPs registered inflows of +€8.6bn in July where year-to-date flows have reached +€65bn.
read more
ESMA agrees first position limits under MiFID II
August 10, 2017--The European Securities and Markets Authority (ESMA) has published today its first three opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR).
read more
Flow Traders releases July 2017 ETP Markets volumes
August 10, 2017--Flow Traders N.V. ("Flow Traders") (Euronext: FLOW), today releases the monthly ETP (Exchange Traded Products) market data for the month of July 2017.
read more
MiFID Seen Sending European ETFs Over Trillion Dollar Mark
August 10, 2017--Rules mean firms to report trade details in transparecy bid
Europe ETF assets reach $725 billion through June
read more
Flow Traders releases July 2017 ETP Markets volumes
August 10, 2017-Flow Traders N.V. ("Flow Traders") (Euronext: FLOW), today releases the monthly ETP (Exchange Traded Products) market data for the month of July 2017. This refers to general market data only.
read more
European Bitcoin Exchange Bitstamp to Add Ethereum Trading Pairs
August 10, 2017--Starting from Thursday, 17 August, Ethereum will be available for trading on Bitstamp against USD, EUR and BTC.
read more
LSE July 2017 ETF & ETP Monthly Report
August 10, 2017-Listings
11 new ETFs were listed on LSE in July 2017, making a total of 77 new listings year-to-date.
There are now 921 ETFs (available as 1,413 lines through multi-currency offerings) and 457 other ETPs (available as 526 lines) on our London market.
Lyxor were our most active issuer by number of new listings this month, bringing 3 equity and 1 fixed income ETFs to London.
read more
Tradeweb European Exchange-Traded Funds Update-July 2017
August 9, 2017--The following data is derived from trading activity on the Tradeweb European-listed ETF platform.
ETF total traded volume
Total traded volume on the Tradeweb European-listed ETF marketplace exceeded €13.3 billion in July.
read more
Lyxor-Monthly European ETF Market Trends August 2017
August 9, 2017--European ETF market flows were remained steady in July. Net New Assets (NNA) over the month totalled EUR8.7bn. Total ETF Assets under Management are up 13% vs. the end of 2016, reaching EUR583bn and including a positive market impact of 2%. Assets in emerging market and fixed income ETFs shrank significantly as investors awakened to a potentially hawkish Fed and ECB.
read more
ESMA updates its MiFID II guidelines on transaction reporting, order record keeping and clock synchronisation
August 8, 2017--The European Securities and Markets Authority (ESMA) has issued today an update of its Guidelines on transaction reporting, order record keeping and clock synchronisation under the Markets in Financial Instruments Directive (MiFID II).
read more
Two new commodity index ETFs from ETF Securities launched on Xetra
August 8, 2017--Two new exchange traded funds (ETFs) issued by ETF Securities have been tradable on Xetra and Börse Frankfurt since Tuesday. The two commodity index ETFs offer investors the opportunity to participate in the performance of a diversified portfolio of futures contracts on commodities from different sectors.
read more
Trillions in Stock and Derivative Trades at Risk Over New EU Rules
August 7, 2017--EU working on equivalence decisions for law's Jan. 3 start
Ashurst's Cant says rules could result in 'fortress Europe'
read more
Monday Morning Memo: Review of the European ETF Market, H1-2017
August 6, 2017--The promoters of ETFs enjoyed high net inflows over the course of first half 2017. In combination with positive market performance the assets under management in the European ETF industry (€577.8 bn) increased for H1-2017, up from €514.5 bn at the end of December 2016.
read more
Vanguard breaks ranks to pay for analyst research
August 6, 2017--Fund giant heaps pressure on rivals by covering research costs under Mifid II rules.
read more
EBA publishes indicators from 36 global systemically important institutions (G-SIIs)
August 5, 2017-- The European Banking Authority (EBA) published today indicators from 36 large institutions in the EU, as provided for in the Implementing Technical Standards (ITS) and Guidelines on disclosure rules applicable to institutions whose leverage ratio exposure measure exceeds 200 billion Euro.
read more
WisdomTree-How to use ETPs to hedge fixed income portfolios
August 4, 2017--Fixed income has been at the heart of European investor portfolios for many years with average allocations in 2016 standing at 51%.
