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German banks angered by data plan
July 11, 2011--German banks have launched a stinging attack on the imminent publication of highly detailed information about their holdings, claiming these could worsen the sovereign debt crisis and encourage “targeted speculation” against individual financial institutions.
The European Banking Association plans on Friday to release detailed debt holdings data for 91 of the European Union’s largest banks including 13 from Germany as part of its much anticipated stress tests.
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Source: FT.com
Eurozone to reconsider bail-out fund debt buy
July 11, 2011--European finance ministers have sent a strong signal they are prepared to begin buying back significant amounts of Greek bonds on the open market, announcing they would reopen discussions to use the eurozone’s €440bn bail-out fund to repurchase the debt of distressed governments.
Monday night’s decision came after an eight-hour meeting of finance ministers in Brussels that was held against a backdrop of plunging markets and mounting fears that the debt crisis that has plagued Greece and the eurozone’s periphery for the last 18 months was now spreading to its larger members, including Italy.
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Source: FT.com
EU moves towards partial gag on ratings agencies
July 11, 2011--Brussels on Monday urged a clampdown on the world's ratings agencies, including a ban on ratings for countries covered by international rescue packages, and possible legal action.
Internal Markets Commissioner Michel Barnier said in a speech delivered in Paris but released in Brussels that he would ask Poland, which currently holds the rotating European Union presidency, to put action on ratings agencies to ministers soon.
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Source: EUbusiness
SIX Swiss Exchange And Liquidnet Launch New Block Equities Trading Service -
SIX Swiss Exchange first to deliver global institutional liquidity to its members through unique trading model
Liquidnet brings previously untapped block liquidity from five European markets to its global institutional trading network July 8, 2011--Paving the way for a new and more efficient way to source and trade block liquidity in Europe, SIX Swiss Exchange and Liquidnet announced today the launch of a new unique platform for non-displayed equity block trading with the roll-out of approximately 3000 equities in five European equities markets: Switzerland, UK, France, Germany and the Netherlands, with more equities markets planned to be added over time.
The platform allows SIX Swiss Exchange members and Liquidnet’s buy side members to execute large block trades safely and efficiently via this new liquidity source.
Both SIX Swiss Exchange’s and Liquidnet’s members will gain access to the Swiss institutional liquidity, as well as similar liquidity in the other four markets. The platform will enable the liquidity in Liquidnet’s global institutional liquidity pool to interact with block liquidity delivered directly from SIX Swiss Exchange members in approximately 3000 securities, resulting in more executable liquidity, without compromising protection and anonymity.
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Source: Business Wire
SIX Swiss Exchange Index Adjustments On The Occasion Of The Ordinary Index Review
July 8, 2011--The Management Committee of SIX Swiss Exchange has decided to make changes to SIX Swiss Exchange index baskets on the basis of a recommendation from the Index Commission and in compliance with the SMI®, SLI®, SPI® and SXI® index rules.
The indices will be adjusted on 16. September 2011 after closing. The adjustment takes effect on 19 September 2011.
The new index rules for SMI®, SLI® and SPI® are applicable since 1 July 2011.
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Source: SIX Swiss Exchange
EC Questions & Answers on Emissions Trading: new registry rules
July 8, 2011--1. What is the role of registries in Emissions Trading?
The registries for the EU Emission Trading System (EU ETS) record the holding of emission allowances and the transactions concerning those allowances, like the banking system does for money. The main types of transactions are: creation of allowances, free allocation, auctioning, trading, surrendering of allowances for compliance and their deletion. The registries also record installations and aircraft operators surrendering sufficient allowances to cover their verified emissions.
2. Why needs the Registries Regulation to be amended?
The Registries Regulation1 was last modified in 2010, to prepare for the inclusion of aviation in the EU ETS and the switch from national registries to the single Union Registry in 2012.
New provisions for the EU ETS registries are needed in order to set up the infrastructure for the third trading period of the EU ETS (2013-2020), in particular with regard to auctioning and free allocation of allowances, following the adoption of the respective implementing acts.
At the same time this amendment offers the opportunity to introduce enhanced registry security measures in the wake of the cyber-attacks witnessed earlier in 2011.
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Source: IEWY News
Euro falls heavily as eurozone woes deepen
July 8, 2011-The eurozone’s developing debt crisis, with Italy’s woes coming into sharp focus, left the euro struggling for footing this week.
Over the five sessions, investors saw Portugal’s sovereign rating downgraded to junk status by Moody’s; a fightback by the European Central Bank which removed collateral rules on Lisbon’s debt; and a sharp sell-off in Italian bonds and credit default swaps which hit the country’s banking stocks.
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Source: FT.com
Contagion fears hit Italian financial sector
July 8, 2011--Milan’s stock index slumped during a turbulent week for peripheral eurozone equity markets, as speculation about which will be region’s next debt crisis victim focused on Italy.
Italian government bond yields hit nine-year highs as investors dumped the country’s debt amid fears the crisis would hit its shores – even perhaps ahead of Spain. Of major concern to investors is Italy’s 120 per cent debt to GDP ratio.
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Source: FT.com
Republic of Poland: Selected Issues
July 8, 2011--I. PRIVATE PENSION SYSTEMS IN EMERGING EUROPE: THE UNCERTAIN ROAD AHEAD1
A. Introduction
1. Comprehensive pension reforms have been a cornerstone of fiscal policies in
Central and Eastern Europe (CEE). In response to population aging pressures, a number of Emerging European economies reformed their pension systems in the late 1990s and early 2000s by adopting multi-pillar pension frameworks.
Pension reforms were anticipated to
improve long-run fiscal sustainability and lead to better macroeconomic outcomes, including higher national saving rates and increased labor participation. An important part of the
reforms was the introduction of a private, in most cases mandatory, pre-funded, definedcontribution
second pillar pension systems. This private component, in conjunction with the public first pillar, was expected to help diversify risks, supplement old-age income for pensioners that was being tightened under the public pension schemes, and help with the
development of capital markets.
view the Republic of Poland: Selected Issues report
Source: IMF
Eurozone bank stress test results due on July 15: EBA
July 8, 2011- The EU banking regulator said Friday that it will publish the results of its stress tests on eurozone banks in one week's time.
The results, carried out on 91 banks that represent 65 percent of the Europe's bank sector, will be published at 1600 GMT on July 15, the London-based European Banking Authority said in a statement.
"The test is being applied consistently across participating banks as part of a coordinated EU wide effort to improve transparency, identify vulnerabilities, inform policymakers and ensure appropriate measures are taken to address possible deficiencies," the EBA said.
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Source: EUbusiness
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