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FSB publishes Initial Integrated Set of Recommendations to Strengthen Oversight and Regulation of Shadow Banking
November 18, 2012--The Financial Stability Board (FSB) is publishing today for public consultation an initial integrated set of policy recommendations to strengthen oversight and regulation of the shadow banking system.
The "shadow banking system" can broadly be described as “credit intermediation involving entities and activities (fully or partially) outside the regular banking system” or non-bank credit intermediation in short.
The FSB has focused on five specific areas in which the FSB believes policies are needed to mitigate the potential systemic risks associated with shadow banking:
(i) to mitigate the spill-over effect between the regular banking system and the shadow banking system;
(ii) to reduce the susceptibility of money market funds (MMFs) to “runs”;
(iii) to assess and mitigate systemic risks posed by other shadow banking entities;
(iv) to assess and align the incentives associated with securitisation; and
(v) to dampen risks and pro-cyclical incentives associated with secured financing contracts such as repos, and securities lending that may exacerbate funding strains in times of “runs”.
view the Consultative Document-Strengthening Oversight and Regulation of Shadow Banking
Source: Financial Stability Board (FSB)
Deutsche and Lyxor in surprise physical move
November 18, 2012--Two of the largest players in Europe's exchange traded funds market are radically changing their business models in an effort to revive their flagging performance.
Both Deutsche Bank and Lyxor Asset Management, the second- and third-largest ETF managers in Europe, are launching “physical” ETFs that buy the constituents of an underlying index, – a departure from their existing range of “synthetic” ETFs that use derivatives to track a benchmark.
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Source: FT.com
Deutsche Boerse: Moscow Exchange and Deutsche Börse sign letter of intent planning strategic partnership
November 16, 2012--Today Deutsche Börse and Moscow Exchange signed a Letter of Intent (LoI) in the presence of Russian President Vladimir Putin and German Chancellor Angela Merkel.
The exchange organizations agreed on a strategic co-operation and an extensive exchange of information in order to facilitate the further development of the financial markets. Furthermore the co-operation intends to foster and extend the links between the financial centers Moscow and Frankfurt.
The two partners plan to cooperate on exchange infrastructure, product development, IT and rules and regulations regarding trading, clearing, settlement & custody, collateral management as well as market data and indices.
In accordance with the LoI, the two exchanges are above that to support each other in the further development of their markets in terms of volumes, liquidity and global reach of issuers, intermediaries and investors.
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Source: Deutsche Börse
Study investigates the costs incurred in purchasing and trading gold
November 16, 2012--The Steinbeis School of Management and Innovation, Berlin, has conducted a study on the costs associated with purchasing and trading gold in Germany, looking at different investment opportunities, volumes and time horizons.
The study concluded that for short and medium-term investments in gold, the purchase of physically backed ETCs is the most cost-effective option. Among these products, Xetra Gold has the lowest total costs. Considerably more expensive according to the study are ETCs that only secure a claim to payment but are not backed by physical gold.
In comparison to gold from precious metal traders, physically backed gold ETCs with subsequent delivery are a better deal – though only at quantities of around five kilos and above.
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Source: Deutsche BÖrse Commodities
Bank of England cuts 2013 growth forecast
November 16, 2012--The Bank of England cuts its forecast for British economic expansion on Wednesday and predicted low growth for the next three years due to the Eurozone crisis, tight credit conditions and inflationary pressures.
Gross domestic product (GDP) expansion was predicted to average 1.0 percent in 2013, the central bank said in its latest quarterly report. That compared with the previous forecast of around 2.0 percent which was given in August.
The BoE also warned that economic output would remain below pre-financial crisis levels for at least the next three years, holding underneath its historical average in a “sustained but slow” recovery until mid-2015.
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Source: The International News
LSE defies tough market conditions
November 16, 2012--The London Stock Exchange has defied tough markets to issue a strong set of results, highlighting the success of its strategy of seeking new revenues beyond its traditional equity trading
business. Operating profit came in above analysts’ forecast
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Source: FT.com
Lyxor enhances UK fund range-14 of its largest European ETFs are now listed on the London Stock Exchange
November 16, 2012--To enhance the range of ETFs available to UK investors, Lyxor recently listed 14 of its largest and most actively traded funds on the London Stock Exchange. All these funds have a proven track record of providing precise tracking,
and cost efficient exposure to their respective benchmark for at least the previous 4 years.
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Source: Lyxor
LME says proposal will help metals warehousing problem
New warehouse rule expected to take effect on April 1
LME proposal seen as a modest concession
November 16, 2012--The London Metal Exchange (LME) expects proposed changes to its warehousing rules to go some way to solve problems in the network of warehouses it monitors. Chief Executive Martin Abbott said at a news conference on Friday.
The LME proposed on Thursday a rule that warehousing companies that have 30,000 tonnes or more of a single metal in a queue should deliver out as much as an additional 500 tonnes per day of other metals stuck behind it in the queue.
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Source: Reuters
Eurex Clearing launches EurexOTC Clear for Interest Rate Swaps
New OTC clearing service successfully went live on 13 November 2012/Launch was supported by 10 clearing members/ First transactions successfully cleared/Strong Client Asset Protection and high capital efficiency through portfolio risk management
November 15, 2012--Eurex Clearing, Europe's leading clearing house, announced today that EurexOTC Clear for Interest Rate Swaps (IRS) successfully went live on 13 November 2012.
The launch was supported by Eurex Clearing’s cooperation banks Barclays, Citigroup Global Markets Ltd., Credit Suisse, Deutsche Bank and J.P. Morgan.
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Source: Eurex
Eurozone tips into recession
November 15, 2012--The 17-nation eurozone tipped into recession in the third quarter, with the economy shrinking 0.1 percent compared with the three months to June when it contracted 0.2 percent, official data showed Thursday.
In comparison, the full 27-state European Union eked out growth of 0.1 percent, again after a contraction of 0.2 percent in the second quarter, the Eurostat statistics service said in a statement.
Recession is defined as two consecutive quarters of decline, putting the eurozone technically in recession as the debt crisis undercuts growth and pushes unemployment soaring to record highs.
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Source: EUbusiness
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