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Commerzbank options for avoiding bailout 'limited'
December 9, 2011--Germany's Commerzbank still faces a major stress test: how to find 5.3 billion euros ($7.08 billion) in capital without a government bailout.
Banks need to inform regulators by January 20 how they will plug gaps in their balance sheet to achieve a core Tier 1 capital ratio of 9 percent by mid-2012, as required by the European Banking Authority (EBA).
But the Frankfurt-based lender, of which the state owns 25 percent, is running out of ways to manoeuvre through the crisis.
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Source: Reuters
FSA publishes the policy statement on the review of the covered bond regime
December 9, 2011--The Financial Services Authority (FSA) has published changes to its regulatory framework for UK regulated covered bonds. Changes to the RCB Regulations were published on 29 November 2011 by HM Treasury.
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Source: FSA.gov.uk
Stress Test Reveals European Banks Need More Capital
December 8, 2011-European regulators on Thursday told many of the region’s biggest banks, including Deutsche Bank and Commerzbank, to raise more capital as signs mounted that the European sovereign debt crisis might worsen.
With the region’s leaders gathering in Brussels in their latest bid to shore up the euro, the European Banking Authority announced that over all, banks needed to raise 114.7 billion euros ($152.7 billion) in the event the debt crisis was not resolved soon. That was more than the estimate of 106 billion euros in October.
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Source: NY Times
EBA says European banks need to raise 114.7bn euros: report
December 8, 2011--The European Banking Authority has concluded that European banks need to raise an extra 114.7 billion euros ($152.5 billion) in new capital to withstand future financial shocks, a report said Thursday.
The result of banking stress tests from the EU's London-based financial regulator, as reported by Bloomberg financial newswire, came on the first day of a crucial EU summit that is aimed at resolving the eurozone debt crisis.
Bloomberg also reported that banks in Germany needed to raise a total of 13.1 billion euros in fresh capital, while Italian and French lenders were required to raise 15.4 billion euros and 7.3 billion euros respectively.
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Source: EUbusiness
UK official holdings of international reserves November 2011
December 5, 2011--This monthly press notice shows details of movements in November in the UK’s official holdings of international reserves, which consist of gold, foreign currency assets and International Monetary Fund assets. These reserves are maintained primarily so that the UK Government’s reserves could be used to intervene to support Sterling, or the Bank of England’s reserves could be used to support the Bank’s monetary policy objectives.
If such interventions were to occur, then they would be shown and explained in this release. The Background note at the end of this release explains more about the reserves, and about these statistics.
In summary this month’s release shows that, in November 2011:
No intervention operations were undertaken. Movements in reserves and levels of reserves were as follows:
view the UK official holdings of international reserves November 2011
Source: HM Treasury
SIX Swiss Exchange welcomes another ETF issuer entering the Swiss market with five products- New ETF provider: Ossiam
December 5, 2011--The addition of French provider Ossiam brings the number of ETF issuers on SIX Swiss Exchange to 15 and makes five new ETFs - tradable from today - available to investors:
Ossiam ETF EURO STOXX 50® Equal Weight NR
Ossiam ETF STOXX® Europe 600 Equal Weight NR
Ossiam ETF iSTOXXTM Europe Minimum Variance NR
Ossiam ETF US Minimum Variance NR
Ossiam ETF US Minimum Variance NR
Bruno Poulin, CEO of Ossiam, said: "We are very proud to list our first ETFs in Switzerland. First of their kind, they give access to transparent investment strategies with complementary risk profiles that are easy to integrate into global portfolio allocation. The Minimum Variance strategy aims to offer investors an optimised solution seeking lower volatility at a competitive price. In addition, we chose to develop ETFs on equally-weighted indices. This is a very simple way to build better-diversified portfolios and avoid the concentration and trend-following bias of market-cap weighted indices."
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Source: SIX Swiss Exchange
First-ever index of blue-chip stocks from Euro-Asian Exchanges is launched by Dow Jones Indexes, Federation of Euro-Asian Stock Exchanges
Dow Jones FEAS Titans 50 Equal Weighted Index to Track the 50 Largest Stocks Listed in FEAS Region
New Gauge Expands Dow Jones FEAS Index Family to Four
December 5, 2011--Dow Jones Indexes, a leading global index provider, and the Federation of Euro-Asian Stock Exchanges (FEAS) today announced the launch of the first blue-chip index derived from Euro-Asian stock exchanges, the Dow Jones FEAS Titans 50 Equal Weighted Index.
An equal-weighted measure of the 50 largest stocks traded on FEAS-member exchanges, the new gauge is designed to serve as the basis for financial products such as funds and structured products.
With its launch today, The Dow Jones FEAS Titans 50 Equal Weighted Index becomes the fourth member of the Dow Jones FEAS Index family; started in 2009, the index series measures the performance of companies across the Euro-Asian region. Earlier this year, the Bucharest, Palestine, Egypt and Kazakhstan exchanges were added to the Dow Jones FEAS Index universe, pushing the current total to 16.
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Source: Istanbul Stock Exchange (ISE)
First issue of “İMKB/ISE Magazine” is now available
December 5, 2011--Istanbul Stock Exchange released the first issue of its business and lifestyle quarterly magazine. “IMKB/ISE Magazine” aims to give a glimpse about ISE’s mission, vision, policies and corporate image to local and international society.
The editorials of the Magazine, which are published in Turkish and English, focus on exchange and business world as well as lifestyle. The magazine covers the developments related to the economy, markets, companies, financial products, intermediaries and institutional investors.
The magazine also includes topics related to art, technology and fashion, and presents new products in these areas. The “Investor’s Guide” section of the magazine designed for potential investors includes practical information on the capital market instruments, securities trading, investors’ rights etc.
view the Istanbul Stock Exchange Magazine
Source: Istanbul Stock Exchange (ISE)
STOXX introduces Maximum Dividend Strategy Index
December 5, 2011--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today introduced the STOXX Europe Maximum Dividend 40 Index. The new index represents a hypothetical investment portfolio that aims to maximize the dividend yield of the STOXX Europe 600 Index by selecting those 40 companies in the underlying index that have the highest expected dividend yield.
The STOXX Europe Maximum Dividend 40 Index is designed to act both as a proper benchmark for actively managed funds, and to underlie exchange-traded funds and other investable products.
“With the launch of the STOXX Europe Maximum Dividend 40 Index we are further expanding our successful range of innovative dividend strategy indices,” said Hartmut Graf, chief executive officer, STOXX Limited. “This new index offers market participants a ground-breaking tool to follow the dividend return of Europe’s 40 top dividend yielding companies selected from Europe’s major benchmark index.”
The STOXX Europe Maximum Dividend 40 Index consists of those 40 companies in the STOXX Europe 600 Index which have the highest expected dividend yield and will pay a dividend within the forthcoming adjustment period. The expected dividend yield is determined by the announced and the estimated dividend amount, as well as the closing price of the stock at the time of selection. In order to improve the index’s liquidity, an additional liquidity screening is applied during the selection process. This results in a liquidity adjusted expected dividend yield used for selection and weighting of the index constituents.
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Source: STOXX
S&P warns six euro nations of possible downgrade: FT
December 5, 2011--Ratings agency Standard & Poor's has warned Germany, France and four other triple A eurozone nations that they risk losing their top ratings within 90 days amid the debt crisis, a report said on Monday.
The Financial Times newspaper said the US-based agency would announce later Monday that the Netherlands, Austria, Finland and Luxembourg had also been put on "creditwatch negative."
This means a one-in-two chance of a downgrade within 90 days, said the paper.
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Source: EUbusiness
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