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March 2012 Quarterly Review discusses global market repercussions of euro area sovereign debt crisis
March 12, 2012--The BIS Quarterly Review for March 2012, released today, discusses global impact of European bank deleveraging. The March issue also provides highlights from the latest BIS data on international banking and financial activity.
In addition, it features three articles (more detailed abstracts follow):
1.The impact of Federal Reserve asset purchase programmes: another twist
2.FX volume during the financial crisis and now
3.Bank stock returns, leverage and the business cycle
\European bank funding and deleveraging
Following special policy measures introduced by central banks around the beginning of December, European banks' funding conditions improved. Previously, many banks had been unable to raise funds in the unsecured senior bond market, and the cost of unsecured money market funding had risen to levels previously exceeded only during the 2008 crisis. Dollar funding had become especially expensive. Two three-year lending operations (LTRO) by the ECB and a wider set of collateral than was previously eligible relieved much of the stress. Furthermore, the cost of swapping euros into dollars fell in December, as central banks reduced the costs of their international swap lines. Short-term borrowing costs then declined and unsecured bond issuance revived.
view the BIS Quarterly Review, March 2012
Source: BIS
FESE European Equity Market Report-Year 2011 Updated With February 2012 figures
March 12, 2012--FESE has published the 'European Equity Market Report' which gathers data from all the market segments operated by FESE members (including Regulated Markets and Multilateral Trading Facilities) as well as from the major MTFs operated by investment firms in the European market. The FESE Statistics Methodology used in the Report has been agreed by all the trading venues involved, both RM and MTFs.
view report
Source: FESE
EEX Natural Gas Trading reaches New Volume Record
More than 1.5 TWh traded in the GASPOOL Spot Market Area for the first time-Incentive model and Market Message Service support trading
March 12, 2012--In February 2012, the European Energy Exchange (EEX)
achieved a new monthly record of 1,506,857 MWh in natural gas trading on the Spot Market of the GASPOOL market area.
This corresponds to an increase of 66 percent as against the previous record month (December 2011) during which 908,949 MWh were traded. In total 4,024,451 MWh with delivery into the GASPOOL, NCG and TTF market areas were traded on the EEX Natural Gas Spot Market in February which
constitutes an increase of 136 percent as against the same period in the previous year (GASPOOL and NCG: 1,704,603 MWh).
“We are pleased that exchange trading in natural gas is further gaining in speed and that we can record additional volumes on the exchange, in addition to increasing trading in control energy”, explains Oliver Maibaum, EEX Managing Director Exchange.
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Source: EEX
2012 Financial Reports' announcement deadlines for IMKB companies, ETFs and ISE Brokerage Houses
March 12, 2012--2012 Financial Reports' announcement deadlines for IMKB companies, ETFs and ISE Brokerage Houses-Istanbul Stock Exchange.
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Source: Istanbul Stock Exchange
Lyxor adds smart strategies to commodity ETFs
March 9, 2012--Lyxor Exchange Traded Funds has launched a new range of 'Smart' Commodity ETFs on the London Stock Exchange.
The new Optimix TR and Momentum TR indices use rule-based, enhanced beta strategies which aim to optimise roll yields across contracts and seasons, or to generate absolute returns from a universe of 24 commodities.
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Source: Canadian ETF Watch
London Stock Exchange Surges After Agreeing to Buy Stake in LCH.Clearnet
March 9, 2012--London Stock Exchange Group Plc (LSE) rallied the most in more than eight months after agreeing to buy a majority stake in LCH.Clearnet Group Ltd. for 463 million euros ($613 million) to expand its post-trade services.
Shares in the owner of Europe’s oldest independent bourse climbed 8.9 percent to 977.50 pence at 12:08 p.m. in London trading, the biggest increase since June 30, valuing the exchange at 2.65 billion pounds ($4.2 billion).
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Source: Bloomberg
IMKB Launches The Financial Education Platform Conscious Investor" On March 12
March 9, 2012--İMKB will launch the financial education information platform "Conscious Investor" on Monday, March 12, at www.bilincliyatirimci.org.
Conscious Investor Platform, created as part of the investor campaign, is primarily aimed at providing information on the capital markets and the stock exchange for those interested in learning about or investing in the capital markets.
www.bilincliyatirimci.org is designed as an interactive portal, and will inform Turkish investors with the help of training modules and fun videos. In addition to the training modules, investors will have access to “Dictionary of Stock Exchange Terms” which includes general concepts about the market; “E-Library”, providing numerous documents, and “News” offering updated information about İMKB and the portal. “Investor Forum” and “Questionnaire” sections will also be available for investors to note their views and suggestions. İMKB plans to continually improve the portal with new training modules as required by the investors. Interactive e-trainings offered in the portal are free-of-charge. The Conscious Investor Platform is available in Turkish only.
Users can follow the Conscious Investor portal on Facebook and Youtube as well.
Source: Istanbul Stock Exchange
EU to keep carbon tax on airlines
March 9, 2012--The European Union will maintain its carbon tax imposed on airlines operating in its airspace, the Danish climate minister said on Friday, despite retaliatory trade measures by China.
As long as an international policy on carbon emissions by airlines is not found, the "EU will stick to its own ETS system", Martin Lidegaard said. Denmark currently holds the EU's rotating presidency.
The carbon tax imposed on airlines by the European Union came into effect on January 1, but carriers will begin receiving bills only in 2013 after this year's carbon emissions have been assessed.
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Source: EUbusiness
Banks caution Europe against new debt swap
March 9, 2012--The head of the Institute of International Finance, Charles Dallara, warned Friday against any more eurozone sovereign debt restructuring in the wake of Greece's huge writeoff deal.
"I would strongly discourage other governments, other peoples of Europe from going this route," Dallara, the IIF managing director who led the private-sector negotiations with the Greek government, told CNBC television.
On Thursday the world's biggest debt restructuring in history was completed, accepted by an overwhelming majority of Greece's private creditors.
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Source: EUbusiness
The eurozone-IMF rescue for Greece: the main points
March 9, 2012--The Greek bond swap is intended to avert default by Greece when debt falls due on March 20 and is a key part of a eurozone-IMF rescue worth up to 237 billion euros to enable the country to rebuild its economy.
Some 83.5 percent of the country's private creditors tendered bonds for exchange, the Greek finance ministry announced on Friday, solidly above a 75-percent requirement Greece had set for the deal to move forward.
Here are the main points of the overall rescue package as published by the Eurogroup of eurozone finance ministers, with extra detail from the Greek finance ministry on Private Sector Involvement (PSI) in the debt writedown:
Under the PSI debt write-off by banks, insurance companies and investment funds, these investors will lose 53.5 percent of the face value on the 206 billion euros ($273 billion) of privately-held Greek debt. This will reduce the debt owed by Greece to private creditors by 107 billion euros. Greece has a total public debt of about 350 billion euros.
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Source: EUbusiness
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