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Financial Stability Paper 33: A European Capital Markets Union: implications for growth and stability
February 27, 2015--Capital Markets Union (CMU) is an overarching term used to describe a number of possible measures aimed at diversifying and integrating European capital markets to support economic growth and stability.
This paper examines the mechanisms through which CMU could help to achieve these objectives, namely better matching of savers and borrowers and improved private-sector risk sharing, and identifies potential reform areas.
view the Financial Stability paper 33: A European Capital Markets Union: implications for growth and stability By Niki Anderson, Martin Brooke, Michael Hume and Miriam Kürtösiová. S&P Dow Jones Indices-Europe Index Dashboard In our strategy charts, the S&P Europe 350 Buyback Index jumped into the lead for the year with a highly commendable 8.4% return for the month. view more Deutsche Börse welcomes WisdomTree Europe as new ETF issuer on Xetra "We are pleased to welcome WisdomTree as a new ETF issuer on Xetra. Smart beta ETFs are increasingly popular among investors and are displaying dramatic growth rates on Xetra in terms of number of products as well as trading volume. The new ETFs from WisdomTree are thus a real asset to our offering," said Michael Krogmann, Head of Market Development at Deutsche Börse.
view filing Best Execution under MiFID view the Best Execution under MiFID Peer Review Report Two new ComStage ETFs launched on Xetra
ETF name: ComStage MSCI Spain TRN UCITS ETF view more
Bank regulation takes back seat to kick-starting economy view more Money market funds set for partial reprieve in EU vote-document view more
Broker-Research Payment Plans Face EU Lawmaker Skepticism view more Comparing systemic risk in European government bonds and national indices view the Comparing systemic risk in European government bonds and national indices paper New Deka equity index ETF launched on Xetra
The Deka MSCI Europe ex EMU UCITS ETF enables investors to participate in the performance of the MSCI Europe ex EMU Index. view more
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Source: Bank of England
February 27, 2015--The European equity markets have been having a ripping year so far and the S&P Europe 350 added a further 6.9% during February, bringing the year-to-date returns to 14.7%.
Every single one of the S&P Europe 350's ten sectors finished in positive territory, as did the component contribution from every country in the index. The U.K.'s outsized contributed was exaggerated by currency movements; the euro continued to weaken over the month and closed at a seven-year low versus the pound.
Source: S&P Dow Jones Indices
ETFs track smart beta index strategies
February 26, 2015--Six exchange-traded funds (ETFs) issued by WisdomTree Europe have been tradable on Xetra for the first time since Thursday.
WisdomTree is one of the five largest ETF issuers on the US market and has been offering smart beta ETFs there since 2006. The Xetra listing now also enables European investors to participate in the performance of selected WisdomTree dividend strategy indices.
Source: Xetra
February 25, 2015--The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms' obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders.
ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low. In order to address this situation a number of improvements were identified, including:
Source: ESMA
ETFs offer access to corporate stocks from Italy and Spain
February 25, 2015--Two new equity index ETFs issued by ComStage have been tradable in Deutsche Börse's XTF segment since Wednesday.
ETF name: ComStage MSCI Italy TRN UCITS ETF
Asset class: equity index ETF
ISIN: LU1104574725
Total expense ratio: 0.25 percent
Distribution policy: accumulating
Benchmark: MSCI Italy Index
Asset class: equity index ETF
ISIN: LU1104577314
Total expense ratio: 0.25 percent
Distribution policy: accumulating
Benchmark: MSCI Spain Index
Source: Deutsche Börse
February 25, 2015--As the banking crisis fades in memory, only to be replaced by a lingering economic slowdown, governments are losing interest in financial reform despite warnings that dangers still lurk.
The shift could mark the beginning of an era reminiscent of the more hands-off approach to regulation preceding the 2008 financial crash, albeit one that follows a raft of reforms-from capping bonuses to boosting capital-that have curbed banks' freedom to take risks
Source: Reuters
February 25, 2015--Europe's trillion euro money market funds industry faces major reform on Thursday when European Union lawmakers vote on new rules aimed at avoiding investor runs in a crisis.
However, according to parliamentary compromises seen by Reuters, one type of money market fund (MMF) looks set to escape a requirement that industry said would spell its demise.
Source: Reuters
February 25, 2015--European Union plans to rein in asset managers who use clients' money to pay for research face resistance from legislators concerned that the proposed rules could harm small business.
Markus Ferber, the European Parliament's lead lawmaker on an overhaul of the EU's financial-markets law known as MiFID II, said he's "not entirely happy" with regulators' proposals that would force asset managers to separate payments for research from those they make to brokers to execute trades.
Source: Bloomberg
February 24, 2015--It has been shown, that the systemic risk contained in financial markets can be indicated by the change of cross-correlation between different indices and stocks.
This change is tracked by using principle component analysis (PCA). We use this technique to investigate the systemic risk contained in European economy by comparing government long term bonds and indices.
Source: Cornell University Library
ETF provides access to corporate stocks from ex EMU Europe
February 24, 2015--A new equity index ETF issued by Deka Investment GmbH has been tradable in Deutsche Börse's XTF segment since Tuesday.
ETF name: Deka MSCI Europe ex EMU UCITS ETF
Asset class: equity index ETF
ISIN: DE000ETFL458
Total expense ratio: 0.30 percent
Distribution policy: distributing
Benchmark: MSCI Europe ex EMU Index
Source: Xetra
