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Bank of England's Paul Tucker calls for reform of clearing houses
October 24, 2011--Laeders must agree on effective regimes to wind down the world's clearing houses in the event of collapse, or risk "mayhem" on financial markets, a Bank of England policymaker has warned.
Paul Tucker, a deputy governor of the Bank, said the issue needed attention because clearing houses had become centres of systemic risk in their own right, with potentially huge consequences in the event of failure.
Speaking at a European Commission conference in Belgium, he said: "There is a big gap in the regimes for central counterparties (CCPs).
"What happens if they go bust? I can tell you the simple answer: mayhem. As bad as, conceivably worse than, the failure of large and complex banks."
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Source: Telegraph
Europe pinpoints $150-billion hole in bank coffers
October 22, 2011--Europe identified Saturday a $150-billion hole in banks' cash buffers after warning lenders they faced massive hits on Greek debt under a new eurozone rescue plan.
Amid dire warnings that Europe's debt crisis threatens global recession, plans to recapitalise came after ministers put the squeeze on banks to accept write-downs of "at least 50 percent" to allow a new bailout for Athens to go ahead.
But a drive for the eurozone's wider rescue fund to tap into unlimited European Central Bank funds hit the rocks, as German Chancellor Angela Merkel and French President Nicolas Sarkozy flew in for crunch talks before back-to-back EU summits Sunday and Wednesday.
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Source: EUbusiness
Unification Of Securities Tickets On MICEX And RTS
October 21, 2011--On November 21, 2011 as a further step towards integration of cash equities markets of MICEX and RTS tickers of securities admitted to trading on both exchanges will be unified.
For this purpose 35 securities admitted to trading on MICEX Stock Exchange and RTS Stock Exchange will be assigned single tickers:
for 25 securities tickers assigned by MICEX will be replaced by the relevant tickers on RTS
for 8 securities tickers assigned by RTS will be changed for the relevant tickers on MICEX;
for 2 securities tickers used on MICEX and RTS will be discarded, and these securities will be assigned new tickers.
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Source: MICEX
EU eyes 50-60 percent Greek haircut for sustainable: Troika
October 21, 2011--Private investors would have to forgive 60 percent of what Greece owes them to make its debt sustainable by 2020 and for a euro zone loan package to stay at the 109 billion euros ($151 billion) agreed in July, a report by international lenders said.
The confidential report, discussed by euro zone finance ministers on Friday, will form the basis for talks with private investors on what losses they should accept on their Greek portfolios in the second emergency financing plan for Greece.
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Source: Reuters
New rules for more efficient, resilient and transparent financial markets in Europe
October 20, 2011--In recent years, financial markets have changed enormously. New trading venues and products have come onto the scene and technological developments such as high frequency trading have altered the landscape. Drawing lessons from the 2008 financial crisis, the G20 agreed at the 2009 Pittsburgh summit on the need to improve the transparency and oversight of less regulated markets – including derivatives markets - and to address the issue of excessive price volatility in commodity derivatives markets.
In response to this, the European Commission has today tabled proposals to revise the Markets in Financial Instruments Directive (MiFID). These proposals consist of a Directive and a Regulation and aim to make financial markets more efficient, resilient and transparent, and to strengthen the protection of investors. The new framework will also increase the supervisory powers of regulators and provide clear operating rules for all trading activities. Similar discussions are taking place in the United States and other major global financial centres.
Commissioner for Internal Market and Services Michel Barnier said: "Financial markets are there to serve the real economy – not the other way around. Markets have been transformed over the years and our legislation needs to keep pace. The crisis serves as a grim reminder of how complex and opaque some financial activities and products have become. This has to change. Today's proposals will help lead to better, safer and more open financial markets."
Background
In force since November 2007, the original Markets in Financial Instruments Directive (MiFID) governs the provision of investment services in financial instruments (such as brokerage, advice, dealing, portfolio management, underwriting, etc.) by banks and investment firms and the operation of traditional stock exchanges and alternative trading venues ( so-called multilateral trading facilities. While MiFID created competition between these services and brought more choice and lower prices for investors, shortcomings were exposed in the wake of the financial crisis.
iShares unveils ETP guide for advisers
iShares has launched a due diligence campaign to support advisers and investors when choosing exchange-traded products.
