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Hedge Funds, Other Investors Build Turkish Lira Positions
Apri1 8, 2011--Hedge funds and other investors have begun stocking up on Turkish lira through currency forwards or lira-denominated debt as the country's central bank looks increasingly likely to start raising interest rates later this year after controversial rate cuts late in 2010.
The lira was driven down after November due to the rate cuts and because of jitters associated with the political unrest in Turkey's neighboring Middle East countries. Now, some large currency and emerging market investors--including giant currency manager FX Concepts--are getting more comfortable that the country will be able to manage inflation. Worries about the Middle East have also moderated for the moment.
Source: Wall Street Journal
LSE strikes Mongolian exchange deal
April 8, 2011-This week Xavier Rolet, chief executive of the London Stock Exchange could be found not in Canada – where a proposed LSE merger with its counterpart in Toronto is being scrutinised by regulators – but in Mongolia
Ulan Bator, the capital, may seem an unlikely destination for the man running an exchange whose future may well depend on the successful completion of its merger with TMX Group.
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Source: FT.com
EU regulators outline stricter stress tests
April 8, 2011--European banking regulators have set up a dispute with German authorities, pressing ahead with a tight definition of capital for planned stress tests and making it more likely that Germany’s state-owned Landesbanken will fail.
The European Banking Authority on Friday disclosed that it had set a 5 per cent core tier one capital ratio as the passmark for the stress tests in which 90 banks would take part.
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Source: FT.com
German growth highlights two-speed eurozone
April 8, 2011--Wo ist das Problem? As the eurozone debt crisis this week claimed Portugal as its latest victim, Germany’s economy went from strength to strength.
Export figures published on Friday showed an unexpectedly strong 2.7 per cent surge in February compared with January.
The data added to evidence that the first three months of 2011 saw another exceptional surge in German economic growth. With industry’s order books still filling rapidly, the boom is unlikely to fade rapidly.
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Source: FT.com
AXA IM Launches Fund of Regulated Hedge Funds
April 8, 2011--AXA Investment Managers launched a portfolio investing in a basket of regulated hedge funds, hoping to attract investors who are hungry for hedge fund returns but worried about access to their cash after the crisis.
The AXA World Fund Multi Alpha will hold a range of so-called Ucits III hedge funds -- Europe-based funds that tend to give clients more information and quicker access to their money than traditional hedge funds.
Source: Reuters
Deutsche Börse adds corporate data to algo news feed
"AlphaFlash Corporate News Germany" to deliver unscheduled corporate financial data in machine-readable format
April 7, 2011--Deutsche B&orse – Market Data & Analytics is adding corporate news to its algorithmic news feed “AlphaFlash”. The new data package “AlphaFlash Corporate News Germany” will provide unscheduled financial ad-hoc information for approximately 100 of the most liquid blue-chip, mid-cap and high-tech stocks listed in Germany.
The information is disseminated immediately following official release and is tailored for automated traders, market makers, hedge funds, analysts and risk and asset managers in a low latency trading and risk management environment.
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Source: Deutsche Börse
Börse tie to NYSE focuses cuts on Europe
April 7, 2011--Europe would bear the brunt of €300m in cost cuts planned by NYSE Euronext as the two exchanges revealed details of how their scheme to create the world’s largest bourse came about.
In a filing with the US Securities and Exchange Commission, the two groups revealed that Reto Francioni, chief executive of the German exchange, contacted his NYSE Euronext counterpart, Duncan Niederauer, in August last year to revive earlier merger talks that had stalled in 2008.
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Source: FT.com
Bank and broker trading networks under attack
April 7, 2011--Europe’s exchanges have launched a scathing attack on the operations of banks and brokers, warning that the proliferation of off-exchange trading means the region is “in danger of turning into a network of private markets”.
The criticism is in a letter to Michel Barnier, European Union internal market commissioner, from the Federation of European Securities Exchanges which represents 46 bourses.
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Source: FT.com
ECB hikes interest rates
April 7, 2011--The European Central Bank raised its main interest rate on Thursday for the first time since July 2008 just as Portugal became the latest victim of the eurozone's deficit and debt crisis.
The increase in the ECB's benchmark refinancing or "refi" rate to 1.25% also marked the first change in either direction since it was cut to a record low of 1.0% in May 2009.
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Source: FIN24
Exchanges And Data Vendors To Restore Post-Trade Transparency In The European Equity Market
European exchanges represented by FESE, the Federation of European Securities Exchanges, have
together with the London Stock Exchange, Bloomberg and Thomson Reuters agreed to adopt common
standards that will restore post trade transparency in the European equity markets.
April 7, 2011--Building on the trade reporting standards initiated by an industry working group under the auspices of
the Committee of European Securities Regulators (now European Securities and Markets Authority) for
Over‐The‐Counter reporting, European exchanges and data vendors today announce the start of the
implementation of trade reporting standards for orderbook trading on Regulated Markets and
Multilateral Trading Facilities.
These trade reporting standards are complementary to the efforts being undertaken by the data vendors to ensure consistent output across multiple data consolidators. Furthermore they are supportive of the wide range of collaborative initiatives, including those being led by the Association for Financial Markets in Europe.
The key benefits of the initiative are:
The standards will enable trade data resulting from executions on Regulated Markets and MTFs
to be easily consolidated with OTC trade reports.
The execution venues committed to these standards have a combined market share of over 90%
of all European equity orderbook trading.
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Source: FESE
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