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EU May Force Clearing Houses to Share Data
September 5, 2011-The European Union may require exchanges to share information with clearing houses operated by rival companies to remove “commercial barriers” that hinder competition for handling trades.
Trading venues should provide data access on a “transparent and non-discriminatory basis,” according to a document obtained by Bloomberg News. Banks and trading facilities would also have to publicize “bid and offer prices and the depth of trading interests” for bonds and derivatives, to increase transparency in markets that were previously subject to fewer regulations, according to the European Commission document.
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Source: Bloomberg
UK official holdings of international reserves August 2011
September 5, 2011--In summary this month’s release shows that, in August 2011: No intervention operations were undertaken.
view report
Source: HM Treasury
EU plans big revamp of trading rules
September 5, 2011-- Vertically integrated stock exchanges would be opened to competition under draft European Union rules that will please countries such as Britain but pose a threat to powerful operators like Deutsche Boerse AG.
The EU's executive European Commission is expected to unveil a draft law next month to toughen up and extend its markets in financial instruments directive (MiFID).
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Source: Reuters
Eurozone economic activity slumps faster than forecast
Septemeber 5, 2011--Private sector economic activity in the eurozone slowed even faster than initially thought in August, a closely-watched survey showed on Monday.
Eurozone growth hit a new two-year low level, with the Purchasing Managers Index (PMI) leading indicator, compiled by London-based researchers Markit, logging 50.7 points, whereas a first estimate gave 51.1.
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Source: EUbusiness
Eurex/KRX KOSPI 200 cooperation achieves milestone on its first anniversary
KRX and Eurex look back at a successful first year of trading
September 5, 2011-- Eurex and KRX announced impressive figures about the volume development and the tight spreads of the Eurex KOSPI Product over the last twelve months at a joint press briefing in Seoul today. Since launch on 30 August 2010, the Eurex KOSPI Product has steadily increased its daily average volume – peaking at a record level of 108,000 contracts in August 2011 – the first month with ADV above 100,000 contracts.
Additionally, a daily record was achieved on 4 August 2011 with 207,953 contracts. Bid-ask spreads for the Eurex KOSPI Product have become very narrow due to the liquidity provision of two market makers.
Volumes are expected to rise further as KRX and Eurex continue to develop the after-hours market for the world’s most widely traded derivatives contract. The number of active end-customers as well as participating Eurex and KRX members continues to expand. At the launch, 12 KRX and Eurex members were able to trade the Eurex KOSPI Product, today the number has increased to 21. There are 9 additional KRX and Eurex members who are currently preparing to participate in the Eurex/KRX Link.
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Source: Eurex
Europe rejects IMF call for more bank capital
September 2, 2011-European politicians on Thursday rejected an International Monetary Fund call for banks to raise up to 200 billion euros ($290 billion) in new capital, adding to fears that policymakers may be underestimating the severity of the debt crisis.
IMF chief Christine Lagarde's call on Saturday for mandatory capitalization of European banks to prevent a world recession has reignited a debate over whether they have raised sufficient capital to withstand a severe downturn. The IMF, the International Accounting Standards Board (IASB) and bank analysts have voiced concerns about a capital shortfall, while European regulators, politicians and banking associations argue that banks have a sufficient cushion to cope with market turbulence and worries over sovereign debt after several rounds of capital raising across the continent. A European source told Reuters on Wednesday that the IMF had estimated European banks could face a capital shortfall of 200 billion euros, a figure rejected by European bankers and policymakers.
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Source: Todays Zaman
FESE - The European Exchange Report 2010
September 2, 2011--FESE has created the European Exchange Report that represents a valuable source of integrated information about Europe’s diverse exchange industry. Each exchange’s financial and trading figures are summarised on a one page statement allowing for easy and transparent comparison of exchanges’ business models.
view the EUROPEAN EXCHANGE REPORT 2010
Source: FESE
London Stock Exchange in talks with clearing house
September 2, 2011--London Stock Exchange Group said on Friday that it was in talks with British clearing house LCH.Clearnet over a "potential" deal, responding to media speculation that it had made a bid for a majority stake.
The Financial Times, which did not cite its source, reported that the LSE had made a bid for a controlling stake in LCH.Clearnet that would value the leading independent clearing house group at about 1 billion euros (£0.88 billion).
"London Stock Exchange Group plc (LSEG) has noted the recent press speculation concerning LSEG and LCH.Clearnet Group Limited," it said in a brief statement.
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Source: AFP
The Financial Stability Board’s work on Shadow Banking:
September 1, 2011--At its July Plenary meeting in Paris on 18 July, the Financial Stability Board (FSB)
approved the initial recommendations for strengthening the oversight and regulation of the shadow banking system prepared by its Shadow Banking Task Force (hereafter the Task Force).
The initial recommendations for developing a stronger monitoring framework are built on the definition set out in the Background Note entitled Shadow Banking: Scoping
the Issues that was published on 12 April, and include high-level principles for the relevant authorities and a stylised monitoring process.
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Source: FSB
Boerse Stuttgart reports high turnover in August
September 1, 2011--According to order book statistics, turnover at Boerse Stuttgart in August 2011 was EUR 12.7 billion. This was the highest trading volume recorded by the Stuttgart Stock Exchange in the past three years. Highly volatile markets drove the volume up a further 52 percent higher than that generated in July 2011.
Securitised derivatives accounted for more than half of the total turnover. In this asset class turnover was 73 percent higher than in July 2011. The transaction volume in leverage and investment products totalled more than EUR 7.3 billion, with investment products accounting for more than EUR 3.7 billion and leverage products contributing a total of EUR 3.6 billion to the total turnover.
The trading volume for debt instruments was EUR 2.3 billion in August 2011, slightly below the turnover recorded in July 2011, but around 28 percent higher than in August 2010. The volume of debt instruments traded since the beginning of 2011 is more than EUR 21.3 billion in total.
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Source: Boerse Stuttgart
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