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Government publishes consultation on regulation of LIBOR
November 28, 2012--The Government launched its public consultation on the regulation of the London Interbank Offered Rate (LIBOR) today.
The consultation seeks the views of industry and the public on legislation to implement the key recommendations of the Wheatley Review of LIBOR, which the Government accepted in full last month.
The Government is committed to restoring the confidence of this crucial international benchmark. It has taken swift and decisive action to make sure that this happens as quickly as possible. The publication of draft secondary legislation is another important step towards this objective.
The consultation paper invites comment on two pieces of secondary legislation:
bringing LIBOR within the scope of regulation
making the manipulation of LIBOR a criminal offence.
view the Implementing the Wheatley
Review: draft secondary legislation
Source: HM Treasury
Deutsche Boerse completes planned changes in leadership structure
Hauke Stars takes over IT division and Market Data business/Xetra and Eurex under common management already from 1 January/New Head of Group Strategy
November 28, 2012--Effective 1 December 2012, Ms Hauke Stars (45) will as previously announced assume responsibility for the newly-structured IT division of Deutsche Börse AG.
At the same time Deutsche Börse's entire market data business as well as selected external IT services will be brought together into this area of responsibility and led by the IT engineer.
Deutsche Börse will jointly manage the cash market and the derivatives businesses, comprising the Xetra and Eurex segments, within the responsibility of Deputy CEO Andreas Preuss (56), already with effect from 1 January 2013. As announced, Frank Gerstenschläger (52), the Executive Board member responsible for Deutsche Börse’s cash market operations, has opted not to extend his contract when it expires on 31 March 2013. Between the hand-over date and the expiry of his contract, Mr Gerstenschläger will assume special tasks.
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Source: Deutsche Börse AG
The COBA Project announces plan for an industry-led pan-European consolidated tape
November 27, 2012--In an open letter to key industry stakeholders, co-founders of The COBA Project, Graham Dick, former Head of Business Development at Chi-X Europe and Mark Schaedel former Global Head of Market Data at NYSE Euronext, has announced a plan for the delivery of an industry-led pan-European consolidated tape.
“Following six months of extensive consultations with European & domestic regulatory bodies, Regulated Markets, MTFs, key buyside and sellside institutions, we believe that we have established a framework which addresses all of the regulatory, technical and commercial issues and has sufficient industry support to move forward”, commented Graham Dick
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Source: Financial Services Research
New Bank of England Governor Mark Carney comes to UK for 'greatest of challenges'
The first foreigner to be appointed Governor of the Bank of England in its 318-year history said last night that he was "going to where the challenges are greatest".
November 27, 2012--Mark Carney, the governor of the Bank of Canada, will replace Sir Mervyn King next summer after the Chancellor decided against another British candidate for the role.
Mr Carney, 47, who had previously ruled himself out of the running for the governorship, is credited with helping to protect Canada from the global economic crisis. It is one of the few countries to have recovered fully from the financial meltdown.
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Source: The Telegraph
Deutsche Bank launches dividend chasing fund
November 27, 2012--Deutsche Bank has launched a fund specifically seeking to identify stocks "most likely to continue to pay dividends to investors".
Launched through the bank's db-X funds division, the fund draws on Deutsche Bank’s Cash Return on Capital Invested (CROCI) research to identify these dividend paying stocks and is called the DB Platinum CROCI Global Dividends Fund.
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Source: International Adviser
Rainer Riess to leave Deutsche Boerse Group
November 27, 2012--Rainer Riess (46), Managing Director of Deutsche Börse AG and Deputy Chairman of the Board of Management of the Frankfurt Stock Exchange, will leave Deutsche Börse Group, effective 30 June 2013, having worked for the Group for 24 years.
He will hand over his responsibilities for the Group's cash market effective 31 December 2012. As announced previously, the Xetra division and derivatives business will be jointly managed by Deputy CEO Andreas Preuss (56) from 2013 onwards. Also as announced, Frank Gerstenschläger (52), the Executive Board member responsible for Deutsche Börse’s cash market, has opted not to extend his contract when it expires on 31 March 2013.
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Source: Deutsche Börse Group
EU reaches compromise on ratings agency rules
November 27, 2012--The European Commission, European Parliament and European Council have reached compromise on new rules meant to govern credit ratings agencies, EU Internal Market Commissioner Michel Barnier said on Tuesday.
I welcome the important agreement reached today on additional rules for credit rating agencies which aim to reduce the over-reliance on ratings, eradicate conflicts of interest, and establish a civil liability regime," Barnier said in statement.
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Source: EUbusiness
'Exceptionally strong demand' for EU bailout fund bonds
November 27, 2012--The EU's bailout fund on Tuesday hailed what it termed "exceptionally strong demand" as it raised seven billion euros ($9 billion) in one-year debt.
The first ever one-year offering from the European Financial Stability Facility (EFSF) "was met with exceptionally strong demand with close to nine billion euros in orders received from investors around the world," it said.
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Source: EUbusiness
EU ministers agree significant debt relief deal for Greece
October 27, 2012--Greece won breathing space Tuesday with long-frozen eurozone loans to restart from December and a first clear admission that a chunk of the country's debt burden will need to be written off down the line.
After 13 hours of talks in Brussels, the eurozone and the International Monetary Fund agreed to unlock 43.7 billion euros ($56 billion) in loans and on the need to grant significant debt relief for decades to come.
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Source: EUbusiness
New version of Xetra enables intelligent order-on-event
Release 13.0 starts new order types/ Improved risk management of OTC transactions/ More efficient access to the Xetra trading system
November 26, 2012--Deutsche Börse rolled out Xetra Release 13.0 on Monday. This new version of the trading system allows investors to use the intelligent order type order-on-event for the first time.
This allows a market or limit order to be linked to selected market events. The order is automatically triggered if the events occur. Initially, it will be possible to use the most important benchmark indices and the DAX and Bund future as reference values.
“The new order-on-event order type on Xetra is unique in Europe. This innovation sets international standards and in so doing emphasises the leading role and competitiveness of our trading system,” said Rainer Riess, Managing Director of Xetra Market Development. “The new TOP+ order, which usefully supplements the TOP order from Release 12.0, also sets new standards.”
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Source: Deutsche Börse
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