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LME Eyes Renminbi Move for Metals
April 16, 2012--The London Metal Exchange is considering offering traders the chance to settle its contracts in the Chinese renminbi, a move that could lead to its dropping sterling after 135 years.
The move, still at an early stage of discussion, would highlight the shift in power in global metals markets.
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Source: CNBC.com
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
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