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Autorité Des Marchés Financiers: Risk And Trend Mapping No10 - 2011 Risk And Trend Mapping For Financial Markets And Retail Savings - Executive Summary
May 30, 2011--As in previous years, the AMF’s risk and trend mapping study for 2011 covers market trends and the financing of economic activity (Chapter 1), structural trends affecting markets and intermediaries (Chapter 2), household saving (Chapter 3) and collective investment (Chapter
4). Most of the risks identified in the April 2010 study have materialised this year, and some have intensified with Europe’s sovereign debt crisis. In addition, some of the main
issues highlighted by the AMF now constitute new and significant areas of focus for the G-20 work programme on financial regulation:
the transfer of risks from the banking sector to other parts of the financial system, now addressed from the broad angle of shadow banking1;
the goals of market transparency, integrity and efficiency;
supervision and oversight of commodity derivatives markets.
At global level, credit and equity markets consolidated in 2010. In a context of ample liquidity and low interest rates, the search for returns benefited the high yield and emerging market segments, while commodity markets continued to bring in substantial investment flows. In Europe, however, the sovereign debt crisis combined with fears about the banking sector put a damper on markets, which also had to cope with a sluggish upturn in the securitisation market.
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Source: Autorité des Marchés Financiers
Invest more at EU level to counter crises, says Financial Crisis Committee
May 30, 2011--Shifting policy making and spending in cross-border areas such as energy and transport from national to EU level would improve investment returns and cut costs by generating economies of scale. It would also give an urgently-needed boost to EU competitiveness, says a draft resolution voted by the Financial Crisis Committee on Monday. The committee's final report also proposes introducing Euro-bonds and a financial transaction tax.
"Tackling the public debt crisis and increasing the EU's competitiveness, convergence and solidarity require a shift of competences and spending towards the Union", stresses the committee's non-legislative final report on the financial, economic and social crisis, as drafted by Pervenche Berès (S&D, FR), and approved with 32 votes in favour, 9 against and 2 abstentions.
The Special Committee on the Financial Crisis was set up to analyse the reasons for the current crisis and set out recommendations on how to avoid similar crises in the future, as well as to present a long-term vision for a European growth model to ensure competitiveness. To this end, the committee proposes a European "new deal" to boost innovation while ensuring social cohesion, job creation, education and sustainable growth.
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Source: European Parliament
First ETC on Rhodium listed on Xetra by db-X ETC
May 30, 2011-A further exchange-traded commodity issued by db ETC Index plc has been tradable on Xetra since Monday.
ETC name: db Physical Rhodium ETC
Asset class: Commodities
ISIN: DE000A1KJHG8
Total expense ratio: 0.95 percent
Benchmark: Rhodium spot price
Due to its limited natural resources and broad applicability Rhodium is one of the most valuable precious metals. The automobile industry uses it primarily with catalytic converters to absorb nitrogen oxides. It also protects the surface of premium jewellery or works as an alloy when combined with Platinum.
The new ETC from db ETC Index plc enables investors for the first time to participate in the performance of physical Rhodium. Pricing is carried out by tracking the performance of the Rhodium spot price. Collateral for the db Physical Rhodium ETC (EUR) is provided by physically deposited Rhodium.
Deutsche Börse’s ETC segment product range currently comprises 181 instruments. The monthly trading volume of ETCs on Xetra averages around €700 million.
Source: Deutsche Börse
Deutsche Börse Monthly Carbon Report reveals lower carbon emissions in 2011
January and February emissions in Europe lower than in 2010 / impact of “Fukushima” and ensuing energy discussion on carbon emissions to be seen in following reports
May 30, 2011--The newest Monthly Carbon Report (MCR) from Deutsche Börse – Market Data & Analytics shows that effective carbon emissions for the EU27 countries decreased versus 2010. Carbon emissions in January and February 2011 totalled 323,3 million tonnes versus 337,7 million tonnes in the same time period 2010.
The impact of the energy discussion in Europe that followed the Fukushima incident will be seen in reports throughout the year.
Deutsche Börse’s Monthly Carbon Report (MCR) provides transparency for effective carbon emissions in Europe. Deutsche Börse uses a proprietary calculation model to compute the monthly emission data for all EU27 countries. The report uses data provided by large emissions contributors as well as from additional data sources. The monthly data is validated and calibrated annually with the official emission data from the European Commission. For 2010 data, the divergence between MCR data and the official numbers (published in April 2011) was only 1.8%, reflecting the high quality of the model.
