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CESR launches two consultations on OTC derivatives, and announces a public hearing on 11 August
July 19, 2010--Two consultation papers are published today:
Standardisation and exchange trading of OTC derivatives
Transaction Reporting on OTC Derivatives and Extension of the Scope of Transaction Reporting Obligations
An open hearing on the consultation on Standardisation will take place on 11 August.
All responses should be submitted online, in the section consultations, by 16 August 2010.
Source: CESR
Overvalued lira a disadvantage for Turkey’s foreign trade
July 19, 2010--The European Commission has warned that an overvalued Turkish lira may hamper the country’s competitive power in foreign markets, the Anatolia news agency reported on Monday.
The commission on Monday released a report detailing its assessment of the economic performance of EU candidate countries in the second quarter. The report warns Turkey over currency-related risks, particularly in its foreign trade. Recalling that the TL has gained 8 percent in value against the euro since the beginning of the year, the report said this could weaken Turkey’s competitive power in international markets. The commission’s assessment comes on the heels of recent warnings from the domestic market that Turkish exporters are no longer able to cope with an ever-appreciating lira as profit margins are too narrow to compete with rivals in international markets.
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Source: Todays Zaman
Europe gets a breather before bank stress tests
July 19. 2010--- The markets have given Europe some respite in its struggle against debt but the EU faces a moment of truth this week with tests that will show whether banks can survive a new economic cataclysm.
European Union governments hope the results of "stress tests" on the banking industry, which will be released on Friday, will reassure investors worried about the banks' exposure to the continent's sovereign debt crisis.
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Source: EUbusiness
EC's take on derivatives could hurt retirement benefits, says EFRP
July 19, 2010--The European Commission's proposals on derivatives could increase costs and risk for pension funds and lead to lower retirement benefits for plan members, the European Federation for Retirement Provision (EFRP) has warned.
The federation, whose 26 member associations represent more than €3.5trn of assets, acknowledged the Commission's consultation was an "important step" toward enhancing transparency and controlling systemic risk.
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Source: IP&E
“Transparency in Energy Markets“ now including data on solar energy
July 19, 2010--– From today data on the generation of electricity from solar energy will also be published on the joint transparency platform
(www.transparency.eex.com) of European Energy Exchange AG (EEX) and the four German transmission system operators (TSOs), 50Hertz Transmission GmbH, Amprion GmbH, EnBW Transportnetze AG and transpower stromübertragungs gmbh, launched last autumn.
The information published daily comprises the following data for all four German balance areas:
1. Forecasts regarding the expected volume generated from solar energy (http://www.transparency.eex.com/de/daten_uebertragungsnetzbetreiber/stromerzeugung/erwartete-produktion-solar) and
2. Information on the volumes actually generated from solar energy (http://www.transparency.eex.com/de/daten_uebertragungsnetzbetreiber/stromerzeugung/tatsaechliche-produktionsolar)
Reports on solar energy round off the fundamental data regarding energy generated from wind and other energy carriers (e.g. lignite, natural gas, run-of-river, hard coal, uranium, oil), which are already provided, and complete the representation of the situation in order to safeguard the comprehensibility of market pricing on a comprehensive basis.
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Source: European Energy Exchange AG (EEX)
Europe faces years of weak growth: IMF head
July 16, 2010--Europe's economy risks several years of weak growth which threaten to drive up unemployment and weaken spending power, the head of the International Monetary Fund warned on Friday.
Despite recovering growth in Asia, Africa and the United States, "the risk for Europe is several years of weak growth," IMF Secretary General Dominique Strauss-Kahn said on the television news channel France 24.
"That means little spending power, problems in welfare systems for pensions and health and a rise in unemployment."
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Source: EUbusiness
China to stick with euro despite debt crisis: Wen
July 16, 2010--Chinese Premier Wen Jiabao on Friday reiterated Beijing's intent to remain a long-term investor in the euro despite Europe's ongoing debt crisis.
"As a responsible, long-term investor, China has always upheld the principle of diversified investments," Wen said at a joint press appearance with visiting German Chancellor Angela Merkel.
