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ECB to fight debt crisis with major bond purchases
August 8, 2011--The European Central Bank said it would make major purchases of eurozone government bonds in the latest move to stem a debt crisis that has world leaders scrambling for a global response.
The ECB said it would "actively" renew the bond purchases after Italy and Spain announced new measures and reforms to boost their economies and France and Germany pushed for full and rapid implementation of terms agreed at an emergency summit last month.
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Source: EUbusiness
Hellenic Capital Market Commission: Notice Of Prohibition Of Short Selling
August 8, 2011--The Board of Directors of the Hellenic Capital Market Commission (HCMC) decided today to temporarily ban short selling of shares and units of Exchange Traded Funds (ETFs) listed in the Athens Exchange irrespective of the venue where the transaction is executed (regulated markets, Multilateral Trading Facilities or over the counter).
The ban includes covered short sales and sales which are settled with subsequent intraday purchases. This Decision shall take effect from 9 August 2011 and shall remain in force up to and including 7 October 2011.
Source: Online News
Shareholders of MICEX and RTS voted for integration of the exchanges
August 8, 2011--On August 5, 2011 MICEX and RTS held extraordinary general shareholders meetings. Restructuring of OJSC RTS in form of accession to ZAO MICEX was the main issue on the agenda of these shareholders meetings.
Approximately 93.36% of MICEX shareholders and 88.45% of RTS shareholders were present at these meetings and participated in voting.
Restructuring of OJSC RTS in form of accession to ZAO MICEX was approved by 93.348% of all MICEX shareholders represented at the shareholders meeting. Out of all RTS shareholders that participated in the shareholders meeting 99.776 % voted for the restructuring.
The shareholders of RTS also voted for on all the other matters put to vote including dividend distribution on shares of OJSC RTS for H1 of 2011, the deal between OJSC RTS and Not-for-profit partnership "Russian Trading System" Stock Exchange", and the amended Articles of Association of OJSC RTS.
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Source: RTS Exchange
Turkey confident as world shares plunge on crisis fears
August 5, 2011--The government and the central bank have expressed their trust in the resilience of the Turkish economy against external shocks as world equities incurred substantial losses for a second day on Friday.
Whereas a number of leading figures from the Justice and Development Party (AK Party) government dismissed any major impact on the Turkish economy from a second wave of global financial turmoil as a possibility, Central Bank of Turkey Governor Erdem Başçı reassured observers that there will be “a swift reduction” in the country's current account gap.
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Source: Todayz Zaman
Unscheduled free float adjustment in SDAX
Adjustment for Medion AG as of 10 August 2011
August 5, 2011-- Deutsche Börse has announced an unscheduled adjustment to the free float of Medion AG in SDAX. Due to the takeover of Medion AG by Lenovo Germany Holding GmbH, the free float of Medion has changed by more than 10 percentage points.
According to the index guidelines, the company’s free float will thus be reduced from the current 45.11 percent to 13.48 percent.
The adjustment will become effective on Wednesday, 10 August 2011.
The next regular review of the Deutsche Börse blue-chip indices will be on 5 September 2011.
Source: Deutsche Börse
European Commission to publish eurobond report: Rehn
August 5, 2011--The European Commission will publish a report later this year on the possibility of issuing eurobonds guaranteed by eurozone states, Economic Affairs Commissioner Olli Rehn said Friday.
As it searches for solutions to the sovereign debt crisis engulfing the 17-nation currency union, the Commission, the European Union's executive arm, will take a serious look at eurobonds, Rehn told BBC radio.
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Source: EUbusiness
Mergers: Commission opens in-depth investigation into proposed merger between Deutsche Börse and NYSE Euronext
July 4, 2011--The European Commission has opened an in-depth investigation under the EU Merger Regulation into the planned merger between Deutsche Börse AG and NYSE Euronext Inc., two leading stock exchange groups active worldwide. The Commission’s initial market investigation indicated competition concerns in a number of areas, in particular in the field of derivatives trading and clearing. The Commission now has 90 working days, until 13 December 2011, to take a final decision on whether the transaction would reduce effective competition in the European Economic Area (EEA). The decision to open an in-depth inquiry does not prejudge the final result of the investigation.
Joaquín Almunia, Commission Vice President in charge of competition policy, said: “The proposed merger would remove a strong competitor from the market and would give the merged company by far the leading position in derivatives trading in Europe. The Commission needs to make sure that markets which are at the heart of the financial sector remain competitive and efficiently deliver to users."
The Commission’s initial market investigation pointed to significant concerns with respect to derivatives, as the transaction would bring together the two largest derivatives exchanges in Europe. Derivatives are financial contracts whose value is derived from an underlying asset or variable, such as stocks, interest rates or currencies. Derivatives are generally used for hedging, investment purposes, and overall risk management in financial markets. Clearing plays an important role in derivatives trading. The purpose of clearing is to manage the risk of the trading parties in the interim period between trading and settlement.
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Source: Europa
ESMA published list of registered and certified credit rating agencies
August 4, 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
List of registered and certified credit rating agencies
Source: ESMA
London Stock Exchange Group Monthly Market Report - July 2011
August 4, 2011--London Stock Exchange Group (LSE.L) sits at the heart of the world’s financial community, offering international business unrivalled access to Europe’s capital markets. In July a total of 29 million trades were carried out across the Group’s electronic equity order books with a combined value of £195.8 billion (€221.3 billion), up 16 per cent on July 2010 (£169.5 billion).
UK Equities Order Book
During the month, the average daily value traded on the UK order book was £4.4 billion (€5.0 billion), up two per cent year on year; the average daily number of trades was up six per cent to 611,941.
The LSE’s share of trading in the total UK order book for July was 62.2 per cent.
Italian Equities Order book
On the Italian order book, the average daily number of trades was 310,027, up 30 per cent on the same month last year, whilst the average daily value traded on the order book increased 21 per cent year on year to €3.3 billion (£2.9 billion).
Exchange Traded Products
Total value traded in Exchange Traded Products across the Group’s order books in July was up 24 per cent year on year to £10.6 billion (€12 billion). The total number of trades was up nine per cent at 347,478.
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Source: London Stock Exchange
LaBranche moves onto Swiss stock exchange as pressure mounts to trade on exchange
August 4, 2011--LaBranche is growing its on-exchange market making business as mergers between European exchanges push the market towards a unified exchange.
LaBranche started trading ETFs on the Six Swiss Exchange yesterday as the European market moves towards transacting on screen and it heads towards a unified exchange.
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Source: IFAonline
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