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Moody's downgrades Greece to C from Ca
March 5, 2012--On March 2, 2012, Moody's Investors Service downgraded Greece's local-and foreign-currency bond ratings to C from Ca and has not assigned an outlook to the ratings.
Today's rating decision was prompted by the recently announced debt exchange proposals for Greece, which imply expected losses to investors in excess of 70%, which is consistent with Moody's criteria for a C rating.
RATINGS RATIONALE
The announced debt exchange proposal implies that private creditors that participate will incur substantial economic losses on their holdings of Greek government debt. Moody's estimates that the percentage difference between the value of the coupon and principal promised by existing Greek government bonds and the value of the package investors will receive in the exchange exceeds 70%, which is consistent with a C rating. After the Eurogroup's assessment of Greece's adherence to bailout conditions has been finalised, debt exchanges have been completed and a new Memorandum of Understanding between the EU and the Greek government has been finalized and published, Moody's will re-assess the credit risk profile and ratings of any outstanding or new securities issued by the Greek government.
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Source: Moody's
The Europe Dow Rose 6.04% In February, According To Dow Jones Indexes
Novo Nordisk Topped All 30 Europe Dow Components With 18.99% Gain For The Month
March 5, 2012--The Europe Dow, an equal-weighted index that measures 30 of the region's leading blue-chip stocks, gained 6.04% in February, according to data compiled by Dow Jones Indexes, a leading global index provider.
The index’s top component performer for February was Novo Nordisk A/S Series B of Denmark, which closed up 18.99%. Shares of BNP Paribas S.A. (France) and BASF SE (Germany), up 15.65% and 14.57%, respectively, were the second- and third-leading stocks on The Europe Dow. Rio Tinto PLC (Great Britain), which fell 4.65%, was The Europe Dow’s worst-performing stock in February.
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Source: Dow Jones Indexes
ETF Securities launches sterling-hedged commodities solution for UK investors-14 new exchange-traded commodities listed on the London Stock Exchange
March 5, 2012--The new ETCs track the performance of the Dow Jones-UBS Commodity Index Pound Sterling Hedged Daily Total ReturnSM and its sub-indexes.
The indexes are designed to reflect, as closely as possible, returns that would be generated if the underlying commodities were purchased in US dollars.
Foreign exchange exposure is hedged on a daily rather than monthly basis, in order to improve tracking performance. A convenient, efficient solution to help mitigate unwanted currency exposure.
visit
http://www.etfsecurities.com for more info.
Source: ETF Securities
Durr AG to be included in MDAX
Deutsche Börse reviews index composition/ Changes are effective on 19 March 2012
March 5, 2012-- On Monday Deutsche Börse decided on changes in its selection indices MDAX, SDAX and TecDAX. The share of Dürr AG will be included in MDAX and will replace the share of Heidelberger Druckmaschinen AG.
The exclusion of Heidelberger Druckmaschinen was based on the regular exit rule; the share no longer fulfills the market capitalization requirements to remain in the MDAX index. The share of Heidelberger Druckmaschinen AG will replace the share of Dürr in SDAX.
In TecDAX Euromicron will be included, while Q-Cells will leave the index.
The changes will be effective as of 19 March 2012. The next regular index review will be held on 5 June 2012.
Please go to www.dax-indices.com for further information.
Source: Deutsche Börse
EUROPEAN COUNCIL -CONCLUSIONS Brussels, 112 MARCH 2012
March 2, 2012--The European Council discussed the implementation of the EU's economic strategy. This strategy pursues both continued fiscal consolidation and determined action to boost growth and jobs; sustainable growth and jobs cannot be built on deficits and excessive debt levels. The measures taken to stabilize the situation in the euro area are bearing fruit.
The European Council endorsed the five priorities for 2012 set out in the Commission's Annual Growth Survey. It looked at action that has to be taken at national level. Member States must make faster progress towards the targets of the Europe 2020 Strategy and step up efforts on the reforms taken up in the 2011 Country-Specific Recommendations. They are expected to indicate the measures they intend to take to that effect in their National Reform Programmes and their Stability of Convergence Programmes. The European Council also discussed action required at the EU level, pushing ahead with completing the Single Market in all its aspects, both internal and external, and boosting innovation and research.
