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Moscow Exchange launches clearing of OTC derivatives with Central Counterparty
Moscow Exchange opened its new Standardised OTC Derivatives Market on 28 October.
October 28, 2013--The service allows banks and dealers to clear OTC interest rate, FX, and cross currency swaps through the NCC, which is a qualified central counterparty.
This will reduce participants" capital requirements and increase profitability due to more efficient liquidity management.
New instruments were introduced on 28 October: interest rate swaps on RUONIA, MOSPRIME, and LIBOR rates, USD/RUB cross-currency swaps, and USD/RUB FX swaps with maturities from intraday to five years. The exchange expects to offer clearing of OTC FX and Equity options next year.
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Source: Moscow Exchange
Prips: EU parliament 'betrays' retail investors
October 27, 2013--Plans to improve protection for retail investors in Europe have been left in tatters after compromise proposals were blocked by European lawmakers last week.
The European parliament will now re-examine proposed new rules for packaged retail investment products (Prips), which threatens further delay to the legislation. It is feared the rules are increasingly unlikely to be passed before elections to the European parliament in May 2014.
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Source: FT.com
ETF Securities introduces GBS, the world's first physically-backed gold ETP, to Belgium
October 26, 2013--On October 22, 2013, ETF Securities, one of the world's leading, independent providers of Exchange Traded Products (ETPs), has launched Gold Bullion Securities (GBS), the world's first physically-backed gold ETP on the Brussels market of NYSE Euronext.
The company has also passported a full range of broad, sector and single commodities, and currency investment solutions, further reinforcing its commitment to the Belgian market.
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Source: ETF Securities
KPMG: Investors waking up to Turkey's Islamic finance opportunities
October 25, 2013--As Turkey sets itself apart from other countries competing to become hubs for Islamic finance, with its strong record of economic growth and political stability as well as the presence of established Islamic banking and a Muslim-majority population, KPMG Europe, Middle East, and Africa Director Samer Hijazi said on Thursday that investors are waking up to Islamic finance opportunities in Turkey.
Speaking to Today's Zaman in Istanbul, Hijazi emphasized the fact that both international and Islamic banks have wanted to buy into the Turkish banking sector in the past couple of years, and he informed us that Saudis, Kuwaitis and Bahrainis all have investments in Turkey, and the Qataris have also invested in one of Turkey''s conventional banks. "You have HSBC here. Standard Chartered also bought a bank in Turkey, so I think immediate opportunities are present in the banking sector. "
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Source: Today's Zaman
UK GDP rises by 0.8 per cent: economy heading in the right direction
October 25, 2013--This third quarter figure builds on a 0.7% GDP rise in the previous quarter, and is the best quarterly performance since 2010.
Responding to the news at the European Council, Prime Minister David Cameron said: "The priority for my government is the economy: getting the economy moving, getting jobs created, getting businesses going, making sure Britain is a success and helping people to fulfil their aspirations. I think the GDP figures out today -they do show our economy has real momentum. They show that we are on a path to prosperity."
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Source: HM Treasury
UPDATE 1-Deutsche Boerse buys minority stake in London's GMEX
Deutsche Boerse buys stake in upstart exchange operator
GMEX helps established exchanges tweak strategies
GMEX seen shaking up interest rate swaps market
October 24, 2013--Deutsche Boerse has bought a minority stake in London-based Global Markets Exchange (GMEX), an upstart financial group seeking to launch new exchanges with a focus on derivatives.
Deutsche Boerse said it made a single digit million pound investment in GMEX, a start-up business which plans to launch low cost electronic exchanges in equities, debt, foreign exchange, derivatives and commodities.
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Source: Reuters
DB-Synthetic Equity & Index Strategy-ETF Research - European Weekly ETF Market Review
October 23, 2013----The most recent issue of the European Weekly ETF Market Review is now available. The report includes key statistics on the European ETF market as well as global ETF market highlights.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Europe
IMF Working paper-Shining a Light on the Mysteries of State: The Origins of Fiscal Transparency in Western Europe
October 23, 2013-- Summary: The extent of fiscal transparency in Western Europe has varied over the centuries. Although ancient Greek, Roman, and medieval governments were sometimes open about their finances, the absolute monarchies of the 1600s and 1700s shrouded them in mystery.
Factors that have encouraged transparency include (i) the sharing of political power and rulers' need to persuade creditors to lend and taxpayers' representatives to approve new taxes; (ii) the spread of technological innovations that reduce the costs of storing and transmitting information; and (iii) the acceptance of political theories that emphasize accountable government and public discussion of government policy.
Standard & Poor's Economic Research: The French Economy Exits Recession But Remains Fragile
October 23, 2013--After eight consecutive quarters of stagnation, France posted real GDP growth of 0.5%, marking an official end to
recession. Temporary factors are part of the explanation for this turnaround, including the cold winter that boosted
consumption of energy products.
Meanwhile, higher inventories contributed 0.2 percentage point to the quarter's GDP growth. More importantly, public consumption rose by a strong 0.5%. On the other hand, the corporate and
construction components of investment continued their decline. And more than 35,000 jobs were lost in the private
sector.
The second-quarter improvement in French economic conditions coincided with a broader one across the eurozone (0.3% real GDP growth). However, more recent data suggest that the momentum is diminishing in the second half of 2013. September's French Purchasing Managers Index, an indicator of economic strength for the manufacturing sector, continued to trail behind the eurozone overall average, stuck below the critical 50 line that separates recession from expansion
Industrial production contracted 1% a month in May, June, and July. And exports of goods dropped 4% in value terms year on year over that same three-month period. Those indicators support our expectations of relatively flat overall growth in the second half.
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Source: Standard & Poor's Economic Research
ESMA publishes amended EMIR Q&A clarifying the use of LEI identifiers
October 22, 2013--ESMA published today an update of its Question and Answers (Q&A) (Ref. 2013/1527) on the European Markets Infrastructure Regulation (EMIR).
This Q&A clarifies the use of Legal Entity Identifiers (LEI) for the purpose of trade reporting to trade repositories.
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