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Dividend Swap Indices
cover for credit indices.qxp 14/04/2008 13:07 Page 1 Dividend Swap Indices Access to equity income streams made easy April 2008 BARCAP_RESEARCH_TAG_FONDMI2NBUR7SWED The Barclays Capital Dividend Swap Index Family Equity indices have been the most essential of measurement tools for all types of investors. From the intrepid retail investor, to the dedicated institutional devotees of modern portfolio theory, the benchmarks of the major stock markets have served as the gauge of collective company price performance for decades, and have been incorporated as underlying tradable reference instruments in countless financial products delivering stock market returns. In most cases, equity indices are available as price return or total return, the latter being, broadly speaking, a blend of the return derived from stock price changes, as well as the receipt of dividends paid out to holders of the stock. The last few years have seen the rapid growth of a market in stripping out the dividend return and trading it over the counter through dividend swaps – a market that has so far been open to only the most sophisticated investors, allowing them to express views on the future levels of dividend payments, hedge positions involving uncertainty of dividend receipts and implement trades that profit from the relative value between one stream of dividend payments and another. The Barclays Capital Dividend Swap Index Family opens this market up to investors of all kinds. The indices in the family track the most liquid areas of the dividend swap market, thereby delivering unprecedented levels of transparency and access to a market that has grown to encompass the FTSE™, S&P 500, DJ Euro STOXX 50® and Nikkei 225 and in which the levels of liquidity that have been reached are estimated to be in the order of hundreds of millions of notional dollars per day. -
Section 108 (Mar
NEW YORK STATE BAR ASSOCIATION TAX SECTION REPORT ON SECTION 871(m) March 8, 2011 TABLE OF CONTENTS PAGE Introduction........................................................................................................... 1 I. Summary of Section 871(m)..................................................................... 2 II. Issues with Section 871(m) ....................................................................... 5 A. PolicyBasis for Section 871(m)....................................................... 5 B. TerminologyIssues ........................................................................ 14 1. What Is a “Notional Principal Contract”?......................... 14 2. What Is “Readily Tradable on an Established Securities Market”? ........................................................................... 16 3. What Is a “Transfer”? ....................................................... 19 4. What Is an “Underlying Security”? .................................. 21 5. What Is “Contingent upon, or Determined by Reference to”?.................................................................................... 23 6. What Is a “Payment”?....................................................... 24 7. When Is a Payment “Directly or Indirectly” Contingent upon or Determined by Reference to a U.S.-Source Dividend?.......................................................................... 26 C. Ancillary/Scope Issues .................................................................. 26 1. When Are “Projected” or “Assumed” Dividend -
Trading Services Price List
Trading Services Price List (On-Exchange and OTC) Effective 01st August 2016 Trading Services Price List Order book business All order and quote charges Order management charge Order Entry Non-persistent orders 1 1p All other orders Free Order and quote management surcharge 2 Each event High usage surcharge 5p High usage surcharge for qualifying order events in Exchange Traded Funds 2 1.25p (ETFs) or Exchange Traded Products (ETPs) Quote management charge (per side) Quote entry Securitised Derivatives 0.28p* All other securities Free * Monthly fee cap of £15,000. 2 Trading Services Price List Exchange charge 3 Equities Standard Value Traded Scheme 4 for Equities Charge First £2.5bn of orders executed 0.45bp* Next £2.5bn of orders executed 0.40bp* Next £5bn of orders executed 0.30bp* All subsequent value of orders executed 0.20bp* Liquidity Provider Scheme for FTSE 350 securities 5 Value of orders passively executed that qualify for the scheme Free Monthly fee for inclusion of each non-member firm as a Nominated Client £2,500 Value of all Nominated Client orders in FTSE 350 securities executed that do not qualify for the scheme 0.45bp* Aggressive executions qualifying under Liquidity Taker Scheme Packages 6 for Equities Package 1 - Monthly fee £40,000*** Value of orders executed 0.15bp** Package 2 - Monthly fee £4,000 Value of orders executed 0.28bp* Private Client Broker Order Book Trading Scheme 8 Value of orders executed in first 6 months from joining scheme Free Value of orders executed thereafter 0.10bp* Smaller Company Registered Market Maker 9 Value of orders executed 0.20bp* Hidden & non-displayed portion of Icebergs 10 Additional Charge Premium on the value executed of orders that are either hidden or the persistent non-displayed portion of an 0.25bp Iceberg * Subject to a minimum charge of 10p per order executed. -
