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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.
request report
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.
Moscow Exchange, NASDAQ OMX launch partnership to promote Russian tech, biotech community
October 22, 2013--Moscow Exchange (MOEX) and NASDAQ OMX (NDAQ) have signed a co-operation agreement to work to develop the Russian technology and biotechnology community, the Moscow Exchange said in a press release.
The aim of the co-operation is to jointly facilitate access to capital for the fast growing Russian start-up community and to promote listings at both exchanges.
In 2009, Moscow Exchange and state nanotchnology corporation Rusnano created a listing platform for young and promising non-commodity companies called the "Innovations and Investment Market of Moscow Exchange".
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Source: Interfax
Creation of 'fund calculator' moves a step closer
October 22, 2013--Plans to help investors accurately compare the full costs of investment, savings and pension products moved a step closer after European lawmakers voted on Monday to introduce an online calculator.
The calculator, which will be accessible via the website of national regulators such as the UK's Financial Conduct Authority, will include a complete estimate of costs including dealing and platform charges and fees paid to financial advisers.
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Source: FT.com
NYSE Euronext announces Liquidity Provider activity update on European markets
October 22, 2013--We are pleased to announce that on October 22, 2013, Commerzbank has further expanded its activity on our markets by taking on liquidity responsibilities for an impressive additional 46 ETFs, all from Amundi.
Commerzbank is now active as a Liquidity Provider for a total of 230 ETFs on our European markets, which makes them one of the top three Liquidity Providers in terms of number of open contracts.
There are currently 23 ETF Liquidity Providers active on NYSE Euronext's European markets.
Source: NYSE Euronext
Boost Research:Liquidity rally. Risk on, but for how long?
October 22, 2013--Summary:Excess liquidity keeps feeding the rally in Eurozone equities at the same time that markets are shaking off weakening fundamentals building since the summer.
The duration of the rally may extend to Q4 now that QE is prolonged and a US budget standoff has been averted for at least until January.
Unless the US economy rebounds, the strengthening of EUR/USD is likely to worsen the outlook for Eurozone equities in Q4, potentially undermining the DJ EURO STOXX 50 and DAX 30 in the start of next year.
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Source: Boost Research
EU agrees preliminary deal to rein in speed traders
EU ditches minimum order time in tentative deal
Progress on allowing sponsored market access
Key negotiations on MiFID set for November
HFT sector says much detail to be worked out
October 22, 2013--The European Union has reached a tentative deal to rein in the type of ultra-fast trading that accelerated a plunge in Wall Street stocks in 2010 and set regulatory alarm bells ringing across the world.
In the Wall Street "flash crash" three years ago, the Dow Jones Industrial Average dropped about 700 points in minutes, partly due to the high-frequency traders unloading their securities as the market tumbled.
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Source: Reuters
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