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Monetary developments in the euro area
January 2, 2013--The annual growth rate of the broad monetary aggregate M3 stood at 3.8% in November 2012, compared
with 3.9% in October 2012.1
The three-month average of the annual growth rates of M3 in the period from
September 2012 to November 2012 increased to 3.4%, from 3.1% in the period from August 2012 to
October 2012.
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Source: ECB
Boerse Stuttgart reports 2012 turnover of almost EUR 90 billion
Trading volume down relative to 2011 due to a generally difficult market environment // Corporate bonds and reverse convertibles register significant year-on-year growth // Europe's market leader for securitised derivatives and Germany's market leader for corporate bonds
January 2, 2013--According to Boerse Stuttgart's order book statistics, aggregate turnover for 2012 amounted to more than EUR 89.2 billion.
This means that total trading volume was down almost 18 percent relative to the previous year's figures. The main reason was a generally difficult market environment, one characterised by uncertainty and hesitancy on the part of investors in the wake of the protracted European debt crisis. The rate of decline varied widely by asset class, however. Thus, debt instrument (bond) trading registered the smallest drop in turnover, while trading in investment fund units took the biggest hit.
With a trading volume of more than EUR 42 billion for securitised derivatives, Boerse Stuttgart retained its position as Europe's market leader for this asset class. There was particularly strong growth in the trading of reverse convertibles, which recorded an increase of over 25 percent.
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Source: Boerse Stuttgart
French transaction tax favours structured products and swap-based ETFs
January 2, 2013--The introduction of a new financial tax in France towards the end of 2012 could work in favour of structured products and ETFs
With derivatives so far immune to the French Financial Transaction Tax (FTT), which came into force in August, banks and providers are seeing the resulting benefits to sales of swap-based exchange-traded funds (ETFs) and structured products.
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Source: Risk.net
As the trading year draws to a close, private investors remain highly cautious
Christoph Lammersdorf delivers a mixed assessment of the trading year just ended/ Boerse Stuttgart records aggregate turnover of around EUR 90 billion in 2012/ positive forecast for 2013
January 2, 2013--Boerse Stuttgart marked the end of trading for 2012 with its traditional year-end event on 28 December.
Representatives of the stock exchange were joined by around a hundred guests from business, politics and society to take stock of the year. Christoph Lammersdorf, CEO of Boerse Stuttgart Holding GmbH, looked back on an eventful year that was marked by the continuing European debt crisis and yet culminated in a year-end DAX rally.
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Source: Boerse Stuttgart
Turnover at Deutsche Boerse's cash markets at 1.16 trillion euros in 2012
67.9 billion euros turnover in December
January 2, 2013-- In 2012, €1.16 trillion were turned over at the cash markets of Deutsche Börse (2011: €1.51 trillion).
Order book turnover on Xetra, the Xetra Frankfurt specialist trading and Tradegate stood at €67.9 billion in December (December 2011: €88.4 billion).
Of the €67.9 billion, €62.5 billion were attributable to Xetra (December 2011: €82.7 billion). €3.1 billion were attributable to the Xetra Frankfurt specialist trading (December 2011: €3.8 billion). Order book turnover on Tradegate Exchange* totalled approximately €2.4 billion in December (December 2011: €1.8 billion).
In equities, turnover reached €57.6 billion on Deutsche Börse’s cash markets (Xetra: €54.0 billion, Xetra Frankfurt specialist trading: €1.5 billion, Tradegate Exchange: €2.2 billion). Turnover in bonds was €649.1 million, and in structured products on Scoach €955.4 million. Order book turnover in ETFs/ETCs/ETNs amounted to €8.6 billion.
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Source: Deutsche Börse
Mifid II promises a new era for European ETF trading
December 28, 2012--Despite the name, exchange traded funds (ETFs) are largely traded off-exchange in Europe among big institutions.
Although this might seem like a harmless paradox, most over-the-counter (OTC) trades are not reported.
