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European Commission-Update-The banking union
June 22, 2012--The Commission believes there has to be a clear longer term vision on the future of the EU's Economic and Monetary Union to give a sense of direction to the reforms and decisions necessary for the EU and its Member States to tackle current challenges.
Therefore, the Commission has been pushing for deeper economic integration as one of the remedies to the current crisis. This new step in European integration would complement our monetary union. In this context, the Commission is putting forward the concept of a banking union.
The European banking union is not a new legal instrument yet. It is a political vision for more EU integration, which will build on recent major steps to strengthen the regulation of the banking sector and go further.
The concept of a banking union was put forward by President Barroso at the last informal European Council, which took place on 23 May. It has been attracting a lot of attention in the political debate since this meeting and ranks high on the agenda of the next European summit.
ESMA publishes an update to the MiFID Q&A in the area of Investor Protection and Intermediaries
June 22, 2012--This update contains one new Q&A and Automatic execution of trade signals.
view the MiFID Questions and Answers-Investor Protection & Intermediaries
Exchange Council approves introduction of new trading architecture
Gradual migration from December 2012/ Clients to benefit from minimal latency, maximum data throughput and increased flexibility
June 22, 2012--The Eurex Exchange Council unanimously approved the planned introduction of a completely new trading architecture at its regular meeting. This approval meets a major legal requirement.
The introduction of the new trading system will, among other things, also require an amendment to the Exchange Rules to also be approved by the Exchange Council. The migration is scheduled to begin in December 2012, with products transferred from the current to the new system in four stages.
Two new UBS ETFs launched on Xetra
ETFs track indices on the UK and the Pacific region excluding Japan
June 22, 2012--Two new exchange-listed equity index funds from the issuer UBS Global Asset Management have been tradable in Deutsche Boerse's XTF segment since Friday.
ETF name: UBS ETF MSCI Pacific (ex Japan) I
Asset class: equity index ETF
ISIN: LU0446734799
Total expense ratio: 0.30 percent
Distribution policy: distributing
Benchmark: MSCI Pacific ex Japan Index
ETF Name: UBS ETF FTSE 100 I
Asset class: equity index ETF
ISIN: LU0446735176
Total expense ratio: 0.23 percent
Distribution policy: distributing
Benchmark: FTSE 100 Index
The UBS ETF MSCI Pacific (ex Japan) I enables investors to participate in the performance of medium- to large-sized companies from the four developed economies of the Pacific region excluding Japan. The individual stocks are weighted according to free-float market capitalisation. The index currently comprises 146 companies and covers approximately 84% of the market capitalisation in each country.
IMF Sees Euro Crisis at Critical Stage, Sees Bank Stress
June 21, 2012--The euro area crisis has reached a "critical stage" and member nations must make a 'strong commitment" to the shared currency to stop the plunge in investor confidence, the International Monetary Fund said in a report that recommended issuing common debt as one solution.
“Despite extraordinary policy actions, bank and sovereign markets in many parts of the euro area remain under acute stress, raising questions about the viability of the monetary union itself,” the Washington-based organization said in a report today. “The financial and economic environment continues to deteriorate. Investors are withholding funding from member states most in need, moving capital to safe havens and driving risk premiums to new records.”
HM Treasury and Bank of England announce technical changes to selected foreign currency operations
June 21, 2012--HM Treasury and the Bank of England are today announcing that they expect to make some technical changes to the terms on which they transact with market counterparties in selected foreign currency operations.
The changes will apply to over-the-counter derivatives transactions undertaken by the Bank both in relation to its own balance sheet and in its role as HM Treasury’s agent in the day-to-day management of the UK’s foreign exchange reserves. These transactions are undertaken to manage the financial impact of fluctuations in foreign exchange and interest rates.
Eurozone business activity falls to lowest level since 2009
June 21, 2012-- Eurozone private sector activity sank to the lowest level for three years in the second quarter as business sentiment deteriorated in the crisis-hit region, a key survey showed Thursday.
The Purchasing Managers Index (PMI) compiled by business research firm Markit was stuck at 46 points in June, the same level as May, indicating another month of contraction in activity.
"The flash PMI for June rounded off the weakest quarter for three years, indicating Eurozone GDP is likely to have fallen by 0.6 percent," said Markit chief economist Chris Williamson.
Icap eyes futures after adding PLUS Markets
June 21, 2012--ICAP plans to challenge exchanges NYSE Euronext and Deutsche Boerse by moving into futures trading after it finally completes its controversial purchase of PLUS Stock Exchange on Thursday.
The broker and PLUS Markets Group must complete the deal, which will net PLUS shareholders about 640,000 pounds ($1 million), on Thursday to avoid British watchdog the Financial Services Authority cancelling its exchange license.
NASDAQ OMX Plans to Launch NASDAQ OMX NLX, a New London Based Interest Rate Derivatives Platform
June 21, 2012--New Electronic Trading Platform Will Offer a Comprehensive Suite of European Short-Term and Long-Term Listed Interest Rate Derivatives Products
Platform Aims to Bring Significant Benefits to the Market Through Improved Technology, Competitive Fees and Exceptional Margin Efficiencies Through Trading and Clearing the Full Interest Rate Curve on a Single Platform
NASDAQ OMX (Nasdaq:NDAQ) today announces its intention to launch a new London-based trading venue, NLX, offering a range of both short-term interest rate (STIRs) and long-term interest rate (LTIRs) euro- and sterling-based listed derivative products. NLX aims to enhance the competitive landscape by providing highly competitive execution and clearing fees and significant margin efficiencies. The platform will be launched by Q1 2013, pending Financial Services Authority approval.
EU takes key step to provide legal certainty for foreign investors
June 21, 2012--The European Commission today took an important step to protect foreign investors at the EU level, thereby ensuring that Europe continues to be a safe and attractive place for investment by foreign companies.
Today's proposal establishes a legal and financial framework for "investor to state dispute settlement" as part of a broad investment policy which has become an exclusive EU competence under the Lisbon Treaty. It is a further step in the creation of a comprehensive EU investment policy which will allow the EU to negotiate investment protection agreements at the European level. Today's decision will ensure the EU has the right system in place so that international investment rules can be managed effectively in cases disputes arise between foreign investors and the EU and its Member States.
