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Boost-Trade Idea-Eurozone equities: "It's the carry trade, stupid!" (3EUL)
October 29, 2013--Summary--The credit markets, more than equity fundamentals, drive the DJ EURO STOXX 50. Until the bulk of banks in Eurozone's weakest economies report Q3 earnings in mid-November, falling bond yields and narrowing spreads may set a precedent for momentum in Eurozone equities.
Eurozone banks remain over reliant on the profitable, virtually risk-free carry trade as a stagnant economy fails to reverse mounting bad debts and shrinking loan books.
ECB's bank test next year and Basel III are likely to compel many banks to bolster the trading book by buying government debt and hold on to the carry trade for as long as possible.
Given the financial sector's disproportionate share in Spain's and Italy's total equity capitalization, these stock markets stand to benefit from the healing of credit markets at home more than other European markets.
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Source: Boost
Troubled loans at Europe's banks double in value
October 29, 2013--European banks' non-performing loans have doubled in just four years to reach close to €1.2tn and are expected to keep rising, according to analysis that provides a disquieting backdrop to the region's forthcoming assessment of lenders' balance sheets.
A report by PwC found that non-performing loans (NPLs) rose from €514bn in 2008 to €1.187tn in 2012, with rises in the most recent year driven by deteriorating conditions in Spain, Ireland, Italy and Greece. It predicted further rises in the years ahead because of the "uncertain economic climate".
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Source: FT.com
Eurex and Vienna Stock Exchange conclude index licensing agreement
Listing of new futures and options planed on leading indices of the Vienna Stock Exchange
October 25, 2013--The international derivatives market Eurex Exchange has concluded an index licensing agreement with the Vienna Stock Exchange (Wiener Börse AG).
The agreement will allow Eurex Exchange to list futures and options on well-known indices of the Vienna Stock Exchange. This means that Eurex Exchange will be able to complement its successful Austrian equity futures and equity options segment with the corresponding equity index derivatives based on the ATX and ATX five.
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Source: Eurex
BNP Paribas launches 39 EasyTRACKERS on NYSE Euronext Paris ETN segment
October 28, 2013--BNP Paribas and NYSE Euronext Paris have teamed up to facilitate access to Exchange Traded Notes (ETNs) for professional investors by launching 39 EasyTRACKERS.
Offering its product line on NYSE Euronex's ETN segment represents a major new stage in BNP Paribas' expansion on the French market, and gives fresh momentum to NYSE Euronext’s European ETN offer for qualified investors.
Since its launch in November 2011, the EasyTRACKERS range has successfully identified opportunities outside traditional asset classes while benefiting from BNP Paribas expertise in systematic investment strategies. It rounds out the range of listed products already offered by the bank, completing the EasyETF* range.
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Source: NYSE Euronext
ESMA publishes updated Q&As on the Prospectus Directive
October 28, 2013--The European Securities and Markets Authority (ESMA) has published an updated Questions and Answers on the Prospectus Directive (PD), revising a number of current market practices and addressing a number of new issues related to the implementation of the PD.
Revised Questions-applicable from 28 January 2014
The Q&A also includes revisions of two previous Questions, which deal with:
pro forma financial information; and
the level of disclosure concerning price information for share offerings.
As these revised questions set out changes to current market practices, ESMA has decided to provide a phase-in period of 3 months from the publication of this document for their application. This will provide market participants sufficient time to adjust to the new approaches.
view the Questions and Answers on the Prospectus Directive (PD)
Source: ESMA
UBS lists ETFs on five UK platforms after price cut
October 28, 2013--UBS Exchange Traded Funds has listed 14 ETFs on five UK platforms in a move to make its products more accessible to IFAs and retail investors, following a recent fee cut.
Last month, the group announced fee cuts across its ETF range, in some cases by as much as 25bps, to bring its prices in line with the competition.
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Source: Investment Week
Reorientation of Frankfurt Stock Exchange strengthens trading venue
Exchange strengthens trading venue
Quality guarantee for investors/ Certificates trading under Frankfurt Stock Exchange umbrella in future/ New corporate image
Octobe 28, 2013--
Deutsche Börse is improving trading on the Frankfurt Stock Exchange. It is reorienting the trading venue and will launch a new quality guarantee for trading from 1 November.
In addition, all structured products will be traded under the Frankfurt Stock Exchange brand.
From Friday, investors will receive a quality guarantee when executing German, European and US blue chips, as well as ETFs. This guarantee ensures that investors can buy or sell at a price equivalent to that on the respective reference market or better.
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Source: Deutsche Börse
Moscow Exchange to launch Transportation Index
October 28, 2013--Moscow Exchange plans to launch a transportation sector index on 11 November.
The key constituents are to be Aeroflot, Fesco, NCSP, Transcontainer, and UTair, which are already included in the exchange's Broad Market Index. As with other sector indices, the Transportation Index is to be rendered in RUB (code MICEXTRN) and USD (RTStn).
Retrospective values were calculated starting on 28 December 2007, at 2,500 for the RUB index and 250 for the USD index
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Source: Moscow Exchange
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
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