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IOSCO expands its global membership to include Iceland, the Maldives, Saudi Arabia and Syria
June 9, 2010--The International Organization of Securities Commissions (IOSCO) has today welcomed the securities markets regulators from Iceland, the Republic of the Maldives, the Kingdom of Saudi Arabia and Syria as its newest members.
The four newest members’ applications for membership were accepted at today’s meeting of IOSCO’s Presidents’ Committee, which is made up of the chairmen and chief executives of it member securities regulators.
In fulfilling the criteria for membership the applicants demonstrated their commitment to IOSCO’s Objectives and Principles of Securities Regulation and that their regulatory regimes allowed them to become signatories to Appendix A of the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information.
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Source: IOSCO
Measures adopted by CESR Members on short selling-Updated
June 9, 2010--EU securities regulators are closely monitoring the functioning of the markets under the current
circumstances and are considering together possible actions which might be taken to contribute to
orderly functioning markets. Any such actions will be taken with a view to strengthening confidence in
financial markets and protecting investors
Particularly, CESR, in its role as a network bringing together EU securities regulators, has been coordinating
actions by its Members regarding the short selling practices, in particular in financial
companies. Some EU securities regulators have adopted measures in their respective markets either to
limit, or to introduce stringent requirements or further reporting obligations by firms to supervisory
authorities on short-selling.
view documents Bank of Ireland issue raises €1.7bn read more European private equity applies new strategy
PAI Partners’ €500m ($602m) buy-out of Cerba European Lab is a good example of the new type of deals. It is a secondary buy-out in the healthcare sector and PAI is financing only half the deal with debt.
read more Societe Generale launches Football 2010 Tracker
Consequently, Societe Generale analysts identified 16 European shares that have historically outperformed or at least been in line with the DJ Stoxx 600 Index during a World Cup.
read more Boerse Stuttgart strengthens market coverage in Switzerland “We intend to position our activities in Switzerland even more effectively. This is a very interesting retail investment market. Swissquote Bank is the ideal choice of partner,” observed Christoph Lammersdorf, CEO at Boerse Stuttgart. Swissquote Bank Ltd is already offering attractive order options in securitised derivatives, equities, debt instruments, investment fund units and ETFs on the Stuttgart Stock Exchange.
Under the terms of the cooperation, Boerse Stuttgart Holding GmbH sold its interest in Tradejet Ltd to Swissquote Bank Ltd. Tradejet Ltd is a Swiss information and online brokerage platform. Boerse Stuttgart Group had been majority shareholder in Tradejet Ltd since the company’s formation in 2004.
The new owner will take over Tradejet’s customers and employees. “Our involvement in Tradejet Ltd not only helped to raise awareness of Boerse Stuttgart in Switzerland. Above all, it also generated greater interest in the trading of securitised derivatives,” noted Lammersdorf. European institutional assets surpass €5 trillion
The net volume of European institutional assets increased by 8.3% over the 12 months to the end of 2009, according to data supplied to IPE by the leading 400 asset managers with business in Europe. read more EU to press ahead with bank levy plan
Michel Barnier, EU internal market commissioner, said he was not abandoning the idea of using money raised by a levy on the banking industry to establish an EU-wide network of domestic funds that could be used to resolve financial problems at individual banks in the future. “We will persist in this matter,” said Mr Barnier. read more CESR publishes responses to three consultations on the MiFID review IMF Urges Swift Action to Restore Confidence and Growth in Euro Area
While recognizing that the immediate crisis response has been bold, demonstrating the euro-zone’s capability to act together when pushed, the IMF analysis said it will be imperative to quickly secure the operation of the European Financial Stability Facility. The IMF added that crisis management is not an alternative to the corrective policy actions and fundamental reforms needed to reinforce the foundation of the European Monetary Union.
