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LCH.Clearnet at centre of bid battle
September 6, 2011--In 1888, the Financial Times reported in one of its first editions the creation of the London Produce Clearing House, warning that it would turn the city’s produce markets into “one vast gambling house”.
Well over a century later London’s main clearing house LCH.Clearnet - which traces its roots back to the LPCH through the former London Clearing House - is firmly established as one of the most critical pieces of market infrastructure in Europe.
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Source: FT.com
Eurozone posts shrinking growth
September 6, 2011-The eurozone reported on Tuesday shrinking 0.2-percent growth in the second quarter of 2011, dragged down by a rapid decline in German performance and a stagnant France economy.
Moving in the opposite direction from the United States and Japan, which both logged steady improvement, Eurostat's second estimate showed the eurozone slowing from 0.8 percent growth in the first three months of 2011.
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Source: EUbusiness
EEX Natural Gas and CO2 Trading Results in August
More than 100 participants admitted for EEX gas trading – Incentive model on Derivatives Market effective
September 6, 2011--At 6,290,107 MWh, the highest monthly volume since the beginning of the year was traded on the Natural Gas Market of the European Energy Exchange (EEX) in August 2011 (August 2010: 2,648,600 MWh).
). The higher volume is due, in particular, to increased trading activities on the Natural Gas Derivatives Market for which EEX introduced a new incentive model at the beginning of August.
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Source: European Energy Exchange (EEX)
SNB stuns market with franc action
September 6, 2011--The Swiss National Bank stunned financial markets on Tuesday by setting a ceiling for the Swiss franc against the euro in an attempt to prevent the strength of its currency from pushing its economy into recession….
Analysts said the move raised the stakes in the global currency war as countries vie to protect their exporters and, by removing a release valve for investors looking for a haven from current market turmoil, could heighten instability on financial markets.
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Source: NewsLanc
Battle under way for soul of 'United States of Europe'
September 6, 2011-- Star economists and former national leaders now happily argue that resolving the eurozone debt crisis will eventually demand the surrendering of sovereignty to create a fully-fledged United States of Europe.
However, as they press for the political integration they say is needed to prevent the currency union collapsing on an Achilles heel of Greek debt, even advocates in unguarded moments admit resistance to the surrender of national sovereignty is rising.
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Source: EUbusiness
Changes to MDAX, SDAX and TecDAX
September 5, 2011--Based on the outcome of today’s meeting of the Working Committee for Equity Indices Deutsche Börse has decided that Deutz, KUKA and GSW Immobilien will be included in MDAX and that Praktiker, Demag Cranes and IVG Immobilien are to leave MDAX.
Accordingly Deutz, KUKA und GSW Immobilien will leave SDAX. In exchange Praktiker, IVG Immobilien and Prime Office Reit will be included in SDAX. Furthermore Elexis in SDAX will be replaced by Derby Cycle and Medion by Schaltbau.
In TecDAX Roth + Rau and Phoenix Solar will be replaced by Xing and PSI.
Demag Cranes and Medion will be excluded from Deutsche Börse selection indices according to the index guidelines as their free-float has dropped below ten percent.
These changes will take effect on 19 September 2011. The next regular index review will be held on 5 December 2011.
Please go to www.dax-indices.com for further information.
Source: Deutsche Börse
ESMA announces two open hearings on 26 September - on the AIFMD and on UCITS ETF and Structured UCITS
September 5, 2011-ESMA will hold two open hearings on AIFMD and on UCITS.
Date:26 Sep. 2011
Group: Investment Management
Title: Open Hearing on ESMA’s discussion paper on guidelines for UCITS ExchangeTraded Funds and Structured UCITS
Whrere: ESMA, 103 Rue de Grenelle, 75007 Paris
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Source: ESMA
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.
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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
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