read more
New Deutsche Asset Management smart beta bond index ETF launched on Xetra
August 4, 2017--ETF offers access to high quality emerging market government bonds with a currency hedge
A new exchange traded fund (ETF) issued by Deutsche Asset Management has been tradable on Xetra and Börse Frankfurt since Friday.
read more
EBA publishes a Discussion Paper on its approach to FinTech
August 4, 2017--The European Banking Authority (EBA) published today a Discussion Paper on its approach to financial technology (FinTech). The EBA sets out in the Discussion Paper the results of the first EU-wide FinTech mapping exercise and its proposals for future work on FinTech.
read more
Mind the cap: dark trading under MiFID II
August 3, 2017--With Australia and Canada having already adopted new rules to oversee trading within dark pools, it is now Europe's turn to shed some light on this activity.
read more
SIX Swiss Exchange ETF Market Report: 2nd quarter 2017
August 3, 2017--This report provides detailed figures regarding the performance of SIX Swiss Exchange's ETF segment.
read more
National Statistics: UK official holdings of international reserves: July 2017
August 3, 2017--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
July turnover at Boerse Stuttgart in region of EUR 6 billion
August 2, 2017--Investment products and debt instruments show year-on-year increase in trading volume
read more
Turnover at Deutsche Borse's cash markets at 118.9 billion euros in July
August 1, 2017--Trading volume increased by 18 percent year-on-year
Order book turnover on Deutsche Börse cash markets totalled €118.9 billion in July (July 2016: €100.8 billion). Of the €118.9 billion, €109.1 billion were attributable to Xetra (July 2016: €91.8 billion) and €3.5 billion to Börse Frankfurt (July 2016: €3.4 billion).
read more
Infographic-The UK's Brexit Options in the Eurozone landscape
August 1, 2017--The Eurozone? The European Economic Area? The European Free-Trade Area? The European Customs Union? Whaaat?
A graphic that hopefully clarifies the complex structure of the European Union and the UK's various routes for Brexit.
read more
Dark trading and market quality
August 1, 2017-Moderate levels of activity in UK dark pools appear to support market quality in equities.
Changes in regulation, coupled with advances in tech, have led to a proliferation in new classes of trading venues. One of the most important are 'dark pools'-where orders with no pre-trade transparency are executed. In other words, where there is no visibility of the order book.
read more
Eurozone Economy Speeds Up, Raising Chance of Stimulus Taper
August 1, 2017--Currency area's GDP has grown faster than the U.S.'s over the last 18 months
The eurozone's economy quickened in the second quarter, raising expectations the European Central Bank will begin to phase out its stimulus measures next year as the region emerges from the shadow of the past decade's financial crises.
read more
First Trust launches actively managed global currencies ETF
July 31, 2017--ETF provider First Trust Global Portfolios (FTGP) has launched what it describes as the first actively managed ETF in Europe focused on investing in global foreign exchange markets.
read more
Monday Morning Memo: 2017-New Records Ahead for the European Fund Industry?
July 31, 2017--Review of the Trends in the European Fund Industry H1-2017
Looking at the headline figures, first half 2017 set the stage for a new record year in the European fund industry. The assets under management in Europe stood at €10.0 tr at the end of June, close to the record level shown earlier in the year. In addition, the European fund industry enjoyed net inflows of €362.5 bn over the course of first half 2017.
read more
ETFGI reports assets invested in ETFs/ETPs listed in Europe reach a new record of US$686 billion at the end of first half of 2017
July 31, 2017--ETFGI, a leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reported today that assets invested in ETFs/ETPs listed in Europe reached a new record of US$686 billion at the end of first half of 2017, according to ETFGI's June 2017 global ETF and ETP industry insights report.
