European Securities and Markets Authority (ESMA) - Articles and news items
News / 7 November 2013 / Green Target
The Depository Trust & Clearing Corporation (DTCC) announced today that the European Securities and Markets Authority (ESMA) has approved DTCC’s Derivatives Repository Limited (DDRL) to operate a multi-asset class derivatives repository in Europe. (more…)
Blog / 6 June 2013 / Paul Taylor, SWIFT
Since the financial crisis, the regulators have moved to try to limit the damage another significant market event could cause, with measures including compulsory reporting requirements, increased collateral requirements and mandated shortening of trade confirmation cycles. While one might wonder why controlling new products and trading patterns isn’t higher on the regulators’ lists, their sizeable impact warrants a moment of reflection on the new controls implemented, or to be implemented soon. (more…)
Legislation, News / 10 April 2012 / EDHEC-Risk Institute
In commenting on the ESMA Consultation Paper entitled “ESMA’s guidelines on ETFs ” (ESMA/2012/44, January 2012), EDHEC-Risk Institute has welcomed the broadened focus of this new consultation, which goes a long way towards approaching important issues in a horizontal way across all UCITS, rather than in a vertical way limited to UCITS ETFs, but regrets that the consultation paper has not gone further in several key areas: (more…)
News, Trading news / 24 February 2012 / Finextra
The European Securities and Markets Authority (Esma) has given national securities watchdogs two months to declare their compliance plans for new rules on scrutinising high frequency trading activities. (more…)
February 2012 / 3 February 2012 / Rebecca Brace, Columnist, FX-MM
Since the birth of the European Exchange Traded Fund (ETF) market in 2000, synthetic ETFs have grown to represent almost half the market. However, with new guidelines expected from ESMA in the coming weeks, uncertainty abounds and inflows into synthetic ETFs dropped dramatically in 2011.
Since their launch in Europe 12 years ago, exchange traded funds (ETFs) have grown rapidly. While the European market is still dwarfed by the $900 billion US market, it is now worth around $300 billion and is expected to continue growing at a healthy rate. A report published by Deutsche Bank in January forecast that ETFs will grow by 15-20% this year, while Howard Tai, Senior Analyst, Aite Group, predicts that: “The overall movement for exchange traded products is that they will continue to expand – and they could expand at the expense of traditional mutual fund type products.” (more…)
News, Trading news / 14 October 2011 / European Securities and Markets Authority (Esma)
With high-frequency trading high on the regulatory agenda in the wake of last May’s US flash crash, the European Securities and Markets Authority (Esma) is currently working on a set of guidelines on the issue that will become part of MiFID II. (more…)
Legislation, News / 18 January 2011 /
The Alternative Investment Management Association (AIMA), the global hedge fund association, has called for the implemented form of the Alternative Investment Fund Managers Directive (AIFMD) to be flexible, proportionate and based on the principles of openness and transparency.
AIMA set out its recommendations in a consultation response sent to the European Securities and Markets Authority (ESMA). ESMA (then known as the Committee of European Securities Regulators) released a Call for Evidence last month ahead of the rule-making “Level 2” of the AIFMD process. The industry was asked to respond in January to the main issues raised in the document and AIMA immediately established a working group of member firms to study the proposals and contribute to the response.
“We welcome the opportunity to engage constructively in AIFMD implementation and are happy that ESMA is taking stakeholder consultation extremely seriously. We commend the high level of their professionalism in this complicated process with tight deadlines,” said Jiri Krol, AIMA’s Director of Policy and Government Affairs.
AIMA said it hoped that ESMA would implement the AIFMD in such a way as to take account of one of the most striking features of the hedge fund sector – its great diversity.
“Flexibility, proportionality and openness are three key features which the regulation should retain if it is to succeed in delivering the policy objectives while preserving the existing breadth of business models and strategies,” said Mr Krol.
AIMA pointed out that while some of the larger hedge fund firms may employ several hundred staff and manage over $10 billion, the majority are smaller businesses, with much fewer staff and managing assets of less than $1 billion in many cases.