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Second estimates for the third quarter of 2012-GDP down by 0.1% in the euro area and up by 0.1% in the EU27
-0.6% and -0.4% respectively compared with the third quarter of 2011
December 6, 2012--GDP fell by 0.1% in the euro area1 (EA17) and increased by 0.1% in the EU271 during the third quarter of 2012, compared with the previous quarter, according to second estimates published by Eurostat, the statistical office
of the European Union.
In the second quarter of 2012, growth rates were -0.2% in both zones.
Compared with the same quarter of the previous year, seasonally adjusted GDP fell by 0.6% in the euro area and by 0.4% in the EU27 in the third quarter of 2012, after -0.5% and -0.3% respectively in the previous quarter. Variation in components of GDP During the third quarter of 2012, household2 final consumption expenditure remained stable in the euro area and increased by 0.1% in the EU27 (after -0.4% and -0.3% respectively in the previous quarter).
Gross fixed capital formation fell by 0.7% in the euro area and by 0.6% in the EU27 (after -1.8% and -1.7%). Exports rose by 0.9% in both zones (after +1.6% and +1.2%), while imports increased by 0.2% in the euro area and by 0.1% in the EU27 (after +0.6% and +0.7%).
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Source: Eurostat
FSA consults on changes to the regulation and supervision of benchmarks
December 5, 2012--The Financial Services Authority (FSA) has proposed new rules and regulations for financial benchmarks. This follows the recommendations of the Wheatley Review of the London Interbank Offered Rate (LIBOR).
Benchmarks are used across financial markets in a broad range of activities. They have historically been set by the financial markets themselves, and existed outside of any regulatory regime. In the case of LIBOR, this industry-led approach has failed. On 2 July 2012 the Chancellor of the Exchequer commissioned Martin Wheatley, managing director of the FSA and CEO designate of the Financial Conduct Authority (FCA), to undertake a review of the structure and governance of LIBOR and the corresponding criminal sanctions regime.
view the consultation paper-The regulation
and supervision of benchmarks
Source: FSA.gov.uk
Talanx to be included in SDAX
Deutsche Börse reviews index composition/ Changes are effective on 27 December 2012
December 5, 2012--On Wednesday Deutsche Börse decided on changes in its selection indices. The following changes have been made to the SDAX Index: The shares of Talanx will be included in the index and will replace the shares of Constantin Medien.
The changes will be effective as of 27 December 2012. The next regular index review will be held on 5 March 2013.
Please go to www.dax-indices.com for further information.
Source: Deutsche Börse
UK Official holdings of international reserves November 2012
December 5, 2012--This monthly release shows details of movements in November 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:
No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
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Source: HM Treasury
S&P cuts Greece rating to 'selective default'
December 5, 2012--Standard & Poor's cut Greece's already junk-level debt rating to "selective default" Wednesday after the country launched an operation to buy back debt at a big discount.
Greece was cut from CCC, the lowest level before default, S&P said, because its invitation to investors to sell back the Greek bonds they hold at discounts to face value "constitutes the launch of what we consider to be a distressed debt restructuring."
"The offer, in our view, implies the investor will receive less value than the promise of the original securities; and we believe the offer is distressed, rather than purely opportunistic."
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Source: EUbusiness
Eurozone downturn may have hit 'nadir': Markit
December 5, 2012--Private sector business activity across the eurozone may have hit a three-and-a-half-year "nadir," the Purchasing Managers Index (PMI) survey showed on Tuesday.
The Purchasing Managers Index (PMI), a leading indicator compiled by the London-based Markit research firm, produced a combined manufacturing and services score of 46.5 points, better than a flash estimate of 45.8 and up from October's 45.7.
"There are signs that the recession may have reached a nadir," said Markit chief economist Chris Williamson.
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Source: EUbusiness
ESMA finalises guidelines on repo arrangements for UCITS funds
December 4, 2012--The European Securities and Markets Authority (ESMA) has today published its final guidelines on repurchase and reverse repurchase agreements for UCITS funds.
The guidelines state that UCITS should only enter into such agreements if they are able to recall at any time any assets or the full amount of cash.
Key elements of the guidelines are:
For repurchase arrangements, UCITS should be able to recall at any time the assets subject to such arrangements;
For reverse repurchase agreements, UCITS should be able to recall at any time the full amount of cash on either an accrued or a mark-to-market basis. However, when cash is recalled on a mark-to-market basis, the mark-to-market value of the reverse repurchase agreements should be used for the calculation of the net asset value of the UCITS; and
ESMA considers fixed-term repurchase and reverse repurchase agreements that do not exceed seven days as arrangements that allow the assets to be recalled at any time by the UCITS.
view the final report-Guidelines on repurchase and reverse repurchase agreements
Source: ESMA
BNY poaches currency specialist for fund launch
New recruit to report to Euro Stars AAA-rated manager David Leduc and oversee planned Alt Ucits strategy.
December 4, 2012--BNY Mellon has hired currency specialist Federico Garcia Zamora from rivals American Century in order to oversee its planned currency-focused absolute return fund.
Zamora, who will report to Euro Stars AAA-rated manager David Leduc (pictured), will join the firm’s Boston-based fixed income specialist Standish Mellon Asset Management.
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Source: CityWire
Boerse Stuttgart generates turnover of almost EUR 7 billion in November 2012
December 4, 2012--Little change in trading turnover//Year-on-year increase in corporate bonds
According to its order book statistics, Boerse Stuttgart generated turnover of more than EUR 6.8 billion in November 2012, slightly lower than the previous month.
Securitised derivatives accounted for the largest share of the turnover. In this asset class turnover amounted to around EUR 3.2 billion in November 2012, around the same as in October 2012, in a continued weak market environment. The total volume of investment products traded at Boerse Stuttgart was about EUR 2 billion. Leverage products accounted for more than EUR 1.2 billion of the total turnover.
The turnover in debt instrument trading in November 2012 was up by around 10 percent in comparison with the previous month. However, in comparison with November 2011 there was a significant increase of more than 13 percent. Turnover in corporate bonds alone was almost EUR 1.3 billion, and thus 46 percent higher than in November 2011. The total turnover generated in debt instrument trading was around EUR 2.2 billion.
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Source: Boerse Stuttgart
Eurex Exchange launches its new advanced derivatives trading system
Migration to the new technology offers participants greater choice and better performance
December 4, 2012--Eurex Exchange, the derivatives arm of Deutsche Börse Group, has successfully launched the world's most advanced trading system yesterday.
With the new trading system, participants of Eurex Exchange benefit from significantly better performance, more choice and enhanced functionalities – all based on Eurex Exchange’s proven reliability.
“We believe this ‘next generation’ system will substantially change the way traders and investors access the world’s most dynamic markets, and it will establish a clear competitive advantage for our participants,” said Jürg Spillmann, member of the Eurex Executive Board and responsible for IT & Operations.
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Source: Eurex
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