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SNB stuns market with franc action
September 6, 2011--The Swiss National Bank stunned financial markets on Tuesday by setting a ceiling for the Swiss franc against the euro in an attempt to prevent the strength of its currency from pushing its economy into recession….
Analysts said the move raised the stakes in the global currency war as countries vie to protect their exporters and, by removing a release valve for investors looking for a haven from current market turmoil, could heighten instability on financial markets.
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Source: NewsLanc
Battle under way for soul of 'United States of Europe'
September 6, 2011-- Star economists and former national leaders now happily argue that resolving the eurozone debt crisis will eventually demand the surrendering of sovereignty to create a fully-fledged United States of Europe.
However, as they press for the political integration they say is needed to prevent the currency union collapsing on an Achilles heel of Greek debt, even advocates in unguarded moments admit resistance to the surrender of national sovereignty is rising.
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Source: EUbusiness
Changes to MDAX, SDAX and TecDAX
September 5, 2011--Based on the outcome of today’s meeting of the Working Committee for Equity Indices Deutsche Börse has decided that Deutz, KUKA and GSW Immobilien will be included in MDAX and that Praktiker, Demag Cranes and IVG Immobilien are to leave MDAX.
Accordingly Deutz, KUKA und GSW Immobilien will leave SDAX. In exchange Praktiker, IVG Immobilien and Prime Office Reit will be included in SDAX. Furthermore Elexis in SDAX will be replaced by Derby Cycle and Medion by Schaltbau.
In TecDAX Roth + Rau and Phoenix Solar will be replaced by Xing and PSI.
Demag Cranes and Medion will be excluded from Deutsche Börse selection indices according to the index guidelines as their free-float has dropped below ten percent.
These changes will take effect on 19 September 2011. The next regular index review will be held on 5 December 2011.
Please go to www.dax-indices.com for further information.
Source: Deutsche Börse
ESMA announces two open hearings on 26 September - on the AIFMD and on UCITS ETF and Structured UCITS
September 5, 2011-ESMA will hold two open hearings on AIFMD and on UCITS.
Date:26 Sep. 2011
Group: Investment Management
Title: Open Hearing on ESMA’s discussion paper on guidelines for UCITS ExchangeTraded Funds and Structured UCITS
Whrere: ESMA, 103 Rue de Grenelle, 75007 Paris
view schedule
Source: ESMA
EU May Force Clearing Houses to Share Data
September 5, 2011-The European Union may require exchanges to share information with clearing houses operated by rival companies to remove “commercial barriers” that hinder competition for handling trades.
Trading venues should provide data access on a “transparent and non-discriminatory basis,” according to a document obtained by Bloomberg News. Banks and trading facilities would also have to publicize “bid and offer prices and the depth of trading interests” for bonds and derivatives, to increase transparency in markets that were previously subject to fewer regulations, according to the European Commission document.
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Source: Bloomberg
UK official holdings of international reserves August 2011
September 5, 2011--In summary this month’s release shows that, in August 2011: No intervention operations were undertaken.
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Source: HM Treasury
EU plans big revamp of trading rules
September 5, 2011-- Vertically integrated stock exchanges would be opened to competition under draft European Union rules that will please countries such as Britain but pose a threat to powerful operators like Deutsche Boerse AG.
The EU's executive European Commission is expected to unveil a draft law next month to toughen up and extend its markets in financial instruments directive (MiFID).
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Source: Reuters
Eurozone economic activity slumps faster than forecast
Septemeber 5, 2011--Private sector economic activity in the eurozone slowed even faster than initially thought in August, a closely-watched survey showed on Monday.
Eurozone growth hit a new two-year low level, with the Purchasing Managers Index (PMI) leading indicator, compiled by London-based researchers Markit, logging 50.7 points, whereas a first estimate gave 51.1.
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Source: EUbusiness
Eurex/KRX KOSPI 200 cooperation achieves milestone on its first anniversary
KRX and Eurex look back at a successful first year of trading
September 5, 2011-- Eurex and KRX announced impressive figures about the volume development and the tight spreads of the Eurex KOSPI Product over the last twelve months at a joint press briefing in Seoul today. Since launch on 30 August 2010, the Eurex KOSPI Product has steadily increased its daily average volume – peaking at a record level of 108,000 contracts in August 2011 – the first month with ADV above 100,000 contracts.
Additionally, a daily record was achieved on 4 August 2011 with 207,953 contracts. Bid-ask spreads for the Eurex KOSPI Product have become very narrow due to the liquidity provision of two market makers.
Volumes are expected to rise further as KRX and Eurex continue to develop the after-hours market for the world’s most widely traded derivatives contract. The number of active end-customers as well as participating Eurex and KRX members continues to expand. At the launch, 12 KRX and Eurex members were able to trade the Eurex KOSPI Product, today the number has increased to 21. There are 9 additional KRX and Eurex members who are currently preparing to participate in the Eurex/KRX Link.
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Source: Eurex
Europe rejects IMF call for more bank capital
September 2, 2011-European politicians on Thursday rejected an International Monetary Fund call for banks to raise up to 200 billion euros ($290 billion) in new capital, adding to fears that policymakers may be underestimating the severity of the debt crisis.
IMF chief Christine Lagarde's call on Saturday for mandatory capitalization of European banks to prevent a world recession has reignited a debate over whether they have raised sufficient capital to withstand a severe downturn. The IMF, the International Accounting Standards Board (IASB) and bank analysts have voiced concerns about a capital shortfall, while European regulators, politicians and banking associations argue that banks have a sufficient cushion to cope with market turbulence and worries over sovereign debt after several rounds of capital raising across the continent. A European source told Reuters on Wednesday that the IMF had estimated European banks could face a capital shortfall of 200 billion euros, a figure rejected by European bankers and policymakers.
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Source: Todays Zaman
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