Saturday 22nd November 2014
NEWS TICKER – FRIDAY NOVEMBER 21ST 2014: The director of the National Security Agency, Navy Admiral Michael Rogers, says he expects to see adversaries launch a cyber-attack in the next few years aimed at severely damaging America's critical infrastructure. "I fully expect that during my time as commander, we're going to be tasked to help defend critical infrastructure within the United States because it is under attack by some foreign nation or some individual or group," Rogers told the House Select Committee on Intelligence this morning (EST). Rogers, who also serves as commander of the US Cyber Command, says the government is better prepared to defend against those attacks than it was two years ago.On November 24th, the Federal Reserve will conduct a fixed-rate offering of term deposits through its Term Deposit Facility (TDF) that will incorporate an early withdrawal feature. This feature will allow depository institutions to obtain a return of funds prior to the maturity date subject to an early withdrawal penalty. The Federal Reserve will offer eight-day term deposits with an interest rate of 0.29000% and a maximum tender amount of $20,000,000,000. The penalty for early withdrawal is 0.75%, the minimum tender per institution is $20,000,000,000 - The Straits Times Index (STI) ended +29.72 points higher or +0.90% to 3345.32, taking the year-to-date performance to +5.70%. The FTSE ST Mid Cap Index gained +0.64% while the FTSE ST Small Cap Index gained +0.83%. The top active stocks were SingTel (+0.51%), UOB (+1.37%), DBS (+1.64%), Keppel Corp (+0.22%) and OCBC Bank (+1.16%). The outperforming sectors today were represented by the FTSE ST Basic Materials Index (+1.70%). The two biggest stocks of the FTSE ST Basic Materials Index are Midas Holdings (+1.72%) and Geo Energy Resources (+3.02%). The underperforming sector was the FTSE ST Technology Index, which gained +0.16% with Silverlake Axis’s share price gaining 0.41% and STATS ChipPAC’s share price unchanged. The three most active Exchange Traded Funds (ETFs) by value were the IS MSCI India (+1.70%), SPDR Gold Shares (+0.34%), DBXT MSCI Singapore IM ETF (unchanged). The most active Real Estate Investment Trusts (REITs) by value were Suntec REIT (unchanged), Ascendas REIT (unchanged), CapitaCom Trust (+0.89%) - In an interview with US online service Careers Info-Security News Greg Shannon, chief scientist at the CERT Division of Carnegie Mellon University's Software Engineering Institute says that to defeat cyber-adversaries, cybersecurity professionals should adopt a contrarian attitude, says. "Having that contrarian point of view allows you to get into the mindset of the adversary," Shannon says in an interview with Information Security Media Group. "How would this technology work if it did something the designer of it didn't think of?" he asks. "Certainly, that's the way the adversary is thinking, coming up with new attacks, new threats. They're looking at an app, a piece of software or some websites, [and they think] 'What can I do here that the designer didn't think of? Is there a way to get information through channels, through tricks that weren't anticipated? Is there some frailty of humans that I can exploit to get information out of them that they wouldn't normally give me?'" – Raiffeisen Bank International warned in an analyst conference call yesterday that profits in its Russian business would be challenged in Q4 versus Q3. The bank’s Chief Financial Officer Martin Gruell said higher risk provisioning and increased operating expenses could cut profits in its single most profitable market. "I would expect the fourth quarter to be a bit lower than the third quarter," he said. He believes the worst of the rouble's devaluation is over, but explained that the impact on the group’s capital from the dip in the ruble, could push RBI's core capital below 10% of risk-weighted assets by the end of this year - The performance of the Dutch residential mortgage-backed securities (RMBS) market remained stable during the three-month period ended September 2014, according to the latest indices published by Moody's Investors Service. The 60+ day delinquencies of Dutch RMBS, including Dutch mortgage loans benefitting from a Nationale Hypotheek Garantie, decreased to 0.95% in September 2014 from 0.98% in June 2014. At the same time, the 90+ day delinquencies decreased to 0.72% during the three-month period compared with 0.75% in June 2014. Cumulative defaults continued to increase to 0.54% of the original balance, plus additions (in the case of Master Issuers) and replenishments in September 2014, compared with 0.47% in June 2014, says the ratings agency. Cumulative losses slightly increased to 0.11% in September 2014 from 0.10% in June 2014 – According to a Clearstream client bulletin on November 18th, the US Internal Revenue Service and the US Treasury published an amendment to the current temporary regulations (TD9657) regarding FATCA. The amendment impacts Foreign Financial Institutions (FFIs) who have entered into an agreement with the IRS to become a participating FFI. It amends the determination date and timing for reporting with respect to the 2014 calendar year.

