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European Central Bank Decides On Measures To Address Severe Tensions In Financial Markets
May 10, 2010--The Governing Council of the European Central Bank (ECB) decided on several measures to address the severe tensions in certain market segments which are hampering the monetary policy transmission mechanism and thereby the effective conduct of monetary policy oriented towards price stability in the medium term. The measures will not affect the stance of monetary policy.
In view of the current exceptional circumstances prevailing in the market, the Governing Council decided:
1.To conduct interventions in the euro area public and private debt securities markets (Securities Markets Programme) to ensure depth and liquidity in those market segments which are dysfunctional. The objective of this programme is to address the malfunctioning of securities markets and restore an appropriate monetary policy transmission mechanism. The scope of the interventions will be determined by the Governing Council. In making this decision we have taken note of the statement of the euro area governments that they “will take all measures needed to meet [their] fiscal targets this year and the years ahead in line with excessive deficit procedures” and of the precise additional commitments taken by some euro area governments to accelerate fiscal consolidation and ensure the sustainability of their public finances.
In order to sterilise the impact of the above interventions, specific operations will be conducted to re-absorb the liquidity injected through the Securities Markets Programme. This will ensure that the monetary policy stance will not be affected.
2.To adopt a fixed-rate tender procedure with full allotment in the regular 3-month longer-term refinancing operations (LTROs) to be allotted on 26 May and on 30 June 2010.
3.To conduct a 6-month LTRO with full allotment on 12 May 2010, at a rate which will be fixed at the average minimum bid rate of the main refinancing operations (MROs) over the life of this operation.
4.To reactivate, in coordination with other central banks, the temporary liquidity swap lines with the Federal Reserve, and resume US dollar liquidity-providing operations at terms of 7 and 84 days. These operations will take the form of repurchase operations against ECB-eligible collateral and will be carried out as fixed rate tenders with full allotment. The first operation will be carried out on 11 May 2010.
Investing on the NASDAQ OMX Tallinn Stock Exchange to become more advantageous for UK residents
May 10, 2010--The UK tax office (HM Revenue & Customs) has included the NASDAQ OMX Tallinn Stock Exchange on its list of markets where investing and trading is more advantageous and hence also more attractive for the UK investor in terms of taxation.
"The inclusion of the NASDAQ OMX Tallinn Stock Exchange on the favoured stock exchanges list is recognition by the UK of the Estonian securities market. This will allow UK investors to trade in securities quoted in Estonia under a more advantageous tax regime. My belief is that as a result of the decision by their tax office we are going to see more new and active foreign investors on our local securities market," Andrus Alber, Chairman of the Management Board of the NASDAQ OMX Tallinn Stock Exchange, commented on the decision.
Since 5 May this year, the UK tax office has included the regulated market of the NASDAQ OMX Tallinn Stock Exchange on the list. The First North alternative market is not included on the list, as a more advantageous environment may apply to regulated securities markets only. Previously, the Stockholm, Copenhagen, Iceland and Helsinki stock exchanges have already been entered on the favoured list. In the Baltic countries, the NASDAQ OMX Tallinn Stock Exchange is first to have made the list.
All of the stock exchanges on the favoured list may be found here.
LSE-Press releases10- May -2010 - Equity value traded up two per cent in April
May 10, 2010--- Continued strong performance on the Group’s government bond trading platform, MTS
In April, the average daily value traded across London Stock Exchange Group’s equity markets was £7.7 billion (€8.8 billion), up two per cent on last year. 16.0 million equity trades were carried out across the Group’s electronic order books, with a combined value of £153 billion (€175 billion), also up two per cent per cent on April 2009. The average daily number of trades was 802,118, 24 per cent lower than the same month last year.
UK Cash Equities
The average daily value traded on the UK equity order book was £4.1 billion (€4.7 billion) a decrease of eight per cent year on year, while the average daily number of trades was down 27 per cent at 509,596.
Italian Cash Equities
During April, the average daily number of trades in Italian equities was 237,784, down 23 per cent on the same month last year. The average daily value traded during the month was up eight per cent at €3.2 billion (£2.8 billion).
International Cash Equities
Total value traded in international equities increased 63 per cent on April 2009 to £14.6 billion, while the average daily value traded was also up 63 per cent year on year, totalling £731 million (€836 million). The average daily number of trades was 54,738, up 16 per cent on last April.
ETFs and ETCs
Trading in ETFs and ETCs saw the average daily number of trades up 50 per cent year on year, totalling 18,655. The average daily value traded was up 40 per cent to £480 million (€549 million).
Included in the strong monthly performance was a new single day record for both turnover and number of trades on ETFPlus on 28 April, with 29,691 trades and a value of £677 million (€778 million).
