Saturday 10th December 2016
NEWS TICKER, December 8th: Taskize have announced that Euroclear Bank, the Brussels based international central securities depositary, has gone live on the platform and will offer its 1,500 clients access to the platform - Q3 2016 saw European leveraged finance issuance (leveraged loans and high yield bonds) increase to €53.3bn, a 2.3% increase from €52.1 bn in Q2 and an 80.3% increase from €29.6bn in Q3 last year. The quarterly surge stems from the large increase in leveraged loan issuance, which increased by 45.4% in the third quarter of 2016 while high yield bonds issuance decreased by 25.3%; the high yield bond share of the leveraged finance market decreased to 44.5%, down from 61.0% in Q2 but slightly up from 44.1% in Q3 2015 -- US District Judge Richard Sullivan has reportedly questioned the Commodity Futures Trading Commission's (CFTC’s) allegation that DRW Holdings CEO Don Wilson manipulated the market, calling the CFTC's logic "so circular as to be nonsensical." The CFTC has asked the court to ban Wilson and DRW from trading, as well as impose penalties and forfeiture of $13.5m in profit -- Members of two Parliamentary committees have rejected a blacklist of countries with possible links to money laundering and financing of terrorism, which has been drawn up by the Commission because they believe it is too restrictive -- Barings says that OPEC cuts, with Russia agreeing to shoulder half of the planned daily reduction in output of 600,000, should be “sufficient to put the crude oil market back into balance in 2017”. OPEC has confirmed plans to cut oil production by 4.5%, or 1.2m barrels per day. The decision is significant given that consensus among the organisation’s members has historically been difficult, although of course adherence to the cut is key. The upbeat tone of commentators and OPEC members prior to the announcement had the desired effect of lifting the oil price above $50 per barrel -- Altana Wealth Limited in the United Kingdom has appointed Société Générale Securities Services (SGSS) in Ireland to provide fund administration, transfer agency and depositary services for their fund structure Altana UCITS Funds plc. The fund is authorised by the Central Bank of Ireland and currently has two sub-funds in operation in the structure, Altana Corporate Bond Fund and Altana Turnaround Stock Fund. Altana Corporate Bond Fund is a globally diversified corporate and sovereign bond portfolio. Altana Turnaround Stock Fund invests in long equity positions, listed predominately on the stock exchanges of the G7 countries. Both sub-funds are daily dealing funds -

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Key Stories from FTSE Global Markets

Set against a dynamic business backdrop in its own backyard, the European Energy Exchange (EEX) has adopted a confident and bold strategy to establish its global footprint within the exchange industry. Last year’s move into new commodity focused asset classes marks a new dimension in EEX’s growth and its continued transition from Europe’s leading energy exchange towards a global, multi-commodity exchange group. It has provided EEX and its parent company, Deutsche Börse Group, a growing competitive edge, given that it can also provide the vertical post trade support infrastructure required to back its expansion plans. Why has EEX been so successful in Europe, and how does that translate into its plans for global growth?

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Wednesday, 21 October 2015

Egypt opts for development funds

For the third time this year, the Central Bank of Egypt (CBE) has depreciated the Egyptian pound against the dollar in a foreign exchange auction in mid-October, taking the currency's decline for the year to 9.8%. The pound fell 1.3%(10 piasters) to 7.93 per dollar sell side and 7.88 buy side according to a report by the state-owned Middle East News Agency, which announced that the CBE offered $40m at a regular dollar sale to local lenders. Can the country pick its way out of the blues?

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The make-up of shareholders in Turkey’s banking segment has always been a touchstone of wider market change. The country has always been a swing market and the banking system has remained vulnerable, even with an improved capital base, as it has an ultra-high dependency on foreign funding of lending. That vulnerability has resulted in some significant changes in the investment in the country’s banking segment by foreign financial firms who have shown little stickiness in the country when the going gets tougher.

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Wednesday, 21 October 2015

Political uncertainty weighs on Turkey

A survey of 947 respondents in Turkey by Washington think tank PewCentre Research suggests Turks are dissatisfied with the direction of their country. Rising prices, crime and inequality are concerns. Moreover after years of quasi-Islamic rule that has been antipathetic to the military; survey respondents say the military is the only group with a “good influence on the country”. Opinions of the police, national government, religious leaders and the courts are mixed, while views of the media tilt to the negative. More pertinently perhaps, 52% of Turks think their children will be worse off financially in the future. The findings come as voters are scheduled to revisit national government elections on November 1st after the AKP party failed to form a coalition government in June. The upcoming elections will be closely watched, both as a bellwether of wider change in the eastern Mediterranean and as an indicator of the near term prospects for a lynchpin emerging market.

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In September, FTSE Group announced that Qatar will be upgraded from frontier to secondary emerging markets within the FTSE Global Equity Index Series in two equal tranches in September 2016 and March 2017, after the index provider confirmed that the country had now passed its key liquidity criteria for Secondary Emerging Market inclusion. Despite the plunge in oil prices, Qatar has held up relatively well in the current rout in emerging market stocks. Although with the exception of the FTSE upgrade, there remains a lack of immediate catalysts for Qatari stocks, even so Qatar maintains its edge as the government continues to spend freely, even as energy prices remain depressed. Does positive thinking about the kingdom’s prospects have legs?

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