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Osborne abolishes FSA and boosts Bank
June 16, 2010--George Osborne moved to redress what he described as the spectacular regulatory failure of the City, announcing the abolition of the Financial Services Authority and a sweeping increase in the Bank of England’s powers.
Mervyn King, the Bank’s governor, will become one of the most powerful central bankers in the world, with a new remit to prevent the build-up of risk in the financial system in addition to his monetary policy role.
Mr King told a City audience at Mansion House on Wednesday night that his new role in enforcing financial stability was to “turn down the music when the dancing gets a little too wild”.
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Source: FT.com
Spain to reveal bank ‘stress tests’ results
June 16, 2010--Spain’s central bank has thrown down the gauntlet to bank regulators elsewhere in Europe, saying it plans to publish the results of “stress tests” on the country’s financial institutions in the near future to clear up doubts about Spain’s banking system.
Spanish officials and bankers believe that international investors and speculators are harbouring exaggerated fears about the potential problems of Spanish banks, when the banks of other countries are often weaker than Spanish lenders or have already been bailed out with massive injections of government money.
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Source: FT.com
ECB tells ABS industry to reform
June 16, 2010--A senior European Central Bank official on Wednesday expressed his frustration at the asset-backed securitisation industry’s slowness in implementing meaningful reform
Speaking at an industry conference in London, José Manuel González-Páramo, a member of the central bank’s executive board, reiterated that the 20 largest euro area banking groups have about €800bn of long-term debt outstanding that will need to be refinanced between May 2010 and the end of 2012.
“Against this background, securitisation can potentially play a vital role, and thereby strongly support the financing of the economy,” Mr González-Páramo said.
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Source: FT.com
Euro area annual inflation up to 1.6%
EU stable at 2.0%
June 16, 2010--Euro area1 annual inflation was 1.6% in May 20102, up from 1.5% in April. A year earlier the rate was 0.0%. Monthly inflation was 0.1% in May 2010.
EU3 annual inflation was 2.0% in May 2010, unchanged compared with April. A year earlier the rate was 0.8%. Monthly inflation was 0.2% in May 2010.
These figures come from Eurostat, the statistical office of the European Union.
Inflation in the EU Member States
In May 2010, the lowest annual rates were observed in Latvia (-2.4%), Ireland (-1.9%) and the Netherlands (0.4%), and the highest in Greece (5.3%), Hungary (4.9%) and Romania (4.4%). Compared with April 2010, annual inflation fell in ten Member States, remained stable in five and rose in twelve.
The lowest 12-month averages4 up to May 2010 were registered in Ireland (-2.5%), Latvia (-1.2%) and Portugal (-0.5%), and the highest in Hungary (5.1%), Romania (4.7%) and Poland (3.6%).
Euro area
The main components with the highest annual rates in May 2010 were transport (5.5%) and alcohol & tobacco (4.4%), while the lowest annual rates were observed for communications (-1.1%), recreation & culture (-0.3%) and food (-0.2%). Concerning the detailed sub-indices, fuels for transport (+0.71 percentage points), heating oil (+0.23) and tobacco (+0.12) had the largest upward impacts on the headline rate, while gas (-0.12), cars (-0.10) and telecommunications (-0.09) had the biggest downward impacts.
The main components with the highest monthly rates were recreation & culture and alcohol & tobacco (both 0.4%), while the lowest were food and communications (both -0.2%) and education (0.0%). In particular, fuels for transport (+0.04 percentage points), fruit (+0.03), package holidays and heating oil (+0.02 each) had the largest upward impacts, while vegetables (-0.06) and air transport (-0.02) had the biggest downward impacts.
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Source: Eurostat
Long JPY Short EUR currency ETC rises by 21 per cent
June 16, 2010--The ETFS Long JPY Short EUR currency ETC has rallied by 2.1 per cent, bringing its year-to-date gains to 21 per cent, the highest on ETF Securities’ currency ETC platform.
Despite high debt levels and being one of the sell-side’s biggest consensus short recommendations earlier in 2010, the Japanese Yen has been one of the world’s best performing currencies, maintaining its role as a safe-haven during periods of risk aversion.
With the Euro feeling the brunt of European sovereign risk, the combination of long Yen short Euro positions as tracked by the fund has made this cross the most profitable on the ETFS currency ETC platform.
