Friday 31st October 2014
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FRIDAY TICKER: OCTOBER 31TH 2014: - The re-election of President Dilma Rousseff on Sunday has important implications for Brazil's Baa2 sovereign rating, as well as for the credit quality of the country's banks, corporations and securitisations, says Moody's. The rating agency says the narrow margin of her victory underscores the challenges she faces as she looks to revive Brazil's lacklustre economic performance - Facebook has reported third quarter results, again showing strongest year-on-year growth in mobile, where daily active users (DAUS) rose by 39% to 703 million, while overall daily users rose 19% to 864 million DAUS - Francisco Partners, a global technology-focused private equity firm, today announced it has completed the acquisition of Vendavo, Inc., a leader in business-to-business (B2B) pricing solutions. David Mitchell, an operating partner of Francisco Partners, will join Vendavo as CEO and lead the company’s worldwide business strategy and operations. Incumbent CEO Neil Lustig will transition into an advisory role with Vendavo. Francisco Partners now has a controlling stake in the Silicon Valley company. The acquisition by Francisco Partners provides additional resources to bolster Vendavo’s aggressive growth strategy, enabling the company to expand sales and marketing while accelerating cloud development. Vendavo completed a record first half of 2014, with nearly 30-percent growth in bookings, and the release of two breakthrough solutions for price and sales effectiveness. Based in Mountain View, Calif., Vendavo provides revenue and price optimisation solutions for B2B mid-market and enterprise companies.Francisco Partners was advised by JMP Securities, and Vendavo was advised by William Blair. Financial terms of the transaction were not disclosed – The International Finance Corporation, or IFC, issued the four-year, triple-A rated bond only to Japanese retail investors, tapping into the growing interest in low-risk investments with a social or environmental focus. The World Bank, has sold several billion dollars in green bonds over the past six years, with proceeds going to help countries and firms cut greenhouse gas emissions and adapt to climate change. The latest offering, Inclusive Business bonds, would finance firms that work with or sell to the 4.5bn people in the world that make less than $8 a day. IFC said while most poor people do not spend a lot individually, as a whole they represent an estimated $5trn consumer market that firms could tap into - NAKA Mobile, a telecoms and technology specialist based in Switzerland, has claimed the industry’s first virtualised evolved packet core (vEPC). Utilising Cisco’s NFV services, NAKA claims it will transform its network architecture, expand beyond Switzerland, and provide its mobile Internet services to customers across the world - The Internet Society and Alcatel-Lucent have agreed to provide support and equipment for the development of the Bangkok Internet Exchange Point (BKNIX). The project will utilise the Internet Society’s Interconnection and Traffic Exchange (ITE) programme and is intended to deliver a stronger and more robust Internet infrastructure for South East Asia.

