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Italy issues close to EUR 6.5bn in bonds, rates soar
September 13, 2011-- Italy placed bonds worth close to 6.5 billion euros (8.8 billion dollars) on Tuesday but the yield it had to offer reached a new high level, the Bank of Italy said, revealing a marked lack of investor confidence.
Shortly before the placement, the Italian finance ministry announced that Finance Minister Giulio Tremonti had met delegates from China's biggest sovereign wealth fund CIC, as the government fights acute market pressure over its public finances.
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Source: FIN24
Deutsche Börse announces changes to the DivDAX
Changes effective September 19, 2011
September 13, 2011-- Deutsche Börse today announced the results of the regular annual review of the DivDAX.
The following four companies will be added to the DivDAX: Lufthansa AG, Daimler AG, Man SE ST O.N. and Bayerische Motoren Werke AG.
The following four companies are being removed from the DivDAX: Merck KGAA, Linde AG, Volkswagen AG and Beiersdorf AG.
All component changes will be effective at the start of trading on Monday, September, 19, 2011.
DivDAX® is a registered trademark of Deutsche Börse AG.
Source: Deutsche Börse
Eurozone government debt will peak next year
September 12, 2011--Public debt across the 17-nation eurozone will rise even as growth returns, hitting a peak of 88.7 percent of gross domestic product in 2012, the EU said on Monday.
The bailed-out trio of Greece, Ireland and Portugal -- facing deeper recession than others -- will already have to wait much longer to see their debt burdens ease, according to the annual European Commission report on public finances.
But so too will Spain and non-euro Britain, where heavy banking bailouts and burst housing bubbles will make it even harder to deal with the impact of ageing populations on government finances over coming decades, it said.
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Source: EUbusiness
Reform plans to hit UK banks
September 12, 2011--Britain's banks should shield retail operations from riskier investment banking units and boost capital levels to protect taxpayers from future crises, in far-reaching proposals that could cost the industry £7bn a year.
The Independent Commission on Banking also said on Monday banks must hold core capital of at least 10% in their British retail banking operations and have primary loss-absorbing capital of 17% - 20%.
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Source: FIN 24
Euro area securities issues statistics-July 2011
September 12, 2011--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 3.8% in July 2011, compared with 3.9% in June. For the outstanding amount of quoted shares issued by euro area residents, the annual growth rate was 1.8% in July 2011, compared with 1.6% in June.
New issuance of debt securities by euro area residents totalled EUR 903 billion in July 2011 (see Table 1
and Chart 1). Redemptions stood at EUR 912 billion and net redemptions amounted to EUR 2 billion
(see Table 1).1 The annual growth rate of outstanding debt securities issued by euro area residents was
3.8% in July 2011, compared with 3.9% in June.
As regards the sectoral breakdown, the annual growth rate of outstanding debt securities issued by nonfinancial corporations increased from 4.1% in June 2011 to 4.7% in July (see Table 2 and Chart 4). For the monetary financial institutions (MFIs) sector, this growth rate was 1.8% in July 2011, compared with 1.7% in June. The annual growth rate of outstanding debt securities issued by financial corporations other than MFIs was 0.9% in July 2011, compared with 0.7% in June. For the general government, this growth rate decreased from 7.3% in June 2011 to 6.8% in July.
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Source: ECB
The Independent Commission on Banking released its Final Report
September 12, 2011--The Independent Commission on Banking released its Final Report on 12 September 2011.
Introduction
On 16 June 2010, the Chancellor of the Exchequer announced the creation of the Independent Commission on Banking, chaired by Sir John Vickers.
The Commission has been asked to consider structural and related non-structural reforms to the UK banking sector to promote financial stability and competition, and to make recommendations to the Government by the end of September 2011.
view the ICB Final Report
Recommendations September 2011
Source: ICB
German Federal Financial Supervisory Authority (BaFin) approves merger of Deutsche Börse and NYSE Euronext
September 12, 2011--Germany’s Federal Financial Supervisory Authority (BaFin) has approved the merger of Deutsche Börse and NYSE Euronext. With BaFin’s decision, the merger has reached an important regulatory milestone in Germany.
The BaFin examination is comparable to the shareholder control procedure by the stock exchange regulators. It concerns a significant acquisition of shares in the banks and financial services institutions of the Deutsche Börse Group by the parent company of the new group (Holdco) headquartered in the Netherlands, and the permissibility of this acquisition. This particularly includes Clearstream Banking AG as the central settlement institution for securities transactions, and Eurex Clearing AG as the central counterparty for the derivatives exchange Eurex.
Among other things, BaFin’s examination involved assessing the reliability of the Dutch Holdco and its financial solidity. BaFin’s overall conclusion was that there are no grounds against the merger in Germany in terms of banking supervisory regulations.
The transaction remains subject to further conditions being met, such as approval by the responsible EU competition authorities and by responsible exchange supervisory authorities.
Source: Deutsche Börse
The Russian Federal Antimonopoly Service (FAS) approves the merger of the MICEX and the RTS
September 12, 2011--The merger of the MICEX and the RTS has been approved by the Federal Antimonopoly Service of the Russian Federation.
Welcoming the decision of the FAS, the MICEX President Ruben Aganbegyan said: "The merger has been approved by all parties: shareholders in the two exchanges and the FAS.
The merger of Russia’s two major exchanges has entered its final stage. I believe in success, I believe in synergy between our companies, which are destined to become one. We will be a united, strong, customer-oriented trading floor that is able to meet the current challenges of the globalized world."
Roman Goryunov, CEO at OJSC RTS believes that the FAS’ approval opens the way for the final implementation of the merger. "This means that by the end of the year we will be a single company. In fact, we have already begun to work as a unified team. We have done a lot of work together, including the analysis and the joint assessment of markets, products and services. Before long, the results of our work will be submitted to market participants for consideration and discussion. Our plan is to build an exchange that will be sought-for and convenient for clients", said Roman Goryunov.
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Source: RTS
Investors could use ETFs to trade longevity, Deutsche Börse predicts
September 12, 2011--Exchange-traded funds (ETFs) could be used for trading longevity once the market becomes sufficiently liquid, Deutsche Börse has suggested.
Addressing delegates at the Longevity Seven conference in Frankfurt last week, Hendrik Rogge, responsible for the company's Xpect longevity indices, also said trading would be limited to such funds and future contracts, as regular trading would be impractical due to the monthly release of new
data.
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Source: IP&E
Independent Commission on Banking released its Final Report
September 12, 2011--Introduction
On 16 June 2010, the Chancellor of the Exchequer announced the creation of the Independent Commission on Banking, chaired by Sir John Vickers. The Commission has been asked to consider structural and related non-structural reforms to the UK banking sector to promote financial stability and competition, and to make recommendations to the Government by the end of September 2011.
view the Independent Commission on Banking-Final Report
Source: ICB
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