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TASE Rules for ETN Underlying Indices and Leveraged ETNs
July 23, 2012--The Exchange-traded notes (ETN) market has developed rapidly in Israel over the past few years, as has the market for exchange-traded funds abroad.
As of the middle of 2012 more than 300 ETN series tracking bonds and share price indices trade on the Tel Aviv Stock Exchange (TASE). The value of the public float in these instruments exceeds US $ 12.5 billion.
At its 28/6/2012 meeting, the TASE Board of Directors approved additional regulations, designed to better address investor needs, while maintaining fair and orderly trade.
Key additions to the Regulations:
1. Criteria for indices eligible to serve as ETN underlying assets:
The value of the public float of a local share index serving as the underlying asset for an ETN shall not be less than NIS 7 billion and of a bond index shall not be less than NIS 3 billion.
Egypt's stock exchange signs agreements to boost global links
July 19, 2012--The Egyptian Stock Exchange (EGX) has signed two agreement as part of an initiative aimed at facilitating the trade of Egyptian securities by international investors, Daily News Egypt has reported.
The 'FIX HUB' project operates through connecting the EGX to the international Fidessa and ULLINK trading networks, allowing investors to trade via a FIX gateway. Fidessa's network includes around 170 stock markets from the US, Europe, Asia, and the Middle East, containing roughly 3600 partners in the field of financial services with approximately $800bn worth of transactions being executed. ULLINK serves around 130 financial institutions in the Canada, the US, Latin America, South and East Asia and Europe.
Saudi Arabia sees oil revenue climb 48%
July 19, 2012--According to figures by Opec, Saudi Arabia's saw a 48% jump in revenue from exports of crude oil and other petroleum products in 2011
as shipment volumes increased over the previous year, Saudi Gazette has reported. The kingdom shipped oil and products valued at $318.5bn last year, compared with $215.4bn in 2010, Opec said in its annual statistical bulletin. Iran, the group's second-biggest producer after Saudi Arabia, exported crude and petroleum products valued at $114.8bn, compared with $72.2bn the previous year, the data showed.
NASDAQ Dubai welcomes US$ 500 million Emaar Sukuk to its market
July 19, 2012--First Sukuk listing by Emaar on NASDAQ Dubai, the region's international exchange
Listing is landmark that strengthens region's capital markets
Emaar welcomes successful capital-raising from international and regional investors
NASDAQ Dubai, the region's international exchange, today welcomed the listing of a US$ 500 million Sukuk on its market by Emaar Properties
PJSC, the Dubai-based global property developer.
The listing is the first by Emaar on NASDAQ Dubai and constitutes the second drawdown under the company's recently updated US$ 2 billion Trust Certificate
Issuance Programme. The Sukuk's success underlines Emaar's strong value proposition and the credit standing of the company in international financial markets.
Saudi Arabia's economic growth seen slowing in 2013
July 18, 2012--Analysts forecast the Saudi economy to expand at a median rate of 5.2% this year, instead of the 4.5% forecast in the March poll
Reuters has reported. Last year, the Saudi economy grew 6.8%, analysts cut the kingdom’s outlook for next year to 4.0% from 4.3%. "We expect Saudi oil production to increase a little bit this year and we think the government spending will be trimmed a little bit by around 5%, but that really reflects last year’s outsized spending," said James Reeve, senior economist at Samba Financial Group in London. "In the short term, they can easily cope with significantly lower oil prices as they did in 2009. But they need to get a handle on domestic oil consumption in the medium to long term."
IMF increases Middle East growth forecast
July 18, 2012--The International Monetary Fund (IMF) has revised upwards its economic forecast for the Middle East and North Africa, despite trimming its predictions for global growth, Ahram has reported.
According to the IMF, growth of 5.5% for the Mena region is expected in 2012, 1.3% higher than its April forecast, helped by boosts in Saudi and Libyan oil production. "In contrast with the broad trends, growth in the Middle East and North Africa will be stronger in 2012–13 relative to last year," the fund said in its quarterly revision of economic forecasts. The region, which is a net importer of raw materials and food staples, may also benefit from a projected easing in global consumer price inflation.
Bahrain banks safe as EU crisis continues
July 18, 2012--Bahrain Association of Banks (BAB) has said lenders in the kingdom are unlikely to be directly affected by the eurozone turmoil, because their net funding dependence on European banks, and external funding in general, is largely limited and manageable, Daily Tribune has reported.
"The banking sector is also very liquid and that is the reason that makes Bahraini banks very resilient," said BAB Chairman Abdulkareem Bucheery. "Even with the economic woes, the liquidity means that the banking system would operate normally, even under extreme economic conditions. And banks will continue lending because of the high levels of liquidity." [AMEInfo.com]
UAE stocks gain ahead of Q2 earnings
July 18, 2012--The Dubai Financial Market (DFM) index rose strongly again yesterday amid higher volumes as investors took positions ahead of the declaration of the second quarter corporate earnings.
However, increasing downside risks in Europe and Asian markets capped the upside move on the market.
Egyptian pound set to fall 9% next year-poll
July 14, 2012--Economists have said Egypt's currency is expected to fall 9% to a historic low in the coming year,
although some see a much bigger drop if the country's economic and political woes trigger a balance of payments crisis, Reuters has reported. "Anything could happen, but in our central scenario we still expect some form of devaluation to happen," according to Said Hirsh at Capital Economics. "In this case it is a gradual depreciation, perhaps over a two or three steps, until then." That kind of devaluation would keep the currency within the central bank's comfort zone and would not provoke significant inflationary pressures, he said.
CFTC Approves New Financial Rules Submitted by the National Futures Association to Strengthen the Protection of Customer Funds Held by Futures Commission Merchants
July 13, 2012--The Commodity Futures Trading Commission (Commission or CFTC) today approved new financial rules submitted by the National Futures Association (NFA) that enhance protections to customer funds held by futures commission merchants (FCMs).
The new financial rules are set forth in NFA Financial Requirements Section 16, and an Interpretive Notice entitled “NFA Financial Requirements Section 16 FCM Financial Practices and Excess Segregated Funds/Secured Amount Disbursements.”
The new NFA rules require FCMs to strengthen their controls over the treatment and monitoring of funds held for customers trading on U.S. contract markets (segregated accounts) and for funds held for foreign futures and foreign option customers trading on foreign contract markets (Part 30 secured accounts).