"The European market has been, is now, and will in the future be among the main markets for investment of China's foreign exchange reserves."
The debt crisis has forced European governments to bail out Greece and set up a 750-billion-euro loan package with the International Monetary Fund to help any other state that may need assistance.
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Source: EUbusiness
Europe must up CO2 cuts to 30 per cent: EU's big three
July 15, 2010--Germany, France and Britain on Thursday jointly called for the European Union to deepen its planned reductions in greenhouse-gas emissions from 20 to 30 percent by 2020.
Ministers from Europe's three biggest economies made the exceptional move in a commentary published by the Financial Times, the Frankfurter Allgemeine and Le Monde.
"If we stick to a 20-percent cut, Europe is likely to lose the race to compete in the low-carbon world to countries such as China, Japan or the US -- all of which are looking to create a more attractive environment for low-carbon investment," they warned.
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Source: EUbusiness
NYSE Euronext opens ‘NYSE Euronext London’
July 15, 2010--– NYSE Euronext (NYX), the global leader in listings with more than 4,500 issuers on its U.S. and European markets has launched a new London-based securities market, ‘NYSE Euronext London’, aimed at attracting international issuers looking to list in London. NYSE Euronext London is complementary to NYSE Euronext’s other European securities markets and will enhance the visibility and prominence of its Continental Europe listing and trading venues.
Dominique Cerutti, President & Deputy CEO of NYSE Euronext said, "This is a natural next step in NYSE Euronext’s evolution and a logical extension of our European cash markets. NYSE Euronext London combines the strength and visibility of our global brand and our leadership position in European cash markets with NYSE Liffe’s established presence in London and worldwide. Moreover, the new listing venue strengthens the competitive position of NYSE Euronext’s European markets. In particular Paris, our European headquarters, will remain by far the largest of our listings markets in Europe and our day-to-day center of management for all our European cash operations and the development of our Universal Trading Platform. More than ever we are committed to serving all of our clients and playing our role as critical market infrastructure, and will continue to demonstrate it by innovative initiatives such as the French corporate bond platform, the marketplace efforts to promote SME listings, a renewed focus on issuers’ needs, and investments made in the post trade environment."
NYSE Euronext London offers international issuers the opportunity to list shares and depositary receipts on the Official List of the UK Listing Authority. In addition, issuers will benefit from access to a broad investor base and having their securities trade on NYSE Euronext’s state-of-the-art Universal Trading Platform that connects all its European securities markets, which represent Europe’s largest cross-border equity exchange and provides enhanced liquidity to issuers and investors. This provides international issuers access to the largest equity market in Europe with a combined market capitalisation of €3.3 trillion and over €6 billion of equity securities traded daily.
Ronald Kent, Group Executive Vice President and Head of International Listings at NYSE Euronext, and Chief Executive of NYSE Euronext London said: "NYSE Euronext London is specifically aimed at attracting international companies determined to list in London and which, up to now, could not consider NYSE Euronext as an option. Our new London securities market provides issuers in London with the global visibility, access to liquidity, and market quality that a NYSE Euronext listing affords."
Source: NYSE Euronext
Sell off in green themed funds continues
ESG screened funds also down as lack of equity market confidence bites.
July 15, 2010--The post Copenhagen sell-off in green themed and norms-based European RI retail funds continued during May, with a broader lack of confidence in equity markets contributing to the slump. The sector was down by €373.9m over the month, according to the latest available figures compiled for Responsible Investor by Lipper FMI, the investment data group.
It follows sector depreciation of €95.9m during April. The fund class, labelled by Lipper FMI as ‘RI Extended’, includes those with multiple ethical exclusions, those following a norms-based strategy and themed climate change and microfinance funds. Notably, the best selling fund of the month was in fixed income with the Pimco Funds – Socially Responsible Emerging Markets Bonds – part of the Allianz group – netting €104.4m. Second placed was HBOS’ Ethical fund, part of the Lloyds banking group, with sales of €100.5m.
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Source: Responsible Investor
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