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FSA publishes first Retail Conduct Risk Outlook
February 28, 2011--The Financial Services Authority (FSA) has today published its first Retail Conduct Risk Outlook (RCRO), which examines how a range of current, emerging and potential risks could impact customers.
The RCRO is a key component in the FSA’s consumer protection strategy to identify risks earlier, proactively intervene earlier in the product chain and prevent consumer detriment.
The report’s analysis of current and upcoming risks informs how the FSA will set its priorities and deploy its resources. These will be outlined in the FSA’s Business Plan, next month.
view the Retail Conduct Risk Outlook 2011
Source: FSA.gov.uk
EEX establishes separate Settlement of EUA Primary Market
February 28, 2011--From 1 March 2011 the clearing house of the European
Energy Exchange AG (EEX), European Commodity Clearing AG (ECC), will carry out the settlement of transactions in European emission allowances (EUA) separately for transactions from the Primary Market Auction and the Secondary Market to provide for
a clear proof of origin.
To this end, ECC will establish two internal delivery accounts for every trading participant licensed for trading in EUA. The clearing house exclusively uses the first delivery
account for the emission allowances acquired in the Primary Market Auction, while the second delivery account is used for transactions resulting from trading on the Secondary Market.
In the past, the EUA auctioned off by the German federal government were specifically marked by ECC so that every trading participant really received “new“ EUA in a requested delivery to its register account. The separation of the delivery accounts now enables the trading participant to effect separate administration and independent inventory management for the EUA acquired through different channels.
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Source: EEX
Deutsche Börse picks Telehouse as new access point provider in London
February 28, 2011--Deutsche Börse today announced an agreement with Telehouse, a leading provider of global data centres and managed ICT services. The agreement foresees the use of Telehouse’s data center as a low latency access point in London. This new access point will be available for members of Deutsche Börse’s derivatives exchange Eurex and the cash market Xetra. Launch is aimed for spring 2011.
This agreement is a further milestone of Deutsche Börse’s network latency and data centre optimization strategy. The new access point fits seamlessly into Deutsche Börse’s state-of-the-art failsafe infrastructure. Without compromise, a full redundancy of paths and components will be implemented for the new access. Telehouse already serves as a valuable provider for other data centre sites and services to Deutsche Börse.
“We are pleased to offer our customers an unprecedented fast access to Deutsche Börse for the vital UK financial market,” said Matthias Kluber, Executive Vice President and Head of Networks & Infrastructure Operations at Deutsche Börse. “The new access point enables our customers to connect with a one-way latency of below 4.5 milliseconds to the Eurex and Xetra matching engines in Frankfurt, setting up the most efficient basis for trading strategies between London and Frankfurt.”
Michelle Reid, Sales & Marketing Director at Telehouse, commented: “We are delighted to be working alongside Deutsche Börse. This newly established access point in London stands to benefit existing Deutsche Börse clients and Telehouse clients alike. The low latency access service will benefit both the London financial market and the UK as a whole which Telehouse are proud to be a part of”.
Source: Deutsche Börse
London Stock Exchange: Resumption Of Continuous Trading
February 25, 2011--Continuous trading has now resumed in all order driven trading services. The next SETSqx uncrossing will take place as scheduled at 15:00hrs.
Quote driven services have also resumed and normal market making obligations now apply.
To reiterate, the Exchange does not intend to extend its scheduled trading hours today.
The Exchange regrets the inconvenience that has been caused to market participants by this morning's incident.
Source: London Stock Exchange
Today's ongoing market data incident
February 25, 2011--London Stock Exchange continues to investigate the market data issue.
All order books have now been cleared of orders and no automatic execution is taking place in all trading services; market maker quotes have also been closed on SEAQ and SETSqx trading services.
No time has yet been set for the reopening uncrossing auction call period to start. Advanced notice will be given of the subsequent uncrossing time.
Further information will be provided shortly.