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Source: EUROPEAN COUNCIL
Fiscal compact signed: Strengthened fiscal discipline and convergence in the euro area
March 2, 2012--Twenty-five European leaders today1 signed the Treaty on Stability, Coordination and Governance aimed at strengthening fiscal discipline and introducing stricter surveillance
within the euro area, in particular by establishing a "balanced budget rule".
The content of the treaty had been endorsed at the last European Council meeting in January.
The main elements of the so-called fiscal compact include a requirement for national budgets to be in balance or in surplus, a criterion that would be met if the annual structural government deficit does not exceed 0.5% of GDP at market prices. This balanced budget rule must be incorporated into the member states' national legal systems, preferably at constitutional level, within one year after the entry into force of the treaty. In the event of deviation from this rule, an automatic correction mechanism will be triggered.
It will be defined by each member state on the basis of principles proposed by the European Commission. The EU Court of Justice will be able to verify national transposition of the balanced budget rule. Its decision is binding, and can be followed up with a penalty of up to 0.1% of GDP, payable to the European Stability Mechanism in the case of euro area member states.
view the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG)
Source: Council of the European Union
February turnover exceeds EUR 9.2 billion at Boerse Stuttgart
Further increases in all asset classes / Bond trading remains buoyant
March 2, 2012--According to the order book statistics, Boerse Stuttgart generated turnover in excess of EUR 9.2 billion in February 2012. This is equivalent to a rise of nearly 6 percent on the previous month and maintains the upward trend that has marked the year to date.
Turnover in January was itself up significantly on the figure for December 2011.
Securitised derivatives accounted for the lion’s share of trading. Turnover in this investment class reached over EUR 4.1 billion, an increase of nearly 5 percent on the previous month. Investment products generated over EUR 2.2 billion of trades, while leverage products contributed around EUR 1.9 billion to the overall figure.
Trading in bonds rose in February by over 7 percent to almost EUR 3.2 billion. At over EUR 1.5 billion, nearly half of the total was attributable to corporate bonds. In this category, turnover was just under 15 percent up on the previous month and over 22 percent on the same month in 2011.
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Source: Boerse Stuttgart
ESMA advises European Commission on Prospectus Directive's overhaul
March 1, 2012--ESMA publishes today the second part of its final advice (ESMA/2012/137) on possible delegated acts for the Prospectus Directive (PD). The advice was submitted to the Commission on 29 February 2012.
In its advice, ESMA proposes how to use a prospectus in a retail cascade and provides input on how to review the provisions of the Prospectus Regulation concerning tax information, indices, auditor’s report on profit forecasts and estimates and audited historical financial information. Today's advice follows a public consultation started on 13 December 2011.
Overall, the technical advice aims to achieve a high-level of investor protection and to increase across Europe the legal clarity and efficiency of the prospectus regime. Investment prospectuses as such are aimed to provide investors with easily accessible information on financial products so as to foster informed decisionmaking.
S & P warns on European mortgage-backed loans
March 1, 2012--The amount of unpaid debt on loans linked to packages of European commercial mortgages that thrived until the 2007-08 financial crisis could hit a record of €10bn by the end of the year, Standard & Poor's has warned.
The rating agency said analysis of the European commercial mortgage-backed securities (CMBS) showed that only one in four borrowers were able to repay their debt in January on these packages of loans on commercial properties, which were parcelled up as part of securitisations.
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Source: FT.com
Average daily volume of 8.7 million contracts at Eurex Group in February
March 1, 2012--In February 2012, the international derivatives markets of Eurex Group recorded an average daily volume of 8.7 million contracts (Feb 2011: 10.3 million).
Of those, 6.0 million were Eurex Exchange contracts (Feb 2011: 7.1 million), and 2.7 million contracts were at the U.S.-based International Securities Exchange (ISE) (Feb 2011: 3.2 million). In total, 179.3 million contracts were traded, thereof 125.8 million at Eurex and 53.5 million at the ISE.
Eurex Exchange recorded in its equity index segment, the largest product segment, approximately 58.3 million contracts compared with 58.4 million contracts in February 2011. Futures on the EURO STOXX 50® Index stood at 21.4 million contracts while 23.9 million options on this index were traded. Futures on the DAX totaled 3.0 million contracts while the DAX options reached another 5.2 million contracts. The Eurex KOSPI product reached 2.6 million contracts, compared to 138,000 contracts year-on-year.
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Source: Eurex
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