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Capital requirement fears ease for UK banks
June 17, 2011--London’s banks recovered their poise in afternoon trade on Friday as worries about new international capital requirements eased as risk appetite improved on hopes a Greek rescue deal was moving closer.
Reports in the Financial Times said international regulators would meet in Switzerland next week to discuss plans for a tiered regime of additional capital requirements for about 30 of the world’s biggest banks. The group was said to include HSBC, Royal Bank of Scotland and Barclays. All of them fell for much of the day, as sentiment suffered at the hands of the Greek debt crisis. But as sentiment improved, the sector picked up some support. Barclays rose 0.9 per cent to 256.2p having lost almost 1 per cent earlier in the day. RBS recovered from similar losses to tick 0.1 per cent higher overall to 40.3p. Lloyds Banking Group dallied under the flatline, down 0.1 per cent at 47.9p, as did HSBC, 0.4 per cent softer at 605.6p.
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Source: FT.com
Spanish public debt hits 13-year high
June 17, 2011--Spanish public debt hit a 13-year high in the first quarter of 2011 and shattered a key European Union ceiling designed to ensure strong state finances, Bank of Spain figures showed Friday.
Spain's accumulated public debt amounted to 679.78 billion euros ($970 billion) or 63.6 percent of annual gross domestic product, at the end of March, the central bank said.
Up from just 55 percent of GDP a year earlier, the public debt ratio is now the worst since 1998 and above the key EU limit of 60 percent -- although many other member states have far surpassed that level.
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Source: EUBusiness
European pension funds steering clear of equities
June 16, 2011--Europe remains under-owned by its own citizens, as pension funds in most of Europe steer clear of equities.
While companies are in good shape and global M&A trends are strong, European investor equity exposure remains at all-time lows, according to Allianz Global Investors (AllianzGI).
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Source: IP&E
SIX Swiss Exchange Extends Contract With NASDAQ OMX and Upgrades to New Trading Platform
X-stream INET Platform From NASDAQ OMX Delivers World-Class Latency and Throughput Capabilities
June 16, 2011--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) announces that SIX Swiss Exchange has extended its contract with NASDAQ OMX and will upgrade its existing SWXess equities trading platform with NASDAQ OMX's X-stream INET technology. The system upgrade is scheduled to be in effect in Q1 2012, and will enable significant latency and throughput advantages for SIX Swiss Exchange and its trading members in all asset classes.
Christian Katz, CEO at SIX Swiss Exchange said: "Our upgrade to X-stream INET for the trading of all asset classes will be a global first. It allows us to leverage the most advanced trading technology in the world, provided by our technology partner NASDAQ OMX, into our unique market structure with minimal adjustments for our clients. We have always believed that a high-performance and multi-functional trading platform remains a key differentiator in order to attract new liquidity and through this upgrade to X-stream INET we are setting a new standard."
Lars Ottersgard, Senior Vice President NASDAQ OMX Market Technology commented: "SIX Swiss Exchange will be the first exchange to implement X-stream INET, a system that utilizes the advanced functionality of our proven X-stream platform in combination with INET, the world's fastest trading technology in production with sub-100 microsecond latency."
Source: NASDAQ OMX
Istanbul Stock Exchange celebrated 20th anniversary of the Bonds and Bills Market
June 16, 2011--The Istanbul Stock Exchange (ISE) celebrated the twentieth anniversary of its Bonds and Bills Market with the participation of the officials of capital markets institutions, ISE members and staff as well as the representatives of data vendors and media. The Bonds and Bills Market was established on June 17, 1991.
Among the participants of the celebration held at the ISE were, Prof. Vedat Akgiray, Chairman of the Capital Markets Board of Turkey; Mr. Mehmet Yörükoğlu, Deputy Governor of the Central Bank of Turkey; Mr. Coşkun Cangöz, Director General of Public Finance, Turkish Treasury; and Mr. Murat Ulus, General Manager of ISE Settlement and Custody Bank (Takasbank), as well as Mr. Yaman Törüner, former ISE Chairman, and Mr. Abdullah Akyüz, former Vice Chairman of the ISE, who played leading roles in establishment of the Bonds and Bills Market.
In his opening speech, Mr. Hüseyin Erkan, ISE Chairman & CEO, stated that the importance of organized markets was emphasized with the break-out of the global crisis in 2008, he said, “ISE envisaged the importance of an organized Bonds and Bills Market twenty years ago, and launched the Market. Today, the ISE Bonds and Bills Market sets an example for the world markets, and our experience is consulted on the international platform, from which we take great pride”.
