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PwC report predicts key growth in five sectors by 2041
May 30, 2012--A PricewaterhouseCoopers (PwC) report, "Turkey in 2041: Looking to the future," which was released on Wednesday to shed light on the next 30 years of the Turkish economy, highlighted five industries with the potential to become "regional centers of excellence".
The report, prepared to mark the 30th anniversary of PwC and announced jointly by PwC UK Chief Economist John Hawksworth and PwC Turkey Territory Senior Partner Cansen Başaran-Symes at a press conference in İstanbul, underlined the five sectors where Turkey is expected to have particular sustainable comparative advantage: food and beverage processing, agricultural research and development (R&D) and services, alternative energy, automobile production, and tourism.
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Source: Todays Zaman
EU places Spain on critical list of economies
May 30, 2012--The European Commission on Wednesday placed Spain at the head of a list of 12 eurozone economies that are in critical state and need major reform this year.
Spain and Cyprus -- heavily affected by problems in the Greek economy -- were listed as being in "very serious" trouble by the Commission failing prompt action both on public finances and on economic levers most likely to generate wealth and create jobs.
"Spain faces major adjustment challenges following the bursting of the housing and credit bubble," the Commission said in its annual report on the Spanish economy.
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Source: EUbusiness
Publication of the first regulatory technical standards on credit rating agencies (CRAs)
May 30, 2012--Today, four European Commission Delegated Regulations establishing regulatory technical standards for credit rating agencies have been published in the Official Journal of the European Union.
These technical standards set out:
1.the information to be provided by a credit rating agency in its application for registration to the European Securities and Markets Authority (ESMA);
2.the presentation of the information to be disclosed by credit rating agencies in a central repository (CEREP) so investors can compare the performance of different CRAs in different rating segments;
3.how ESMA will assess rating methodologies; and
4.the information CRAs have to submit to ESMA and at what time intervals in order to supervise compliance.
The four standards, which complement the current European regulatory framework for credit rating agencies, were developed by the European Securities and Markets Authority (ESMA) and endorsed by the European Commission on 21 March. The regulatory technical standards will ensure a level playing field, transparency and adequate protection of investors across the Union and contribute to the creation of a single rulebook for financial services.
The first 3 regulations will come into force 20 days after their publication today on 20 June 2012. While the fourth RTS will come into force 6 months after its publication in the Official Journal on 30 November 2012.
view the Publication of the first regulatory technical standards on credit rating agencies (CRAs)
Source: ESMA
Notice of Cancellation of Listing From the Official List-DB x-trackers Sonia Total Return Index ETF
May 30, 2012--Following the merger of db x-trackers SONIA Total Return Index ETF with db x-trackers II Sterling Cash ETF (the "Amalgamation") which took place on 9 May 2012, db x-trackers has requested the cancellation of the securities set out below from the Official List, effective from,
8:00 a.m. on 26 June 2012. The assets and liabilities of db x-trackers SONIA Total Return Index ETF have been contributed to the distribution share class (Class 1D) of db x-trackers II Sterling Cash ETF.
The decision to undertake the Amalgamation was taken as a matter of economic efficiency to enable both funds to be managed as a sole sub-fund within db x-trackers II.
Class 1C Shares-Exchange traded fund -(LU0356592187)
Short Name: db x-trackers
Category Code: MSC
Sequence Number: 328538
Time of Receipt (offset from UTC): 20120530T090039+0100
Source: Deutsche Bank AG
Warsaw Stock Exchange Starts To Calculate Regional Stock Index WIG-CEE
WSE calculates and publishes WIG-CEE index as of 30 May 2012.
WIG-CEE is a testimony to a growing number of regional issuers and a part of the strategy strengthening the WSE's position as the CEE financial hub.
May 30, 212--The Warsaw Stock Exchange has started as of 30 May 2012 to calculate and publish the Central and Eastern European regional stock index WIG-CEE.
After WIG-Poland and WIG-Ukraine, WIG-CEE is the third WSE index mainly based on the criterion of the companies’ country of origin.
WIG-CEE is a total return index and includes dividend and subscription rights income. The index portfolio may include companies from Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Lithuania, Latvia, Romania, Slovakia, Slovenia, and Ukraine whose shares are listed on the regulated market or in the alternative trading system operated by the Warsaw Stock Exchange.
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Source: Warsaw Stock Exchange
Threat to long life for longevity swaps
May 29, 2012--From BMW to British Airways, a succession of big companies has reached deals with banks and insurers to cap the risk that their pension scheme members will live longer than expected.
With actuaries persistently underestimating life expectancy and schemes eager to control the resulting rising costs, the fledgling market for financial products that offer longevity protection had been growing steadily.
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Source: FT.com
ESMA publishes updated list of measures adopted by competent authorities on short selling
May 29, 2012--ESMA today published an update regarding the measures taken by EU competent authoritites regarding short selling.
This update includes measures taken by Austria.
view updated list of measures adopted by competent authorities on short selling
Source: ESMA
Germany to curb ultra-fast computerized stock trading
May 29, 2012--The government in Berlin seeks to tighten control of so-called algorithmic trading earlier than planned by the European Commission, media reports have said. The aim is to prevent 'flash crashes' of stock markets.
Germany is planning to impose curbs on ultra-fast computerized trading unilaterally, the Financial Times Germany newspaper wrote Tuesday, aiming for a respective draft bill to be ready by autumn this year.
"We want to introduce national legislation because we don't want to wait any longer," the newspaper quoted Volker Wissing as saying - a finance expert of the Free Democratic Party (FDP), which are junior coalition partner in the CDU-led government of Chancellor Angela Merkel.
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Source: Deutsche Welle
BATS Chi-X Europe Unveils Competitive Market Data Pricing
Largest European Equities Exchange Sets Stage For Consolidated Tape Debate
With New Pan-European Market Data Pricing Model
May 29, 2012--BATS Chi-X
Europe, the largest pan-European equities market operator by market share and notional value, today announced plans for a competitive pan-European market data pricing model, effective 1st October 2012.
With approximately 25% of pan-European equities market share, BATS Chi-X
Europe aims to provide a competitive alternative to address industry concerns
regarding the high price of market data in Europe.
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Source: BATS Global Markets, Inc.
SocGen launches quality income ETN
May 29, 2012--Société Générale has launched an exchange traded note (Quality Income ETN)designed to provide relatively safe income, capital protection and growth as a response to the "appallingly low" returns delivered by equity markets over the past decade.
Andrew Lapthorne, quantitative strategist at Soc Gen says that savers have been pushed into bonds by a combination of poor returns and “gut-wrenching drawdowns” from the stock market. Future returns from sovereign bonds might look awful currently but investors believe that their capital is safe at least.
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Source: FT.com
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