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Source: Deutsche Börse
Boerse Stuttgart extends early trading to all equities
From June onwards, retail investors will be able to start trading in all German equities from 8.00 hours
May 30, 2011-As of 1 June 2011, Boerse Stuttgart will extend early trading to include all German equities. On 1 April, Boerse Stuttgart initially brought forward the starting time from 9.00 hours CET to 8.00 hours CET for German DAX, MDAX, SDAX and TecDAX shares and for international equities, participation certificates and debt instruments.
“So far, our turnover figures indicate that the extension of trading hours has been met with interest by retail investors. Our trading experts have demonstrated that we can guarantee excellent price quality as early as from 8.00 hours CET and thus maintain the high quality standards of our stock exchange. As a result of this positive experience, we decided to include all German equities in early trading,” observed Christoph Lammersdorf, CEO of Boerse Stuttgart Holding GmbH.
The extension comes in response to the wishes of many retail investors who want to be in a position to react even more quickly to international trends and events through the stock market, perhaps before going to work in the morning.
More information on the services offered by Boerse Stuttgart can be found at www.boerse-stuttgart.de.
Source: Boerse Stuttgart
Statement By European Commissioner Michel Barnier On Basel III And Its Implementation Into EU Law (Capital Requirements Directive - CRDIV)
May 27, 2011--A few weeks ago, some people were accusing us of damaging the economic recovery by implementing rules which would be too tough for banks because they would impede their lending to the real economy. Today, others seem to accuse us of the opposite with suggestions Europe would not be implementing Basel properly, thus not learning all the lessons from the crisis.
Both criticisms are unjustified and simply factually wrong. And they will not affect my determination. I will not be swayed by various pressures. Europe will implement Basel III: we have said it before and I confirm it to you today, the Commission's proposals to implement Basel III will respect the balance and level of ambition included in Basel 3."
Source: European Commission
EU Watchdog Eyes Hedge Funds, Debt Shorting
May 27, 2011-Investors need more information on hedge fund risks, while planned European Union curbs on shorting sovereign debt could undermine regulatory credibility, the EU's new securities watchdog said on Thursday.
Steven Maijoor, chairman of the European Securities and Markets Authority (ESMA), said investors need information to better assess the risk profile of a hedge fund.
"It will be important to achieve a balance between increasing investor protection while avoiding imposing undue costs on fund managers," Maijoor told the annual International Capital Market Association conference.
Source: Reuters
IMF Switzerland: Selected Issues Paper
MAy 27, 2011--IMPACT OF EXCHANGE RATE MOVEMENTS ON EXPORT PERFORMANCE AND
CONSUMER PRICES1
A. Introduction
1. The effect of the nominal exchange rate on the trade balance depends on the
degree of exchange rate pass-through and on trade elasticities. In the presence of price rigidities, the short-run expenditure switching effect of a nominal exchange rate appreciation
on the trade balance will depend on the exchange rate elasticity of imports and of exports.
The domestic value of the trade balance will worsen as a result of a real exchange rate
appreciation if the sum of the absolute values of the two elasticities exceeds one.2 The exchange rate pass-through is an important parameter determining the response of domestic import demand to exchange rate fluctuations by allowing expenditure switching effects to
operate. For example, with a high pass-through, the expenditure switching effect of a nominal appreciation is likely to be sizeable as an appreciation results in a decline in the
domestic price of imports and therefore tends to increase the demand for imports.3 In contrast, with a low pass-through, the domestic price of imports, and therefore the demand for import, are not significantly affected by the nominal exchange rate.
view the Switzerland: Selected Issues Paper
Source: Europe
Debt worries swept aside in Europe
May 27, 2011--European equities endured a choppy week, but thanks to a revival in commodity markets and rising risk appetite, concerns over the eurozone debt crisis were ultimately swept aside.
Gains on Thursday and Friday almost made up the losses earlier in the week when Standard & Poor’s said it was lowering its long-term assessment of Italian sovereign debt. Italy’s FTSE MIB index never fully recovered and was down 1.9 per cent over the week
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Source: FT.com
EU vows to respect Basel banking capital rules
May 27, 2011-EU financial services commissioner Michel Barnier said Friday he will respect ambitious new international guidelines on banking capital buffers in new legislation being drafted by the bloc.
Barnier said he felt obliged to respond to press reports suggesting the rules drawn up by the Basel Committee on Banking supervision, which groups states' central bankers and financial regulators, would be weakened when transposed into European Union law.
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Source: EUbusiness
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