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BIS-December 2011 Quarterly Review discusses global market repercussions of euro area sovereign debt crisis
December 12, 2011--The BIS Quarterly Review for December 2011, released today, shows how concerns about sovereign risk in the euro area affected financial markets across the globe.
The December issue also provides highlights from the latest BIS data on international banking and financial activity.
In addition, it features five articles (more detailed abstracts follow):
1.FX trading strategies such as carry or momentum trades exhibit substantial downside risks to investors. One bad month can be sufficient to wipe out one to two years of excess returns.
2.The Chinese policy of boosting the international role of the renminbi could undermine the effectiveness of capital controls while improving the allocation of capital.
read more Euro area securities issues statistics-October 2011
As regards the sectoral breakdown, the annual growth rate of outstanding debt securities issued by nonfinancial
corporations decreased from 4.8% in September 2011 to 4.5% in October (see Table 2 and Chart 4). For the monetary financial institutions (MFIs) sector, this growth rate increased from 2.3% in
September 2011 to 2.9% in October. The annual rate of change of outstanding debt securities issued by
financial corporations other than MFIs increased from -0.5% in September 2011 to 0.0% in October. For the general government, this growth rate decreased from 5.9% in September 2011 to 5.4% in October. read more London tribunal to shed light on UBS read more
Q3 economic growth at 8.2 pct as CAD dips to $4.2 bln in October read more Print new notes, avoid panic: a guide to escaping the euro If the currency itself implodes, eurozone authorities could no longer recognise the euro as a common currency, said Paulo Reis Mourao of the University of Minho in Braga, Portugal.
"This would trigger a series of procedures that would require national central banks to issue currencies again," he said. The old currencies have been destroyed, even if Europeans are estimated to have kept a fair bit of the old money in their drawers: the equivalent of 6.8 billion euros in German marks, 1.7 billion euros in pesetas, 1.3 billion euros in lira and 600 million euros in French francs.
read more S&P Places London Stock Exchange On Watch On Italian Exposure The LSE is vertically integrated across the trading cycle in Italy, with its Borsa Italiana exchange, CC&G clearinghouse and Monte Titoli depository. read more Commerzbank options for avoiding bailout 'limited' But the Frankfurt-based lender, of which the state owns 25 percent, is running out of ways to manoeuvre through the crisis.
read more FSA publishes the policy statement on the review of the covered bond regime read more Stress Test Reveals European Banks Need More Capital read more
EBA says European banks need to raise 114.7bn euros: report 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. view more If you are looking for a particuliar article and can not find it, please feel free to contact us
Source: BIS
December 12, 2011--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 3.4% in October 2011, compared with 3.3% in September. For the outstanding amount of quoted shares issued by euro area residents, the annual growth rate decreased from 2.0% in September 2011 to 1.7% in October.
New issuance of debt securities by euro area residents totalled EUR 1,082 billion in October 2011 (see
Table 1 and Chart 1). Redemptions stood at EUR 1,015 billion and net issues amounted to EUR 69 billion (see Table 1).1 The annual growth rate of outstanding debt securities issued by euro area residents was 3.4% in October 2011, compared with 3.3% in September (see Table 1 and Chart 3).
Source: ECB
December 11, 2011--UBS is braced for more revelations about the inner workings of its London office this week, as a tribunal begins to hear evidence over an alleged $42m fraud that sparked investigations in India and the UK.
Two former UBS employees, including the former head of one of its seven international desks that managed wealthy clients’ portfolios, on Monday begin their appeal against fines that the UK financial regulator wishes to impose.
Source: FT.com
December 11, 2011--Turks woke up to a bright morning on Monday as official figures suggested their country's economy continued the strong growth it attained following the global financial crisis in the third quarter of this year, coupled with a smaller current account deficit (CAD) in October compared to a month earlier.
According to the Turkish Statistics Institute (TurkStat), Turkey's gross domestic product (GDP) expanded by 8.2 percent in the July-September period, marking the eighth quarter in a row the country's economy has grown. The third quarter growth rate was way beyond the market expectation of 6.3 percent. “That much expansion made us the second-fastest growing economy worldwide, after China, in the third quarter. We expect our economy to grow no less than 4 percent next year,” said Industry, Science and Technology Minister Nihat Ergün, speaking on a program broadcast by a private TV station shortly after the announcement was made.
Source: Todays Zaman
December 10, 2011--If disaster strikes, how exactly does a eurozone nation hit the emergency escape button on the euro?
Once considered an outlandish scenario, it is no longer taboo among economists.
Whether it is the entire euro project collapsing or just one country jettisoning the single currency, analysts agree on rule number one: Prevent panic.
Source: EUbusiness
December 9, 2011--Standard & Poor's Friday put the London Stock Exchange Group PLC's (LSE.LN) long-term credit rating on review due to the company's exposure to Italian banks through its clearinghouse subsidiary in the country.
S&P said the creditworthiness of these Italian counterparts has been deteriorating over the past several months and that a default of a major customer could cause a solvency problem at its Cassa di Compensazione e Garanzia clearinghouse.
Source: Wall Street Journal
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).
Source: Reuters
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.
Source: FSA.gov.uk
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.
Source: NY Times
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.
Source: EUbusiness
