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Investors Bet on Stronger Swiss Franc
September 15, 2011--Just one week after the Swiss National Bank shocked markets by capping the Swiss franc's rise against the euro, some investors already are beginning to position themselves for a potential breach of that ceiling.
Some financial market indicators suggest investors, including Wall Street banks and hedge funds, are buying options that would benefit them if the Swiss central bank is unable to keep the franc from rising above its set level of 1.20 francs per euro.
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Source: Wall Street Journal
Major central banks to provide dollars to banks: ECB
September 15, 2011--Top central banks promised Thursday to lend dollars to banks who find themselves short of the US currency in the ongoing eurozone debt crisis, a move that boosted the euro and stock markets.
The move sent stocks soaring and gave a boost to the euro, just hours after the EU warned that the eurozone debt crisis was bringing growth to a standstill although the region will likely escape outright recession.
"The governing council of the European Central Bank (ECB) has decided, in coordination with the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank, to conduct three US dollar liquidity-providing operations with a maturity of approximately three months covering the end of the year," the ECB said in a statement.
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Source: EUbusiness
Eurozone growth slows, outlook darkens but no recession
September 15, 2011-- The EU's economic outlook has "deteriorated" with the eurozone debt crisis contributing to slowing growth in the second half of the year, but no recession is in sight, the EU said on Thursday.
The economy in the single currency area is still expected to expand by 1.6 percent in 2011 despite the slowdown, thanks to stronger-than-expected growth in the first half of the year, the European Commission said.
The disappointing figures come as European Union finance ministers gather in Poland on Friday and Saturday for crunch talks aimed at resolving divisions over a new rescue package for Greece.
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Source: EUbusiness
EU's Almunia: monopoly concerns over D.Boerse-NYSE deal
September 15, 2011--Europe's competition chief said he fears the proposed merger of Deutsche Boerse (DB1Gn.DE) and NYSE Euronext (NYX.N) will create a monopoly in Europe's derivatives market.
"In this particular case, we are concerned that a very large player may monopolise the derivatives markets in Europe," Joaquin Almunia said in a speech at a financial conference in Wroclaw, Poland.
"Therefore, any outcome that would eliminate the possibility of new entry and user flexibility would be unacceptable to us," he added.
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Source: Reuters
Greek euro exit would have 'dramatic' consequences, says EU
September 14, 2011-- A Greek default or exit from the eurozone would have "dramatic" consequences for Greece as well as for Europe and the rest of the world, the EU's economy chief said on Wednesday.
"A default or exit of Greece from the eurozone would carry dramatic social, economic and political costs, not only for Greece, but also for euro area member states, other EU states, as well as global partners," EU Economic Affairs Commissioner Olli Rehn told the European Parliament.
Rehn's warning follows growing expectations in Europe, despite official denials, that Greece is heading towards a bankruptcy which would force it to default on part of its massive debt mountain.
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Source: EUbusiness
Spanish banks' borrowing from ECB up sharply in August
September 14, 2011--The amount borrowed by Spanish banks from the European Central Bank shot up by 34 percent in August from the amount in July to 69.92 billion euros ($95.0 billion), the Bank of Spain said on Wednesday, in a new sign of sliding market confidence in their financial health.
The debts of Spanish banks at the ECB also reached the highest level since September 2010, but remains below the figure of August, 2010 at 109.79 billion euros.
In July 2010, Spain borrowed a 130.2 billion euros from the ECB when the country came under intense pressure on the markets in the fallout from the Greek debt crisis.
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Source: EUbusiness
French banks downgraded before talks to save Greece, euro
September 14, 2011--Moody's ratings agency downgraded two top French banks in a new lurch for the eurozone crisis on Wednesday which Polish Finance Minister Jacek Rostowski warned could destroy the European Union.
Moody's cut the rating for Credit Agricole bank, one of the biggest in Europe, from Aa1 to Aa2 and Societe Generale's from Aa2 to Aa3 because of fears over their exposure to Greek sovereign debt. It left French banking major BNP Paribas on negative watch.
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Source: EUbusiness
iShares extends its fixed income ETF offering with two new funds
September 14, 2011--iShares, the Exchange Traded Funds (ETF) platform of BlackRock has launched two US fixed income ETFs ,which leverage the local portfolio management and trading expertise of its US team.
The iShares Markit iBoxx $ High Yield Capped Bond fund is a UCITS compliant Dublin domiciled, physically-based ETF, listed on the London Stock Exchange. It tracks the performance of the Markit iBoxx USD Liquid High Yield Capped index.
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Source: iShares
Sweden: Financial Sector Assessment Program Update - Technical Note on Reviewing the Systemic Liquidity Risk Management Framework
September 14, 2011--I. INTRODUCTION
1. Swedish banks faced a severe liquidity strain in the autumn of 2008, when global funding markets were impaired following the collapse of Lehman Brothers. The vulnerability of these banks to liquidity shocks reflected, in part, their extensive reliance on global wholesale funding. As the global crisis worsened, the authorities implemented aggressive
stabilization measures, which helped to successfully contain the financial instability risks that had emerged.
2. However, the experience of the crisis revealed some weaknesses in the existing systemic liquidity risk management framework in Sweden. In particular, the liquidity
regulations in place before the crisis, including the regulatory reporting framework, proved ineffective. There was also some ambiguity in regard to the institutional arrangements for
international reserve management. Furthermore, given the leanness of its balance sheet structure, the Riksbank faced constraints in flexibly implementing some liquidity easing measures, such as a securities lending facility.
ESMA publishes the responses received to the Consultation on ESMA's draft technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive
September 14, 2011--ESMA published a consultation paper (ESMA/2011/209) setting out its proposals for the detailed rules underlying the Alternative Investment Fund Managers Directive (AIFMD). This is in response to the request for assistance which the European Commission sent to ESMA’s predecessor, CESR, in December 2010. ESMA has to deliver its final advice to the Commission by 16 November 2011.
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Source: ESMA
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