Euro area economic and financial developments by institutional sector-2nd Quarter 2012

October 29, 2012--In the second quarter of 2012, the annual growth rate1 of households' gross disposable income decreased to -0.2%, from 1.6% in the first quarter (see Table 2).

The annual growth rate of households’ consumption expenditure was 0.7% in the second quarter compared with 1.7% in the previous quarter. The annual growth rate of households’ gross saving decreased to -3.7% in the second quarter, compared with 0.8% in the previous quarter.

The annual growth rate of households’ financing also decreased, to 1.1% (2012Q1: 1.9%) and that of financial investment to 2.0% (2012q1: 2.2%). The annual growth rate of households’ net worth2 decreased to -1.5% in the second quarter, compared with -0.6% in the previous quarter.

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Source: ECB

Redesign of Irish Investment Funds Regulation

October 29, 2012--The Central Bank of Ireland will tomorrow initiate a consultation on the Irish regulatory regime for non-UCITS funds. The consultation will outline the changes to be introduced in connection with the implementation of the Alternative Investment Fund Managers Directive ('AIFMD') in July 2013.

The AIFMD has presented the Central Bank with an opportunity to redesign the framework for the regulation of non-UCITS funds. The Central Bank is proposing an approach to non-UCITS regulation which aims to turn the Irish regulations into a proportionate investment funds framework which accommodates investors across a wide spectrum of capability and sophistication.

Following detailed preliminary discussions with industry on the implications of the forthcoming AIFMD, the Central Bank will set out a number of significant changes to its current regime for the regulation of funds authorised under Irish law. These proposals will be published in a draft ‘AIF Handbook’ which will consolidate all its current rules into a single rulebook for non-UCITS funds, and which will also include a number of major changes to its current approach.

Key highlights

Principal among the changes is a proposal to bring an end to the current Promoter approval process. Instead, the Central Bank is proposing to place additional reliance on the Alternative Investment Fund Manager (the ‘AIFM’) which must be appointed, under the terms of the AIFMD. The consultation also develops current requirements setting out the role of directors.

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Source: Central Bank of Ireland

Q3/2012: net revenue of roughly half a billion euros in weak market environment

Net revenue of €471 million in weak market environment/Adjusted earnings per share of €0.87/Cost target for 2012 confirmed /Expenditures for growth are to be increased further in 2013/ Share buyback program of around €100 million in Q4/2012
October 29, 2012--Deutsche Börse AG published its results for the third quarter 2012, which continued to be dominated by a markedly weak market environment, on Monday.

At ö471.0 million, net revenue was considerably lower than in the previous year (Q3/2011: €578.6 million). In the prior-year period market participants had entered into more hedges than usual and regrouped their portfolios more frequently due to substantial volatility connected with the turbulence in the euro zone and the downgrade of the US credit rating. Despite increased expenses for growth initiatives, the Group’s adjusted operating costs amounted to €225.6 million, virtually on a level with the previous year. Adjusted for special items, earnings per share amounted to €0.87 in the third quarter of 2012.

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Source: Deutsche Börse

Tougher rules to protect investors and curb high-frequency trading

Plenary Session Economic and monetary affairs
October 26, 2012--Investors should be better protected, and financial market trading made fairer, by draft EU rules voted by Parliament on Friday. These rules would apply to all investment firms and to almost all financial instruments, from bonds to commodity derivatives.

MEPs also tightened up proposed rules on high-frequency trading.

"This is the core of financial legislation: we regulate financial markets, rather than individual financial products, as we used to do in the past. All trading facilities must be subject to rules, which is why we established the organised trading facility category. We also want to have the clear rules on high-frequency trading, so as to curb speculation without harming the real economy. There is no risk-free financial market, but where there is financial trade, it should take place on regulated markets and be connected to the real economy", said lead MEP Markus Ferber (EPP, DE).

The new legislation would require any investment firm to act fairly, honestly and in the best interests of its clients when designing and selling investment products to professional or retail customers. Each firm would have to ensure that its product meets the needs of a defined category of clients.

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Source: European Parliament

Vienna 2 proposes enhancements in cross-border supervision to European authorities

October 26, 2012--The Steering Committee of the Vienna Initiative 2 has submitted observations and proposals on cross-border supervisory practices to a number of European authorities. 1

These focus on critical aspects of home-host cooperation, which are of particular importance for host countries in Central, Eastern, and Southeastern Europe where locally systemic affiliates of foreign banks operate.

The aim is to provide input for the designing of the supervisory framework for Europe and to communicate systemic concerns of host countries. The proposals have been shared with the EBA, the ECB and the European Commission.

The document reflects the Steering Committee’s views on implementation of cooperation between national authorities in home and host countries during the crisis. It draws on discussions between home and host country supervisors, central banks, fiscal authorities and key parent banks, including at a workshop hosted by the EBRD in London on September 12, 2012. Frequent contacts with other national authorities and with the private banking sector have added further insights.2

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view the Observations on Cross-border Supervisory Practices document

Source: IMF

EU Assembly Backs High-Frequency Curbs Against U.K. Panel Advice

October 26, 2012--European Union lawmakers renewed calls for tougher curbs on high-frequency trading and limits on commodity speculation as part of a push to toughen the 27-nation bloc's financial-market rulebook.

European Parliament legislators, voting in Strasbourg today, defined the assembly’s stance before talks on the proposals begin with national governments. They also agreed to largely scrap proposals to boost competition between clearinghouses, saying the measures may harm financial stability.

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Source: Bloomberg

Q3/2012: net revenue of roughly half a billion euros in weak market environment

Net revenue of €471 million in weak market environment/Adjusted earnings per share of €0.87/Cost target for 2012 confirmed / Expenditures for growth are to be increased further in 2013 / Share buyback program of around €100 million in Q4/2012
October 29, 2012--Deutsche Börse: Deutsche Börse AG published its results for the third quarter 2012, which continued to be dominated by a markedly weak market environment, on Monday.

At €471.0 million, net revenue was considerably lower than in the previous year (Q3/2011: €578.6 million). In the prior-year period market participants had entered into more hedges than usual and regrouped their portfolios more frequently due to substantial volatility connected with the turbulence in the euro zone and the downgrade of the US credit rating. Despite increased expenses for growth initiatives, the Group’s adjusted operating costs amounted to €225.6 million, virtually on a level with the previous year. Adjusted for special items, earnings per share amounted to €0.87 in the third quarter of 2012.

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Source: Deutsche Börse

AMF draws the attention of investors to the application on 1st November 2012 of the European Regulation on short selling

October 25, 2012--Regulation no. 236/2012 of the European Parliament and the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (the "Short Selling Regulation") was published in the Official Journal of the European Union on 24 March 2012. The Short Selling Regulation strengthens and harmonises the rules that apply to short positions in shares and in sovereign debt, and prohibits the purchase of uncovered sovereign CDS.

It will apply as from 1st November 2012.1

A "short position" is a position in one or more financial instruments where this position gives its holder a financial advantage if the price of a given security falls. Since February 2011 France has had transparency rules on short positions in shares that are traded on a French regulated market or on an organised multilateral trading facility.

The new European rules will replace the current transparency requirements, but without substantially modifying them as regards shares admitted to trading on a French regulated market or on an organised multilateral trading facility. For example, the thresholds for notification and public disclosure of short positions, as defined by the provisions of the AMF General Regulation, will remain unchanged. What is new for investors is the extension of these transparency obligations to short positions in all shares admitted to trading on European markets, as well as in the sovereign debt issued by Member States of the European Union.

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Source: AMF

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