European Tracker of Financing Measures
20 May 2020 This publication provides a high level summary of the targeted measures taken in the United Kingdom and selected European jurisdictions, designed to support businesses and provide relief from the impact of COVID-19. This information has been put together with the assistance of Wolf Theiss for Austria, Stibbe for Benelux, Kromann Reumert for Denmark, Arthur Cox for Ireland, Gide Loyrette Nouel for France, Noerr for Germany, Gianni Origoni, Grippo, Capelli & Partners for Italy, BAHR for Norway, Cuatrecasas for Portugal and Spain, Roschier for Finland and Sweden, Bär & Karrer AG for Switzerland. We would hereby like to thank them very much for their assistance. Ropes & Gray is maintaining a Coronavirus resource centre at www.ropesgray.com/en/coronavirus which contains information in relation to multiple geographies and practices with our UK related resources here. JURISDICTION PAGE EU LEVEL ...................................................................................................................................................................................................................... 2 UNITED KINGDOM ....................................................................................................................................................................................................... 8 IRELAND .................................................................................................................................................................................................................... -
Euronext Stock Dividend Future Short
KEY INFORMATION DOCUMENT (STOCK DIVIDEND FUTURE - SHORT) Purpose What are the risks and what could I get in return? This document provides key information about this investment product. It Risk indicator is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this Summary Risk Indicator product and to help you compare it with other products. Product Stock Dividend Future - Short Manufacturer: Euronext www.euronext.com Competent Authority: Euronext Amsterdam – AFM, Euronext Brussels – FSMA, Euronext Lisbon – CMVM, Euronext Paris - AMF Document creation date: 2018-01-02 The summary risk indicator is a guide to the level of risk of this product Alert compared to other products. It shows how likely it is that the product will You are about to purchase a product that is not simple and may be lose money because of movements in the markets. We have classified difficult to understand. this product as 7 out of 7, which is the highest risk class. Investors can sell futures without first buying them via an opening sell What is this product? transaction which creates a short position. Sellers make a profit when their futures fall in price, and lose money when their futures rise in price. Type Sellers can close short positions by buying futures (closing buy), subject Derivative. Futures are considered to be derivatives under Annex I, to prevailing market conditions and sufficient liquidity. The maximum Section C of MiFID 2014/65/EU. possible loss from selling futures is potentially unlimited. The risk of loss when investing in futures can be minimised by buying or Objectives selling (as appropriate) the corresponding amount of the underlying asset A futures contract is an agreement to buy or sell an asset on a specified (a covered position) or closely correlated asset. -
Providing the Regulatory Framework for Fair, Efficient and Dynamic European Securities Markets
ABOUT CEPS Founded in 1983, the Centre for European Policy Studies is an independent policy research institute dedicated to producing sound policy research leading to constructive solutions to the challenges fac- Competition, ing Europe today. Funding is obtained from membership fees, contributions from official institutions (European Commission, other international and multilateral institutions, and national bodies), foun- dation grants, project research, conferences fees and publication sales. GOALS •To achieve high standards of academic excellence and maintain unqualified independence. Fragmentation •To provide a forum for discussion among all stakeholders in the European policy process. •To build collaborative networks of researchers, policy-makers and business across the whole of Europe. •To disseminate our findings and views through a regular flow of publications and public events. ASSETS AND ACHIEVEMENTS • Complete independence to set its own priorities and freedom from any outside influence. and Transparency • Authoritative research by an international staff with a demonstrated capability to analyse policy ques- tions and anticipate