Latest News

  • Friday, 21 November 2014 BCE, datos bancarios consolidados a junio de 2014
    En el día de hoy, el Banco Central Europeo (BCE) publica los datos bancarios consolidados correspondientes a junio de 2014. Se trata de un conjunto de datos que proporciona estadísticas e indicadores sobre el sistema bancario de la Unión Europea (UE) en base consolidada. Read more...
  • Friday, 21 November 2014 China Merchants Bank launches first US RMB-denominated CD
    Standard Chartered is sole arranger of China Merchants Bank’s (CMB) New York branch’s first Renminbi (RMB) denominated certificate of deposit (CD) from its new global CD program. The issue marks the debut of RMB denominated certificates of deposit in New York. Funds generated will be used to support trade finance transactions in the US-China trade corridor. Read more...
  • Friday, 21 November 2014 Fed governor Tarullo’s evidence to Senate hearing
    Federal Reserve Bank Governor Daniel K Tarullo’s testimony to the Permanent Subcommitee on Investigations, in the US Senate today covers the history of bank and bank holding company engagement in physical commodities activities; the Federal Reserve's approach to supervising of financial institutions engaged in physical commodities activities and an outline of the Federal Reserve's current review of the physical commodities market. Read more...
  • Friday, 21 November 2014 Moody's rates Kazakhstan's agriculture fund debt
    Moody's has assigned a provisional (P) Ba2 rating to the KZT15bn debt programme of Kazakhstan's Fund of Financial Support for Agriculture (FFSA). Concurrently, Moody's assigned a Ba2 local-currency senior unsecured debt rating to the upcoming KZT6bn first tranche to be issued under this programme. Read more...
  • Friday, 21 November 2014 Russia’s CSD commences OTC DVP in RMB
    A new service at Russia’s National Securities Depositary (NSD) allows for OTC delivery versus payment (DVP) settlements in RMB. Similar to OTC DVP in RUB, this service will be delivered via trading cash accounts opened directly with the CSD, says a new Deutsche Bank client newsflash. Read more...
  • Friday, 21 November 2014 Can Japanese PM’s bold election gamble save Abenomics?
    Japanese Prime Minister Shinzo Abe’s double-pronged move to unveil a surprise election and delay a planned hike in the unpopular sales tax could be his last chance to save Abenomics, posits Kames Capital’s investment team. Read more...
  • Friday, 21 November 2014 Standard Life Investments reinforces multi-asset capability
    Standard Life Investments, the global investment manager, has made two appointment appointments to the Global Strategy team. Chris Faulkner-MacDonagh joins as market strategist and Alex Wolf has been appointed as emerging markets economist. Both will contribute to Standard Life Investments’ House View and generate research ideas for the wider business. The firm’s multi-asset and macro team is now 49 people strong. Read more...
  • Friday, 21 November 2014 LGM Investments hires new head of Greater China Equities
    LGM Investments Limited, a part of BMO Global Asset Management says Stephen Ma has been appointed head of Greater China Equities. He will be based in Hong Kong and will report directly to Thomas Vester, chief investment officer at LGM. Read more...
  • Friday, 21 November 2014 Silverfinch /Fundsquare to provide Solvency II look-through solution
    Dublin-based Silverfinch and Luxembourg-based Fundsquare say they have alligned to promote their Solvency II Look-Through and Data Utility across Europe. The deal will see Silverfinch and Fundsquare launch a joint push to asset managers and their insurer clients across the Europe ahead of the Solvency II implementation deadline of January 1st 2016. Read more...
  • Friday, 21 November 2014 InfoReach opens three new data centres
    Global electronic trading technology provider InfoReach says it has opened three new data centre in strategic locations to offer clients faster and more efficient trading performance. Read more...
  • Thursday, 20 November 2014 México, energía y competitividad
    El Secretario de Economía, Ildefonso Guajardo Villarreal, participó y clausuró la conferencia “Monterrey: energía y competitividad en un México post reformas” organizada por Americas Society/Council of the Americas (AS/COA), ProMéxico y el Gobierno del Estado de Nuevo León, en el Club Industrial de Monterrey, Nuevo León. Read more...
  • Thursday, 20 November 2014 NSCC looks to exclude Federal Reserve Banks from holding shares
    The US National Securities Clearing Corporation (NSCC) is looking to amend Rule 64 to make clear that US Federal Reserve Banks, central counterparties, and central securities depositories should not be considered either Mandatory Purchaser Participants or Voluntary Purchaser Participants in its shares. Read more...
  • Thursday, 20 November 2014 Crestbridge says it is strengthening growing real estate business
    Channel Islands-based Corporate services provider Crestbridge has appointed Andy Williams as a director in its real estate team in Jersey in response to growing demand for specialist real estate administration services through the jurisdiction. Read more...
  • Thursday, 20 November 2014 ELECNOR amplia su programa de pagarés en MARF
    ELECNOR incorpora al MARF una ampliación de su “Programa de Emisión de Pagarés Marzo - 2014” que le permitirá emitir hasta un saldo máximo de 200 mm de euros. Read more...
  • Thursday, 20 November 2014 Tasa de interés y operaciones monetarias del BCRP
    El 11 de noviembre, la tasa de interés interbancaria en soles fue del 3,5%, similar a la tasa de interés de referencia del Banco Central de la República del Perú (BCRP). Read more...
  • Thursday, 20 November 2014 NSD launches OTC electronic matching services in stages
    The National Settlement Depository (NSD), Russia’s central securities depository, has launched a new electronic matching services for OTC transactions. Now counterparties to a transaction can receive information about potential counter instructions in OTC transactions. Read more...
  • Thursday, 20 November 2014 Canada rises as distribution market for UCITS funds
    New streamlined and nationally harmonised regulation and a large pool of potential investors make Canada an attractive distribution market for UCITS (Undertakings for Collective Investment in Transferable Securities) funds, according to a new report by RBC Investor & Treasury Services and Borden Ladner Gervais LLP. Read more...
  • Thursday, 20 November 2014 Volatility trading/quant macro hedge funds outperform in October
    Newedge, the multi-asset brokerage and clearer, says an increase in market volatility during October helped the Newedge Volatility Trading Index post strong positive returns for the month, with an increase of 1.12%, its best month since January 2012. Read more...
  • Thursday, 20 November 2014 Are pension funds really de-risking? Computer says no
    According to Sorca Kelly-Scholte, managing director of Client Strategy and Research EMEA for Russell Investments, “The release of the PPF’s Purple Book 2014 gave us the latest comprehensive data set. Having made big de-risking asset allocation shifts in the noughties, pension fund asset allocations have been pretty static for a few years now”. Read more...
  • Thursday, 20 November 2014 Deutsche Börse acquires minority stake in R5FX
    Deutsche Börse AG says it has purchased a minority stake in R5FX Ltd, a London based FinTech firm specialising in emerging currencies, less than £10m.R5 focuses on developing a new interbank liquidity pool for eNDFs and EMFX. Read more...

