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FSA CEO outlines new conduct regulation strategy - consumer protection through early intervention
March 12, 2010--Hector Sants, chief executive of the Financial Services Authority (FSA), today outlined the FSA’s new consumer protection strategy. Speaking at the annual Lubbock Lecture at Oxford University’s Saïd Business School, Sants described how the regulator will deliver its new approach, involving early detection and intervention, through intensive supervision.
The FSA’s consumer protection strategy seeks to achieve three goals:
making the retail market work better for consumers;
avoiding the crystallisation of conduct risks that exceed the FSA’s risk tolerance; and
delivering credible deterrence and prompt and effective redress for consumers.
It signals the end of ‘reactive regulation’ where, historically, the FSA waited for clear evidence that a product had been mis-sold and consumers harmed before it took action and relied principally on risk disclosure information at the point of sale to avoid mis-selling occurring.
Industrial production up by 1.7% in euro area-Eurostat
January 2010 compared with December
Up by 1.8% in EU27
March 12, 2010--In January 2010 compared with December 2009, seasonally adjusted industrial production1 grew by 1.7% in the euro area2 (EA16) and by 1.8% in the EU272. In December 20093 production increased by 0.6% and 0.3% respectively. In January 2010 compared with January 2009, industrial production increased by 1.4% in the euro area and by 1.5% in the EU27.
Monthly comparison In January 2010 compared with December 2009, production of energy increased by 2.6% in the euro area and by 2.2% in the EU27. Durable consumer goods rose by 2.0% and 1.7% respectively. Intermediate goods grew by 1.4% in the euro area and by 0.3% in the EU27. Capital goods fell by 0.3% in the euro area, but gained 0.4% in the EU27. Non-durable consumer goods decreased by 0.3% in the euro area, but rose by 0.5% in the EU27. Among the Member States for which data are available, industrial production rose in thirteen and fell in six. The highest increases were registered in Ireland (+15.3%), Bulgaria (+4.9%), Estonia (+4.5%) and Denmark (+3.9%), and the largest falls in Portugal and Finland (both -2.2%), Latvia (-1.6%) and Spain (-1.1%). Annual comparison In January 2010 compared with January 2009, production of intermediate goods grew by 4.2% in the euro area and by 3.9% in the EU27. Capital goods increased by 0.5% and 1.7% respectively. Non-durable consumer goods remained stable in the euro area and rose by 0.2% in the EU27. Production of energy decreased by 0.6% and 2.4% respectively. Durable consumer goods declined by 1.9% in the euro area, but increased by 1.5% in the EU27.
Among the Member States for which data are available, industrial production rose in twelve and fell in seven. The highest increases were registered in Malta (+14.3%), Poland (+11.0%), the Czech Republic (+8.0%) and Romania (+6.8%). The largest decreases were registered in Denmark (-9.8%), Lithuania (-5.5%), Greece (-4.4%) and Spain (-2.5%).
Renewable energy: forecasts show EU on track to meet 20% target
March 11, 2010--The EU will surpass its target to consume 20 per cent of its energy from renewable energy by 2020, according to national forecasts submitted to the European Commission. In its summary published today, the Commission finds that the EU will reach an overall share of 20,3 per cent renewables.
Günther Oettinger, European Commissioner responsible for Energy said: "These forecasts show that Member States take renewable energy very seriously and are really dedicated to push their domestic production. It is an important milestone in the achievement of the goals set in the Europe 2020 Strategy. This is a very positive sign for the environment, as it will help us to cut CO2 emissions and at the same time enhance our energy security. It is also a very positive message for our economy and our companies. It is an incentive to invest in green technology and the production of renewable energy. Our task will be to help all Member States not only to reach the 20 per cent target but to go beyond".
The summary found that 10 out of 27 EU Member States are likely to exceed their national targets for renewable energy, with a further 12 set to meet their goals domestically. Only five Member States are currently expected not to meet their target with domestic sources only.
According to the Renewable Energy Directive (2009/28/EC), those Member States which consider that they cannot reach their targets with domestic resources alone, must either acquire transfers from other Member States or countries outside the EU. As the summary shows, this mechanism will only play a minor role. Only around 2 Mtoe of the total renewable energy needed in 2020, will be traded between Member States or third countries. In percentage terms this amounts to less than 1 per cent.
The priority will however remain to assist all Member States to reach the required target or, for those which are already close to the target, to go beyond it.
view the Member States' performance report
European ETF activity highlights for February 2010-NYSE Euronext
March 11, 2010--At the end of February, NYSE Euronext had 517 listings of 469 ETFs from 16 issuers. These ETFs cover more than 300 indices exposed to an extended range of assets and strategies (Equity, Fixed Income, Commodities, Short, Leverage, etc…).
* In February 2010, the number of ETFs increased by 34% compared to end of February 2009. An additional 20 new ETFs have already been listed during the first two months of the year.
* Both the daily average number of trades and daily average turnover saw an impressive growth in February 2010. On average, there were 8 549 trades on a daily basis, representing an increase of more than 28% versus February 2009. Daily average turnover registered an even greater boost year-on-year, increasing from €285 million to €413 million in February 2010, or almost 45%. The all-time ETF trading record of 15 228 trades on January 22, 2010 was eclipsed on February 5. That day, there were 24 098 trades and over €1.1 billion was exchanged.
* At the end of February, the combined Assets Under Management of all ETFs listed on the NYSE Euronext European markets totaled €110.8 billion, an increase of 53.3% from the €72.2 billion at the end of February 2009.
* The combination of the flow of 19 first-class Liquidity Providers, competitive market makers, client orders and our high capacity, low latency technology contributed to a median spread of 29.80 bps of all listed ETFs in February 2010, down from 51.74 bps in February 2009.
* NYSE Euronext’s Liquidity Providers program continued to expand as well over the course of February. At the end of the month, 19 Liquidity Providers had a total of 909 liquidity provision agreements, providing firm bid/ask quotes with minimum size and maximum spread requirements for the entire trading session on all ETFs. In February, 34 new LP contracts were added.
MEPs back fresh EU money for low-carbon technologies
March 11, 2010--A Parliament resolution, approved on Thursday, welcomes plans to step up EU funding for developing innovative low-carbon technologies to help cut greenhouse gas emissions by 20% by 2020. MEPs want the EU funding to develop applications for these technologies over the next 10 years, but also acknowledge the need of additional private, public and EU resources to hit the target. The text, tabled by the S&D, ALDE and Greens/EFA groups, was approved with 444 votes in favour, 88 against and 32 abstentions.
A Parliament resolution, approved on Thursday, welcomes plans to step up EU funding for developing innovative low-carbon technologies to help cut greenhouse gas emissions by 20% by 2020. MEPs want the EU funding to develop applications for these technologies over the next 10 years, but also acknowledge the need of additional private, public and EU resources to hit the target. The text, tabled by the S&D, ALDE and Greens/EFA groups, was approved with 444 votes in favour, 88 against and 32 abstentions.