October 20, 2011--The provider has unveiled a Europe-wide framework for investors assessing the structure, tax, performance, trading and valuation, total cost of ownership and securities lending
It has also proposed a classification system with three distinct types of ETPs, exchange-traded funds, exchange-traded notes and commodities and exchange-traded instruments.
David Gardner, head of sales for iShares Europe, Middle East and Asia, said: “As with any investment product, investors need to be sure the ETPs they buy are appropriate and give them exactly the exposure they want.
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Source: FT Advisor
State Street unveils S&P 'Dividend Aristocrats' ETF in UK push
October 20, 2011--State Street Global Advisors has launched two SPDR ETFs focused on dividends on the London Stock Exchange, and has plans to unveil a raft of fixed income products at the start of next year.
The SPDR S&P US Dividend Aristocrats ETF and the SPDR S&P Emerging Markets Dividend ETF physically invest in equities in the respective regions with high dividend yields.
The ETFs offer a regular source of income, which the firm said investors are seeking amid a low-yield environment.
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Source: Citywire
The Spanish Stock Exchange to celebrate its 180th anniversary
The Spanish stock exchange ranks among the top world exchanges in terms of investment flows, transparency and innovation
2011 is already the fourth best year in history in terms of new investment flows channeled through the Spanish stock market
October 20, 2011--On 20 October 1831 the first trading session took place in Spain, in this way making the Spanish stock exchange one of the oldest and best-established financial institutions in Spain.
Its birth, in the first half of the XIX century, anticipated the creation, in the second half, of most other economic and financial institutions that exist today.
Today’s economy and financial markets are under some of the most convulse times in history, surrounded by high volatility. However the Spanish stock exchange has continued to demonstrate its extraordinary capacity to provide objective valuations and liquidity to investments, in large part thanks to the modernisation and significant improvements carried out in the last few years, which have allowed it to become a significant force in the international stock exchange scenario. During this long period of time a stock market developed which today trades a daily average of over €4 billion.
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Source: BME
EU may curb ratings agencies
October 20, 2011--The European Union may seek the power to prohibit the publication of credit ratings of countries that are under a rescue programme, an EU official familiar with the proposal said today.
The proposal from Michel Barnier, the EU official in charge of regulation, may yet get shot down because it needs the blessing of EU countries as well as the region's parliament in order to take effect.
The move would be controversial and experts have previously warned that tough restrictions on rating agencies can undermine efforts to rebuild investor confidence in the euro zone.
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Source: Irish Times
Deutsche Börse recognised again for its achievements in sustainability
October 20, 2011--Deutsche Börse has been confirmed for the seventh time in a row as a member of the Dow Jones Sustainability Indexes (DJSI World and DJSI Europe). The analysts gave particular recognition to the company for its group-wide compliance and risk management, corporate governance and active stakeholder engagement.
The Dow Jones Sustainability Indexes are based on an analysis of the economic, environmental and social criteria of the 2,500 largest companies in the world, as measured by free-float market capitalisation. General and industry-specific criteria are evaluated and only companies with a sustainability profile in the top ten percent are admitted to the indices.
In addition, Deutsche Börse has fully met the admission criteria for the FTSE4GOOD Index Series (FTSE4Good Global Index and FTSE4Good Europe Index) since 2009. This index series admits companies which meet strict ethical, social and environmental criteria. Since 2002, the company has also been represented on the EURO STOXX Sustainability Index and STOXX Europe Sustainability Index.
Moreover, the Carbon Disclosure Project (CDP) has confirmed Deutsche Börse’s renewed inclusion in the Carbon Disclosure Leadership Index (CDLI). The CDLI consists of 30 companies which provide particularly transparent and extensive data on their greenhouse gas emissions and climate strategy. Deutsche Börse is ranked 12th this year. The Carbon Disclosure Project (CDP) represents 551 institutional investors, which manage a fund volume totaling approximately US$71 trillion.
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Source: Deutsche Börse
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