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Spanish minister admits to recession
April 16, 2012--Spain's economy minister admitted that the country has probably tipped into its second recession since 2009, as government debt yields climbed back towards danger levels on Monday on concerns that Madrid will miss its strict budget deficit targets.
Official data on total economic output in the first three months of this year is not due until April 30.
However, Economy Minister Luis de Guindos said gross domestic product (GDP) was likely to have fallen a similar amount to the October-December period of 2011, when the economy shrank 0.3% quarter-on-quarter.
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Source: FIN24
Credit Suisse moves to up the ante in physical ETF market
April 16, 2012--Swiss bank Credit Suisse has converted the majority of its synthetic exchange-traded funds to the physical model in an aggressive push into the physical ETF market in Europe.
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Source: efinancial news
ETF Stat March 2012 -Borsa Italiana
April 16, 2012--The ETF Statistics of the ETF Plus Market for the month of March 2012 are now available.
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Source: Borsa Italiana
Deutsche Boerse sees volatility boosting sales-paper
April 14, 2012--Deutsche Boerse expects derivatives market volatility to resume in the coming months, providing a fillip to the Frankfurt stock exchange operator's revenue, its chief financial officer told a German newspaper.
"In the first three months, trading volumes at (derivatives platform) Eurex fell by 16 percent and we'll have to see how it develops further," Gregor Pottmeyer told financial daily Boersen Zeitung in an interview published on Saturday.
"The decisive factor will be whether volatility picks up. We assume it will in the coming quarters so that trading revenue also rises," Pottmeyer said. "We still expect growth this year."
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Source: Reuters
S&P affirms U.K. ratings at 'AAA/A-1+', outlook is stable
April 13, 2012--Overview
In our view, the U.K. has a wealthy, open, and diversified economy, supported by effective political institutions that can react quickly to economic challenges.
We expect economic policy to continue to focus on closing the fiscal gap, and we forecast the U.K. government's net debt burden to peak in 2014.
The U.K. benefits from what we see as a large liquid market for
government debt issuance, entirely funded in domestic currency at long maturities.
We are therefore affirming our 'AAA/A-1+' long- and short-term unsolicited sovereign credit ratings on the U.K.
The stable outlook reflects our current expectation that the U.K.
government will implement the bulk of its fiscal consolidation program and that economic growth will not falter more than what we currently project.
Rating Action
On April 13, 2012, Standard & Poor's Ratings Services affirmed its 'AAA' long-term and 'A-1+' short-term unsolicited sovereign credit ratings on the United Kingdom (U.K.) The outlook remains stable. The transfer &
convertibility (T&C) assessment on the U.K. remains at 'AAA'.
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Source: Rueters
ECB-Euro area securities issues statistics
April 13, 2012--The annual growth rate of the outstanding amount of debt securities issued by euro area residents increased from 4.0% in January 2012 to 4.3% in February. For the outstanding amount of quoted shares issued by euro area residents, the annual growth rate was 1.6% in February 2012, compared with 1.7% in January.
New issuance of debt securities by euro area residents totalled EUR 1,160 billion in February 2012.
Redemptions stood at EUR 1,013 billion and net issues amounted to EUR 159 billion.1 The annual
growth rate of outstanding debt securities issued by euro area residents increased from 4.0% in January
2012 to 4.3% in February.
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Source: ECB
Deutsche Boerse appeals EU veto of NYSE merger
April 13, 2012--German stock market operator Deutsche Boerse said Friday it had appealed a European Union veto against a merger with NYSE Euronext that would have created the world's largest exchange operator.
"We have filed the complaint before the competent authorities in Luxembourg" where the EU's court is located, a Deutsche Boerse spokesman said.
Deutsche Boerse said last month that it planned to file the appeal after European regulators vetoed the merger over concerns it would potentially dominate the global derivatives trade.
NYSE Euronext has said it won't appeal the decision and the merger was formally cancelled last month.
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Source: EUbusiness
iShares S&P 500 Crosses USD10 Billion In AUM In Europe
April 12, 2012--Ten years after its launch, the iShares S&P 500 fund has topped $10 billion in assets under management in Europe.
Presently, the fund is the third largest exchange-traded fund (ETF) in Europe and the most traded European ETF with exposure to the US equity market. The constant liquidity and tight bid-ask spreads of the fund let the investors express their views on US stock market either for ‘buy and hold’ or tactical purposes. The London Stock Exchange, Deutsche Borse, Borsa Italiana, Euronext and the SIX Swiss Exchange are the five exchanges where the fund is listed. The ETF is also available in an accumulating version, where dividends are automatically reinvested into the fund, and in Sterling and Euro hedged forms.
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Source: Finance Equity
Tough rules needed on insider trading and market manipulation
April 12, 2012--Proposed legislation to tackle insider trading and market manipulation must not fragment markets, because this would make such abuses even harder to detect, said Economic and Monetary Affairs Committee MEPs debating them on Thursday. Cross-border trading calls for cross-border cooperation among regulators, and tiny financial boutiques with billion euro turnovers should not be exempted, they added.
"We need to be very tough on market abuse and market manipulation. Our purpose is to improve and clarify", said rapporteur Arlene McCarthy (S&D, UK), presenting her draft report on the proposed legislation
Limiting market fragmentation
Ms McCarthy believes that increased market fragmentation makes it more difficult to detect manipulation, and she won broad support from her colleagues for her wish to remove so-called "organised trading facility" (OTF), category from the Commission proposal.
MEPs felt that this category - of facilities operated by investment firms or market players, that bring together buyers and sellers or orders relating to a financial instrument - was not well enough defined and would enable yet another type of player to enter a market that is already complex and hard to control.
"It will be nevertheless very useful to have a clear definition of OTF" said Sirpa Pietikäinen (EPP, FI). Wolf Klinz (ALDE, DE), countered that removing the OTF category would contradict the proposal's aim to cover all kinds of financial markets.
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Source: European Parliament
Quantitative impact study results published by the Basel Committee
April 12, 2012--The Basel Committee published today the results of its Basel III monitoring exercise. The study is based on rigorous reporting processes set up by the Committee to periodically review the implications of the Basel III standards for financial markets. A total of 212 banks participated in the study, including 103 Group 1 banks (ie those that have Tier 1 capital in excess of €3 billion and are internationally active) and 109 Group 2 banks (ie all other banks).
While the Basel III framework sets out transitional arrangements to implement the new standards, the monitoring exercise results assume full implementation of the final Basel III package based on data as of 30 June 2011 (ie they do not take account of the transitional arrangements such as the phase in of deductions). No assumptions were made about bank profitability or behavioural responses, such as changes in bank capital or balance sheet composition. For that reason the results of the study are not comparable to industry estimates.
Based on data as of 30 June 2011 and applying the changes to the definition of capital and risk-weighted assets, the average common equity Tier 1 capital ratio (CET1) of Group 1 banks was 7.1%, as compared with the Basel III minimum requirement of 4.5%. In order for all Group 1 banks to reach the 4.5% minimum, an increase of €38.8 billion CET1 would be required. The overall shortfall increases to €485.6 billion to achieve a CET1 target level of 7.0% (ie including the capital conservation buffer); this amount includes the surcharge for global systemically important banks where applicable. As a point of reference, the sum of profits after tax and prior to distributions across the same sample of Group 1 banks in the second half of 2010 and the first half of 2011 was €356.6 billion.
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Source: BIS
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