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CEBS’S STATEMENT ON KEY FEATURES OF THE EXTENDED EU-WIDE STRESS TEST
July 7, 2010--Following its statement issued on 18 June 2010, CEBS provides further information on the EU-wide stress test exercise which is now being finalised by CEBS and the national supervisory authorities, in close cooperation with the ECB.
The objective of the extended stress test exercise is to assess the overall resilience of the EU banking sector and the banks’ ability to absorb further possible shocks on credit and market risks, including sovereign risks, and to assess the current dependence on public support measures.
The exercise is being conducted on a bank-by-bank basis using commonly agreed macro-economic scenarios (baseline and adverse) for 2010 and 2011, developed in close cooperation with the ECB and the European Commission.
The macro-economic scenarios include a set of key macro-economic variables (e.g. the evolution of GDP, of unemployment and of the consumer price index), differentiated for EU Member States, the rest of the EEA countries and the US. The exercise also envisages adverse conditions in financial markets and a shock on interest rates to capture an increase in risk premia linked to a deterioration in the EU government bond markets.
FESE Statement On Equity Market Data
July 7, 2010--Introductory Remarks:
FESE members operate Regulated Markets (RMs) that offer a transparent and neutral trading infrastructure to trade equities, bonds and derivatives. Exchanges fulfil a valuable function with significant positive externalities. The whole market benefits from the price discovery function offered by
exchanges, including the competitors of exchanges and a full spectrum of users and investors investing
in the EU Market.
The Markets in Financial Instruments Directive (MiFID) has enabled inter?market competition which has
yielded significant benefits for European markets but also resulted in fragmentation of liquidity, making
it difficult to source liquidity and assess execution quality. These challenges can be seen as a natural byproduct of competition, but more attention is needed to resolve the challenges created in the area of
data. High?quality data is provided by RMs, which is made available through many channels and is being
consolidated along with other available data by commercial providers. The underlying problem with
data in Europe is the lack of availability of pre?trade OTC data, and the lack of consistency, granularity
and poor quality of post?trade OTC data. These gaps can be addressed with a combination of MiFID
amendments (to require data reporting where it is not currently required, and to require more granular
and more timely data in other cases) and better mechanisms for monitoring the data reporting. Some of
these improvements are already being considered by European policymakers.
Results of European bank 'stress tests' July 23: Merkel
July 7, 2010-- The results of "stress tests" to determine the financial health of the European banking sector will be published on July 23, German Chancellor Angela Merkel said Wednesday.
Speaking on rolling news channel N24, Merkel said the tests were "an important signal so that we can have more transparency in the system.
"The results will be published on July 23," she added.
French Finance Minister Christine Lagarde had previously spoken of publication "around July 23."
AMUNDI IS has listed 2 new ETF on NYSE Euronext’s Paris market today
July 6, 2010--NYSE Euronext is pleased to announce that AMUNDI IS has listed 2 new ETF on NYSE Euronext’s Paris market today:
Listing date:06/07/2010
ETF name:AMUNDI ETF EURO STOXX SMALL CAP
ETF ISIN:FR0010900076
ETF Symbol:ESM
Listing date:06/07/2010
ETF name:AMUNDI ETF DOW JONES EURO STOXX 50 (D)
ETF ISIN:FR0010908251
ETF Symbol:CD5
NYSE Euronext now has 542 listings of 494 ETFs based on more than 300 indices. So far this year, 46 ETFs have been listed on NYSE Euronext’s European markets.
European ETF activity highlights for June 2010: NYSE Euronext
July 6, 2010--At the end of June, NYSE Euronext had 541 listings of 493 ETFs from 17 issuers. These ETFs cover more than 300 indices exposed to an extended range of assets and strategies (Equity, Fixed Income, Commodities, Short, Leverage, etc…).
In June 2010, the number of ETFs increased by 18.5% compared to end of June 2009. So far this year, 46 new ETFs have been listed.
Both the daily average number of trades and daily average turnover figures again showed solid YOY growth in June 2010. On average, there were 9 208 trades on a daily basis, representing an increase of more than 36.7% versus June 2009. Daily average turnover increased from €294 million in June 2009 to €399.7 million in June 2010, or 35.9%
At the end of June, the combined Assets Under Management of all ETFs listed on the NYSE Euronext European markets totaled €116.7 billion, an increase of 39.3% from the €83.7 billion at the end of June 2009.
The combination of the flow of 19 first-class Liquidity Providers, competitive market makers, client orders and our high capacity, low latency technology contributed to a median spread of 30.94 bps of all listed ETFs, down from 45.51 bps in June 2009.
At the end of May 2010, NYSE Euronext’s Liquidity Providers program featured 19 Liquidity Providers that have a total of 1 005 liquidity provision agreements, providing firm bid/ask quotes with minimum size and maximum spread requirements for the entire trading session on all ETFs.