Following the conclusion of the IMF’s annual analysis of the euro area economy, Managing Director Dominique Strauss-Kahn emphasized the importance of fiscal responses being adapted to the individual circumstances of each country. “Fiscal sustainability is certainly an important aim that countries all around the world, not only in Europe, but including in Europe, have to take into account. But you have to differentiate those policies depending on the fiscal room that the different countries may have, and taking into account the balance between the fact that you have to go back on a sustainable track on the fiscal side and the fact that you need to maintain the highest possible level of growth. So it leads to different actions in different countries,” he told reporters following a June 7 meeting of the Eurogroup finance ministers in Luxembourg.
Restoring confidence
The IMF’s annual review noted that a one-size-fits-all fiscal adjustment strategy should be avoided, with the response being adapted to the individual characteristics of each of the euro area’s 16 member countries. At the same time, the IMF said that countries facing market pressures have no choice but to go ahead with forceful fiscal adjustment.
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Source: CESR
June 9, 2010--Bank of Ireland has met its target of raising €3.4bn (£2.8bn, $4.1bn) of fresh capital, more than demanded by its financial regulator, after it received a strong show of support for its deeply discounted rights issue.
The bank said that investors had bought 95 per cent of the new shares offered in its €1.7bn rights issue. The remaining shares, known as the “rump”, were sold to investors shortly after the results were announced.
Source: FT.com
June 9, 2010--Private equity has returned to the dealmaking fray in Europe this year. Buy-out activity in the region has trebled from the same period last year, according to Dealogic, but the deals look very different to those done before the financial crisis.
As well as being smaller, bankers say buy-out deals in the post-credit crisis world are likely to use much less debt, to be bought from another private equity owner and to be in a defensive sector, such as healthcare.
Source: FT.com
June 9, 2010--Societe Generale, a provider of UK exchange-traded products, has launched a tracker indexed on a basket of European shares sensitive to the World Cup 2010.
Several international companies, mainly in beverages, food producers and retailer sectors, have been shown to perform especially well before, during and after the events.
Source: ETF Express
June 8, 2010--Stuttgart Stock Exchange cooperates with Swissquote Bank Ltd
Boerse Stuttgart has launched a new cooperation agreement with Swissquote Bank Ltd in order to expand its share of the attractive retail investment market in Switzerland.
The parties complement each other extremely well. Boerse Stuttgart is the biggest stock market for private investors and Europe’s leading exchange for trading in securitised derivatives, while Swissquote Bank Ltd has around 150,000 customers and has established itself as the Swiss market leader in online banking and brokerag
Source: Boerse Stuttgart
June 8, 2010--European institutional assets were €5.2trn at end-2009, up 8.3% from previous year (€5.2trn)
Total AUM of IPE’s Top 400 Managers 2010 is €29.1trn (€23.4trn in 2009)
Increase in AUM of 24.3% over 2009
BlackRock accounts for 7.9% of assets in study and is largest manager at €2.3trn following merger with BGI
Amundi (merger of CAAM and SGAM) is now eighth largest manager
Top 100 managers account for 85% of assets (€24.7trn) of Top 400
Source: IP&E
June 8, 2010--European Union finance ministers have pledged to pursue plans for a levy on banks, in spite of disagreement over what to do with the proceeds and the decision by the world’s richest nations to drop plans for a global tax.
“The EU has to be proactive in following this up,” said Elena Salgado, Spanish finance minister, after chairing a meeting of EU ministers in Luxembourg on Tuesday.
Source: FT.com
June 8, 2010--CESR publishes today the responses to the consultations on Investor protection and intermediaries, transaction reporting and secondary markets.
view responses
Source: CESR
Pace of fiscal consolidation should be tailored to each country's needs
Spurring euro area growth is essential
Restructuring of Europe's financial system should be accelerated
June 7, 2010--The current euro area crisis results from fiscally unsustainable policies in some countries, delayed repair of the financial system, insufficient progress in establishing the discipline and flexibility needed for a smooth functioning of monetary union, and deficient governance of the euro area, according to the IMF’s annual review of euro area policies, released on June 7.
European policymakers need to take decisive action to complete their project of monetary union, said the IMF.
