Wednesday 23rd July 2014
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TUESDAY TICKER: JULY 22nd 2014 - The Zimbabwe Stock Exchange (ZSE) has been transformed into a company from a mutual society, opening the way for a public listing on the bourse it operates. The ZSE has been owned and run by stock brokers since 1946, but after demutualisation the brokers now hold 68% while the government owns the remaining shares. The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to misuse of the DFSA's name. It has come to the DFSA's attention that a fraudulent email purporting to be from the DFSA has been sent to a number of firms both inside and outside the Dubai International Financial Centre (DIFC). The false email: purports to be about a "DFSA Anti-Money Laundering Violation"; appears to come from "Amina Alshehi" from "Audit & Compliance"; attaches a "non-compliance notice"; and uses legitimate DFSA contact details. The email is fake, warns the DFSA. - Surecomp, the provider of trade finance solutions for banks and corporations, says Nordea has gone live in Frankfurt and London with the stand-alone version of allNETT, Surecomp's Web-based trade finance front-end solution – Saudi’s Kingdom Holding Company announced a net income for the second quarter this year of SAR211.7m up 16.8% on the previous quarter. The gross operating profit was SAR420.3m up 26.2% on the same quarter in 2013. Mohammed Fahmy CFO, says: “The second payment of dividends has been deposited in shareholders’ accounts. The outlook for the company’s profitability remains strong.” - Northern Trust has reported a 20 percent rise in assets under custody and a 15% rise in assets under management for Q2 2014 compared to Q2 2013.The Corporate and Institutional Services (C&IS) and wealth management businesses also report a 9% rise in custody and fund administration services, investment management and securities lending. Frederick Waddell, the bank’s chief executive officer, says, “Our business continued to expand in the second quarter as trust, investment and other servicing fees, which represent 65% of revenue, increased 8% compared to last year and assets under custody and under management increased 20% and 15%, respectively.” - In the latest Investment Quarterly for Q3 2014, Renee Chen, Macro and Investment Strategist at HSBC Global Asset Management, looks at the investment prospects throughout the Asia region. Chen identifies macro trends that are likely to shape investment themes in Asian markets, such as economic policy reforms, economic rebalancing and regional cooperation and integration that will provide a wide diversity of investment opportunities in relevant sectors. Financial deepening, in terms of financial system reform and deregulation and capital market developments, is another macro theme. HSBC continues to see opportunities in various sectors that could potentially benefit from structural reforms in several Asian countries. In particular, effective implementation of reforms could lead to a sustainable improvement in economic fundamentals and the growth prospects of China and India, prompting a reform-led re-rating of Chinese and Indian stocks. The continued search for yield resulted in decent H1 performance in Asian credit markets and there has been continued investor appetite for emerging Asian bonds, but Chen cautions that valuations could become a constraint, with limited room for further spread compression in some sectors and markets. However, the still-low default rates and overall healthy level of leverage among Asian companies on the back of overall sound Asian economic fundamentals provide a solid base for Asian credit market in the medium-to-long term.

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Key Stories from FTSE Global Markets

Regardless of interest rates reduction, after record April, issuers’ activity in EM Eurobonds primary market decreased by half, mainly due to the fact that most companies that need financing preferred to enter the market in the first 4 months of the year.

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Any memory of last year’s lowest recorded levels of volatility since the financial crisis has surely been erased with the latest geopolitical events. Uncertainty around the pace of growth in China, the trimming of QE in the US, and mounting concern about Ukraine has meant that 2014 has already been marked down as a volatile year. But despite these shockwaves, for some investors a volatile market does not have to mean market losses. By Ben Few Brown, director, Arcanum Asset Management.

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Market experts at the 2014 thought leadership roundtable on TARGET 2 SECURITIES (T2S)

  • Jo van de Velde, head of product management, Euroclear        
  • Graham Ray, director, global product management, direct securities services, Deutsche Bank
  • Alain Pochet, head of clearing custody & corporate trust services, BNP Paribas Securities Services.
  • Tom Casteleyn, managing director, BNY Mellon        
  • Richard Scavetta, T2S programme director, Citi
  • Eric de Nexon, head of strategy for market infrastructures, Société Générale
  • Alex Dockx, executive director, product strategy, regulations and market infrastructures, Corporate & Investment Banking, JP Morgan  
  • Axel Pierron, head of capital markets, Celent
  • Francesca Carnevale, editor, FTSE Global Markets
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Ever since regulators first proposed that most OTC derivative contracts should settle through central clearing counterparties (CCPs) market participants have predicted a massive shortfall in the amount of high quality collateral available to meet CCP margin requirements. Doomsayers bandied about numbers of Brobdingnagian proportions—in the trillions—that would drive up costs, perhaps to the point where some derivative trades would become uneconomic. The clearing mandates began to take effect last year (at least in the United States) but so far the dire predictions have failed to materialise. The picture could change—the clearing requirements will not be in full force globally for several years—but the scale of any shortfall, if not Lilliputian, is unlikely to pose a major threat. Neil A O’Hara reports.

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Thursday, 22 May 2014

EMIR and the data detectives

Some weeks after the deadline for the start of reporting all derivative trades to new European trade repositories, many firms are still believed to be non-compliant. Some believe the new system could take up to a year to bed down. Indeed, one leading figure said: “It’s just as well it was a soft launch, because if it had been a hard launch it would have been a disaster.” Ruth Hughes Liley looks at the impact of the implementation of EMIR.

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