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United Kingdom: IOSCO Objectives and Principles of Securities Regulation: Detailed Assessment of Implementation
August 3, 2011--I. SUMMARY, KEY FINDINGS, AND RECOMMENDATIONS1
1. The overall assessment is that the CREST system itself is reliable and effective in providing delivery versus payment settlement on a real-time gross basis. There is, however, a residual interbank credit risk stemming from the U.S. dollar settlement mechanism. CREST’s supervision and oversight are risk-based and thus are implemented on
a prioritization basis.
They have been strengthened since the crisis, at both the Bank of
England (BoE) and the Financial Services Authority (FSA). Still at least 15 percent by value
of equities and around 1 percent by value of gilts are not dematerialized, which involves operational costs for market participants. Exposures to commercial settlement banks are
highly concentrated and growing, increasing credit risk outside the system.
EU says euro area's systemic capacity in doubt
August 3, 2011--The European Union voiced support for Italy and Spain under attack on financial markets but acknowledged that investors now doubt whether the euro zone can overcome its sovereign debt woes.
European Commission President Jose Manuel Barroso said a surge in Italian and Spanish bond yields to 14-year highs was cause for deep concern and did not reflect the true state of the third and fourth largest economies in the currency area.
"In fact, the tensions in bond markets reflect a growing concern among investors about the systemic capacity of the euro area to respond to the evolving crisis," Barroso said in a statement.
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Source: Todays Zaman
BlackRock ETF Landscape: STOXX Europe 600 Sector ETF Net Flows: week ending 29-Jul-2011
August 3, 2011--For the week ending 29 July 2011, there were US$28.4 Mn net outflows from STOXX Europe 600 sector ETFs. The largest sector ETF net outflows last week were in banks with US$71.9 Mn followed by oil and gas with US$54.5 Mn net outflows while healthcare experienced net inflows of US$51.7 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$122.4 Mn net inflows. Banks has seen the largest net inflows with US$320.3 Mn, followed by healthcare with US$274.9 Mn net inflows, while utilities experienced the largest net outflows with US$247.2 Mn.
As of 29 July 2011, there is US$9.9 Bn AUM invested in the STOXX sector ETFs which is greater than the US$5.9 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 16 out of 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
UK Official holdings of international reserves July 2011
August 3, 2011--This monthly press notice shows details of movements in July in the UK’s official holdings of international reserves, which consist of gold, foreign currency assets and International Monetary Fund assets. These reserves are maintained primarily so that the UK Government’s reserves could be used to intervene to support Sterling, or the Bank of England’s reserves could be used to support the Bank’s monetary policy objectives.
If such interventions were to occur, then they would be shown and explained in this release. The Background note at the end of this release explains more about the reserves, and about these statistics.
In summary this month’s release shows that, in July 2011:
No intervention operations were undertaken.
view the UK Official holdings of international reserves July 2011
Source: HM Treasury
Markit Eurozone Manufacturing PMI – final data
Eurozone manufacturing moves closer to stagnation in July
Data collected 12–22 July.
August 1, 201-- Final Eurozone Manufacturing PMI at 50.4 in July, unchanged from earlier flash estimate.
New order inflows decline in all nations except the Netherlands.
Job creation recorded in Germany, France, the Netherlands and Austria.
The Eurozone manufacturing recovery lost further momentum in July. The final Markit Eurozone Manufacturing PMI® fell to 50.4, below June’s 52.0 and the weakest reading since the recovery began in October 2009. The level of the headline PMI was in line with the earlier flash estimate.
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Source: Markit
Spain, Italy debt risk premiums hit euro-era records
August 3, 2011-- Italian and Spanish sovereign debt risk premiums soared to euro-era record highs Tuesday, threatening to ensnare two major eurozone countries in an expanding debt crisis.
Spain's prime minister delayed plans to leave on vacation and Italy's finance minister met with the central bank and stock market authorities to grapple with the growing emergency.
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Source: EUbusiness
German bond yield drops below inflation rate
August 3, 2011-- The yield on safe-bet German government bonds on Tuesday fell below the country's inflation rate for the first time since reunification in 1990, in a worrying development for the eurozone debt crisis.
The yield on benchmark German 10-year government bonds fell to 2.395 percent, below the 2.4 percent July inflation rate, amid unprecedented demand for the instruments considered to be a safe haven for cash.
German government bonds are seen as the safest in the eurozone, and a rate of return below inflation indicates that investors are willing in effect to pay for security instead of risking a return elsewhere.
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Source: EUbusiness
London Stock Exchange To Acquire FSA Transaction Reporting Service
August 2, 2011--Agreement With FSA Underlines London Stock Exchange Group Commitment To Supporting Client Regulatory Requirements - TRS Clients To Benefit From Improved Functionality - All Clients Can Be Seamlessly Migrated To Functionally Enriched UnaVista Platform
The London Stock Exchange Group plc (LSEG) today announced that it has entered into an agreement to acquire Transaction Reporting Service (TRS), the FSA’s Approved Reporting Mechanism (ARM).
Existing TRS clients will be rapidly migrated on closing to the UnaVista platform, the LSEG’s own ARM, which will accept brokers’ TRS-formatted data submissions. TRS customers will benefit from UnaVista’s significant functionality enhancements, as well as the opportunity to use the same user interface to access other solutions on the UnaVista platform, including reconciliations and the multi asset class trade confirmation portal.
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Source: London Stock Exchange
Dow Jones Indexes Adds Shari’ah-Compliant Index To Dow Jones RBP Index Family
Dow Jones Islamic Market RBP U.S. 50 Index Weighted by Business-Performance Probability
August 2, 2011--– Dow Jones Indexes, a leading global index provider, today announced the launch of the Dow Jones Islamic Market RBP U.S. 50 Index, a unique gauge designed to measure the largest 50 U.S. stocks ranked by RBP® probabilities supplied by Transparent Value, LLC that have first passed the screens for Shari’ah compliance.
RBP®, which stands for Required Business Performance, is calculated by Transparent Value by taking a reverse discounted cash flow approach to determine the future business performance required by a company to support its current stock price. RBP® probabilities measure the likelihood that a company can deliver the required business performance identified by applying the methodology over specified time periods.
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Source: Dow Jones Indexes
Markets put Italian, Spanish debt under pressure again
August 2, 2011-- Italy and Spain came under fresh pressure Tuesday on the financial markets as nervous investors sold down their bonds on concerns that their debt problems will only get worse as economic growth slows.
In mid-morning trading, the benchmark Spanish 10-year benchmark government was yielding 6.326 percent, a rate up sharply from 6.180 percent late on Monday.
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Source: EUbusiness
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