As a result, investors cannot easily gain an accurate idea of secondary market liquidity and pricing, ultimately hindering the industry’s growth on the continent.
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Source: CityWire
Societe Generale Corporate & Investment Banking joins EurexOTC Clear for Interest Rate Swaps
December 27, 2012--One of the largest European banks, Societe Generale Corporate & Investment Banking, has become a clearing member of EurexOTC Clear for Interest Rate Swaps (IRS).
By joining this new CCP for OTC derivatives, Societe Generale Corporate & Investment Banking and its clients will thus be able to prepare for the start of the clearing obligation in Europe.
“As a leading Euro derivatives fixed income house, we are pleased to join the Eurex IRS Clearing platform. This move is part of the bank’s active preparation for new regulation under EMIR. Societe Generale Corporate & Investment Banking is committed to bringing liquidity and support to key IRS OTC Clearing platforms”, said Amaury d’Orsay, Global Head of Long Term Rates at Societe Generale Corporate & Investment Banking.
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Source: Eurex
IMF report-Turkey: Selected Issues
December 21, 2012--A. Introduction
1. In the aftermath of the 2008-09 global financial crisis the Turkish authorities faced a challenging environment. From late 2010, strong capital inflows led the Turkish lira (TL) to appreciate, undermining competitiveness, fueling a credit boom, adding to inflationary pressures, and increasing imports.
These developments left the economy exposed to the risk of a sudden capital flow reversal. Were the inflows to dry up—either in response to the
Turkey's imbalances or because of changes in the global risk appetite—the lira would have rapidly depreciated, adding to inflationary pressures (this time through the exchange-rate pass-through), affecting balance sheets of banks and corporates that had been borrowing in FX, and undermining overall confidence. Indeed, earlier examples of such reversals led to sharp contractions of output.2
view the IMF report-Turkey: Selected Issues
Source: IMF
IMF-France: Financial System Stability Assessment
December 21, 2012--EXECUTIVE SUMMARY
French banks have shown significant resilience during the global financial crisis, but face challenges. While their diversified structure has contributed to solid profit generation, the crisis exposed the risks posed by their size and complexity.
A permanent change in the regulatory landscape and operating environment has exposed an overreliance on wholesale
funding, and recent events in Europe are putting pressure on their regional and international activities in both retail and capital markets. Significant uncertainties remain on the resolution
of the eurozone crisis, and how it may affect the French financial system and economy.
French banks are addressing these challenges by actively seeking to restructure their balance sheets, but the process is not yet complete. They are increasing liquidity and
reducing their dependence on short-term and U.S. dollar wholesale funding, including through deleveraging abroad; reducing their cross-border presence in Europe and elsewhere;
raising solvency ratios, mainly through retained earnings and lower dividends; and
reducing activities that are dependent on short-term funding, capital intensive, and less profitable.
So far, deleveraging does not appear to have weighed on the real economy, but the future path is likely to be more challenging, particularly if the eurozone crisis intensifies.
view the IMF report-France: Financial System Stability Assessment
Source: IMF
Ring-fence needs electrification, says Banking Commission report
December 21, 2012--The Parliamentary Commission on Banking Standards has today published its first report. The report contains the Commission's consideration of the Government's draft Financial Services (Banking Reform) Bill and associated proposals which give effect to the recommendations of the Independent Commission on Banking (ICB).
Commenting on the publication of the report, the Chairman of the Parliamentary Commission on Banking Standards, Andrew Tyrie MP, said:
"Parliament took the unprecedented step of creating its own inquiry into banking standards, in the wake of the first revelations about the Libor scandal. The latest revelations of collusion, corruption and market-rigging beggar belief. It is the clearest illustration yet that a great deal more needs to be done to restore standards in banking.
The Government asked us to look at one of its main proposals for increasing financial stability – ring-fencing – as part of our work.
view the Parliamentary Commission on
Banking Standards-First Report
Source: www.parliament.uk
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