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Eurozone crisis is biggest threat to UK stability: BoE
June 24, 2011-- The eurozone debt crisis represents the biggest threat to Britain's financial stability, the Bank of England's new watchdog warned on Friday.
"Sovereign and banking sector strains in some peripheral euro-area economies are the most material and immediate threat to UK financial stability," said the minutes from the first meeting of the BoE's Financial Policy Committee (FPC).
It added: "Market concerns remain over fiscal positions in a number of euro-area countries and the potential for contagion to banking systems.
Source: EUbusiness
Ten days to save the euro as EU puts its faith in Athens
June 24, 2011-- The EU has 10 days to save the euro and prevent any harm to the world economy after putting its faith in Athens to make good on a vow to impose even more unpopular austerity measures on a restive people.
An initial bounce for the euro when EU leaders agreed to grant debt-stricken Greece a second bailout in little over a year faded swiftly as markets looked beyond Thursday's EU pledge to do "whatever necessary" to shield the currency.
The creaking symbol of European unity is caught in the biggest challenge of its short life, after a series of bailouts and no guarantees that another one will finally tame the debt crisis threatening to torpedo the eurozone dream.
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Source: EUbusiness
ESMA -Publication of an Accepted Market Practice on Liquidity agreements
June 23, 2011--This AMP was accepted by the Dutch Ministry of Finance on 4 may 2011.
view the ACCEPTED MAREKT PRACTICE ON LIQUIDITY AGREEMENTS
Source: ESMA
IMF raises alarm over Spain
June 22, 2011-- The IMF warned on Tuesday of "considerable" risks to Spain's battered economy, saying the authorities had responded robustly to the serious challenges but repairs were incomplete
Spain faced grave economic risks if it failed to crack down harder on spending, shake up the financial sector and loosen up the labour market, the International Monetary Fund said.
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Source: FIN24
Euro-securities will be explored: Rehn
June 22, 2011--- The European Commission has agreed to examine possible legislation to create bonds issued directly at eurozone level, EU economy commissioner Olli Rehn told the European Parliament on Wednesday.
"You have got a commitment from the commission to do a study on euro-securities within six months of the entry into force of the legislation," he said, referring to new laws aimed at reinforcing cross-border eurozone economic governance.
Legislation intended to punish countries which fail to meet common EU macro-economic targets consistently will be voted on by the European Parliament on Thursday.
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Source: EUbusines
BlackRock ETF Landscape: STOXX Europe 600 Sector ETF Net Flows - Week Ending 17-Jun-2011
June 22, 2011--For the week ending 17 June 2011, there were US$83.2 Mn net outflows from STOXX Europe 600 sector ETFs. The largest sector ETF net outflows last week were in healthcare with US$86.2 Mn followed by oil and gas with US$64.4 Mn net outflows while industrial goods and services experienced net inflows of US$67.3 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$4.6 Mn net inflows. Banks has seen the largest net inflows with US$268.4 Mn, followed by healthcare with US$218.9 Mn net inflows while basic resources experienced the largest net outflows with US$190.5 Mn.
As of 17 June 2011, there is US$9.9 Bn AUM invested in the STOXX sector ETFs which is greater than the US$5.2 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 16 out of 19 sectors..
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
Eurozone members will not let euro fail: Britain
June 21, 2011--- Countries in the eurozone have an enormous amount invested in the single currency and will not let the Greek crisis bring it down, British Prime Minister David Cameron said on Tuesday.
"The countries that joined the euro have an enormous amount invested in it and do not want it to, and will not let it, fail," he told reporters in London.
"They see it as an absolutely key part now of their national interest and identities and I would not doubt their resolve in any way."
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Source: EUbusiness
Euro area investment fund statistics
June 21, 2011--In April 2011, the amount outstanding of shares/units issued by euro area investment funds other than money
market funds was EUR 34 billion higher than in March 2011. This increase was due mainly to net issues of
shares/units.
The amount outstanding of shares/units issued by euro area investment funds other than money market funds increased to EUR 5,790 billion in April 2011, from EUR 5,756 billion in March
2011. Over the same period, the amount outstanding of shares/units issued by euro area money market funds decreased to EUR 1,071 billion from EUR 1,077 billion.
Transactions1 in shares/units issued by euro area investment funds other than money market funds amounted to EUR 26 billion in April 2011, while transactions in shares/units issued by money market funds amounted to EUR 6 billion.
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Source: ECB
STOXX Launches Currency Hedged Version Of European Benchmark Index
June 21, 2011--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today introduced the STOXX Europe 600 Hedged EUR Index. The new index is a currency hedged strategy benchmark aimed at investors seeking exposure to the well-known STOXX Europe 600 Index, while at the same time looking to reduce the risk of currency fluctuations.
The new index is designed to act both as a proper benchmark for actively managed funds, and to underlie exchange-traded funds and other investable products.
“With the launch of the STOXX Europe 600 Hedged EUR Index, we are offering market participants a single, innovative and rules-based tool that enables them to follow the performance of the renowned STOXX Europe 600 Index, while at the same time limiting the risks of currency fluctuations,” said Hartmut Graf, chief executive officer, STOXX Limited. “This new index caters to the needs of our growing global client base, and thus marks another milestone in STOXX’s global expansion.”
The STOXX Europe 600 Hedged EUR Index replicates a hypothetical investment portfolio that is designed to represent the returns of the STOXX Europe 600 Net Return Index while hedging the currency risk, but not the underlying constituent risk. Market participants who employ a currency-hedged investment strategy are generally willing to forgo potential currency gains in exchange for the reduction in the risks associated with foreign exchange fluctuations. To achieve this, the index combines the performance of the underlying STOXX Europe 600 Index with a hypothetical, rolling investment into one-month foreign exchange forward contracts.
The underlying STOXX Europe 600 Index is reviewed quarterly in March, June, September and December. Daily history is available back to December 30, 1998.
Please see www.stoxx.com for further information on this index family.
Source: STOXX
Statistics on Mortgage Lending: June 2011 Edition
June 21, 2011--Since the beginning of 2007, some 300 regulated mortgage lenders and administrators have been required to submit a Mortgage Lending & Administration Return (MLAR) each quarter, providing data on their mortgage lending activities.
This latest edition covers the period from 2009 Q4 to the 2011 Q1. We publish statistics approximately 2½ months after the end of each quarter. Provisional dates are shown under future editions.
The MLAR covers both regulated and non-regulated residential lending to individuals. Regulated loans are secured by a first charge on residential property, where the property is for the use of the borrower or a close relative. Non-regulated lending includes buy to let, second charge and, in some cases, further advances on loans that were originally taken out before regulation came into effect.
Key statistics for Q1 2011 are as follows1:
The total value of outstanding loans reduced slightly from last quarter to £1,212bn in Q1.
New advances in the quarter totalled £33bn, 10% lower than in Q4 but 3% up on the amount advanced in Q1 2010.
New commitments totalled £35bn, 1% up on last quarter and 3% up on Q1 last year.
Lending for house purchase represented a reduced share of new lending this quarter, accounting for some 54% of new advances and 52% of new
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Source: FSA.gov.uk
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