read more
Brexit set to raise UK banks' costs 4% and capital needs 30%
July 31, 2017--Most detailed assessment yet comes amid risk of resources shift to US and Asia
read more
Flow Traders NV: Flow Traders reports market share gains in 2Q17 and announces interim dividend of EUR0.30
July 28, 2017--Flow Traders N.V. (Euronext: FLOW) today announced its 2Q17 results (unaudited), stating that:
Global ETP Assets under Management (AuM) reached the highest level on record end 2Q17 (in US$) with continuous inflows
Products in which Flow Traders is a registered market maker rose to 5,274 (+27% YTD, +6% Q-o-Q)
read more
FCA to end LIBOR benchmark before 2022
July 27, 2017--The U.K. Financial Conduct Authority will phase out LIBOR by the end of 2021 Andrew Bailey, the head of the regulator, said in a speech Thursday.
read more
BlackRock launches diversified commodities ETF
July 27, 2017--BlackRock has launched a new exchange traded fund (ETF)-the iShares Diversified Commodity Swap UCITS ETF (ICOM).
read more
VanEck Registration for distribution in Denmark
July 27, 2017--VanEck Investments Limited wishes to announce that the following four VanEck Vectors(R) UCITS ETFs have been registered for distribution in Denmark:
VanEck Vectors J.P. Morgan EM Local Currency Bond UCITS ETF (EMLC)
VanEck Vectors Gold Miners UCITS ETF (GDX)
read more
IMF-Italy: Selected Issues
The growth of Italian exports has lagged that of euro area peers. Against the backdrop of unit labor costs that have risen faster than those in euro area peers, this paper examines whether there is a competitiveness challenge in Italy and evaluates the framework of wage bargaining.
read more
European equity fund inflows reach nearly $30bn so far in 2017
July 27, 2017--European stock funds continue to curry favour with investors, with inflows to continental equity funds rising to nearly $30bn since the year began.
read more
New tradable indices go live at Euronext
July 27, 2017--Euronext today announced the launch of the Morningstar(R) Eurozone 50 IndexSM and Morningstar(R) Developed Markets Europe 100 IndexSM on Euronext.
read more
Lyxor hires Source's Lake to head up UK sales
July 26, 2017--Held roles at RBS and Société Générale
Lake joins from Source ETF where he spent over two years as head of sales for UK and Ireland and was responsible for coverage across retail, private wealth and institutional investors.
read more
EU prop firm capital crunch could hit market liquidity
July 26, 2017--Traders claim they would be put out of business by bank-style capital rules.
read more
Lyxor launches pair of infrastructure ETFs
July 25, 2017--Lyxor Asset Management has launched two infrastructure ETFs, the Lyxor FTSE USA Core Infrastructure Capped UCITS ETF and the Lyxor FTSE Developed Europe Core Infrastructure Capped UCITS ETF.
read more
ETF Securities Macro & Equities Research: The UK to enter the economic doldrums
July 25, 2017--Summary
A combination of weaker loan growth, sterling weakness, squeezed corporate margins and negative real wages are likely to push the UK into a period of very low growth in the coming year.
read more
IMF Country Focus-Euro Area: There Is Recovery, But Reforms Are Needed
July 25, 2017--Euro area recovery has strengthened over the last year, bringing with it more jobs and opportunities. All euro area members are sharing in the recovery now, with the differences in growth rates across countries at their lowest level since the launch of the euro in 1999.
read more
Hedge fund professionals anticipate greater use of ETFs
June 24, 2017--More than nine out of ten (92%) of senior hedge fund professionals expect to see an increased value of ETFs being used within their industry this year, according to research commissioned by European ETF provider Source.
read more
Lyxor adds unique 1-3y US Dollar, & Euro ETFs to High Yield range
July 24, 2017--Lyxor's new short-dated US Dollar & Euro High Yield ETFs offer investors a defence against rising interest rates.
read more
Lyxor-Two new infrastructure ETFs launched
July 24, 2017--Lyxor has launched two new infrastructure focused ETFs.
read more
ULTUMUS-Global ETF Monitor
July 24, 2017--Europe
Commodities specialist ETF Securities has cross-listed two All Commodities ETFs into Germany. BCOM tracks a basket of 22 commodities-which is largely made up of metals and oil-related products...
read more
Ossiam Shiller Barclays CAPE US Sector Value ETF reaches $1bn in AUM
July 24, 2017--Ossiam has reported that the Ossiam Shiller Barclays CAPE US Sector Value UCITS ETF (LON: UCAP) passed the $1 billion assets under management milestone in June.
read more