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Greek crisis budget heads for parliament vote
December 23, 2009--Greece was to adopt a crisis budget on Wednesday in a bid to bring order to its chaotic public finances and restore its badly dented credibility with foreign investors and the European Union.
The ruling Socialists, who hold a 10-seat edge in the 300-seat parliament, are expected to carry the midnight vote on the 2010 plan aiming to cut Greece's 30.5-billion-euro public deficit by 8.4 billion euros (12 billion dollars).
The Socialists, elected in October on an economy rescue ticket, have already warned that the 2010 budget is the nation's "toughest" since the restoration of democracy in 1974 after seven years of military rule.
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Source: EU Business
Capital markets expect bonanza to go on
December 23, 2009--Capital markets bankers are almost as fixated on merger activity as their investment banking colleagues.
Debt markets have seen record issuance this year while share issues to shore up balance sheets boosted equity markets well beyond most expectations. Both are expecting similarly big business next year for a variety of reasons, though all bankers are hedging their forecasts with one factor: it depends on M&A.
In both cases, big deal-related financings promise fee bonanzas that boost the advising banks’ league table positions.
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Source: FT.com
Rolet's new broom sweeps LSE
December 23, 2009--Xavier Rolet, chief executive of the London Stock Exchange, ushers a visitor into the office on the top floor of the exchange’s headquarters once occupied by his predecessor, Dame Clara Furse.
The desk has gone, replaced by white leather armchairs and glass-topped tables decorated with engraved silver from the exchange’s collection of memorabilia. Commemorative coins and 19th century share certificates decorate the walls.
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Source: FT.com
Macquarie to acquire Sal. Oppenheim’s equity derivatives and structured products business
December 23, 2009--Macquarie To Acquire Sal. Oppenheim’s Equity Derivatives And Structured Products Business
The move complements Macquarie’s existing Asian derivatives operation and adds a wider set of products to its growing European business. Sal. Oppenheim’s derivatives business has market making and issuance operations on exchanges in Germany, Switzerland, Austria and Italy. Under the agreement, more than 90 Sal. Oppenheim staff based in Germany and Switzerland will join Macquarie.
“Sal. Oppenheim’s strong European retail derivatives and structured products business will provide Macquarie with access to a new product suite, an advanced technology platform and a team of high calibre people with deep local experience." said Mark Gilbert, Macquarie’s Head of Derivatives for Europe, Middle East and Africa. “Sal Oppenheim’s clients will benefit from Macquarie’s commitment to growing the business and access to new products which reflect Macquarie’s global scale.”
Sal Oppenheim retail equity derivatives are sold through private banks and retail brokers in Germany, Switzerland, Austria and Italy, accessing a derivatives market with more than 275 billion of issued product.
The retail equity derivatives business will use the Macquarie Oppenheim brand following completion.
Transaction terms and timing
The terms of the transaction are confidential between the parties. The impact on Macquarie's regulatory capital surplus as a result of the acquisition is not expected to be material. The transaction is expected to close at the beginning of the second quarter of 2010, subject to regulatory approvals and other customary closing conditions.
Source: Macquarie
FEAS Newsletter December 2009
December 23, 2009--FEAS Newsletter for December 2009 is now available.
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Source: FEAS
ETF Landscape: European DJ STOXX 600 Sector ETF Net Flows, week ending 18-Dec-09
December 23, 2009--Highlights
Last week saw US$25.0 Mn net outflows to DJ STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Banks with US$44.1 Mn and Health Care with US$19.0 Mn while Oil & Gas experienced net outflows of US$42.8 Mn.
Year-to-date, Telecommunications has been the most popular sector with US$465.5 Mn net new assets, followed by Basic Resources with US$393.3 Mn net inflows, while Personal & Household Goods sector ETFs have been the least popular with US$11.8 Mn net outflows YTD.
Visit Blackrock for more information.
Source: ETF Research and Implementation Strategy Team, Blackrock
Moody’s downgrades Greece’s credit rating
December 22, 2009--Moody’s Investors Service on Tuesday downgraded Greece’s credit rating, despite efforts by the new Socialist government to slash public spending and pull the country out of an economic crisis.
The government responded with a promise to redouble its cost-cutting efforts, while Greek investors responded with relief that the latest downgrade was not more severe. Moody’s became the third rating agency to downgrade Greek government bonds -- changing them from an A1 category to A2.
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Source: Todays Zaman
New Exchange Traded Funds (ETFs) on SIX Swiss Exchange
December 22, 2009--Three new products have been listed in the Exchange Traded Funds segment of
SIX Swiss Exchange, taking the total to 275 ETFs. The new funds are:
UBS Index Solutions – Gold ETF hedged (CHF). The trading currency is CH
UBS-ETF MSCI Canada I. The trading currency is CAD.
UBS-ETF MSCI EMU I. The trading currency is EUR.
UBS Investment Bank will perform the market making for these products.
Source: SIX Swiss Exchange
CESR issues advice on mergers, master-feeder structures and cross-border notification of UCITS and KID methodologies
December 22, 2009--CESR delivers today two pieces of work related to the future UCITS IV Directive: a technical advice on mergers of UCITS, master-feeder UCITS structures and cross-border notification and two methodologies for Key Investor Document for UCITS.
For CESR’s technical advice to the European Commission on level 2 measures relating to mergers of UCITS, master-feeder UCITS structures and cross-border notification of UCITS (Ref. CESR/09-1186), click here.
For the annex to CESR’s technical advice on the level 2 measures related to the format and content of Key Information Document disclosures for UCITS: methodology for the calculation of the synthetic risk and reward indicator (Ref. CESR/09-1026), click here.
For the annex to CESR’s technical advice on the level 2 measures related to the format and content of Key Information Document disclosures for UCITS: methodology for the calculation of the ongoing charges figure (Ref. CESR/09-1028), please click here.
Source: CESR
Forex market to be reeled in with new regulations
December 22, 2009--Capital Markets Board (SPK) President Vedat Akgiray has stated that the foreign exchange market (forex) in Turkey currently has a daily trading volume of $3 billion and that regulations to control this largely unregulated market would be completed by mid-January.
Akgiray, speaking at the PriceWaterhouseCoopers Business School’s “Roadmaps for Business in the Post-crisis Period” event on Tuesday, noted that the forex market is “completely unregulated” and that thousands of people lose money on a daily basis. He added that the task of regulating this market was given to the SPK and that new regulations are expected to be put into place by Jan. 15. read more
Source: Todays Zaman
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