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19/02/2013

Les régulateurs plus souples sur les dérivés

Le Comité de Bâle et Iosco ont publié de nouvelles propositions de régulation pour les produits dérivés non-compensés. Par rapport au projet présenté en juillet dernier, elles permettraient de réduire les besoins en collatéral, au titre des marges initiales, par plus de deux.
19/02/2013

La baisse du yen éclaircit les perspectives japonaises

Le gouvernement japonais pourrait relever ses prévisions d’activité dans son rapport économique du mois de février, du fait notamment de la politique volontariste menée par le Premier ministre Shinzo Abe pour faire baisser la parité du yen, indique le journal. Il s’agirait de la première fois depuis début 2011 que Tokyo enregistre deux mois consécutifs de relèvement de ses prévisions.
18/02/2013

Madrid va lever cette semaine entre 6 et 8 milliards d’euros

Le Trésor espagnol compte émettre entre 6 et 8 milliards d’euros de titres de dette à l’occasion de ses adjudications de cette semaine. L'émission demain de bons à trois et neuf mois devrait porter sur un montant compris entre 3 et 4 milliards d’euros. Jeudi, le Trésor entend lever entre 3 et 4 milliards d’euros à l’occasion de l’adjudication d’emprunts à échéance du 31 mars 2015, du 31 octobre 2019 et du 31 janvier 2023.
18/02/2013

Les prix de l’électricité devraient bondir de 30% d’ici à 2017

La facture moyenne d'électricité des ménages français devrait bondir de 30% d’ici à 2017, selon des projections de la Commission de régulation de l'énergie (CRE). Le régulateur précise dans un rapport sur les marchés de détail de l'énergie que cette hausse sera due pour plus du tiers à l’augmentation de la contribution au service public de l'électricité (CSPE), laquelle s’explique pour l’essentiel par le développement des énergies renouvelables.
18/02/2013

Les «supercrédits» allemands violeraient les objectifs de CO2

L’usage illimité de «supercrédits», défendu par l’Allemagne afin de soutenir la production d’automobiles haut de gamme, remettrait en cause les objectifs de l’UE en matière de réduction des émissions de CO2, estime la Commission européenne. Ces «supercrédits» permettent aux constructeurs de produire des véhicules dont les émissions de CO2 dépassent les quotas européens, à condition d’assembler un certain nombre de véhicules hybrides ou électriques.
18/02/2013

L'Egypte revoit à la baisse ses prévisions de croissance

La croissance égyptienne sera de 3% à l’issue de l’année fiscale s’achevant fin juin, a déclaré Achraf Al Arabi, ministre du Plan et de la Coopération internationale, revoyant à la baisse une précédente prévision fixée à 4%. Il a également annoncé que la croissance annuelle avait atteint 2,5% au cours du dernier trimestre 2012.
18/02/2013

Quinze jours de répit avant le cadrage budgétaire

Une source gouvernementale citée par Reuters a indiqué que les lettres de cadrage budgétaire 2014 seraient envoyées d’ici 15 jours, démentant au passage des informations faisant état d’une accélération de la procédure pour faire face à la dégradation des comptes publics. Jean-Marc Ayrault aura l’occasion d'évoquer le sujet lors d’un déjeuner de ministres mercredi à Matignon et jeudi matin lors d’une réunion interministérielle sur les finances publiques et la protection sociale à l’Elysée.
18/02/2013

Man Group fusionne deux filiales de gestion alternative

Le premier gérant alternatif coté au monde a décidé de rapprocher deux filiales : AHL et Man Systematic Strategies. Il a nommé par ailleurs Luke Ellis à sa présidence. Soumise à une forte pression, la société a remanié sa direction ; Emmanuel Roman doit remplacer Peter Clarke au poste de directeur général à compter du 28 février.
18/02/2013

Mario Draghi récuse toute «guerre des monnaies»

Auditionné devant la Commission des affaires économiques et monétaires du Parlement européen, le président de la Banque centrale européenne Mario Draghi a jugé «vraiment excessive toute référence à une guerre des monnaies». «La plupart des mouvements que nous avons vus sur les taux de change n'étaient pas ciblés explicitement, ils résultaient de politiques macro-économiques nationales destinées à renforcer l'économie», a-t-il estimé.
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18/02/2013

"Nous allons proposer un score ESG de tous les fonds d’AXA Framlington"

