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EU hails kickoff for new financial surveillance bodies
January 3, 2011--The European Union hailed the 2011 kickoff this weekend of a series of new post-crisis pan-European watchdogs aimed at tightening regulation of the finance industry.
"Europe is learning from the crisis," said Michel Barnier, the European Commissioner for Internal Markets and Services.
"It is giving itself a new apparatus of surveillance and supervision -- to detect problems early and to act in time."
The bodies include the Frankfurt-based European Systemic Risk Board and a trio of authorities for banks, insurance and stock, respectively based in London, Frankfurt and Paris.
The role of the Frankfurt-based Board, to be headed initially by the European Central Bank chief, is to alert and make recommendations to European Union countries or supervisory authorities whenever it detects threats to financial stability, such as a housing or stock market bubble.
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Source: EUbusiness
China pledges support for troubled Spain economy
January 3, 2011--China is willing to make "positive efforts" to help Spain with its economic recovery, state media on Monday quoted Beijing's ambassador to Madrid as saying, as a top Chinese official prepared for a visit.
Vice Premier Li Keqiang will pay a three-day visit to Spain from Tuesday, for talks likely to touch on Spain's financial woes amid fears of a sovereign debt crisis in Europe, which is China's biggest export market.
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Source: EUbusiness
Government introduces bank levy
January 1, 2011-The Government today introduced a permanent levy on banks’ balance sheets as it believes that banks should make a full and fair contribution in respect of the potential risks they pose on the wider economy.
Once fully in place the levy is expected to raise around £2½ billion of annual revenues. This is in line with the Budget estimates.
The levy is intended to encourage banks to move to less risky funding profiles, and the £2½ billion is a fair contribution in respect of the risks the banking system poses to the wider economy, while ensuring that the industry remains competitive.
The rate for 2011 will be 0.05 per cent, and it will rise to 0.075 per cent from 2012 onwards.
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Source: HM Treasury
At midnight Estonia will adopt the euro
December 31, 2011--The European Union hailed Estonia’s imminent adoption of the euro as a symbolic boost for a currency that has just suffered the worst crisis in its 12-year history.
European Commission President Jose Manuel Barroso said Friday that Estonia’s changeover from the kroon to the euro at midnight would boost the small Baltic nation’s economy and send a powerful message to all EU members.
“It is a strong signal of the attraction and stability that the euro brings to member states of the European Union,” Barroso said in Brussels.
At the stroke of midnight, Estonia will adopt the euro — a final step in the Baltic state’s dogged effort to become the 17th member of the eurozone and to integrate its economy with Europe. It is the first former Soviet republic to join the single currency club.
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Source: The Star
Major listings boost LSE
December 29, 2010--Funding for initial public offerings on the London Stock Exchange (LSE) soared by nearly 600% in 2010 compared with the previous year, it said on Wednesday.
The IPOs, including from India's Essar Energy and African Barrick Gold, raised a total of £10.1bn. That compared with just £1.5bn in 2009, the LSE said.
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Source: FIN24
European bond market faces another volatile year
December 29, 2010--The European bond market is heading for another turbulent year in 2011, with investors groping for direction in the face of an uncertain US recovery and a stubborn debt crisis in the eurozone.
In 2010 bonds for the first time lost some of their attraction as a safe option, with investors shunning part of the market, according to bond strategist Patrick Jacq of BNP Paribas bank.
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Source: EUbusiness
ETF Landscape: European STOXX 600 Sector ETF Net Flows for Week Ending 24-Dec-10
December 29, 2010--For the week ending 24 December 2010, there were US$325.2 Mn net outflows from STOXX Europe 600 sector ETFs. The largest sector ETF net outflows last week were in banks with US$108.8 Mn followed by basic resources with US$91.0 Mn net outflows while automobiles and parts experienced net inflows of US$49.3 Mn.
Year-to-date, STOXX Europe 600 sector ETFs have seen US$174.0 Mn net outflows. Basic resources have seen the largest net outflows with US$232.3 Mn, followed by food and beverage with US$183.0 Mn net outflows while personal and household goods have experienced the largest net inflows with US$118.6 Mn.
As of 24 December 2010, there is US$9.5 Bn AUM invested in the STOXX sector ETFs which is more than double the US$3.8 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in all 19 sectors.
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Source: Global ETF Research & Implementation Strategy Team, BlackRock
Copper surges to record of $9,447 a tonne
December 29, 2010--Copper reached a record high above $9,400 a tonne, resuming its relentless march upwards as the London metals market reopened in bullish spirit after the Christmas break.
The metal, whose widespread use in manufacturing and construction makes it crucial to the global economy, has risen more than 50 per cent since June.
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Source: FT.com
European bond market faces another volatile year
December 28, 2010--The European bond market is heading for another turbulent year in 2011, with investors groping for direction in the face of an uncertain US recovery and a stubborn debt crisis in the eurozone.
In 2010 bonds for the first time lost some of their attraction as a safe option, with investors shunning part of the market, according to bond strategist Patrick Jacq of BNP Paribas bank.
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Source: EUbusiness
Netherlands Authority for the Financial Markets publishes Five years of market abuse supervision
December 25, 2010--The AFM promotes fairness and transparency within financial markets. We are the independent supervisory authority for the savings, lending, investment and insurance markets. The AFM promotes the conscientious provision of financial services to consumers and supervises the honest and efficient operation of the capital markets. Our aim is to improve consumers' and the business sector's confidence in the financial markets, both in the Netherlands and abroad. In performing this task the AFM contributes to the prosperity and economic reputation of the Netherlands.
view document-Five years of market abuse supervision-a European regime in development
Source: AFM
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