MORE NEWS...
Key Stories from FTSE Global Markets
Wednesday, 24 September 2014

Prime computations

As regulators turn up the heat, prime-service providers have responded in kind by trimming the fat and optimising current tools, while also emphasising the same old “client-centric” concepts of the past. From Boston, Dave Simons reports.

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Wednesday, 24 September 2014

MarketAxess plugs the liquidity gap

In the absence of large dealer participation, New York-based MarketAxess has sought to plug the liquidity gap with its proprietary electronic trading platform, providing investors and broker dealers with streamlined access to an array of fixed-income products, Dave Simons talks to Rick McVey, MarketAxess chief executive, about the opportunities and challenges of the segment.

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Wednesday, 24 September 2014

Dragging dead weight

For those with eyes to read and ears to hear the macro economic news for the UK has been startling. GDP growth is apparently leading (well, Europe, at least), business optimism has been strong, inflation low, pound strong(ish). So why does it all seem to be a bit of an illusion? Simon Denham, chief executive officer of independent City consultant Skrem Ltd, gives us the bear view.

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Prices in the UK’s property, particularly real estate continue to rise, even as numbers of local mortgage applications shows signs of slowing. Even so, demand for property continues to outstrip supply and London in particularly continues its dominance within the United Kingdom, in terms of residential prices. London’s East End has been a particular beneficiary of increasingly relaxed development rules and the eastward shift in the capital of business and financial innovation.

Read more...
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