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Bankers fear effect of Basel rules
June 10, 2010--Economic growth in the eurozone, the US and Japan will be cut by three percentage points between now and 2015 if current proposals to force banks to hold more capital and liquid assets go forward unchanged, the world’s leading banking industry group warned on Thursday.
As a result, 9.7m fewer jobs would be created in those areas over the period, according to an impact assessment issued by the Institute of International Finance at a meeting in Vienna.
The group is pushing hard for the Basel Committee on Banking Supervision to rewrite or at least delay implementation of the proposals, known as Basel III, which are slated to be voted on later this year.
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Source: FT.com
EU will go beyond trillion-dollar bailout limit: Van Rompuy
June 10, 2010--- A near trillion-dollar bailout fund for debt-burdened euro nations will be increased if required, the European Union's appointed president said in an interview published on Thursday.
Herman Van Rompuy, who is in Berlin to meet German Chancellor Angela Merkel seven days from an EU summit dominated by disputes over how to install new cross-border economic governance, told Belgian business magazine Trends-Tendances that the 750-billion-euro EU-IMF fund of loan guarantees could be extended.
"Is it enough? Today, there is not even the hint of anyone asking to put this rescue plan into action," he told the magazine.
However, "if the plan proves insufficient, my answer is simple: in this case, we will do more."
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Source: EUbusiness
FSA publishes annual report for the year 2009/10
June 10, 2010--The Financial Services Authority (FSA) has published its Annual Report, outlining its performance against the priorities set out in its 2009/10 Business Plan and the FSA's statutory objectives.
In his foreword, FSA chairman, Adair Turner, commented that over the last three years, the FSA has transformed its approach to regulation and supervision and as a result, has had to go through a process of intense internal change.
Key elements of this transformation process are:
A radically changed approach to prudential supervision and in particular to the supervision of high impact firms, including stress testing, accounting reviews, challenges to business models, detailed liquidity assessments and reviews of remuneration policy.
Dramatically increased involvement in international and European fora to help drive global agreement on the complete revision of the prudential regulatory regime, with recommendations for such major change set out in the Turner Review and associated discussion and consultation papers.
view the report
Source: FSA.gov.uk
ETF Landscape: European STOXX 600 Sector ETF Net Flows, week ending 04-Jun-10
June 9, 2010--This is a weekly publication analysing Net Flows in aggregate in the seven families of ETFs tracking the 19 STOXX 600 sectors.
Last week saw US$191.8 Mn net inflows to STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Banks with US$309.9 Mn and Industrial Goods & Services with US$20.1 Mn while Health Care experienced net outflows of US$50.4 Mn.
Year-to-date, Media has had the largest net inflows with US$288.4 Mn net new assets, followed by Industrial Goods & Services with US$85.4 Mn YTD. Basic Resources sector ETFs have had the largest net outflows with US$235.3 Mn YTD. In total, STOXX 600 sector ETFs have seen US$327.2 Mn net outflows YTD.
The assets invested in the ETFs are greater than the open interest in the corresponding futures contract in 17 out of 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
Launch of Options on Five ETFs on NYSE Liffe
June 9, 2010--On June 7, NYSE Liffe launched options on five ETFs on the Paris derivatives market:
Option Underlying ETF:Lyxor ETF Stoxx 600 Banks
ETF ISIN:FR0010345371
Option Symbol:BNK
Option Underlying ETF:Lyxor ETF Stoxx 600 Oil & Gas
ETF ISIN:FR0010344960
Option Symbol:LOG
Option Underlying ETF:Lyxor ETF Stoxx 600 Basic Resources
ETF ISIN:FR0010345389
Option Symbol:BRE
Option Underlying ETF:Lyxor ETF Stoxx 600 Telecommunications
ETF ISIN:FR0010344812
Option Symbol:TEL
Option Underlying ETF:Lyxor ETF China Enterprise (HSCEI)
ETF ISIN:FR0010204081
Option Symbol:ASI
Source: NYSE Euronext
FTSE Italia Index Series Review June 2010
June 9, 2010-The FTSE Italia Joint Executive Group has approved the following changes to the FTSE Italia Index Series which will become effective after the close of business on Friday, 18 June 2010 (i.e. on Monday, 21 June 2010).
Il FTSE Italia Joint Executive Group ha approvato le seguenti modifiche per la serie di indici FTSE Italia che diverranno effettive dopo la chiusura delle contrattazioni di Venerdì 18 Giugno 2010 (Lunedì, 21 Giugno 2010).
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Source: FTSE
FESE Response To CESR Consultation Paper On Transparency For Bonds
June 9, 2010--FESE welcomes the opportunity given by CESR to respond to the Consultation Paper on technical advice to the European Commission in the context of the MiFID review on transparency for bonds.
View FESE Response_CESR CP 10-510 on Transparency for Bond
Source: FESE
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.
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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
