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EU's Almunia: monopoly concerns over D.Boerse-NYSE deal
September 15, 2011--Europe's competition chief said he fears the proposed merger of Deutsche Boerse (DB1Gn.DE) and NYSE Euronext (NYX.N) will create a monopoly in Europe's derivatives market.
"In this particular case, we are concerned that a very large player may monopolise the derivatives markets in Europe," Joaquin Almunia said in a speech at a financial conference in Wroclaw, Poland.
"Therefore, any outcome that would eliminate the possibility of new entry and user flexibility would be unacceptable to us," he added.
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Source: Reuters
Greek euro exit would have 'dramatic' consequences, says EU
September 14, 2011-- A Greek default or exit from the eurozone would have "dramatic" consequences for Greece as well as for Europe and the rest of the world, the EU's economy chief said on Wednesday.
"A default or exit of Greece from the eurozone would carry dramatic social, economic and political costs, not only for Greece, but also for euro area member states, other EU states, as well as global partners," EU Economic Affairs Commissioner Olli Rehn told the European Parliament.
Rehn's warning follows growing expectations in Europe, despite official denials, that Greece is heading towards a bankruptcy which would force it to default on part of its massive debt mountain.
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Source: EUbusiness
Spanish banks' borrowing from ECB up sharply in August
September 14, 2011--The amount borrowed by Spanish banks from the European Central Bank shot up by 34 percent in August from the amount in July to 69.92 billion euros ($95.0 billion), the Bank of Spain said on Wednesday, in a new sign of sliding market confidence in their financial health.
The debts of Spanish banks at the ECB also reached the highest level since September 2010, but remains below the figure of August, 2010 at 109.79 billion euros.
In July 2010, Spain borrowed a 130.2 billion euros from the ECB when the country came under intense pressure on the markets in the fallout from the Greek debt crisis.
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Source: EUbusiness
French banks downgraded before talks to save Greece, euro
September 14, 2011--Moody's ratings agency downgraded two top French banks in a new lurch for the eurozone crisis on Wednesday which Polish Finance Minister Jacek Rostowski warned could destroy the European Union.
Moody's cut the rating for Credit Agricole bank, one of the biggest in Europe, from Aa1 to Aa2 and Societe Generale's from Aa2 to Aa3 because of fears over their exposure to Greek sovereign debt. It left French banking major BNP Paribas on negative watch.
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Source: EUbusiness
iShares extends its fixed income ETF offering with two new funds
September 14, 2011--iShares, the Exchange Traded Funds (ETF) platform of BlackRock has launched two US fixed income ETFs ,which leverage the local portfolio management and trading expertise of its US team.
The iShares Markit iBoxx $ High Yield Capped Bond fund is a UCITS compliant Dublin domiciled, physically-based ETF, listed on the London Stock Exchange. It tracks the performance of the Markit iBoxx USD Liquid High Yield Capped index.
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Source: iShares
Sweden: Financial Sector Assessment Program Update - Technical Note on Reviewing the Systemic Liquidity Risk Management Framework
September 14, 2011--I. INTRODUCTION
1. Swedish banks faced a severe liquidity strain in the autumn of 2008, when global funding markets were impaired following the collapse of Lehman Brothers. The vulnerability of these banks to liquidity shocks reflected, in part, their extensive reliance on global wholesale funding. As the global crisis worsened, the authorities implemented aggressive
stabilization measures, which helped to successfully contain the financial instability risks that had emerged.
2. However, the experience of the crisis revealed some weaknesses in the existing systemic liquidity risk management framework in Sweden. In particular, the liquidity
regulations in place before the crisis, including the regulatory reporting framework, proved ineffective. There was also some ambiguity in regard to the institutional arrangements for
international reserve management. Furthermore, given the leanness of its balance sheet structure, the Riksbank faced constraints in flexibly implementing some liquidity easing measures, such as a securities lending facility.
ESMA publishes the responses received to the Consultation on ESMA's draft technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive
September 14, 2011--ESMA published a consultation paper (ESMA/2011/209) setting out its proposals for the detailed rules underlying the Alternative Investment Fund Managers Directive (AIFMD). This is in response to the request for assistance which the European Commission sent to ESMA’s predecessor, CESR, in December 2010. ESMA has to deliver its final advice to the Commission by 16 November 2011.
view responses
Source: ESMA
EPEX SPOT’S Exchange Council approves 15-minute products on German Intraday Market
15-minute products will deliver more flexibility for the marketing of renewables
September 14, 2011--– The ninth meeting of the EPEX SPOT Exchange Council was held on 13 September 2011 in Rome and chaired by Peter Heydecker, member of the Executive Board of Alpiq. The main topics discussed were:
the planned introduction of 15-minute products on the German Intraday Market
the ongoing consultations EPEX SPOT is participating in.
The members of the Exchange Council welcomed the planned introduction of 15-minute products on the German Intraday Market. The new product, a reaction to the demand of the members of the exchange, will provide more flexibility, especially when power delivery time comes closer and generation forecasts are more accurate. It improves in this way the marketing and integration of renewable energy into the power system. With the introduction of 15-minute products, planned for the end of 2011, EPEX SPOT contributes to facilitate the German energy transition
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Source: EPEX SPOT SE
ESMA published updated list of registered and certified credit rating agencies
September 14, 2011-- According to the Credit Rating Agencies Regulation ((EC) No 1060/2009), ESMA publishes today the list of those credit rating agencies that as of today were either registered or cirtified in the European Union
view List of registered and certified credit rating agencies
Source: ESMA
UK jobless up most in 2 yrs, gov’t cuts bite
September 14, 2011--
Record public sector job losses pushed up British unemployment at its fastest pace in two years in the three months to July, and the number claiming jobless benefit rose for the sixth straight month in August.
The official numbers add to pressure on the government to do more to boost growth as budget cuts that have helped kept it out of trouble on debt hurt thousands of British households. Claimant count unemployment rose by 20,300 last month -- a smaller rise than July's 33,700 increase and below forecasts for a jump of 35,000, but continuing a rising trend since February. The dip below forecast initially prompted some gains for sterling , but the broadly negative numbers brought it back to trade flat compared to before the data. On the wider ILO measure, which includes people who are looking for work, the number of people without a job rose by 80,000 in the three months to July to 2.510 million, the biggest quarterly rise since August 2009. The jobless rate came in as forecast at 7.9 percent. The number of people in employment also fell by 69,000 in the three months to July, the biggest drop since March 2010. The data show the impact of cuts to reduce a record budget deficit is starting to kick-in in earnest; they also add to the case for the Bank of England to do more to stimulate a flagging economy as turbulence in the UK's main trading partners threatens to tip the nation back into recession.
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Source: Todays Zaman
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