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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.”
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Source: Bloomberg Businessweek
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.
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Source: HM Treasury
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.
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Source: EUbusiness
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.
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Source: Reuters
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.
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Source: NASDAQ OMX
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.
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Source: Europa
iShares DJ Emerging Markets Select Dividend launched on Xetra
ETF focuses on high dividend yields
June 21, 2012--A new exchange-listed equity index fund issued by iShares has been tradable on Xetra since Thursday.
The ETF focuses on companies with headquarters in emerging market countries and a positive dividend yield.
ETF name: iShares Dow Jones Emerging Markets Select Dividend
Asset class: equity index ETF
ISIN: DE000A1JXDN6
Total expense ratio: 0.65 percent
Distribution policy: distributing
Benchmark: Dow Jones Emerging Markets Select Dividend Index
The Dow Jones Emerging Markets Select Dividend Index tracks the performance of companies from emerging market countries with stable dividends. The index only contains companies that have displayed positive earnings per share in the past twelve months and distributed dividends in each of the last three years.
Source: Xetra
DB - Equity Research-Weekly European ETF Market Monitor
June 20, 2012--The most recent issue of the European ETF Market Monitor is now available. The report includes key statistics on the European ETF market as well as global ETF market highlights.
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Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
Euro area investment fund statistics
June 20, 2012--In April 2012, the amount outstanding of shares/units issued by euro area investment funds other than money
market funds was €.10 billion lower than in March 2012. This decrease was due to a decline in share/unit prices.
The amount outstanding of shares/units issued by euro area investment funds other than money market funds decreased to €6,056 billion in April 2012, from €6,066 billion in March 2012.
Over the same period, the amount outstanding of shares/units issued by euro area money market funds increased to €967 billion, from €951 billion.
Transactions1 in shares/units issued by euro area investment funds other than money market funds amounted to €1 billion in April 2012, while transactions in shares/units issued by money market funds amounted to €10 billion.
The annual growth rate of shares/units issued by euro area investment funds other than money market funds, calculated on the basis of transactions, was 0.7% in April 2012, while the annual growth rate of shares/units issued by euro area money market funds was 2.9%.
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Source: ECB
ESMA launches a consultation on possible delegated acts concerning the Prospectus Directive
June 20, 2012--The purpose of this Consultation Paper (CP) from ESMA is to seek comments on the third part of the technical advice that ESMA proposes to submit to the European Commission on a number of possible delegated acts.
ESMA will consider the feedback it has received in relation to this consultation in the third quarter of 2012 and expects to publish a final report and submission of the technical advice to the European Commission in the fourth quarter of 2012.
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