trends well before they become topics of general public discussion. • Formation of seven different research networks, comprising some 140 research institutes from throughout Europe and beyond, to complement and consolidate our research expertise and to great- Providing the Regulatory Framework ly extend our reach in a wide range of areas from agricultural and security policy to climate change, justice and home affairs and economic analysis. • An extensive network of external collaborators, including some 35 senior associates with extensive working experience in EU affairs. for Fair, Efficient and Dynamic PROGRAMME STRUCTURE CEPS is a place where creative and authoritative specialists reflect and comment on the problems and European Securities Markets opportunities facing Europe today. -
Single Stock Dividend Futures
EURONEXT DERIVATIVES SINGLE STOCK DIVIDEND FUTURES What are Single Stock Why trade Single Stock Who are Single Stock Dividend Futures? Dividend futures? Dividend Futures for? Single Stock Dividend Futures are Access new trading opportunities Investors who want to hedge risk exchange-traded derivatives contracts by taking long or short positions associated with dividend exposure, that allow investors to take positions on Single Stock Dividend Futures, diversify their trading portfolio and on dividend payments. or trade them against the dividend reduce its volatility exposure. index futures (CAC 40® or AEX Index®). Market Makers Euronext’s new Single Stock Dividend Futures complement its existing dividend index future offering (CAC 40 Dividend BNP Paribas Index Future and AEX Dividend Index Future), giving market Yanis Escudero participants additional investment strategies. [email protected] +44 (0) 207 595 1691 Dividends are a key component for equity and equity derivatives holders and are mostly used as a hedging tool. However, dividends are also becoming an asset Gabriel Messika class of their own: a dividend investment can be seen as corresponding to an [email protected] equity investment, while often proving more resilient and less volatile than stocks. +44 (0) 207 595 1819 Why trade Single Stock Dividend Futures? Nicolas Certner Benefit from an efficient hedging tool helping you to manage your [email protected] dividend exposure +44 (0) 207 595 595 1342 Diversify your portfolio by investing -
Single Stock Dividend Futures Euronext Ssdf Evolution
SINGLE STOCK DIVIDEND FUTURES EURONEXT SSDF EVOLUTION ▪ Euronext has made an incredible breakthrough in the single stock dividend and single stock futures space. ▪ It is the first time an exchange succeeds to establish an alternative and to gain significant market shares in this space. ▪ This became possible thanks to the combination of these 4 factors : • Client Intimacy • Agility • Fair Transaction Costs • Differentiating Features ▪ Thanks to the introduction of new maturities, a feature codesigned with clients, Euronext has been the only one to provide an agile and adapted solution to the extreme conditions created by the COVID-19 crisis. │ 2 SINGLE STOCK DIVIDEND FUTURES – EURONEXT’S OFFER Euronext offers a wide array of contracts on European underlyings Number of contracts per country of underlying Proportion of SSDF exclusive to Euronext Underlying Number of SSDF available Exclusive to Euronext Austria 5 100% Belgium 15 73% Finland 8 25% France 49 27% Germany 27 4% Ireland 3 33% Italy 21 57% Jersey 2 50% 123 179 Luxembourg 1 0% Netherlands 25 28% Norway 2 100% Portugal 3 100% Spain 19 37% Sweden 11 100% Switzerland 18 6% UK 35 25% USA 56 65% Non-Exclusive Exclusive │ 3 SINGLE STOCK DIVIDEND FUTURES – EURONEXT’S OFFER Euronext contracts features answer client’s demand Higher denominator to generate clearing efficiencies • Contrary to the industry standard Euronext contracts have a 10,000 multiplier • 1 contract corresponds to the dividends attached to 10,000 shares Combined with a highly attractive pricing Trading + Clearing Fee (in -
Public Citizen
October 17, 2018 Office of the Comptroller of the Currency Legislative and Regulatory Activities Division 400 7th Street, S.W. Suite 3E-218, Mail Stop 9W-11 Washington, DC 20219 Board of Governors of the Federal Reserve System Ann E. Misback, Secretary 20th Street and Constitution Avenue, N.W. Washington, D.C. 20551 Federal Deposit Insurance Corporation Robert E. Feldman, Secretary Attention: Comments/Legal ESS 550 17th Street, N.W. Washington, D.C. 20429 Securities and Exchange Commission Secretary 100 F Street, N.E. Washington, DC 20549-1090 Commodity Futures Trading Commission Christopher Kirkpatrick, Secretary 1155 21st Street, N.W. Washington, DC 20581 Comptroller of the Currency Federal Reserve Board Commodity Futures Trading Commission Federal Deposit Insurance Corp Securities and Exchange Commission Proposed Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds Dear officers, On behalf of more than 500,000 members and supporters of Public Citizen, we offer the following comments in response to the request by the five agencies regarding the rule titled “Proposed Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, 1 Hedge Funds and Private Equity Funds.” 1 This proposal comes as a joint rulemaking from the Federal Reserve Board (Fed, Board), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corp. (FDIC), the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC). Collectively, we will refer to these regulatory bodies as the “Agencies.” This proposal addresses Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the Volcker Rule. -
