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Moody's cuts AAA rating of ESM rescue fund
December 1, 2012--Moody's cut the triple-A rating of the European Stability Mechanism rescue fund on Friday by one notch and gave it a negative outlook, citing its earlier downgrade of key ESM backer France.
Moody's said the French downgrade on November 19, a one-step cut also from Aaa, reflects its view that there has been "a marginal diminution" in the likelihood that Paris will keep to its financial obligations, including its commitment to support the ESM.
For that reason, Moody's also lowered the ESM's rating to Aa1. It cut the ESM's predecessor, the European Financial Stability Facility, to a "provisional" Aa1 from provisional Aaa, for the same reason.
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Source: EUbusiness
NYSE Euronext announces new ETFs on European markets
November 30, 2012--NYSE Euronext is pleased to announce that Lyxor Asset Management has listed two new ETFs on NYSE Euronext Amsterdam on November 30, 2012:
Listing Date:30/11/2012
Trading Name:Lyxor ETF VIX USD
ISIN:LU0832435621
Symbol:LVX
Benchmark index:S&P 500 VIX Futures Enhanced Roll
TER: 0.60
Listing Date: 30/11/2012
Trading Name: Lyxor ETF VIX EUR USD
ISIN: LU0832435464
Symbol:LVO
Benchmark index: S&P 500 VIX Futures Enhanced Roll
TER: 0.60
Source: NYSE Euronext
Prague Stock Exchange uses Deutsche Boerse Xetra system
November 30, 2012--The Prague Stock Exchange migrated its electronic securities trading to Deutsche Börse's Xetra trading system on 30 November.
The Prague Stock Exchange is being linked to the Xetra network through the Vienna Stock Exchange, which has operated its own cash market with Xetra since 1999. The Vienna Stock Exchange is part of the CEE Stock Exchange Group (CEESEG) together with the exchanges in Budapest, Ljubljana and Prague.
Xetra trading participants can now use the Xetra infrastructure to gain easy access to the Prague financial market. Moreover, 15 new market participants in Prague now have access to a large pan-European trader network.
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Source: Deutsche Börse
EU bank supervision system must be strong, accountable and inclusive
November 29, 2012--Banking supervision powers transferred to the EU level must be matched by measures that subject them to democratic scrutiny, said Economic and Monetary Affairs Committee MEPs on Thursday.
They voted on plans to confer banking supervision powers on the ECB and ways to better integrate non-Eurozone countries into the new banking supervision system.
The committee kept to its pledge to vote its position on EU banking supervision rules on time. The vote gives its negotiating team a strong mandate to hammer out a deal with the Council, which is expected to adopt its negotiating position at the 4 December ECOFIN meeting.
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Source: European commission
Eurozone Sovereign Debt Crisis-Current Status
November 29, 2012--Optima Investment Research economist Richard Asplund has written an in-depth analysis of the
Eurozone Sovereign Debt Crisis. He reviews the situation in several key Eurozone countries, delves
into the institutional issues behind the crisis,
possible solutions and wraps it up with an outlook of
the impact it will have on key Eurex Exchange asset classes and benchmark products.
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Source: Eurex
ETF Securities launches first ETC on a commodity basket ex agriculture and livestock
November 29, 2012--A further ETC (exchange traded commodity) issued by ETFS Commodity Securities Limited has been tradable on Xetra since Thursday.
ETC name: ETFS Ex-Agriculture and Livestock DJ-UBSCI
Asset class: commodity basket
ISIN: DE000A1RX1P2
Management fee: 0.49 percent
Benchmark: DJ-UBS Commodity ex-Agriculture and Livestock Index
The ETFS Ex-Agriculture and Livestock DJ-UBSCI ETC enables investors to participate for the first time in the performance of a commodity basket excluding the agricultural and livestock sectors. The ETC tracks the performance of the commodity future from the energy, industrial metals and precious metals sectors.
Deutsche Börse's ETC segment product range currently comprises 269 instruments. The monthly trading volume of ETCs on Xetra averages around €700 million.
Source: Xetra
Eurozone economic sentiment rises in November
November 29, 2012--European business and consumer confidence rose consistently in November, with Germany leading the way among major eurozone economies, the European Union said on Thursday.
The Economic Sentiment Indicator (ESI) produced by the European Commission increased to 85.7 points across the 17-member euro currency area, up 1.4 points from October.
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Source: EUbusiness
Amundi Appoints BNP For ETFs; Drops Credit Agricole
November 29, 2012--Amundi Investment Solutions has replaced Crédit Agricole Corporate and Investment Bank with BNP Paribas as the main market maker for its equity exchange-traded funds and as the single swap counterparty for its equity and commodity ETFs.
The decision by Amundi is a big coup for BNP, according to structurers, citing Amundi as one of the biggest providers of ETFs in Europe, with its largest ETF affected sitting at USD1.07 billion.
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Source: Derivatives Intelligence
Deal on stricter EU rules for sovereign debt ratings
November 28, 2012--Credit rating agencies will have to obey additional rules on sovereign debt ratings, including three set dates per year for issuing them, under a deal agreed by Parliament, the Council and the Commission on Tuesday.
Cross-ownership of agencies and the entities that they rate will be limited to prevent conflicts of interest.
"It was a very difficult process, but we have taken the existing legislation a step forward on a path which will have to be explored further", said lead MEP Leonardo Domenici (S&D, IT).
Some MEPs argued that more must be done to curb the behaviour of agencies whose ratings may be ill-timed or ill-founded and thus aggravate the economic crisis. They believe that the rating market needs more competition, and that rated entities should develop their own rating capacities to counterbalance those of the agencies.
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Source: European Parliament
IMF-Spain: Financial Sector Reform-First Progress Report
November 28, 2012--EXECUTIVE SUMMARY
The main finding of the report is that important progress has been made in reforming the financial sector. In the view of IMF staff, the financial sector program is on track so far, with all
deadlines met.
However, the most challenging steps lie ahead, especially those related to implementing bank restructuring plans and making the asset management company effective.
Recent developments and the outlook in key areas are as follows:
Macro-financial context: Financial market conditions have improved since the announcement of the European Central Bank’s Outright Monetary Transactions program, though they remain difficult. The economy faces further headwinds from private-sector deleveraging, tight credit, falling house prices, fiscal consolidation, and weak confidence amidst high uncertainty, as major pre-crisis imbalances correct.
view the IMF country report-Spain: Financial Sector Reform-First Progress Report
Source: IMF
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