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The AMF opens an investigation after Standard & Poor’s dissemination of mistaken information
November 10, 2011--The AMF Secretary General opened an investigation after the rating agency Standard & Poor’s indicated that it had mistakenly sent a message announcing a downgrade of France’s credit rating to some of its clients.
The AMF also contacted the European Securities and Markets Authority (ESMA), as it is under
its jurisdiction to ensure that rating agencies meet their professional obligations.
Source: Autorité des marchés financiers (AMF)
S&P: France Rating Cut A Mistake, AAA Rating Unchanged
Accidental S&P message about France's rating prompts affirmation of nation's AAA standing
Mistake comes amid great euro-zone uncertainty, fuels questions about France
Error and subsequent clarification cause limited financial-market disruption
French government demands investigation from regulators
November 10, 2011--Standard & Poor's Ratings Services erroneously issued a message saying the ratings firm had cut France's triple-A credit rating, prompting it to clarify that the nation's rating remains unchanged and adding to already heightened anxiety in European bond markets.
The French Finance Ministry has asked regulators to investigate the incident.
Martin Winn, an S&P spokesman in London, said certain subscribers received a rating alert about the Republic of France as a result of a "technical error." He added that those who clicked on the link in the alert would have seen that France's rating was unchanged. He said S&P sent out a statement clarifying that the alert was sent in error at 4.30 p.m. London time.
"The ratings on Republic of France remain 'AAA/A-1+' with a stable outlook, and this incident is not related to any ratings surveillance activity," the firm wrote.
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Source: Wall Street Journal
ESMA launches a consultation on the considerations of materiality in financial reporting
November 10, 2011--The objective of financial statements is to provide information to a range of users for the purpose of eco-nomic decision making. To be useful, such statements must present fairly the financial position, perform-ance and cash flows of the reporting entity. Where information which is required by the relevant financial reporting framework is omitted or misstated and such information could influence the economic decision-making of a user, financial statements cannot be said to achieve a fair presentation. The concept of ‘mate-riality’ is used to describe such information.
recurring theme of discussions at the European Enforcers Coordination Sessions (a forum in which all European National Enforcers of financial information meet to exchange views and discuss experiences of enforcement of IFRS) is the apparent differing views regarding the practical application of the concept of materiality amongst preparers, auditors, possibly users of the financial reports and, in some instances, accounting enforcers. The purpose of this consultation paper is to seek comments from interested parties on their understanding of various aspects of materiality in an effort to contribute to a consistent applica-tion of this important concept in financial reporting.
Responses to this consultation paper should be submitted online, by 29 February 2012
Source: ESMA
ESMA publishes the outcome of a Review of European enforcers on the implementation of IFRS 8 – Operating Segments
November 10, 2011--This Report provides the main findings of the review of European enforcers on the mplementation of IFRS 8 – Operating Segments and ESMA’s tentative recommendations to enhance the application of the standard.
On the basis of this review, the overall conclusion reached by European enforcers is that (i) the implementation of IFRS 8 resulted in a fairly similar level of information compared to its predecessor IAS 14 and that (ii) there is homogeneity in the issues faced by European enforcers when enforcing this standard. This stems from a combination of weaknesses in the standard and a failure to fully comply with its requirements by issuers.
view report-Review of European enforcers on the implementation of IFRS 8 – Operating Segments
Source: ESMA
New OMX Stockholm Benchmark Portfolio Selected
The new portfolio of the OMX Stockholm Benchmark index will become effective on
December 1, 2011
November 10, 2011--The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ)
announces today the results of the semi-annual review of the OMX Stockholm
Benchmark index, (NASDAQ OMX Stockholm: OMXSB), which will become effective
with the market open on Thursday, December 1, 2011.
Nobia AB (NOBI), Opcon AB (OPCO), ReadSoft AB ser. B (RSOF B), Svenska
Cellulosa AB SCA ser. A. (SCA A) and Sigma AB ser. B (SIGM B) will be added to the index.
Active Biotech AB (ACTI), EnQuest Plc (ENQ), Medivir AB ser. B (MVIR B), Rezidor Hotel Group AB (REZT) and SSAB AB ser. B (SSAB B) will be removed from the index.
The OMXSB index consists of the 85 largest and most traded stocks, representing all ten sectors. The weight of the stocks is based on the market value adjusted by the free float, which means that only the part of the share capital that is considered available for trading is included in the index. The index serves as an indicator of the overall trend on NASDAQ OMX Stockholm, and is intended to offer a cost effective index that an investor can fully replicate.
OMXSB is sector diversified and major sectors represented are: Financials,
Industrials, Consumer Discretionary and Information Technology. The securities
must also meet other eligibility criteria including a turnover screening. The OMXSB index is evaluated on a semi-annual basis in May and November, and the new index portfolio becomes effective on the first trading day in June and December respectively.
Source: NASDAQ OMX
New OMX Helsinki Benchmark Portfolio Selected
The new portfolio of the OMX Helsinki Benchmark index will become effective on December 1, 2011
November 10, 2011--The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) announces today the results of the semi-annual review of the OMX Helsinki Benchmark index, (NASDAQ OMX Helsinki: OMXHB), which will become effective with the market open on Thursday, December 1, 2011.