Ukspa-Newsletter-May19
To view this email in your browser, please click here Monthly Market Report May 2019 With commentary from David Stevenson If I was a betting man - which I'm not - I'd wager that we are mid-way through one of the frequent pauses for breath, after which the global economy picks up speed a tad. As has happened so often in the years since the global financial crisis, I would hazard a guess that the central bankers will stop their balance sheet tightening, pause (for breath) and then watch and listen. In particular, they'll be focusing attention on two key numbers - corporate earnings growth for further evidence of a slow down in growth rates and China/US trade for indications that the dispute over tariffs is having a substantial material impact. Sitting in the 'pausing for breath' lounge will be many equity investors. As we discuss later in this report stockmarkets have strongly rallied in the first quarter, but I'd argue that this bullish reaction to last years travails is built on weak foundations. Why my caution? If we look at fund flows, a distinct pattern has emerged - outflows from equities, inflows into bonds. Sure, stockmarket indices have ticked up aggressively, but this hasn't prompted any big switch into risky assets. My evidence? Analysts at Deutsche Bank in the US track these flows and a few weeks note ago they noted bond funds are experiencing big inflows across almost "every category, while large equity outflows persist. Year-to-date [early April], bond funds have seen almost $150bn in inflows while -$50bn has moved out of equity funds". -
Staff Report on Algorithmic Trading in U.S. Capital Markets
Staff Report on Algorithmic Trading in U.S. Capital Markets As Required by Section 502 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 This is a report by the Staff of the U.S. Securities and Exchange Commission. The Commission has expressed no view regarding the analysis, findings, or conclusions contained herein. August 5, 2020 1 Table of Contents I. Introduction ................................................................................................................................................... 3 A. Congressional Mandate ......................................................................................................................... 3 B. Overview ..................................................................................................................................................... 4 C. Algorithmic Trading and Markets ..................................................................................................... 5 II. Overview of Equity Market Structure .................................................................................................. 7 A. Trading Centers ........................................................................................................................................ 9 B. Market Data ............................................................................................................................................. 19 III. Overview of Debt Market Structure ................................................................................................. -
Notice of Filing of a Proposed Rule Change Relating to Security-Based Swaps
SECURITIES AND EXCHANGE COMMISSION (Release No. 34-91789; File No. SR-FINRA-2021-008) May 7, 2021 Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of a Proposed Rule Change Relating to Security-Based Swaps Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”)1 and Rule 19b-4 thereunder,2 notice is hereby given that on April 26, 2021, the Financial Industry Regulatory Authority, Inc. (“FINRA”) filed with the Securities and Exchange Commission (“SEC” or “Commission”) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by FINRA. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to amend FINRA Rules 0180, 4120, 4210, 4220, 4240 and 9610 to clarify the application of its rules to security-based swaps (“SBS”) following the SEC’s completion of its rulemaking regarding SBS dealers (“SBSDs”) and major SBS participants (“MSBSPs”) (collectively, “SBS Entities”). The text of the proposed rule change is available on FINRA’s website at http://www.finra.org, at the principal office of FINRA and at the Commission’s Public Reference Room. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 1 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, FINRA included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change.