Latest News

  • Thursday, 30 October 2014 BATS holds off launch of Turkish securities trading
    BATS Chi-X Europe’s (BATS) has advised its participants that the launch date for trading Turkish securities, which was originally scheduled for November 4th, is on hold while its CCPs confirm final readiness to support the market. BATS says it will confirm the new go-live date in a subsequent communication. Read more...
  • Thursday, 30 October 2014 El BCE publica el Reglamento sobre las tasas de supervisión
    El BCE ha publicado hoy el Reglamento del BCE sobre las tasas de supervisión. El Reglamento fue aprobado por el Consejo de Gobierno tras una consulta pública que incluyó una audiencia pública. Read more...
  • Thursday, 30 October 2014 Economic sentiment picks up in Europe
    n October, after four months of stagnation or decline, the Economic Sentiment Indicator (ESI) picked up in both the euro area (by 0.8 points to 100.7) and the EU (by 0.5 points to 104.0). The euro-area indicator thereby went back to just above its long-term average of 100. Read more...
  • Thursday, 30 October 2014 EC deploys structural funds to Spain, Slovenia & Croatia
    The European Commission has adopted partnership agreements with six member states today, including Spain, Croatia and Slovenia, setting down the strategy for the optimal use of European Structural and Investment Funds throughout the country. Read more...
  • Thursday, 30 October 2014 EC sets out options to simplify VAT
    Ideas about ways to simplify, and make more effective and more fraud-proof VAT system tailored to the Single Market in the EU have been outlined in a paper published by the European Commission today. Read more...
  • Thursday, 30 October 2014 India on track for higher GDP growth says Moody's
    Moody's says the government of India (Baa3 stable) and the Reserve Bank of India's recent economic, fiscal and financial measures will, if successfully implemented, sustain higher GDP growth and address some of the constraints on India's sovereign credit profile. Read more...
  • Thursday, 30 October 2014 Poor countries stymied by tax info exchange says GFI
    While noting significant progress in the global effort to curb tax evasion, Global Financial Integrity (GFI) says the OECD/G20 movement toward automatic exchange of financial information excludes the world’s poorest countries from reaping any benefits while failing to deal with the issue of illicit financial flows in a comprehensive manor. Read more...
  • Thursday, 30 October 2014 Investment volume in renewable energy drops says Preqin
    Fundraising for renewable energy funds is at a relatively low level, with the aggregate capital raised by these funds increasing from $1.6bn for funds closed in 2010 to $2.6bn last year says Preqin. The number of renewable energy funds reaching a final close more than doubled over this time period, from nine to 21, demonstrating that although more funds are able to successfully reach a final close, they are often attracting less capital from investors. Read more...
  • Thursday, 30 October 2014 AFOLU sets new eligibility criteria for agri-climate bonds
    The Agriculture, Forestry and other land use (AFOLU) expert group is reportedly expected to report on new guidelines for climate smart bond issuance which is expected by the second quarter next year.The Climate Bonds Initiative held the first meeting of the AFOLU Expert Group last week. Read more...
  • Thursday, 30 October 2014 $&P says caution in European leverage loan is short term
    The European leveraged finance market (in particular the high-yield bond market) has suffered a correction, in stark contrast to borrower-friendly funding conditions in the first half of the year, says rating agency S&P. Read more...
  • Thursday, 30 October 2014 CME Q3 revenue $762m as volume rises
    CME Group Inc reports revenues of $762m and operating income of $430m in Q3. Net income attributable to CME Group was $290 million and diluted earnings per share were $0.86. Excluding the items noted in the reconciliation, adjusted earnings per share would have been $0.841. Read more...
  • Thursday, 30 October 2014 ECB publishes regulation on supervisory fees
    he European Central Bank (ECB) has today published the ECB Regulation on supervisory fees. It was approved by the Governing Council following a public consultation. Read more...
  • Wednesday, 29 October 2014 Perú: Operaciones monetarias y cambiarias y tasas de interés
    A 21 de octubre, las operaciones monetarias se han orientado a inyectar liquidez al mercado a corto plazo para satisfacer los requerimientos de cuenta corriente de las empresas financieras. Asimismo, se ha continuado realizando colocaciones regulares de CD BCRP tres veces por semana por un total de 800 mm de soles con el objetivo de contribuir a una mayor liquidez en el mercado secundario de estos instrumentos. Read more...
  • Wednesday, 29 October 2014 Listed company reporting: ESMA sets out priorities
    The European Securities and Markets Authority (ESMA) has published its public statement on European Common Enforcement Priorities (Priorities) for this year. ESMA identifies topics which it sees as a key focus of its examinations of listed companies’ financial statements. Read more...
  • Wednesday, 29 October 2014 El Ministro de Comercio de Panamá viajará mañana a Venezuela para encontrar una solución al problema de pago de divisas
    El Gobierno de la República Bolivariana de Venezuela le adeuda a las empresas panameñas más B/.1,000 millones, entre ellas a Copa Airlines, Industria Farmacéutica y empresas de la Zona Libre de Colón. Read more...
  • Wednesday, 29 October 2014 Pioneer's European equity mandate from Afore Banamex
    Global asset manager Pioneer Investments, says it has successfully funded a European Equity mandate with Mexican pension fund manager, Afore Banamex. The mandate, totaling close to $400m, will be actively managed by the specialist European Equities investment team at Pioneer Investments. Read more...
  • Wednesday, 29 October 2014 New Numerix platform for enterprise model risk management
    Numerix, a provider of cross-asset analytics for derivatives valuations and risk management, has introduced a new technology for Enterprise Model Risk Management, the Numerix Model Validation Studio. The service, which is part of the firm’s CrossAsset Analytic Platform, is an automated testing environment for model risk quantification and model governance. Read more...
  • Wednesday, 29 October 2014 Clearstream: securities settlement unaffected by Greek strike
    According to post trade services major Clearstream, the planned strikee by the General Confederation of Greek Labour union and the Public Sector Employees' union on November 27th should not affect the running of market infrastructures. Securities settlement is expected to take place as normal. Read more...
  • Wednesday, 29 October 2014 SEC says investment advisor violated custody rule
    The US SEC has announced charges against Sands Brothers Asset Management LLC for being repeatedly late in providing investors with audited financial statements of its private funds. Read more...
  • Wednesday, 29 October 2014 Tax evasion brings together OECD members
    Not since the days of Europe's Angevin kings has taxation loomed so large on the political horizon. Tax evasion is getting harder and harder and today another nail in the global tax avoidance coffin was hammered home by the new OECD/G20 standard on the automatic exchange of information, which has been endorsed by all OECD/G20 countries. 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.

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