RANKING EIGHTH AMONG THE WORLD MARKETS IN TWENTY YEARS
The annual total traded value of the ISE Bonds and Bills Market, which stood at US$ 312 million in 1991, reached US$ 2.3 trillion in 2010.
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Source: Istanbul Stock Exchange (ISE)
Government publishes financial regulation White Paper and draft Bill
June 16, 2011--The Government has today published its financial regulation White Paper and draft Bill. These provide further detail on the Government’s proposed reforms to the financial regulatory regime within the UK.
Today’s White Paper has been extensively informed by the responses to the Government’s last round of consultation in February, and contains a number of new policy proposals which have been developed in light of stakeholder feedback, including:
a specific statutory objective governing the Prudential Regulation Authority’s responsibilities for the insurance sector;
an updated and enhanced competition regime under the Financial Conduct Authority (FCA); and
steps to strengthen the handling of cases of widespread consumer detriment, including misselling.
The publication of this White Paper marks an important stage in implementing these proposals as it sets out detailed policy plans alongside draft legislation to form a clear blueprint for reform. It also marks the beginning of the Parliamentary stages of the process: pre-legislative scrutiny of the draft Bill is due to begin shortly and, subject to the progress of pre-legislative scrutiny, the Government hopes to introduce the Bill later this year.
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Source: HM Treasury
China 'long-term investor' in European debt market
June 16, 2011--China said Thursday it was a "long-term investor" in the European debt market and hoped eurozone nations would achieve stable growth, as Greece teetered on the brink of defaulting on its loans.
"China is a long-term investor in the European securities market," foreign ministry spokesman Hong Lei told reporters.
"We hope Greece can realise stability and development through cooperation between the EU and the international community. We hope the relevant countries will realise stable economic growth."
Asian stock markets tumbled on Thursday as the eurozone debt crisis came back to the fore.
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Source: EUbusiness
NYSE Euronext To Extend LCH.Clearnet Clearing Arrangements In Paris
June 16, 2011-- NYSE Euronext today announced that LCH.Clearnet has agreed to extend the arrangements under which LCH.Clearnet S.A. provides clearing services to the European Securities and Continental European Derivatives Markets of NYSE Euronext.
Termination of these arrangements was scheduled to occur in November 2012, following the notice given by NYSE Euronext in May 2010. The agreed extension means that the current clearing arrangements will continue to June 2013 for Derivatives and December 2013 for Cash. There are no changes to the contractual arrangements in place between NYSE Liffe Clearing and LCH.Clearnet Ltd, in respect of NYSE Euronext Derivatives in London.
Duncan Niederauer, Chief Executive Officer of NYSE Euronext said: "In the current dynamic environment, where we are finalising our planned business combination with Deutsche Boerse and LCH.Clearnet Group is considering its own strategic options, this extension gives both parties the time needed for these strategies to crystallise, while providing operational stability and continued service to our customers in the meantime."
Source: CFTC.gov
EEX Exchange Council Discusses Effects Of The Moratorium On Trading
June 15, 2011--In the meeting of the Exchange Council chaired by Dr. Günther Rabensteiner in Leipzig on 8 June 2011 the Exchange Council discussed the effects of the nuclear power moratorium on trading on EEX. Immediately after the announcement in mid-March significantly stronger interest in trading was recorded – in particular on the Power Derivatives Market.
Hence, the situation over the last weeks has shown once again that exchanges make the effects of political decisions visible through the prices established and the volumes traded on these. In this context, the energy markets cannot be viewed in isolation on a national basis – the German power market, in particular, is embedded in the interconnected European electricity market. The Exchange Council concluded that political decisions which require structural changes of the energy supply system should consider possible effects on the energy markets and the competition.
Furthermore, the Exchange Council discussed the status of various legislative initiatives in the field of energy and financial market regulation.
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Source: EEX
EPEX Spot's Exchange Council welcomes study about green power product
June 15, 2011-- The eighth meeting of the EPEX Spot Exchange Council was held on June 8th, 2011 in Leipzig and chaired by Dr. Günther Rabensteiner, Verbund AG. The main topics discussed were:
A prospective study on a Green Power product
The shortening of lead-time to 45 minutes on the Intraday Market
A prospective study about the possible trade with labelled Green Power on EPEX Spot’s markets was presented to the members of the Exchange Council, who welcomed this initiative of EPEX Spot. For some months now, EPEX Spot is working on the internal study which will lead to a Green Power product.
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Source: EPEXSPOT
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