Axa Investment Managers, qui gère environ 4 milliards d’euros dans des fonds purement ISR, est en train d’intégrer les critères ESG (environnement, social et gouvernance) à l’ensemble de sa gestion, confie Matt Christensen, responsable global de l’investissement responsable, dans un entretien à Newsmanagers. Première étape, les fonds actions d’AXA Framlington, qui à partir de cette année seront notés sur les critères ESG. Ensuite, la gamme obligataire sera concernée et dans un troisième temps les obligations souveraines.
18/02/2013

Appointment to AMF

The French financial market regulator, the Autorité des marchés financiers (AMF), on 15 February announced the appointment of Olivier Vigna as chief economist and director of the research, strategy and risk division of the office of the director of regulation and international affairs. Vigna, educated at the Ecole Normale Supérieure in Cachan and a graduate of IEP Paris, joined the Bank of France in 1996. He spent 5 years as a banking controller for the banking commission, and then 5 years as an economist and statistician in the balance of payments office. In 2005, he became a macroeconomist in the office of foreign economies, and then head of the conjunctural diagnostic department of the conjuncture and macroeconomic projections department in 2007, and then head of the market relationships and crisis management office of the financial stability department in 2010, and a member of the consulting commission of the AMF on individual and collective management activities.
18/02/2013

Heinz insider trading? SEC gets Swiss account frozen

On 15 February, the day after the announcement that Berkshire Hathaway and 3G Capital are acquiring H.J. Heinz Company for USD28bn, the SEC announced that it has obtained an order from a Manhattan court to freeze the assets in a trading account in Zurich which is suspected of having been used for trades which benefited from inside information about the operation, which may have made illegal profits of USD1.7m.The Wall Street Journal reports that the account was at GS Bank, an affiliate of Goldman Sachs, which is not involved in the deal.The case concerns the purchase of call options the day before Heinz shares gained 20%, and trading volumes on the share rose by more than 1,700%.
18/02/2013

Finra investigating dark pools

The Wall Street Journal reports that the Financial Industry Regulatory Authority (Finra) is currently exploiting the responses to requests for information which it sent in late 2012 to operators of dark pools, and that requests will be sent to other operators.The regulator wants to obtain additional information about the way in which these trading systems process orders from clients, and the contents of information provided to clients. It would also like to know if the affiliates of operators of dark pools have access to information about trades made by clients.
18/02/2013

Daimler stands up to DWS and Union over Formula 1

Jörg Howe, a spokesman for Daimler, on Sunday told the news agency dpa, relayed by Handelsblatt, that the auto maker is refusing to give in to the asset management firms DWS (Deutsche Bank) and Union Investment (co-operative banks), which are asking it to drop out of Formula 1 car racing.The asset management firms claim that Formula 1 is both too costly and counter-productive in terms of image, with Grand Prix races being run in countries that are criticized for their violations of human rights.
18/02/2013

Nigel Bolton promoted to CIO at BlackRock

Nigel Bolton, head of the European equity team at BlackRock, has agreed to accept the role of chief investment officer (CIO) of International Fundamental Equity (FE) within the Alpha Strategies group led globally by Quintin Price, according to a statement.Nigel Bolton’s expanded role will cover the EMEA and Asia Pacific regions, where he will work closely with his counterpart Chris Leavy, CIO of Fundamental Equity Americas. He remains head of the European equity Team and retains his portfolio management responsibilities.
18/02/2013

Brookfield Asset Management appoints head for Asia

Brookfield Asset Management has recruited Neil Thassim as director of private funds for Asia. He will be based in Hong Kong, Asian Investor reports. The asset management firm will in the next few months make a series of recruitments as additions to its local team. Thassim had previously been managing director at RREEF, where he was head of Asia-Pacific real estate business at the Deutsche Bank affiliate.
18/02/2013

Groupama AM registers G Fund in Spain

The CNMV has issued a sales license for the Luxembourg-registered G Fund from the French firm Groupama Asset Management, founded in December 2010, and which currently has six sub-funds, with the objective of eventually creating 15, Funds People reports, citing s statement from Groupama AM.For now, the firm will only sell the G Fund Alpha Fixed Income sub-fund, managed by Laurent Fabiani Lagarde, in Spain.
18/02/2013

