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Publication of the responses received to the consultation on short selling and CDS
February 14, 2012--In November 2011 the Council and the Parliament voted on a Regulation on short selling and certain aspects of credit default swaps. This is about to be published and should be applicable from 1 November 2012. According to the Regulation ESMA has to submit its technical standards to the Commission by 31 March 2012.
ESMA publishes today the responses received to the consultation the draft technical standards. ESMA will consider the feedback it received to this consultation in February/March 2012 and expects to publish a final report and submission of the draft technical standards to the European Commission by 31 March 2012 for endorsement.
view Draft technical standards on short selling and certain aspects of credit default swaps
Source: ESMA
Eurex to introduce derivatives on Russian blue chip index RDX USD
Cooperation with the Vienna Stock Exchange/Launch on 19 March 2012
February 14, 2012--Eurex Exchange, the international derivatives market, will introduce futures and options contracts on the RDX USD equity index on 19 March 2012.
The new RDX USD derivatives will be based on the Vienna Stock Exchange's RDX USD Index, which tracks the price performance of the most liquid depositary receipts (DRs) on Russian shares listed on the London Stock Exchange. The RDX USD Index currently comprises 15 securities.
Eurex Exchange has concluded a license agreement with the Vienna Stock Exchange for the introduction of the new derivatives. The RDX USD is one of the best known Russian indices in the world and has been calculated since 1997. More than 130 international institutions currently offer financial products based on this index, primarily in the over-the-counter area.
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Source: Eurex
Commission's first Alert Mechanism Report: tackling macroeconomic imbalances in the EU
February 14, 2012--The EU's new rules on economic governance, the so-called "six-pack" has two legs: fiscal and macroeconomic surveillance. The macroeconomic imbalances procedure is a new tool that helps detect and correct risky economic developments.
Its first ever annual Alert Mechanism Report (AMR), adopted today, kicks-off the surveillance. The European Commission identifies 12 EU Member States whose macroeconomic situation needs to be analysed in more depth. It is only these subsequent in-depth reviews that will assess whether or not imbalances exist and whether or not they are harmful.
Olli Rehn, Vice-President for Economic and Monetary Affairs and the Euro, said: "This crisis has highlighted risks that macroeconomic imbalances pose for financial stability, economic prospects and for the welfare of a country, its citizens and the European Union as a whole. Today, we kick-off an in-depth scrutiny of a country's macroeconomic situation as a first step. If it turns out that imbalances exist and that they are harmful, this new tool is a meaningful step towards correcting the imbalances which built up over the years. Sound fiscal policies and early detection and correction of risky economic imbalances are necessary conditions to return to sustainable growth and jobs. "
Based on a scoreboard of 10 macroeconomic indicators, such as a loss of competitiveness, a high level of indebtedness or assets price bubbles and taking into account other economic data, the Alert Mechanism Report identifies Member States whose macroeconomic situation needs to be scrutinised in more depth. This is the starting point of the new Macroeconomic Imbalance Procedure (MIP) that will deepen the dialogue on economic policy making with the Member States. If necessary, the European Commission will issue a recommendation to the Member State concerned to take appropriate action to correct the situation or prevent imbalances from persisting.
view the REPORT FROM THE COMMISSION-Alert Mechanism Report
Report prepared in accordance with Articles 3 and 4 of the Regulation on the prevention and correction of macro-economic imbalances
Source: EU Commission
Moody's cuts ratings, outlooks on nine EU countries
February 14, 2012--Moody's on Monday chopped the debt ratings of Italy, Spain and Portugal and put France, Britain and Austria on warning, saying they were increasingly vulnerable to the eurozone crisis.
Casting doubt over whether Europe's leaders were doing enough to reverse the downslide of the region's economy and financial sector, Moody's also cut its ratings for Slovenia, Slovakia and Malta.
The ratings agency cited the region's weak economic prospects as threatening "the implementation of domestic austerity programs and the structural reforms that are needed to promote competitiveness."
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Source: EUbusiness
List of Greek debt held by big European banks and insurers
February 14, 2012--Leading European banks and insurance companies hold the following amounts of Greek debt.
The data, provided by the institutions thermselves, was valid at the end of September, except where indicated with an asterisk.
A large amount of the Greek bonds covered by an expected partial write-off of the debt 200 billion euros held by private investors is in the hands of private Greek bondholders.