Giant aid package saved Europe from 'disaster': Lagarde
May 10, 2010--Europe avoided a disaster thanks to the trillion-dollar financial rescue package for troubled eurozone economies, French Finance Minister Christine Lagarde said in a newspaper interview.
"Every public official, including me, had in our minds the fear of a disaster if we did not quickly reach an agreement," Lagarde told the financial daily Les Echos in an interview to be published Tuesday.
"All the symptoms that had preceded the crisis of autumn 2008, just before the bankruptcy of Lehman Brothers, reappeared. It's undeniable," she said, referring to the failure of the Wall Street giant in September 2008.
The deal agreed by European Union finance ministers early Monday marks a "historic turning point," she said.
Ted Hood: ETF platform is much to celebrate
The day after Source reached its first anniversary, chief executive Ted Hood is a little subdued. He went out to celebrate with his 20-strong team the night before and his usual ebullience seems slightly dimmed.
This lasts only until he is asked about Source’s progress over the year, when he perks up and starts listing the achievements of the investment bank-owned platform for exchange traded funds.
In that time, it has launched 47 equity ETFs, covering country, regional and market sector indices, and 28 exchange traded commodities. Mr Hood is especially proud of the sector indices, which have been a hit with the hedge fund community keen to use them in complex trading strategies.
Hedge funds and private equity - vote postponed
May 10, 2010--The Economic and Monetary Affairs Committee has postponed its vote on the Alternative Investment Fund Managers Directive, so more consideration can be given to the opinion of the Legal Affairs Committee.
The vote is now scheduled for next Monday, 17 May 2010.
The vote on the financial supervisory package is going ahead today as scheduled.
EC to publish corporate governance green paper
May 7, 2010--Michel Barnier, EU Commissioner for Internal Markets and Service, has confirmed that the Commission will publish a draft green paper on strengthening corporate governance at financial institutions later this month.
Speaking at a meeting of the Economic and Monetary Affairs Committee (ECON) earlier this week, Barnier said the green paper would be published in May and is expected to include measures to strengthen control and risk management in institutions and directors' liability.
He also suggested the paper could include broader reflections on corporate governance in listed companies and corporate social responsibility.
Currently European corporate governance is formed of a combination of existing rules mainly relating to mergers and acquisitions and shareholder rights, alongside recommendations on the inclusion of independent directors and director’s activities.
CESR to take a coordinated effort to respond to the recent market turmoil
May 7, 2010--Following the recent exceptional volatility in the securities and derivatives markets, Members of the Committee of European Securities Regulators (CESR) have decided in their regular meeting today in Barcelona, to intensify their close monitoring of these markets. In particular, they will pay attention to potential breaches of conduct of business rules and cases of market abuse with a view to coordinating the actions of national supervisors.
Due to the global characteristics of these developments, CESR and its Members will also closely liaise with non-European securities regulators, in particular both the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC), to ensure global co-ordination.
CESR-Pol, CESR’s Standing Committee which is responsible for ensuring market integrity and enhancing cooperation and exchange of information between CESR Members, will coordinate any cross-border investigations.
These actions are taken in line with CESR’s key tasks, i.e promoting the transparency, integrity and orderly functioning of EU securities and derivatives markets.
NASDAQ OMX Starts Trading in Ten New ETFs from Deutsche Bank
May 7, 2010--NASDAQ OMX today starts trading in ten new Exchange Traded Funds (EFTs) from Deutsche Bank's db x-trackers ETF platform. The ETFs from Deutsche Bank that are available for trading on NASDAQ OMX Stockholm as of today are:
•DJ STOXX 600 OIL & GAS ETF
•DJ STOXX 600 OIL & GAS SHORT DAILY ETF
•EURO STOXX 50 LEVERAGED DAILY ETF
•EURO STOXX 50 DOUBLE SHORT DAILY ETF
•LEVDAX DAILY ETF
•MSCI ASIA ex JAPAN TRN INDEX ETF
•MSCI PACIFIC ex JAPAN TRN INDEX ETF
•SHORTDAX X2 DAILY ETF
•S&P 500 2X INVERSE DAILY ETF
•S&P 500 2X LEVERAGED DAILY ETF
Deutsche Bank today has 31 ETFs listed at NASDAQ OMX Stockholm making them the largest issuer of ETF products in the Nordics.
Jenny Rosberg, Senior Vice President at NASDAQ OMX said, "We are pleased to further expand on our ETF offering with these new products from Deutsche Bank. The ETFs available for trading as of today make it possible for our investor-base to easily and cost-efficiently trade internationally recognized stock and commodities indexes in local currency."
CESR launches a consultation on its technical advice to the European Commission in the context of the MiFID Review: Non-equity markets transparency
May 7, 2010--CESR publishes today a consultation paper which should be seen in the context of reviewing MiFID, the Markets in Financial Instruments Directive that entered into force in November 2007.
The paper published today covers the field of Non-equity markets transparency.
