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Record trading levels for volatility derivatives in October
New all-time monthly volume record of around 1.5 million contracts
November 5, 2014--International derivatives market Eurex Exchange reached a number of trading records in the volatility derivatives segment in October. The existing peak-set in March 2014-was exceeded in October with a total of 1,494,829 contracts traded. The average daily volume was 64,993 contracts in October, an increase of 78 percent compared with January to September 2014.
Turnover in VSTOXX futures was a major contributor to the new record; these traded almost 1 million contracts in October (997,946 contracts), representing an increase of 87 percent compared with October 2013. VSTOXX options showed a similarly positive performance, with a monthly total of 496,883 contracts traded-also a new all-time high.
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Source: Eurex
Boerse Stuttgart records monthly turnover of around EUR 8.2 billion
November 4, 2014--Intensive trading driven by sharper movements in underlying markets // Strong growth
in securitised derivatives and exchange-traded products
According to the order book statistics, turnover for October at Boerse Stuttgart was around EUR 8.2 billion, the highest monthly trading volume since January 2014.
Total turnover was around 23 percent up on the previous month as a result of sharp movements in the underlying markets. Compared with the figure for October 2013, the monthly trading volume was around 9 percent higher.
The biggest increases were attributable to trading in securitised derivatives, with turnover climbing to over EUR 4 billion.
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Source: Boerse Stuttgart
EC-2014 Autumn Economic forecast: Slow recovery with very low inflation
November 4, 2014--The European Commission's autumn forecast projects weak economic growth for the rest of this year in both the EU and the euro area. Real GDP growth is expected to reach 1.3% in the EU and 0.8% in the euro area for 2014 as a whole. Growth is expected to rise slowly in the course of 2015, to 1.5% and 1.1% respectively, on the back of improving foreign and domestic demand.
An acceleration of economic activity to 2.0% and 1.7% respectively in 2016 is expected to be driven by the strengthening of the financial sector (following the comprehensive assessment by the European Central Bank and further progress towards the Banking Union), as well as recent structural reforms starting to bear fruit.
view the inforgraphic-EC-2014 Autumn Economic Forecast
Source: European Commission (EC)
ECB Accelerates Covered-Bond Purchases in Second Week
November 3, 2014--The European Central Bank stepped up buying of covered bonds in an attempt to boost consumer prices and rekindle growth in the euro-area economy.
The outstanding amount of covered bonds purchased under the Frankfurt-based institution's program rose by 3.075 billion euros ($3.85 billion) last week to 4.779 billion euros, data on the ECB's website showed.
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Source: Bloomberg
S&P Dow Jones Indices-Europe Index Dashboard-October 2014
October 31, 2014--Macroeconomic concerns and equity volatility returned during a tough October for the European equity markets. The S&P Europe 350 fell by over 3%, taking a day-to-day lead from Greek government bond prices.
Leading the headlines: fears of deflation mounted as the ECB's stimulus program at the beginning of the month was judged unambitious, mid-month saw Germany cut GDP growth forecasts citing the "geopolitical crisis"; followed by dismal GDP and employment figures from France.
Finally, towards month end, 25 of around 130 banks were reported to have failed the ECB’s "stress-test" (not a surprising figure, but slightly worse than expected).
view the S&P Dow Jones Indices-Europe Index Dashboard-October 2014
Source: S&P Dow Jones Indices
Derivatives trading volume hits historic high
October 31, 2014--The trading volume on the Moscow Exchange's derivatives market reached a historic high of RUB 617bn (approx. USD 14.22bn) or 13.8 contracts on October 30, the exchange said.
The previous record was registered in September 2012. The average intraday trading volume was RUB 245bn (approx. USD 5.65bn) in October.
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Source: rbcnews.com
Financial Conduct Authority consults on restrictions on the retail distribution of regulatory capital instruments
October 29, 2014--The Financial Conduct Authority (FCA) is proposing to place new requirements that would apply when mutual society shares are sold to ordinary retail investors.
The FCA is also consulting on plans to make permanent the temporary rules, announced in August 2014. which placed restrictions on the distribution of contingent convertible securities (CoCos).
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Source: Financial Conduct Authority (FCA)
Mifid II: Regulatory 'typhoon' on course for Europe
October 29, 2014--Wealth managers and private banks across Europe are about to be hit by a regulatory "typhoon" and are "burying their heads in the sand" about the consequences, according to a leading campaigner on costs and transparency.
As it stands, Mifid II, the second iteration of the EU's Markets in Financial Instruments Directive, will compel regulated firms to reveal to every client the complete array of costs and charges they are paying, in a single aggregate figure.
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Source: FT.com
Depreciation in the Rouble Hurts Business Sentiment
October 28, 2014--MNI Russia Business Indicator Falls to 46.7 in October from
47.5 in September
The MNI Russia Business Indicator declined by 1.7% to 46.7 in October from 47.5 in September, the lowest level this year, as the weak rouble took its toll on business sentiment.
Firms were hurt more than ever before by the exchange rate after the rouble declined to a fresh low
against the US dollar during our survey period, with the Effect of the Rouble Exchange Rate Indicator falling to a series’ low in October. While the
depreciation may have provided a mild positive for Export Orders, our panel reported that it had hurt
business activity overall.
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Source: MNI Indicators
EU Benchmarks Plan Too Demanding of Other Nations, Lawmaker Says
October 28, 2014--European Union lawmakers are set to overhaul draft rules for financial benchmarks on concerns that they could damage the functioning of markets by imposing excessively strict requirements on nations outside the bloc.
Plans set out by Michel Barnier, the EU’s financial services chief, for so-called equivalence assessments of whether non-EU countries meet its regulatory standards, are "not realistic," Cora van Nieuwenhuizen, the EU parliament legislator leading the assembly's work on the draft law, said in an interview.
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Source: Bloomberg
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