Monday 6th July 2015
NEWS TICKER: MONDAY, JULY 6TH: Moody's Interfax Rating Agency (MIRA), which specialises in credit risk analysis in Russia, has withdrawn the Baa1.ru national scale rating of Petrocommerce Bank (OJSC) based in Russia (Ba1 negative). This action follows Petrocommerce Bank's reorganisation and merger with Bank Otkritie Financial Corporation PJSC (deposits/senior unsecured Ba3 negative, BCA b1). Moody's Interfax Rating Agency's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks, report Moody’s. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".ru" for Russia. - PEGAS, the pan-European gas trading platform operated by Powernext, today announced that a total volume of 68.9 TWh were traded in June 2015. This represents a year on year increase of 41% (June 2014: 48.8 TWhPEGAS, the pan-European gas trading platform operated by Powernext, today announced that a total volume of 68.9 TWh were traded in June 2015. This represents a year on year increase of 41% (June 2014: 48.8 TWh).Overall spot trading volumes amounted to 28.4 TWh which represents a year on year increase of 31%. PEGAS recorded volume increases in particular in the German, French and Dutch market areas. The June volume in the German GASPOOL and NCG areas increased to 12.0 TWh (+33%), including 3.6 TWh traded in quality-specific gas products. The volume in the French PEG Nord and TRS market area rose to 8.0 TWh (+40%). The Dutch TTF spot volume reached 8.1 TWh (+17%) while the Belgian ZTP spot market registered a volume of 222,715 MWh. The total volume of spread transactions amounted to 2.3 TWh. - Clearstream has issued an update to the Statement of Holdings report (MT535), covering both HTML and CSV formats: effective immediately the newly added column, “Pledged for Collateral” for non-available positions (introduced as part of the June release) will be renamed "Pledged for Collateral NAVL". This change applies to the Statement of Holdings report (MT535) in HTML format and when downloaded as a CSV file. Other reporting formats are not impacted, says Clearstream. In addition, when downloaded as an MT535 CSV file, the newly named column "Pledged for Collateral NAVL" will now appear as the final column. This allows a better reconciliation of positions, says Clearstream Banking - Christine Lagarde, managing director of the International Monetary Fund (IMF), made the following statement today: "The IMF has taken note of yesterday’s referendum held in Greece. We are monitoring the situation closely and stand ready to assist Greece if requested to do so.” - Morgan Lewis is enhancing its United Kingdom and global employment law capabilities with the addition of employment investigations and data privacy partner Pulina Whitaker, who joins the firm today from another global law firm. Her arrival, says the firm, strengthens the full suite of global client services offered from the Morgan Lewis London office, including those connected to finance, corporate, energy, funds, and litigation - Leading shares in European bourses will continue to struggle today as investors look for direction from European leaders over their response to the Greek referendum decision yesterday. In Asia, Japan’s Nikkei retreated -2.08% while Hong Kong’s Hang Seng went down by 4% and the Shenzhen Composite down by 4.69%. The Shanghai Composite stabilised around 3,709, up 0.61%, as China Security Finance Corp, the institution which managed short selling and margin trading, will receive a capital boost to 76bn “to maintain financial market stability and expand its business".; it is actually something of a turnaround, as Chinese equities have been under pressure for over a month now. In Australia, equity markets are trading into negative territory with the S&P/ASX down -1.14% while AUD/USD broke to the downside the strong support lying at 0.7533 (low from April 2) and is heading toward the following one at 0.7414 (low from October 2010). Tomorrow, the Reserve Bank of Australia will release its interest rate decision. The US dollar is broadly higher against G10 as only the Japanese yen is adding gains versus USD. German Chancellor Angela Merkel will meet French president François Hollande later today. Greece’s main creditors have more pressures on their shoulders; analysts suggest that they will be more willing to provide significant debt relief measures. The next payment is due to the ECB on July 20th.

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RBC Dexia/Accenture report says change is due in Spanish investment industry

Friday, 15 June 2012
RBC Dexia/Accenture report says change is due in Spanish investment industry The shape of Spain’s asset management industry is set to change dramatically according to a report by RBC Dexia and Accenture. http://www.ftseglobalmarkets.com/

The shape of Spain’s asset management industry is set to change dramatically according to a report by RBC Dexia and Accenture.

The RBC Dexia/Accenture report predicts further concentration of Spain’s asset management industry into fewer, more specialised managers and a stronger focus on improving efficiency and performance. Improvements in technology will also be vital to success, with outsourcing high on the agenda. José Maria Alonso-Gama, managing director of RBC Dexia in Spain, sets the scene, explaining that: “Spanish fund firms are concentrating on bottom-line indicators such as fund performance and increased assets under management. They recognise the need to restore credibility and investor confidence by showing they are delivering on their performance promises.”

The report is based on a survey of 33 asset management firms in Spain in the first quarter of 2012 by RBC Dexia Investor Services and Accenture. Some 33% of respondents have more than €1bn in assets under management (AUM), 46% have between €200m and €1bn in AUM and 21% have less than €200m in AUM.



Although the industry is dominated by a small number of firms, with the top three managers accounting for 45 percent of assets under management, the average size of funds in Spain is only €57m. This compares with an average of €300m in Switzerland and €262m in the UK. The total number of funds in Spain has been contracting (down by about 20% to 2,500 in the past three years due to industry consolidation) and the report expects this trend to continue with, “The evolution of larger and more specialised companies with rationalised fund ranges”.

Also according to the report, of the 33 investment companies surveyed, 95% of local managers and 91% of foreign managers cited increased assets under management as a key indicator of success over the next two years. Fund performance was cited by 91% and 73% respectively and increased service quality by 86% and 45%. When it came to development of new products, 36% of foreign managers cited this as important but only 9% of local managers.

Over 80% of independent managers in Spain believe that the Undertakings for Collective Investment in Transferable Securities IV (UCITS IV) directive will make it easier to distribute investment funds abroad by creating a common regulatory environment. However, 70% of local managers were also concerned that it would lead to increased competition from overseas funds while independent managers were worried it would result in increased reporting obligations.

More than two-thirds of respondents cited improving technology as the most important factor in increasing efficiency. Most managers (90% of foreign managers and all local Spanish managers) expected an increase in the number of fund managers outsourcing certain functions in coming years. And 90% of those surveyed said there would be an increase in the diversity of functions outsourced in coming years. “The increased risks control imposed by new regulations and cross-border distribution opportunities that they also create, require increasingly sophisticated technology,” says Diego López Abellán, of Accenture’s Capital Markets practice for Spain. “Outsourcing can play a pivotal role in enabling continuous technology upgrades while avoiding costly investment.

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