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EU agrees new rules to police derivatives market
February 9, 2012-- EU government and parliament negotiators struck a deal Thursday to impose new rules on the multi-trillion-euro derivatives market, an obscure instrument maligned for helping cause the global financial crisis.
After months of wrangling, the two sides reached an agreement to increase transparency in derivatives trading, forcing all deals to be cleared by a central counterparty standing between buyer and seller.
"The era of opacity and shady deals is over," EU internal markets commissioner Michel Barnier said in a statement.
"With this agreement, we are making a big step for financial stability. And we are substantially reducing the risk of a future financial crisis, with all its consequences on the real economy, growth, jobs and public budgets," he said.
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Source: EUbuisness
Euro area securities issues statistics
February 9, 2012--The annual growth rate of the outstanding amount of debt securities issued by euro area residents increased from 2.5% in November 2011 to 3.9% in December. For the outstanding amount of quoted shares issued by euro area residents, the annual growth rate was 1.6% in December 2011, compared with 1.5% in November.
New issuance of debt securities by euro area residents totalled EUR 1,169 billion in December 2011.
Redemptions stood at EUR 1,108 billion and net issues amounted to EUR 49 billion.1 The annual growth
rate of outstanding debt securities issued by euro area residents increased from 2.5% in November 2011
to 3.9% in December (see Table 1 and Charts 1 and 3).
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Source: ECB
European banks offer new capital proposals
February 9, 2012--European banks are proposing capital-raising measures that go beyond regulators’ demands and would cut only a small amount of lending to the real economy, according to a preliminary assessment of the plans by the European Banking Authority
In December the EBA identified a capital shortfall of €115bn at 30 banks and told the institutions to come up with plans to raise their core tier one capital ratios to 9 per cent of their risk-weighted assets by July.
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Source: FT.com
France signals nine eurozone states ready to trigger FTT
February 8, 2012--French Finance Minister Francois Baroin signalled Tuesday that nine eurozone governments are ready to press ahead with the introduction of a Paris-inspired financial transactions tax.
Baroin's office said the minister had written to the European Union's current Danish presidency asking for examination of a draft law championed by French President Nicolas Sarkozy to be examined by the summer.
The fact that nine countries are signatories to the letter is highly significant, as it paves the way for a special provision of the EU's Lisbon Treaty that allows at least one third of the EU's member states to trailblaze new laws by themselves.
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Source: EUbusiness
Dow Jones Indexes to license Six Dividend Indexes to UniCredit
Dow Jones Indexes to license Six Dividend Indexes to UniCredit
Launch of New Regional, Country Indexes
To Provide Enhanced Transparency
February 8, 2012--Dow Jones Indexes today announced that six new dividend indexes have been licensed by UniCredit to serve as the basis for Certificates to be issued in Germany and Austria.
Marketed under the brand names “HypoVereinsbank onemarkets” in Germany and “UniCredit onemarkets” in Austria, the certificates will be listed on the Frankfurt and Stuttgart Stock Exchanges. The indexes are calculated according to Dow Jones Indexes’ “distributing” methodology.
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Source: Dow Jones Indexes
New ICMA European Repo Council paper examines role of ‘haircuts’ in European repo market
February 8, 2012--ICMA’s European Repo Council (ERC) has today published a paper entitled: ‘Haircuts and initial margins in the repo market’, which calls for more detailed understanding of the precise impact of collateral haircuts in the repo market to inform the regulatory debate.
view the Haircuts and initial margins in the repo market
Source: ICMA
Euroclear UK & Ireland welcomes Deutsche Bank’s db X-trackers suite of ETFs
February 8, 2012--Clients of Euroclear UK & Ireland (EUI) can now route orders in any of 180 Deutsche Bank db X-trackers Exchange Traded Funds (ETFs) through Euroclear’s EMX Message System.
The development enables direct access for IFAs and other users of the
Message System to official net asset value (NAV) based pricing for ETFs
for the first time via EUI when routing their orders for settlement.
By routing orders through the EMX Message System and settling the transactions at EUI, automated end-to-end transaction processing is achieved for Deutsche Bank’s family of ETFs.
db X-trackers was launched in January 2007 and is among the five largest ETF companies in the world. With approximately USD 50 billion (GBP 33 billion) of assets under management, db X-trackers currently commands second place in the European ETF landscape, with 15% of the entire segment, according to BlackRock.
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Source: Euroclear
EEX launches CO2 Products for Airline Industry
February 7, 2012--The European Energy Exchange (EEX) will soon offer emission allowances for the airline industry for trading. The so-called European Aviation Allowances (EUAA) are special EU emission allowances which can only be used by airline companies for compliance purposes.
EEX is planning to launch the Derivatives Market for EUAA at the beginning of the second quarter and a Spot Market is to be established by mid-2012. With this step EEX makes an active contribution to the further development of EU emissions trading (EU-ETS) and opens its market for a new group of participants. The European airline industry is the second biggest industry to be integrated into EU-ETS after the energy suppliers.
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Source: EEX
Greek euro exit less damaging now: Dutch PM
January 7, 2012--A Greek exit from the eurozone now would be less risky than if it had happened in mid-2010 when its debt crisis first broke, Dutch Prime Minister Mark Rutte said Tuesday as bailout talks in Athens went to the wire.
"There is less risk now," Rutte told public radio.
"It is in our interest that Greece remain (in the eurozone) and to achieve that it must do all it has promised to do ... but if that does not work out, then we are stronger now that a year and a half ago," he added.
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Source: EUbusiness
Getting the best out of a financial transaction tax
February 7, 2012--A Eurozone financial transaction tax would not only curb high-frequency and intermediary traders, but could even boost overall GDP, said financial experts at an Economic and Monetary Affairs Committee hearing on Monday. MEPs also reiterated their support for the idea, although some said that the Commission proposal needs more fine tuning.
Avinash Persaud of Intelligence Capital, Sony Kapoor of Re-Define and Stephany Griffith-Jones of Colombia University all strongly advocated a financial transaction tax which, they argued would indeed hit the right players, such as high frequency traders and intermediary financial players, and not the real economy.
Indeed the overall impact of this tax could be directly beneficial, leading to a 0.25% increase in GDP and helping to stabilise the economy by curbing the practices most responsible for building up risk.
However, Richard Raeburn of the European Association of Corporate Treasurers, did worry that the cumulative impact of the tax, paid by all intermediaries in a transaction, would be too high and warned that end users could be hit harder than they should.
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Source: European Parliament
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