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IMF-Russia Economic Report 33: The Dawn of a New Economic Era?
April 1, 2015--The World Bank projects a negative growth outlook for Russia in 2015-2016, with the economy expected to contract by 3.8 percent in 2015 and modestly decline by 0.3 percent in 2016.
Investment is projected to contract for a second year in a row as the Russian government is delaying some large infrastructure projects and private investors are cutting back on investment programs, while capital remains expensive and demand uncertain, according to the World Bank's latest Russia Economic Report, launched today in Moscow.
view the Russia Economic Report 33: The Dawn of a New Economic Era?
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Source: IMF
Turnover at Deutsche Borse's cash markets at 162.6 billion euros in March
April 1, 2015--Order book turnover on Xetra, Börse Frankfurt and Tradegate Exchange across all asset classes stood at €162.6 billion in March (March 2014: €120.2 billion).
Of the €162.6 billion, €146.8 billion were attributable to Xetra (March 2014: €110.1 billion). The average daily turnover on Xetra stood at €6.7 billion in March (March 2014: €5.2 billion).
A turnover of €6.8 billion was attributable to Börse Frankfurt (March 2014: €5.1 billion). Order book turnover on Tradegate Exchange* totalled approximately €9.1 billion in March (March 2014: €5.0 billion).
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Source: Deutsche Börse
A guide to the FCA's new benchmark regulation powers
April 1, 2015-The UK's markets regulator on Wednesday assumes formal oversight of seven more benchmarks, adding to its existing supervision of the
adding to its existing supervision of the London Interbank Offered Rate.
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Source: Financial News
EU lawmakers broaden commodities waiver in benchmarks bill
March 31, 2015--Securities market indexes, oil-price reports and other commodity indicators won wider exemptions from draft EU rules on financial benchmarks in a European Parliament committee vote today.
The initiative aims to introduce binding codes of conduct for interest-rate benchmarks such as the London Interbank Offered Rate and Euribor.
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Source: www.mlexfs-core.com
Eurex Margin Call Said to Be Behind DuessHyp's Collapse
March 31, 2015--The near-collapse of Duesseldorfer Hypothekenbank AG, the German lender hit by Heta Asset Resolution AG's debt moratorium, was prompted in part by a margin call from Eurex, people familiar with the matter said.
Eurex, Europe's largest derivatives market, asked DuessHyp to post additional collateral as the German bank faced writing down its 348 million euros ($375 million) of bonds issued by Austria's Heta, said the people.
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Source: Bloomberg
S&P Dow Jones Indices-Europe Index Dashboard
March 31, 2015--The European equity markets have been enjoying their stimulus: the S&P Europe 350(R) added a further 1.8% during March, bringing the quarter's total gain to a whopping 16.8%.
Germany and Switzerland, as well as a finally performing France, contributed the most to the S&P Europe 350's gains.
Meanwhile, mounting uncertainty over the U.K. election-as well as poor contributions from the large energy companies based there-meant that British stocks registered a significant underperformance versus their continental equivalents.
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Source: S&P Dow Jones Indices
Europe's proposed commodity position limits prompt concern
March 31, 2015--Major commodity traders in Europe are increasingly concerned about a regulatory proposal to put position limits on about 1,900 commodity
derivatives, according to calculations by a British regulator.
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Source: Smart Brief
ESMA publishes updated EMIR Q&A-No 12
March 31, 2015--The European Securities and Markets Authority (ESMA) has today issued the 12th update of its Q&A document on the implementation of the European Markets Infrastructure Regulation (EMIR).
The Q&As provide answers and guidance related to questions received regarding the implementation of EMIR.
This update includes further guidance on the authorisation of CCP services, the clearing obligation and the Regulatory Technical Standards (RTS) on direct, substantial and foreseeable effect of contracts within the Union.
view the Updated EMIR Q&A -No 12
Source: ESMA
Benchmarks: restoring confidence in the financial markets
March 30, 2015--Benchmarks are widely used to track market developments, however financial scandals involving benchmarks such as Libor and Eurobibor have shown that they are susceptible to manipulation.
The EP's economic committee votes on 31 March on new rules to ensure the full transparency of all benchmarks used in the EU. Dutch Alde member Cora van Nieuwenhuizen, who wrote the report with recommendations, said: "It is a major step forward in ensuring the future robustness and accuracy of benchmarks."
What benchmarks are
Benchmarks are indices that measure the performance of something, from interest rates at the interbank market in London (Libor) or in the euro zone (Euribor), to commodities such as gold or crude oil and foreign exchange rates (euro against dollar or British pound against dollar). They are often used as references in financial and commercial contracts, for example a mortgage interest rate may be determined as the Euribor rate plus a certain premium.
Manipulation of benchmarks
For benchmarks to serve their purpose, they have to be seen as reliable and neutral. However, their daily value are often determined by the actions of a few big market players.
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Source: European Parliament
First products on the IBEX 35 X10 leverage net & IBEX 35 X10 short indices listed on BME
March 30, 2015--Offering bullish and bearish exposure that is 10 times as much as the daily performance of the IBEX 35(R) NET RETURN
The Spanish stock exchange today started trading on the Warrants, Certificates and other products segment the first MULTI, which offer exposure to the IBEX 35(R) X10 LEVERAGE NET and IBEX 35(R) x10 SHORT. The MULTI are exchange-traded products that track the performance of daily leverage indices as well as daily leverage short indices.
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Source: BME
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