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EU authority to head off economic crises
January 4, 2011--European economic policies will come under more scrutiny from this month when the European Central Bank takes the lead in a new financial police authority with whistle-blowing powers to prevent future crises.
The European systemic risk board (ESRB), chaired by Jean-Claude Trichet, ECB president, will have powers to issue warnings and recommendations when it sees threats to economies or financial systems. But it could have a tough time proving that such limited powers, wielded by European officials, can prevent financial market turmoil on the scale seen in the past three years
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Source: FT.com
Eurozone inflation over 2 pct, first time in two years
January 4, 2011--Eurozone inflation was expected to accelerate to 2.2 percent in December 2010, the first time for two years that the indicator has risen above 2.0 percent, the EU's statistics agency said on Tuesday.
The 12-month rate rose from 1.9 percent in November and October, when prices remained just below the 2.0-percent point the European Central Bank has set as its target for price stability underpinning healthy economic growth, Eurostat said.
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Source: EUbusiness
ESMA publishes Frequently asked questions - a guide to understanding ESMA
January 3, 2011-This document is intended as an explanatory guide providing an overview of the main elements of ESMA?s functioning. The questions and answers included here may be supplemented with further information as and when further information or queries arise and will be updated on ESMA's website www.esma.europa.eu.
This guide is not of a legal nature and it is recommended that any queries which require legal certainty should refer to the Regulation1 establishing ESMA itself or the relevant sector legislation. The internal rules and procedures for ESMA will be adopted by the Board of Supervisors and Management Board in the course of January 2011 and will be added to the website when final.
view the document-Frequently Asked Questions
-A Guide to Understanding ESMA
Source: European Securities and Markets Authority (ESMA)
New sector indices for Swiss Bonds
January 3, 2011--SIX Swiss Exchange has added 180 new indices to the SBI Index family as at 3 January 2011. A number of SBI sector indices have been launched based on the ICB Fixed Income classification benchmark, which classifies issuers according to their economic activity, and a model for guarantee types and collateral;
this model was developed by SIX Swiss Exchange in partnership with the Swiss Bond Commission (SBC) and allows individual issues to be allocated to sub-indices based on bond-specific guarantees and collateral.
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Source: SIX Swiss Exchange
Total trading volume at Eurex Group at 2.64 billion contracts in 2010
Stable average daily volume in 2010 with approximately 10.4 million contracts/ Eurex turnover of almost 122 million contracts in December 2010/ Eurex Repo with strong growth in all markets in 2010
January 3, 2011--The international derivatives markets of Eurex Group ended 2010 with a turnover of approximately 2.64 billion contracts, compared with 2.65 billion in 2009.
The total volume for 2010 splits into 1.9 billion contracts traded at Eurex (2009: 1.7 billion) and 745.2 million contracts traded at the International Securities Exchange (ISE) (2009: 960.2 million). This corresponds to a daily average trading volume of 10.4 million contracts compared with 10.5 million in 2009.
At Eurex, equity index derivatives was the largest segment in 2010 with a total volume of 805.1 million contracts (2009: 797.5 million). Derivatives on the EURO STOXX 50® index were the largest single product with 372.2 million futures and 284.7 million options. The equity derivatives segment (options and single stock futures) saw 511.1 million contracts (2009: 421.3 million). In 2010, the interest rate derivatives segment reached a total of 574.8 million contracts (2009: 465.7 million). The segment dividend derivatives recorded the strongest growth of 78 percent with 4.5 million contracts.
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Source: Eurex
Turnover at Deutsche Börse’s cash market at 1.32 trillion euros in 2010
Turnover at 92.9 billion euros in December/ Number of transactions on Xetra up 39 percent in December
January 3, 2011- In 2010, 1.32 trillion euros were turned over at the cash market of Deutsche Börse. This is an increase of 16 percent compared to 2009 (1.14 trillion euros). With 1.24 trillion euros the fully electronic trading system Xetra accounted for the largest part of this order book turnover (2009: 1.06 trillion euros). 78.8 billion euros were traded on the floor at the Frankfurt Stock Exchange (2009: 77.5 billion euros). All exchanges in Germany turned over 1.48 trillion euros, an increase of 13 percent (2009: 1.31 trillion euros).
In December 2010, 92.9 billion euros were turned over on Xetra and the Frankfurt floor. This order book turnover is up 14 percent compared to December 2009 (81.2 billion euros). Thereof, 86.7 billion euros were traded on Xetra (up 15 percent; December 2009: 75.5 billion euros). 6.2 billion euros were traded on the floor at the Frankfurt Stock Exchange – an increase by 9 percent (December 2009: 5.7 billion euros).
Turnover in German equities on Deutsche Börse’s cash markets amounted to 74.4 billion euros in December, while foreign equities turnover stood at 3.4 billion euros. Xetra and the floor at the Frankfurt Stock Exchange accounted for 97 percent of the transaction volume in German equities on all stock exchanges in Germany. 78 percent of foreign equities traded on stock exchanges in Germany were traded on Xetra and on the floor in Frankfurt.
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Source: Deutsche Börse
Eurozone growth indicator rebounds
January 3, 2011-- The eurozone recovery picked up in December, according to revised estimates on Monday from a closely-watched purchasing managers' index (PMI) survey.
The Markit indicator of industrial and services activity rebounded to 57.1 points in December against 55.3 in November and 54.6 in October.
The December figure was initially given as 56.8 points.
The upward revision leaves the PMI at its best level since April, when the indicator hit a 46-month high.
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Source: EUbusiness
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
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