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ECB publishes book on the payment system and the role of the Eurosystem in this field
September 6, 2010--The European Central Bank (ECB) has today published a book entitled “The payment system – payments, securities and derivatives, and the role of the Eurosystem”. It provides comprehensive insight into the handling of financial transactions and the functioning of the related financial market infrastructure – a core component of the financial system. It also explains the role and policies of the Eurosystem – which comprises the ECB and the 16 national central banks of the euro area – in this field.
The book is in three parts. The first provides insight into the market infrastructure of modern economies with a view to examining key concepts which have general validity and are thus applicable around the world. Emphasis is placed on the principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The second concentrates on issues concerning the market infrastructure for the handling of euro-denominated payments, securities and derivatives, as well as the most important EU legislation. The third explains the operational, oversight and catalyst roles of the Eurosystem and the policies established by the Governing Council of the ECB in this field. It also considers the legal basis for the Eurosystem’s involvement and describes the transparent and cooperative approach adopted by the Eurosystem with a view to pursuing its public policy objectives while acting within a modern market economy environment.
view the Payments,
securities and derivatives, and the role
of the Eurosystem
Source: ECB
Thomson Reuters MiFID Monthly Market Share Reports For August 2010
September 6, 2010--Trading is fragmenting between exchanges and competing venues. But by how much and which venues? Find out in the summarised monthly reports.
view All European Equities Market Activities by Trade Type-August 2009 to August 2010
view the Main Trading Venues For all European Equities
Monthly summarised data on a per market and index basis
view Monthly summarised data on a per market and index basis-by region & country
Source: Thomson Reuters
EPEX Spot/EEX Power Derivatives: Power Trading Results In August
Septemeber 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 August 2010, a total volume of 86.0 TWh was traded on the joint subsidiaries EPEX
Spot SE and EEX Power Derivatives (same month of the previous year: 81.2 TWh).
Power trading on the day-ahead auctions on EPEX Spot accounted for a total of
20,570,802 MWh and can be broken down as follows:
read more
Source: European Energy Exchange AG (EEX)
EEX trading results for Natural Gas and CO2 Emission Rights in
September 6, 2010--In August, the trading volume on the EEX Spot Market for Natural Gas amounted to 1,472,150 MWh (GASPOOL and NCG market areas) compared to 115,704 MWh in August 2009.
The volume included 772,790 MWh traded in the Within-Day Gas product which was launched on 1 March 2010. The Spot Market price for the day-ahead delivery of Natural Gas ranged between EUR 14.40 per MWh and EUR 19.25 per MWh.
The volumes on the Derivatives Market for Natural Gas (GASPOOL and NCG market areas) amounted to 1,176,450 MWh (August 2009: 473,850 MWh). On 31 August 2010, the open interest was 19,980,593 MWh. On 31 August 2010 Natural Gas prices for delivery in 2011 were fixed at EUR 20.67 per MWh (GASPOOL) and EUR 20.70 per MWh (NCG), respectively.
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Source: EEX
CESR publishes the feedback statement on the Investor Protection and Intermediaries part of the MiFID review
September 6, 2010--The CESR has publishes the feedback statement on the Investor Protection and Intermediaries part of the MiFID review.
view the feedback statement
Source: CESR
German banks try to fend off Basel III
September 6, 2010--Germany’s top 10 banks will have to raise as much as €105bn ($135bn) of fresh capital under a global regulatory overhaul, the country’s banking industry has warned, in a last-ditch effort to change tough new rules
The so-called Basel III rules would stymie the banks’ ability to function, curtail lending and undermine Europe’s biggest economy, said the Bundesverband deutscher Banken, representing private sector banks.
e warning on Monday came a day ahead of a meeting of the Basel Committee on Banking Supervision, which is putting the finishing touches to rules governing the capital and liquidity requirements for banks.
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Source: FT.com
Troubles mount for EU bid to re-draw economic government
September 6, 2010--Plans to radically re-draw cross-border economic government across Europe hit a stumbling block on Monday, 10 days from a deadline for concrete action set by European Union leaders.
The fourth meeting of EU president Herman Van Rompuy's "task force," charged with learning the lessons of the global financial crisis and the debt chaos it left in its wake across the eurozone, ended with "too many voices, too may views," in the words of one minister, Slovakia's Ivan Miklos.
"The discussions are stuck, there's a block," admitted a European diplomat after some four hours of talks. "It can't be ruled out that with signs of economic trouble up ahead, certain governments are less inclined than before to toughen budgetary discipline."
An "in-depth discussion on national fiscal frameworks, macro-economic surveillance and sanctions," according to Van Rompuy, resulted in an order for experts to "pursue their work" enabling him to complete his "oral" report to national leaders at a summit on September 16.
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Source: EUbusiness
Bank levies for bank problems, not hard-up governments: EU
September 6, 2010--Levies on banks across Europe should be designed to avoid costly bills for ordinary taxpayers if debts go bad again in future, and not to prop up short-changed governments, the EU said on Monday.
The drive to force banks to pay a percentage of their income into sector-specific rainy-day funds puts Brussels policymakers on a direct collision course with the British government.
London has already announced that it will levy banks from January next year, but with the proceeds going into general government revenue which can be used to help offset massive cuts in health, education and other services provision amid the fallout from recession.
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Source: EUbusiness
iShares launches first euro high-yield bond ETF
Fund gives exposure to almost 100 corporate bonds
Intended to improve access to market
September 6, 2010-- iShares, the exchange-traded funds (ETF) operator owned by BlackRock (BLK.N), said on Monday it had launched a fund that will provide investors with easier access to the European high-yield bond market.
The fund, the first of its kind in the world, addresses some of the liquidity issues in a market that has traditionally been hard to access, said BlackRock fixed-income strategist Blanca Koenig.
It will offer exposure to nearly 100 of the most liquid sub- investment-grade corporate bonds.
Flows into high-yield bond funds based in Europe have been strong over the year to end-June, with net sales at 20 billion pounds ($30.7 billion) for the sector as whole, dominated by U.S. and global high-yield products, according to data from Lipper FMI.
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Source: Reuters
NASDAQ OMX Lifts Suspension Of HQ Bank AB As A Trading And Clearing Member
September 4, 2010--Following a request by the liquidator of HQ Bank as well as new information regarding the status of the bank, NASDAQ OMX has decided to lift its suspension of HQ Bank as an equity trading member with NASDAQ OMX Stockholm and NASDAQ OMX Copenhagen as of Monday, September 6, 2010.
The suspension of HQ Bank as a clearing member with NASDAQ OMX Stockholm AB is also revoked as of Monday, September 6, 2010. A decision about HQ Bank's trading membership with NASDAQ OMX Helsinki is expected during the weekend.
Source: NASDAQ OMX
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