On Monday June 7, NYSE LIFFE launched five new options on ETFs based on 4 European sectors and China. Since then, liquidity has been provided on a regular basis on all strikes and maturities.
Visit www.euronext.com/etf for more info.
22nd meeting of the Market Participants Consultative Panel
July 6, 2010--Summary
a risk of a double-dip, the return of sovereign risk, possibly serious refinancing problems in the
commercial real estate sector, the amount of outstanding corporate debt and possibly rising
default rates, the need for analyzing the corporate bonds market structure and the need for more
investor education in light of vanishing boundaries between wholesale and retail markets.
Some financial disintermediation was seen as a positive development – though possible risks in terms
of financing in Central and Eastern European States and of SMEs were stressed. CESR’s report
on trends, risks and vulnerabilities in financial markets was received in a positive way and
suggestions were made on how to develop it further. Its publication was encouraged.
EPEX Spot / EEX Power Derivatives: Power Trading Results in June
July 6, 2010--In the framework of their cooperation, the European Energy Exchange AG (EEX) and the French Powernext SA integrated their Power Spot
and Derivatives Markets in 2009.
In June 2010, a total volume of 136.4 TWh was traded on the joint subsidiaries EPEX Spot SE and EEX Power Derivatives.
Power trading on the day-ahead auctions on EPEX Spot accounted for a total of
21,355,184 MWh and can be broken down as follows:
EEX Trading Results For Natural Gas And CO2 Emission Rights In June
Record volume on the Spot Market for Natural Gas – Considerable increase on the CO2 Derivatives Market
July 6, 2010--The volume traded on the Natural Gas Spot Market of the European
Energy Exchange AG (EEX) amounted to 2,418,071 MWh in June (June 2009:
86,880 MWh) (GASPOOL and NCG market areas) which constitutes the highest
monthly volume since trading start.
The volume in Within-Day gas trading was 1,253,279 MWh and hence contributed to a
large proportion to the overall spot volume. Furthermore, a new daily record was
reached on the Spot Market with 300,286 MWh on 23 June 2010. During the month,
the Spot Market price for the day-ahead delivery of Natural Gas ranged between EUR
14.69 per MWh and EUR 21.45 per MWh.
Launch of “IFRS 2010” Guide Book on International Reporting Standards at Istanbul Stock Exchange
July 6, 2010--A meeting will be held at the Istanbul Stock Exchange (ISE) on Monday, July 5, on the occasion of the launch of the “IFRS 2010” guide book, released by the International Accounting Standards Board (IASB), and covering the international standards on financial reporting. The whole set of the book is published in Turkish for the first time.
Archive RSS Launch of “IFRS 2010” Guide Book on International Reporting Standards at Istanbul Stock Exchange
A meeting will be held at the Istanbul Stock Exchange (ISE) on Monday, July 5, on the occasion of the launch of the “IFRS 2010” guide book, released by the International Accounting Standards Board (IASB), and covering the international standards on financial reporting. The whole set of the book is published in Turkish for the first time.
The meeting is organized with the cooperation of the Capital Markets Board of Turkey (CMB), Istanbul Stock Exchange (ISE), and Turkish Accounting Standards Board (TASB). Following the keynote speeches by Mr. Hüseyin ERKAN, ISE Chairman & CEO; Mr. Bülent ÜSTÜNEL, Chairman of TASB; Dr. Masum TÜRKER, Chairman of the Expert Accountants’ Association of Turkey; Prof. Vedat AKGIRAY, Chairman of the Capital Markets Board of Turkey; and Mr. Tevfik B?LG?N, Chairman of the Banking Regulation and Supervision Agency, Mr. Jan ENGSTROM, Board Member of IASB will deliver a presentation on “Fair Value”.
As an important reference for both practitioners and trainers, the publishing of “IFRS 2010” as a two-volume full set in Turkish for the first time by TASB, sets a milestone for financial reporting in Turkey.
Turkish Accounting Standards Board (TASB), founded by virtue of an article added in the Capital Markets Law, has published the “Turkish Accounting Standards/Turkish Financial Reporting Standards“ with reference to international financial reporting standards in full compliance with IFRS in the Official Gazette. These stipulations have been adopted and applied by the Banking Regulation and Supervision Agency, Capital Markets Board of Turkey, and Undersecretariat of Treasury, and are updated on a continuous basis.
Assessment of Securities Settlement in Sweden 2009
July 6, 2010--Finansinspektionen and the Riksbank have jointly assessed the securities settlement in Sweden 2009.
The assessment is based on the Recommendations for Securities Settlement Systems in the European Union (ESCB/CESR) which consists of 19 recommendations.
In the assessment in 2009, Euroclear Sweden AB complies with all of the assessed recommendations. One recommendation is however not applicable and has therefore not been part of the assessment.