Source: London Stock Exchange
Monetary developments in the euro area January 2011
February 25, 2011--The annual growth rate of M3 decreased to 1.5% in January 2011, from 1.7% in December 2010.1
The three-month average of the annual growth rates of M3 over the period November 2010 - January 2011
stood at 1.7%, compared with 1.6% in the period October 2010 - December 2010.
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Source: ECB
LSEG cash equity markets resume trading
February 25, 2011--The London Stock Exchange Group confirms that its UK cash equity markets have now resumed trading.
To ensure an orderly market, the UK cash equity markets were today paused at 8.03am, and then halted at 8.33am, following identification of a real time data dissemination issue.
Having identified the source of the problem and gained confidence in the remedial steps needed to restore market connectivity, the LSEG resumed continuous trading across its cash equity markets at 12.15pm, after an auction call.
Commenting on the disruption, Xavier Rolet, CEO of the London Stock Exchange Group, said:
"We sincerely regret the inconvenience that today's disruption to trading has caused our customers. We have resolved the real time data dissemination issue and our UK cash equity markets have now resumed trading. "
Source: London Stock Exchange
Restoring Growth Key Priority for Europe
Recovery in Europe's largest economies can help propel growth in wider region
Greater focus on competitiveness needed
Deeper financial integration would hasten recovery
February 25, 2011--urope needs a stronger focus on rebuilding competitiveness to restore growth and create new jobs, Antonio Borges, the IMF’s new Director for Europe, said. He told IMF Survey online in a wide-ranging interview that the policy agenda should be broadened much beyond fiscal consolidation
Borges also noted that freeing up capital flows, through deeper financial integration, could provide powerful solutions to some of Europe’s deep-seated problems, by speeding up the reallocation of resources.
Borges joined the IMF in December 2010, leaving a position as Chairman of the Hedge Fund Standards Board in London.
IMF Survey online: How solid is Europe’s recovery? Can strong growth in Germany pull along the rest of the euro area?
Borges: There is a high likelihood that this will happen. Germany is, of course, the biggest economy in Europe, but there are many other economies in Europe that are doing well—some of them very well. All the Nordic countries are recovering, as are the Netherlands and Austria. France’s economy is also robust. The outlook is less certain in Britain, but we are confident that it too is on the right track.
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Source: IMF
London Stock Exchange Group Confirms Details Of Pan-European Derivatives Platform
Turquoise Derivatives’ to build on success of ‘EDX London’
Customers will benefit from greater choice, new products, ultra-low latency trading, proven clearing arrangements and enhanced access
Product launch timetable to be announced in Q1 2011
February 24, 2011--London Stock Exchange Group (“LSEG”) today confirms that it is to build its pan-European derivatives business, through the creation of ‘Turquoise Derivatives’. This new business will combine with the Group’s existing successful derivatives market, ‘EDX London’ (“EDX”), and will utilise TMX Group’s market leading derivatives trading technology, SOLA, already being used by EDX.
David Lester, CEO of Turquoise said:
“The European derivatives market is currently characterised by high execution costs and a lack of choice. I am certain that Turquoise Derivatives, combined with the proven operating and clearing model already enjoyed by EDX customers, will be the start of the process that turns the sector on its head.”
The new business will utilise EDX’s existing, proven technology and clearing infrastructure, offering customers immediate access and economies of scale through their existing connections. Turquoise Derivatives will be underpinned by ultra-low latency SOLA technology from TMX Group, already successfully used by LSEG’s IDEM and EDX derivatives markets. The new platform will also continue to build-up EDX’s successful emerging markets business as well as use the combined expertise of the EDX and Turquoise management team in its implementation.
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Source: London Stock Exchange
ECB warns of high-speed trading risks
February 24, 2011--Automated dealing could “trigger a number of risks for orderly trading and financial stability”, the European Central Bank has warned, in an unusual intervention in the debate over the role of “high-frequency” trading in markets.
The comments come as the growth of high-frequency trading shows no sign of abating with exchanges continuing to upgrade trading systems to accommodate such traders
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Source: FT.com
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