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EU agrees rules to curb bank trading risks
June 19, 2015--EU finance ministers agreed a draft law to rein in trading risks at banks on Friday, including an exemption for Britain's lenders because they already face similar curbs.
The deal marks a coup for Britain, whose own banking reform will be accepted as a substitute for the EU law, as the country gears up for a referendum on its membership of the 28-member European Union, with financial services a key focus.
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Source: Reuters
Moscovici Says EU Transactions Tax May Come Together Soon
June 19, 2015--European efforts to design a financial-transactions tax for 11 willing nations may come together soon, European Union Economic and Tax Commissioner Pierre Moscovici said.
"The number of options on the table has been significantly reduced and I expect that there will be a political choice made in the coming weeks to lead us to a successful conclusion," Moscovici said on Friday in a statement to Bloomberg.
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Source: Bloomberg
LSE Names Former LME Chairman Donald Brydon to Head Its Board
June 19, 2015--London Stock Exchange Group Plc named the former London Metal Exchange chairman, Donald Brydon, as the new head of its board, according to a statement on Friday.
Brydon joins the LSE immediately and becomes chairman on July 1.
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Source: Bloomberg
EBA updates on consumer trends in 2015
June 18, 2015--The European Banking Authority (EBA) published today its fourth annual Consumer Trends Report. The report, which covers all the products that fall into the EBA's consumer protection mandate, such as mortgages, personal loans, deposits, payment accounts, payment services and electronic money, highlights the trends the EBA has observed with these products in 2015 and the issues that may arise, or have arisen, for consumers buying them.
It also provides early indications as to the areas in which the EBA may take action going forward. In addition, the report summarises all the measures the EBA has taken to address these issues.
view the EBA CONSUMER TRENDS REPORT 2015
Source: European Banking Authority (EBA)
Unscheduled component changes to SDAX: Ferratum OYJ will replace Westgrund AG
June 18, 2015--Deutsche Börse has announced that Westgrund AG will be replaced by Ferratum OYJ in SDAX.
Due to the takeover of Westgrund AG by ADLER Real Estate AG, the free float of Westgrund AG has dropped from 87.75 percent to 6.42 percent. With a free float below 10 percent, the company is ineligible for index inclusion, according to the rules in the Guide to the Equity Indices of Deutsche Börse AG.
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Source: Deutsche Börse
Dutch trading firm Flow Traders to list in Amsterdam
Owners plan to sell 40 percent stake
June 18, 2015--The owners of Flow Traders, a Dutch high-frequency trading firm, plan to sell around 40 percent of the business through a listing of its shares on the Euronext stock exchange in Amsterdam, the company said on Thursday.
CEO Dennis Dijkstra would not comment on reports in Dutch media that the company would seek a valuation of around 1 billion euros ($1.1 billion). Shares will be sold by current investors including private equity firm Summit Partners.
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Source: Reuters
S&P says uncertainty in Turkey likely to persist for few months
June 18, 2015--Ratings agency Standard & Poor's (S&P) said on Thursday it expected uncertainty to persist in Turkey over the next few months after an inconclusive election and, in the event of snap polls, to intensify by year-end and potentially hinder growth.
In the June 7 general election, voters deprived the ruling Justice and Development Party (AK Party), in power since 2002, of a majority, so it will now seek a coalition partner.
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Source: Today's Zaman
ESMA asks Commission to delay CSDR technical standards
June 18, 2015--The European Securities and Markets Authority (ESMA) has published today a letter informing the European Commission of its intention to delay its draft technical standards (TS) for the Central Securities Depositories Regulation (CSDR) to September 2015
The initial delivery date of the CSDR TS was 18 June 2015.
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Source: ESMA
New currency ETN from ETFS Foreign Exchange launched on Xetra
ETN tracks the exchange rate movements of the euro to the Swiss franc
June 17, 2015--A new exchange traded note (ETN) from the ETFS Foreign Exchange Limited product family has been tradable via Xetra and Börse Frankfurt since Wednesday.
ETF name: ETFS 5x Short CHF Long EUR
Asset class: currency ETN
ISIN: DE000A15P0U3
Total expense ratio: 0.98 percent
Distribution policy: accumulating
Benchmark: MSFX 5 Times Short Swiss Franc/Euro Index
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Source: Xetra
EU Seeks Transaction Tax as 11 States Meet in Bid to Choose Path
June 17, 2015--The 11 European nations seeking a financial-transactions tax will meet Thursday in Luxembourg in a bid to decide how to design the measure, according to European Union officials.
Participating states are wrangling over which trades to tax and who should collect revenue, according to planning documents obtained by Bloomberg News. Finance ministers and deputies are next slated to meet in Luxembourg with EU Economic and Tax Commissioner Pierre Moscovici before scheduled meetings of all 19 euro-area finance ministers.
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Source: Bloomberg
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