Tuesday 29th July 2014
The Union Bank of the Philippines (UBP) released a 49% drop in net earnings in the first half of 2014, as it came in to just PHP3.2bn, almost half of its net earnings in the same period last year. In the April to June period alone, net income fell 36% from PHP2.18bn in the second quarter of 2013 to PHP1.6bn in the second quarter of 2014. However, it is important to note that net interest income grew by 29% year-on-year, as it came in at PHP5.2bn in the half of 2014 – Rangold chief executive Mark Bristow will present the firm’s Q2 results at noon on Thursday this week at The Forum, London Stock Exchange Around 10.00 am today some traders on Moscow Exchange’s Derivatives Market reportedly experienced difficulties entering orders via the FIX protocol, with some valid messages rejected with an error code. The FIX protocol has been functioning as usual since 11:37 am says the exchange. Moreover, the exchange stresses other protocols to access the Derivatives Market’s trading system have been functioning as usual - Société Générale Securities Services in Luxembourg has been mandated by wealth manager Bedrock, with $6bn in assets under management, to provide custody, fund administration and registrar services for its range of UCITS funds - Moody's Investors Service has assigned a first-time provisional (P)B3 corporate family rating (CFR) to Empik Media & Fashion SA Group. At the same time, Moody's has assigned a provisional (P)B2 rating to the firm’s proposed senior secured notes due 2019 to be issued at EM&F Financing AB, a wholly owned and guaranteed subsidiary of EMF, reflecting its overall ranking within the debt capital structure. The outlook on the ratings is stable. This is the first time Moody's has assigned ratings to EMF - Lithuania will adopt the euro on January 1st next year. Lithuania will become the 19th member state to adopt the euro. "Lithuania's consistent efforts have paid off: today the eurozone has opened the door for us," said Algirdas Butkevičius, prime minister of Lithuania, on the announcement. The entry of Lithuania into the euro family is of great importance for the whole euro area. "It's a demonstration of the continuing attractiveness of the single currency project and its relevance for the future of our community," added Sandro Gozi, State Secretary for European Affairs of Italy and President of the Council of the EU. The conversion rate has been set at 3.45280 Lithuanian litas to the euro – Global macro hedge fund manager Atreaus Capital is now live with SunGard’s Hedge360 Risk Reporting Service. Delivered as a managed service, the Hedge360 Risk Reporting Service provides highly customized daily risk reports, offering transparency to investors and integrated internal risk management to hedge funds. Trading a broad range of products with an emphasis on FX and commodities, in the form of both OTC derivatives and futures - AnaCap Financial Partners LLP, the specialist European financial services private equity firm, together with HIG and Deutsche Bank, have completed the acquisition of a €495m portfolio of non-performing and sub-performing loans from Volksbank Romania. Under terms of the agreement, funds advised by AnaCap will jointly acquire the entire portfolio with HIG and Deutsche Bank. The portfolio of 3,566 loans in total is backed by a mix of primarily residential, commercial real estate and development land. APS Romania will be appointed as Master Servicer. The transaction is the largest of its kind in Romania to date, and came about as a result of the ongoing pressure on financial institutions across Europe to restructure and divest assets in order to clean up balance sheets and comply with new capital requirements. After a prolonged correction following the financial crisis, the property market in Romania is now showing strong signs of improvement. GDP and unemployment have recovered on the back of labour market reforms in 2011 and an IMF financing package. House prices, which declined 38% since their peak in mid-2008, are now on the rise, with the areas surrounding central Bucharest and other main cities increasing 4% for 2013.

