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ESMA issues Guidelines on endorsement and clarifies the use for regulatory purposes of credit ratings issued outside the European Union after 6 June 2011
May 18, 2011--ESMA issues today its Guidelines on endorsement (ESMA/2011/139) in a Final Report, including a Feedback Statement.
The Guidelines address how ESMA will implement the “as stringent as” test for credit ratings produced
outside the European Union, in what are named “third countries”. These credit ratings are used by financial
institutions to assess the risk of their exposures and in calculating their capital requirements. The test
requires that the credit rating activities performed by Credit Rating Agencies (CRAs) outside the European
Union are subject to requirements established by law which are “as stringent as” those applicable in
the EU.
Key phases concerning the use of non EU credit ratings which are not endorsable
ESMA’s Guidelines clarify that EU CRAs can continue to issue credit ratings produced outside the EU after the 6 June at least until the point of registration.
If at the point of a CRA’s registration, credit ratings issued outside the EU are not considered endorsable in the European Union, because an appropriate regulatory regime has not entered into force in the relevant third country (or the other necessary conditions as set out in the Regulation are not in place), the use of such credit ratings for regulatory purposes by financial institutions will still be possible for three months from that date.
2010 record year for Turkish capital markets, report shows
May 18, 2011-The Turkish capital markets have broken multiple records in the past year, the Brokerage Industry Review 2010 report said on Wednesday.
According to the report, published by the Association of Capital Market Intermediary Institutions of Turkey (TSPAKB), the equity markets around the world -- including that in Turkey -- recovered in 2009 following the global crisis. Contrary to expectations, emerging equity markets outperformed developed markets in 2010. The İstanbul Stock Exchange Benchmark Index (İMKB-100) has increased by 25 percent in the past year, making it the 17th fastest growing bourse around the world, after Asian markets such as Colombo (102 percent), Thailand (58 percent), Indonesia (55 percent) and Malaysia (38 percent), compared to 2009.
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Source: Todays Zaman
Forecast for the UK Economy -a comparison of independent forecasts
This edition contains forecasts to 2015
May 18, 2011--This edition of the comparison contains 26 new forecasts, all of which were received between May 4th and May 13th 2011.
view the Forecast for the UK Economy -a comparison of independent forecasts
Source: HM Treasury
EU ministers set parameters for short-selling curbs
May 17, 2011--European finance ministers said they agreed a new negotiating position Tuesday in a bid to clamp down on the short-selling of sovereign debt and company shares.
The now want to give a European Union regulatory body, the European Securities and Markets Authority, power to stop trading in some instances, but this has still to be fully negotiated with the European Parliament.
view the ECONOMIC and FINANCIAL AFFAIRS Council (provisional version) - Brussels, 17 May 2011
Source: EUbusiness
TD Unveils Enhanced Retail Derivatives Service
TD Waterhouse, the UK’s leading execution only broker, has enhanced its Contracts for Difference (CFD) and Financial Spread Betting (FSB) services to cater to the different and specific needs of these sophisticated traders.
May 17, 2011--
TD customers can now take control of their trading through two distinct accounts – TD Derivatives Trading for CFD trades, which will also include Forex and Futures, and TD Financial Spread Trading specifically for FSB trades.
TD Derivatives Trading (provided by Saxo Bank):
The TD Derivatives Trading account, provided by Saxo Bank, the online trading and investment specialist, combines all the elements required by an experienced derivatives trader. Not only can customers trade CFDs – with commissions for CFD equity trades starting from 0.15% (minimum £15) on all markets2 – they can also take advantage of one of the leading Forex Trading offerings available, with access to more than 160 Forex currency pairs. The account also includes Futures, enabling customers to trade over 450 instruments on live market prices from over 15 exchanges around the world.