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Source: ETF Express
NYSE Euronext is pleased to announce that AMUNDI IS has listed 3 new ETF on NYSE Euronext’s Paris market today
June 15, 2010-- 3 Amundi ETFs have lsited on the NYSE Euronext Paris today: They are:
Listing date: 15/06/2010
ETF name: AMUNDI ETF S&P 500
ETF ISIN: FR0010892224
ETF Symbol:500
Listing date: 15/06/2010
ETF name: AMUNDI ETF NASDAQ 100
ETF ISIN: FR0010892216
ETF Symbol:ANX
Listing date: 15/06/2010
ETF name: AMUNDI ETF FTSE MIB
ETF ISIN: FR0010892208
ETF Symbol:FMI
Source: NYSE Euronext
Ten Years of European Energy Trading on the Exchange – the History of EEX
June 15, 2010--European Energy Exchange AG (EEX) is celebrating ten years
of energy trading on the exchange. In those ten years EEX has evolved from the “Leipzig
power exchange” to one of the leading trading platforms for energy and related
products in Europe.
The starting signal for German power trading was given in Leipzig
on 14 June 2000. On the first trading day, 1,836 megawatt hours (MWh) were traded –
a modest trade volume from today’s perspective.
At the time of the merger between the two predecessor exchanges, LPX Leipzig Power Exchange and the Frankfurt-based European Energy Exchange, in July 2002, the new EEX already had 111 trading participants from ten countries.
EEX has shaped the energy market and has made a significant contribution to the further development of exchange trading in energy and to opening up new markets right from the outset. This includes for instance the continuous expansion of its product portfolio, such as the inclusion of trading in CO2 emission allowances, trading in financially settled coal futures and the launch of trading in natural gas three years ago. EEX reached a further important milestone for the expansion of its position in Europe with the establishment of its subsidiary European Commodity Clearing AG (ECC) in 2006.
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Source: EEX
France and Germany to float a financial transactions tax
June 15, 2010--- France and Germany say they will propose a tax on banks and financial transactions at the next G20 summit, but many countries oppose as yet undefined projects aimed more at public opinion.
President Nicolas Sarkozy and Chancellor Angela Merkel said Monday in Berlin they would make such a proposal to the current head of the G20 group of industrialised and emerging economies, Canadian Prime Minister Stephen Harper.
The next summit of the G20 group of advanced and emerging economies is to take place on June 26 and 27 in Toronto.
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Source: EUbusiness
More daylight and stricter rules for the derivatives market
June 15, 2010--Proposed EU rules on derivatives trading must be made clearer and tougher, so as to reduce speculative trading and ensure that as many derivatives as possible are traded through open channels that are subject to rules, the European Parliament said in a resolution adopted on Tuesday. The resolution also suggests ways to regulate the trade in credit default swaps and reduce the regulatory burden on corporate end-users of derivatives.
Caught in the eye of the storm of the Greek debt crisis and widely criticised for the opaque way in which they are traded, derivative products are currently being scrutinised at national level, EU level and also by the G20. This resolution comes a few weeks before the European Commission publishes its legislative proposals to regulate derivative trading.
More transparency and also strict rules
The resolution, which was adopted by show of hands, advocates "abandoning the prevailing view that derivatives need no further regulation because they are only used by experts and specialists" Instead, it calls for strict rules to prevent inexperienced users and speculators from building up dangerous levels of risk.
The proposed legislation should include rules banning purely speculative trading in commodities and agricultural products, adds the resolution. Upper risk limits should be considered for trade in agricultural products and in each specific commodity, including greenhouse gas emission allowances so as to reduce speculation and help these markets to function transparently.
view the Derivatives Markets: Future policy actions
European Parliment
db x-trackers launches two daily short bond ETFs on LSE
June 14, 2010--db x-trackers, Deutsche Bank’s exchange-traded fund platform, has listed two daily short bond ETFs on the London Stock Exchange.
One ETF tracks a daily short UK sovereign index and the other tracks a daily short US sovereign index.
The indices replicate the daily inverse performance of the overall universe of the respective sovereign bond market of all maturity buckets.
The daily short bond ETFs are suitable for institutional investors who want to use them for hedging strategies to react in real time to intra-day market fluctuations and take advantage of declining bond markets.
Source: Online News
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