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EU watchdog seeks to quell worry over cross-border investment funds – TheChronicleHerald.ca

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4 years ago

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By Huw Jones

LONDON (Reuters) – Seeking to quell industry unease, the European Union’s securities watchdog said on Friday there is no call for a fundamental change in how investment funds in the European Union can be run by asset managers based outside the bloc.

The European Securities and Markets Authority (ESMA) alarmed the global funds industry in August when it said that safeguards introduced ahead of Brexit on cross-border delegation of stock picking should be reinforced.

The asset managers that select stocks and other assets for many of the funds listed in Dublin and Luxembourg are based in London, New York or Asia.

ESMA Chair Steven Maijoor told a conference held by European funds industry body EFAMA on Friday that his comments in August were not a recommendation to change EU law on funds delegation, but to clarify parts of it.

“We are very much in favour of delegation, we know it provides access to expertise that would otherwise not be available. It’s part of the business model and we fully recognise that,” Maijoor said.

Fund managers fear that the EU would require more staff where the funds are domiciled, bumping up costs.

After Britain voted in 2016 to leave the EU, many asset management firms in the United Kingdom set up hubs in the bloc and ESMA issued guidance to ensure they didn’t end up being “empty shells” that left most activity based in London.

Under EU rules, the amount of activity delegated to managers outside the bloc should not exceed the amount of activity inside the bloc by a substantial margin.

Maijoor said there is a need to define more precisely what substantial margin means.

(Reporting by Huw Jones; editing by Emelia Sithole-Matarise)

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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1 week ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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2 weeks ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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2 weeks ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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