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Source: PR Web
Eurex KOSPI Product Surpasses Milestone Of 1 Million Traded Contracts
May 17, 2011--The international derivatives exchange Eurex today announced that its Eurex KOSPI Product has exceeded the 1 million traded contracts threshold last Thursday, 12 May, for the first time since its launch on 30 August 2010. Monthly trading volume has been increasing steadily, reaching more than 147,000 contracts in the current month (as of 13 May).
Average daily volume is on record levels and totals more than 21,000 contracts in the current month. The current daily record of more than 29,000 order book traded contracts was achieved on 11 May 2011.
Eurex and KRX expect that volumes continue to grow in conjunction with the rising number of active end-customers as well as Eurex and KRX members using the Eurex KOSPI Product. Currently, five out of the ten most active Korean member firms trade the Eurex KOSPI Product. Altogether, 13 KRX and Eurex participants are active, among them two market makers. Further, there are 5 additional KRX and 7 Eurex members who are preparing to participate in the Eurex/KRX Link in due course.
The Eurex KOSPI Product is a daily futures contract based on the KOSPI 200 options available on the Korea Exchange (KRX). The futures contracts expire at the end of each trading day and any open positions are transferred to KRX to establish a position in the KOPSI 200 option. This product cooperation between Eurex and KRX enables market participants to trade KOSPI 200 options during European and North American trading hours.
Source: Eurex
Finance ministers strike deal on short selling
May 17, 2011--Ban on ‘naked' short selling can be suspended if liquidity of debt falls below threshold.
EU member states' finance ministers have reached a deal intended to limit and improve the transparency of two trading practices that have been most criticised in the wake of the financial crisis of 2007-08.
Ministers agreed a common approach to rules covering short selling – a practice in which traders sell a security at a high price in the expectation that they will be able to buy it again at a lower price – and on the trade in credit default swaps, a form of insurance that guarantees the creditworthiness of a loan.
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Source: European Voice
ESMA submits its Technical Advice to the Commission on Fees for CRAs
May 17, 2011-- The European Commission (the Commission) sent a formal request to ESMA to provide technical advice to assist the Commission in formulating a Regulation on fees for Credit Rating Agencies (CRAs) by delegated act (please, find in Annex II a copy of the Commission’s formal request).
The advice was due to be delivered to the Commission by 13 May 2011. On 14 April 2011, ESMA released a consultation to receive industry input in order to assist it in providing advice to the European Commission. In order to deliver its advice to the Commission, ESMA considered possible fee structures for CRAs registered or certified in the EU and for CRAs seeking registration or certification. In order to finalise the advice by the due deadline, ESMA decided it was appropriate to conduct a shortened consultation on these possible structures in order to enable it to deliver robust advice to the Commission.
view- Final report-ESMA´s Technical Advice to the Commission on Fees for CRAs
Source: ESMA
Drawing power of the dollar
May 17, 2011--Surprisingly weak US production data added to currency volatility on Tuesday, driving investors to dollar havens and wiping out earlier gains for sterling and the euro.
Sterling had been supported by renewed speculation that the Bank of England would deliver at least one interest rate increase this year as UK inflation continued to surge
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Source: FT.com
Euro area annual inflation up to 2.8%; EU up to 3.2%
May 16, 2011--Euro area1 annual inflation was 2.8% in April 20112, up from 2.7% in March. A year earlier the rate was 1.6%. Monthly inflation was 0.6% in April 2011.
EU3 annual inflation was 3.2% in April 2011, up from 3.1% in March. A year earlier the rate was 2.1%. Monthly inflation was 0.5% in April 2011.
These figures come from Eurostat, the statistical office of the European Union.
Inflation in the EU Member States In April 2011, the lowest annual rates were observed in Ireland (1.5%), the Czech Republic (1.6%) and Sweden (1.8%), and the highest in Romania (8.4%), Estonia (5.4%), Lithuania and Hungary (both 4.4%). Compared with March 2011, annual inflation rose in sixteen Member States, remained stable in two and fell in eight.
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Source: Eurostat
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