ING IM launches cash equivalent fund

Earlier this year, ING launched the ING (L) Liquid Euribor 3M fund, which so far has assets of EUR207m. These are largely sums invested by investors who were already clients of the firm, as part of their asset allocations. The fund, however is in an active sales phase, and when asked by Newsmanagers, Vincent Juvyns, client portfolio manager at ING IM, says the firm expects assets under management of EUR500m by the end of the year. Due to the presence in the portfolio of papers rated Investment Grae – A3/P3/F3 short term – currently 5% - meaning securities below the rating required by regulations, the fund is not classed as a traditional Money Market Fund, but, says Juvyns, it may be considered a “cash equivalent” fund. This is because for security, for securities with the minimum rating, the exposure of the portfolio cannot exceed 1% per issuer (and 10% per government issuer). ING (L) Liquid Euribor 3M aims to earn returns equal to those of the euribor 3 month over a period of three months. In the range, this product finds its place alongside the flagship money market fund (Short-Term Money Market Funds) from ING IM, ING (L) Liquidi euro, with EUR4.4bn in assets, out of EUR8bn in this asset class overall at the giant. ISIN code: LU0396758384 (A share class) /LU0396758541(B share class) /LU0396758897 (C share class)/LU0396759192 (E share class)
18/02/2013

Lombard Odier liquidates Pzena Global Value fund

A spokesperson for Lombard Odier has told Citywire that LO Funds – Pzena Global Value was closed at the beginning of January because the product, launched in May 2007 and managed by the New York asset management boutique Pzena Investment Management, no longer had sufficient assets. The most recent fact sheet indicates that as of the end of September, assets totalled USD40.53m. The performance of the fund over three years to the end of November totalled 9.2% in US dollar, compared with 24.22% for the MSCI World TR USD.
18/02/2013

NYSE Euronext lists five SNS profiled funds

Since 15 February, Euronext Fund Service (EFS) from NYSE Euronext has been listing 179 open-ended funds (non-ETF), following the admission to trading of five Netherlands-registered profiled products from SNS. The funds all charge fees of 0.30%.The products are the SNS Profiel Blauw (NL0010364451), SNS Profiel Geel (NL0010364469), SNS Profiel Oranje (NL0010364477), SNS Profiel Rood (NL0010364485) and SNS Profiel Paars (NL0010364493).
18/02/2013

Basel Committee and IOSCO issue near-final proposal on margin requirement

The Basel Committee on Banking Supervision and the International Organization of Securities Commissions (IOSCO) have on February 15 published a second consultative paper which represents a near-final proposal on margin requirements for non- centrally cleared derivatives. Several features of the near-final proposal are intended to manage the liquidity impact of the margin requirements on financial market participants. The proposed requirements would allow for the introduction of a universal initial margin threshold of EUR50 million. The results of a quantitative impact study (QIS) conducted in 2012 indicate that application of the threshold could reduce the total liquidity costs by 56% relative to a margining framework with a zero initial margin threshold, which was initially proposed in the July 2012 consultative paper on margin requirements for non-centrally cleared derivatives. The proposal also envisages a gradual phase-in to provide market participants with sufficient time to adjust to the requirements. The requirement to collect and post initial margin on non-centrally cleared trades is proposed to be phased in over a four year period beginning 2015 and begin with the largest, most active and most systemically risky derivative market participants. Comments on these issues should be submitted by Friday 15 March 2013.
18/02/2013

Basel Commitee publishes recommendations on management of currency transactions

The Basel Committee on 15 February published its recommendations on the management of risks related to the settlement of currency transactions. This is an update of a document initially published in 2000. Since then, the market has developed considerably, and although significant progress has bee made to reduce the risks in currency transactions, an update was necessary. The document is particularly focused on issues related to governance in currency transactions, and varius risks inherent in the practice of currency transactions, such as liquidity risks, operational risks and legal risks.
18/02/2013

Orix to pay Robeco EUR2.3bn

Funds People relays reports in Reuters that the Japanese firm Orix is to acquire the asset management firm Robeco (EUR188bn in assets) from Rabobank for EUR2.3bn in cash and equity, and that an announcement of the deal may come early this week.
18/02/2013

BBVA AM chief strategist goes solo

Henrik Lumbholdt, who for the past seven years had been chief strategist at BBVA Asset Management, has left the business and founded his own consulting firm, Inside Economics, Funds People reports.The departure of Lumbholdt conincides with a decision by BBVA AM to restructure its asset allocation and strategy division, which will be enlarged, and whose director has not yet been appointed. That person will take over duties previously held by Lumbholdt.

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