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Source: EUbusiness
Britain calls negative Moody's outlook a 'reality check'
February 14, 2012--Finance minister George Osborne said Tuesday that the negative outlook Moody's placed on Britain's AAA credit rating was a "reality check" for anyone thinking the kingdom could duck tackling its debts.
The influential credit ratings agency downgraded the debt ratings of six European Union countries and placed negative outlooks on the top AAA ratings of France, Britain and Austria, blaming the ongoing fallout from the eurozone crisis.
In Britain, Moody's pointed to "increased uncertainty regarding the pace of fiscal consolidation" due to "materially weaker growth prospects" over the coming years.
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Source: EUbusiness
Short-Sale Bans Lifted As Markets Grow Less Volatile, France, Belgium Gain Confidence
February 14, 2012--French and Belgian regulators made separate moves Monday to ease restrictions on the short selling of financial stocks amid signs in recent weeks that the volatility that battered markets in the final months of 2011 had calmed considerably.
France's AMF market authority lifted a ban on short selling for 10 French financial company stocks that had been in force since August as the country's CAC 40 benchmark index had climbed back toward pre-August levels. It said the ban was lifted Feb. 11. It was imposed Aug. 12 after French bank shares plummeted following concerns about the European sovereign debt crisis. The decision, which was made in coordination with other European countries, was aimed at limiting price volatility.
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Source: Wall Street Journal
NASDAQ OMX to Deliver OTC Clearing and Risk-Management System to Poland's Leading Clearing House
Polish Clearing House KDPW CCP Commits to NASDAQ OMX's Sentinel Risk Manager for Its OTC Clearing Model
February 13, 2012--The NASDAQ OMX Group, Inc., today announced that it has been selected to deliver a risk management solution to KDPW_CCP, Poland's primary securities clearing house and CCP (Central Counterparty).
Under the contract NASDAQ OMX will supply KDPW_CCP with its OTC clearing and Sentinel Risk Manager product in order to support trade lifecycle and risk management requirements for clearing of OTC traded instruments.
Sentinel Risk Manager is part of NASDAQ OMX's multi-asset clearing solution for OTC and listed derivatives. This modular suite of products enables clients to license their required functionality while preserving their existing software investment. The solution provides real-time risk management that enables the CCP to protect the integrity of the clearing house and its members while enabling cross margin benefits. Sentinel Risk Manager is compliant with pending European and U.S. legislation for OTC clearing (EMIR in Europe and Dodd Frank in the U.S.). Today both NASDAQ OMX's Nordic clearing house and IDCG in the U.S. have integrated the Sentinel technology within their CCP infrastructure.
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Source: NASDAQ OMX
ESMA extends the deadline for the consultation on the considerations of materiality in financial reporting
February 13, 2012--The objective of financial statements is to provide information to a range of users for the purpose of eco-nomic decision making. To be useful, such statements must present fairly the financial position, perform-ance and cash flows of the reporting entity.
Where information which is required by the relevant financial reporting framework is omitted or misstated and such information could influence the economic decision-making of a user, financial statements cannot be said to achieve a fair presentation. The concept of ‘mate-riality’ is used to describe such information.
A recurring theme of discussions at the European Enforcers Coordination Sessions (a forum in which all European National Enforcers of financial information meet to exchange views and discuss experiences of enforcement of IFRS) is the apparent differing views regarding the practical application of the concept of materiality amongst preparers, auditors, possibly users of the financial reports and, in some instances, accounting enforcers. The purpose of this consultation paper is to seek comments from interested parties on their understanding of various aspects of materiality in an effort to contribute to a consistent applica-tion of this important concept in financial reporting.
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Source: ESMA
Moody's adjusts ratings of 9 European sovereigns to capture downside risks
February 13, 2012--As anticipated in November 2011, Moody's Investors Service has today adjusted the sovereign debt ratings of selected EU countries in order to reflect their susceptibility to the growing financial and macroeconomic risks emanating from the euro area crisis and how these risks exacerbate the affected countries' own specific challenges.
Moody's actions can be summarised as follows:
Austria: outlook on Aaa rating changed to negative
France: outlook on Aaa rating changed to negative
Italy: downgraded to A3 from A2, negative outlook
Malta: downgraded to A3 from A2, negative outlook
Portugal: downgraded to Ba3 from Ba2, negative outlook
Slovakia: downgraded to A2 from A1, negative outlook
Slovenia: downgraded to A2 from A1, negative outlook
Spain: downgraded to A3 from A1, negative outlook
United Kingdom: outlook on Aaa rating changed to negative
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Source: Moody's
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