There will be three new additions to the index; Ahlstrom Corporation (AHL1V), Ilkka-Yhtymä Oyj 2 (ILK2S) and Lännen Tehtaat Plc (LTE1S).
Atria Plc A (ATRAV) and Digia Plc (DIG1V) will be removed from the index.
The OMXHB index is a free float-capitalization index designed to act as a transparent and liquid benchmark with low transaction costs for the investors. OMXHB includes 54 securities compared with 129 in the All share index, and shows a high correlation of 99,6% with the main market.
OMXHB is sector diversified and major sectors represented are Information Technology, Industrials, Financials and Materials. The securities must also meet other eligibility criteria including a turnover limit. The OMXHB index is evaluated on a semi-annual basis in May and November, and the new index portfolio becomes effective on the first trading day in June and December respectively.
Source: NASDAQ OMX
European Commission Autumn forecast 2011-13: Growth at a standstill
November 10, 2011--The recovery of the EU economy has stopped. Sharply deteriorated confidence is affecting investment and consumption, weakening global growth is holding back exports, and urgent fiscal consolidation is weighing on domestic demand. GDP in the EU is now projected to stagnate until well into 2012. Growth for the whole of 2012 is forecast at about ½%.
By 2013, a return to slow growth of about 1½% is expected. No real improvements are projected for labour markets, and unemployment is forecast to remain at the current high level of around 9½%. Inflation is set to return below 2% over the coming quarters. Fiscal consolidation is forecast to progress with public deficits set to decline to just above 3% by 2013 under an assumption of unchanged policies.
Commission Vice-President for Economic and Monetary Affairs Olli Rehn said: "Growth has stalled in Europe, and there is a risk of a new recession. While jobs are increasing in some member states, no real improvement is forecast in the unemployment situation in the EU as a whole. The key for the resumption of growth and job creation is restoring confidence in fiscal sustainability and in the financial system and speeding up reforms to enhance Europe's growth potential. There is a broad consensus on the necessary policy action. What we need now is unwavering implementation. On my part, I will start using the new rules of economic governance from Day one."
Economic growth has stalled
The economic recovery has come to a standstill. A stagnation of GDP is now expected in the current and coming quarters. Since the summer, the outlook has taken a turn for the worse. The sovereign-debt crisis in euro-area Member States has spread, debt sustainability in advanced economies outside the EU has also moved into investors' focus, and the global economy has lost steam. Firms are expected to postpone or cancel investment as the growth outlook has darkened amid increased uncertainty. Households are projected to consume prudently, while in some Member States also continuing to work down high levels of debt. Moreover, banks are likely to restrict lending, thereby further curtailing the prospects for investment and consumption. Fiscal consolidation has become more urgent as concerns about sustainability have become more acute and spread to hitherto unaffected countries. The weakening real economy, fragile public finances and the vulnerable financial sector appear to be mutually affecting each other in a vicious circle. Confidence and growth will only return once this negative interaction is interrupted.
In combination, the policy measures decided over the past months are expected to be effective in reducing the uncertainty related to the sovereign-debt and financial-market crisis towards mid-2012, and this will gradually release deferred investment and consumption. Annual GDP growth in 2012 is forecast at 0.6% in the EU and 0.5% in the euro area. Growth in 2013 is expected to remain lacklustre at 1.5% in the EU and 1.3% in the euro area. No group of Member States will escape the expected slowdown, but growth differences will persist.
Growth not sufficient for labour market improvements
Employment growth is expected to grind to a halt in 2012. The expected pick-up of GDP growth starting in the second half of next year is too moderate to produce any strong labour market performance. Unemployment is not expected to fall over the forecast horizon. The situation of Member States' labour markets continues to differ substantially.
view the European Commission -European Economic
Forecast- Autumn 2011
Source: Europa
EU financial transactions tax hits London 'No'
November 10, 2011--EU finance ministers ran into British opposition Tuesday at the bloc's first formal debate on imposing a tax on financial transactions.
The stiff resistance from London during Brussels talks echoed already firm Chinese and US objections that carried the day at a G20 summit last week.
Ministers from Belgium and Austria each said they could see the tax working initially just in the 17 currency partners.
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Source: EUbusiness
Germany denies discussing breakup of eurozone
November 10, 2011--Germany denied on Thursday reports that Berlin and Paris had discussed a possible breakup of the eurozone in the face of the debt crisis gripping key members and roiling global markets.
"Reports that Germany is pursuing plans for a smaller eurozone are false," government spokesman Steffen Seibert said in a statement on microblogging website Twitter.
"The German government, on the contrary, wants to stabilise the eurozone as a whole."
A French source also dismissed the reports out of hand, saying there were no plans to shrink the ranks of the 17-member eurozone.
read more
Source: EUbusiness
Extension of the ban on the taking of net short positions in ten French securities of the financial sector
November 10, 2011--The Board of the Autorité des marchés financiers (AMF) reassessed in early November 2011 the ban on the taking of net short positions in ten French securities of the financial sector (as listed in the related
decision).
The Board of the AMF considered that the market conditions were not satisfactory to lift the said ban. The
AMF Chairman therefore proposed to the Minister for the Economy, Finance and Industry to extend it1.
The Minister decided to respond favourably to this proposal by taking a decree which was published in the
Official Journal dated 10 November 2011.
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Source: Autorité des marchés financiers (AMF)
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