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Statistical Release: UK Official holdings of international reserves, March 2013
April 4, 2013--This monthly press notice shows details of movements in March in the UK's official holdings of international reserves, which consist of gold, foreign currency assets and International Monetary Fund assets.
These reserves are maintained primarily so that the UK Government’s reserves could be used to intervene to support Sterling, or the Bank of England’s reserves could be used to support the Bank’s monetary policy objectives. If such interventions were to occur, then they would be shown and explained in this release. The Background note at the end of this release explains more about the reserves, and about these statistics.
In summary this month’s release shows that, in March 2013:
No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
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Source: HM Treasury
ESMA publishes the guidelines on market making and primary dealer exemption-application deadline starts
April 2, 2013--ESMA has published the official translations of its final "Guidelines on exemption for market making activities and primary market operations under the Short Selling Regulation" (ESMA/2013/158), first published on 1 February 2013.
Today’s publication of the translated guidelines triggers a transitional period of two months during which national supervisors have to declare whether they intend to comply with the guidelines, or otherwise explain the reasons for non-compliance. According to the ESMA Regulation national supervisors have to make every effort to comply with the Guidelines.
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Source: ESMA
Average daily volume of 9.7 million contracts at Eurex Group in March
April 2, 2013--In March 2013, the international derivatives exchanges of Eurex Group recorded an average daily volume of 9.7 million contracts (March 2012: 10.1 million).
Of those, 7.3 million were Eurex Exchange contracts (March 2012: 7.4 million), and 2.4 million contracts (March 2012: 2.7 million) were traded at the U.S.-based International Securities Exchange (ISE).
In its largest segment – equity index derivatives – Eurex Exchange achieved 65.9 million contracts (March 2012: 79.7 million). Futures on the EURO STOXX 50® Index stood at 30.6 million contracts and 20.5 million on the index options. Futures on the DAX index totaled 3.2 million contracts while the DAX options reached another 3.9 million contracts. The Eurex KOPSI Product recorded approximately 1.4 million contracts.
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Source: Eurex
Turnover at Deutsche Borse's cash markets at 97.3 billion euros in March
April 2, 2013--Order book turnover on Xetra, the Xetra Frankfurt Specialist trading and Tradegate stood at €97.3 billion in March (March 2012: €118.7 billion).
Of the €97.3 billion, €89.6 billion were attributable to Xetra (March 2012: €109.3 billion). €4.3 billion were attributable to the Xetra Frankfurt Specialist trading (March 2012: €5.9 billion). Order book turnover on Tradegate Exchange* totalled approximately €3.3 billion in March (March 2012: €3.5 billion).
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Source: Deutsche Börse
McNeil and Bienkowski offer ETP Boost(er)
April 2, 2013--In launching exchange-traded product firm Boost ETP last year, Hector McNeil heeded advice he was given in his childhood: stick to your strengths.
McNeil and partner Nik Bienkowski co-founded the firm, which specialises in three-times leveraged and short exchange-traded products, after helping to build the business of commodity exchange-traded fund firm ETF Securities from 2006 to 2010.
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Source: Financial News
March 2013: Economic sentiment weakens in both the euro area and the EU
March 27, 2013--In March the Economic Sentiment Indicator (ESI) decreased in both the euro area and the EU, putting on hold the recovery that had started in November of last year.
Sentiment declined by 1.1 points in the euro area (to 90.0) and by 0.6 points in the EU (to 91.4).
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Source: European Commission
March 2013: Economic sentiment weakens in both the euro area and the EU
March 27, 2013--In March the Economic Sentiment Indicator (ESI) decreased in both the euro area and the EU, putting on hold the recovery that had started in November of last year.
Sentiment declined by 1.1 points in the euro area (to 90.0) and by 0.6 points in the EU (to 91.4).
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Source: European Commission
Basel Committee issues consultative document on measuring and controlling large exposures
March 26, 2013--The Basel Committee on Banking Supervision has today published a proposed supervisory framework for measuring and controlling large exposures.
The Basel Committee on Banking Supervision has today published a proposed supervisory framework for measuring and controlling large exposures. The proposed new standard aims to ensure greater consistency in the way banks and supervisors measure, aggregate and control exposures to single counterparties. Acting as a backstop to risk-based capital requirements, the standard would supplement the existing risk-based capital framework by protecting banks from substantive losses caused by the sudden default of a counterparty or group of connected counterparties. The consultative paper published today would replace the Basel Committee's 1991 guidance Measuring and controlling large credit exposures.
FCA business plan and risk outlook published
March 25, 2013--The Financial Services Authority (FSA) has published the business plan and risk outlook for the Financial Conduct Authority (FCA) for 2013/14. The FSA will be replaced by the FCA and the Prudential Regulation Authority (PRA) on 1 April 2013.
The risk outlook sets out the challenging economic backdrop as well as outlining how the FCA will assess market conditions and identify future risks. Many of these are complex and will require several years’ focus.
The business plan sets out how these risks will be managed in the first year and how the FCA will use its resources effectively to meet its objectives, which are:
To secure an appropriate degree of protection for consumers.
To protect and enhance the integrity of the UK financial system.
To promote effective competition in the interests of consumers.
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Source: FSA.gov.uk
New gold ETC from ETF Securities launched on Xetra
ETC hedged against daily exchange rate fluctuation
March 21, 2013--
A new ETC (exchange traded commodity) issued by ETFS Hedged Metal Securities Limited has been tradable on Xetra since Thursday.
ETC name: ETFS EUR Daily Hedged Physical Gold
Asset class: Commodities
ISIN: DE000A1RX996
Management fee: 0.39 percent
Benchmark: MS Long Gold Euro Hedged Index
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Source: Xetra/FWB
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