Latest News

  • Tuesday, 29 July 2014 Regulation spurs new client data/documentation initiative
    Clarient Entity Hub has been launched, by the US DTCC and six banks, to provide centralised data and documentation services to help firms meet regulatory requirements including Know Your Customer (KYC), Foreign Account Tax Compliance Act (FATCA), European Market Infrastructure Regulation (EMIR) and Wall Street Reform and Consumer Protection Act (Dodd-Frank) Read more...
  • Tuesday, 29 July 2014 A happy payday under UCITS V?
    UCITS managers will clearly have to revise their existing remuneration practices to ensure compliance with UCITS V. Moreover, firms which rely on guaranteed multi-year bonuses to attract star performers from other institutions will have to revisit their recruitment practices. However, writes Shay Lydon, partner in the Asset Management and Investment Funds Group at Matheson, the good news for individual fund managers is that UCITS V will not necessarily lead to less pay. Read more...
  • Tuesday, 29 July 2014 Urbanisation will drive growth in RGMs says EY
    EY’s latest Rapid-Growth Markets Forecast (RGMF), a quarterly forecast covering 25 markets that according to the consultancy are becoming “more important globally” [sic] posits the view that urbanisation is now an important economic driver in these economies. Read more...
  • Monday, 28 July 2014 ING IM survey predicts growth of multi-asset strategies
    Investors continue to be highly focused on managing risk effectively and research by ING IM suggests this is fuelling growth in multi-asset strategies.Investors told researchers they expect assets under management in these strategies to grow by 18% between now and 2019. Read more...
  • Monday, 28 July 2014 UK opens bidding process for fracking licences
    The UK government today opened the bidding process for companies seeking licences to explore for onshore oil and gas, to help discover "how the gas under our feet can help power our homes"; in other words, new fracking licences. Read more...
  • Monday, 28 July 2014 UK household debt a priority for next UK government?
    Now the bruhaha over rising interesting rates as QE must come to an end: independent think tank Resolution Foundation says a rise in UK interest rates to 3% will adversely affect highly-geared UK households, impacting mortgages and the fortunes of any incoming government. Read more...
  • Monday, 28 July 2014 NASDAQ OMX hires BNY Mellon for EMIR compliance
    BNY Mellon has been appointed by NASDAQ OMX Clearing to provide European Market Infrastructure Regulation-compliant clearing and custody services for US Treasuries within the NASDAQ OMX Group’s new European clearing business. Read more...
  • Monday, 28 July 2014 NZ CB deputy governor now chairs Asian central bank group
    New Zealand Reserve Bank deputy governor Grant Spencer has been appointed chair of the Working Group of the Executives' Meeting of East Asia-Pacific Central Banks (EMEAP) an international central bank group. Read more...
  • Monday, 28 July 2014 HKMA tenders HKD1bn ten year government bonds
    The Hong Kong Monetary Authority (HKMA), has announced a tender of 10-year Government Bonds (Bonds) under the Institutional Bond Issuance Programme will be held on Wednesday, August 6th or settlement the next day. Read more...
  • Monday, 28 July 2014 Hong Kong/Thailand launch new cross-border PvP link
    The Hong Kong Monetary Authority (HKMA) and Bank of Thailand (BOT) have launched a new cross-border payment-versus-payment (PvP) link between Hong Kong’s US Dollar real time gross settlement (RTGS) system and Thailand’s Thai Baht RTGS system (BAHTNET). Read more...
  • Thursday, 24 July 2014 IOSCO surveys intermediaries use of social media
    The International Organization of Securities Commissions (IOSCO) has published the results of four surveys on the use of social media and automated advice tools in capital markets, and how regulators oversee the use of these tools. Read more...
  • Thursday, 24 July 2014 FBR & Co starts self tender offer for 1m shares
    Investment advisor FBR & Co has begun its previously announced modified "Dutch auction" tender offer to purchase up to one million shares, or about 9.9%, of its outstanding common stock, at a price of not less than $28.00 and not more than $29.00 per share. The tender offer will expire at 12:00 midnight. Read more...

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.


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.


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

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.

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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  • Wednesday, 23 July 2014 16:01 Mexican Economy on the Mend
    Despite a disappointing first half of the year, for the government of President Enrique Peña Nieto, everything appears to be going according to plan

Third Party Events

  • Wednesday, 09 July 2014 14:10 FHY1 Russian domestic bond issue league table
    by Cbonds
    A combination of elements, which include the relative success of diplomatic efforts in heading off a serious conflict in the Ukraine, the continued strengthening of…