Tuesday 24th October 2017
NEWS TICKER October 24th: The board of FirstRand Limited has confirmed that it has made an approach to acquire the entire issued and to be issued share capital of Aldermore at 313p per ordinary share. The parent company of South African-based FirstRand Bank said it had been assessing opportunities to build a sustainable long-term deposit franchise to fund its strategy to grow and diversify the revenue of its current UK business. Aldermore and FirstRand are in preliminary discussions about the details of the possible offer, which is subject to a number of standard conditions -- According to Moody’s the 90-plus day delinquencies of UK buy-to-let residential mortgage-backed securities (RMBS) slightly decreased to 0.3% of current balance in the three month period ended June from 0.4% in the three month period ended March this year. Cumulative losses remained stable at 0.3% of original pool balance between March and June. The total redemption rate increased to 20.3% from 18.4% in the same period. As of the end of the second quarter, the total outstanding pool balance of the 43 UK BTL RMBS transactions rated by Moody's was £26bn, compared with £21.9bn at the end of the first quarter. One new transaction has been added to the performance update: Oat Hill No.1 plc – According to state-owned Coal India Ltd (CIL), the supply of coal to the Indian power sector in the first half this year rose by 6.7% to 204.5m tonnes even as power producers complained about low levels of coal stock at their plants. CIL's dispatch to the power sector in April-September 2016-17 was 191.5m tonnes (MT), according to government data. In September too, the fuel supply increased 17% to 32 MT against 27.4 MT in the same month of the previous fiscal, the data said. India’s coal secretary Susheel Kumar recently said there was no shortage of coal and blamed power producers for low fuel stocks at plants. "The sentiment that is being created by some people is just to meet their own ends ... so as to get more and more coal. This is not right. This sentiment should not be created. There is no shortage of coal," Kumar told Indian journalists. "The root cause of all this problem is that many power plants have not followed the CEA (Central Electricity Authority) guidelines of stocking coal for 22 days. This is not the coal ministry's instruction. This is the instruction by ministry of power," he explained -- The securitisation scheme established by the China Securities Regulatory Commission (CSRC) has rapidly gained ground. In a new report, S&P Global Ratings shares its observations about the scheme and its legal foundations. "We believe the regulatory intention is to position the CSRC securitisation scheme as a derivative of traditional asset management operations," says S&P Global Ratings' credit analyst Aaron Lei - Media, technology and brands law firm Wiggin has acquired boutique intellectual property law firm Redd. The transaction will complete on November 6th. The combined team comprises 20 specialist IP lawyers working across Wiggin's offices. Wiggin CEO, John Banister, said: 'Wiggin devised an assertive growth strategy a few years ago that was focused on our key markets ... Redd is an immensely capable boutique and has an enviable reputation in IP law. We are delighted to be working together.” -- In its website blog, LedgerX, the new bitcoin-trading platform, has confirmed it has begun regulated trading of cryptocurrency derivatives. The platform reports 176 swaps and options contracts with a notional value of more than $1m traded during launch week. “As a new exchange and clearing house with technology built entirely from scratch, we were hoping for a quiet first week with minimal volumes to test the pipes. No press, no fanfare,” the blog notes -- Intercontinental Exchange is set to buy a 4% stake in Euroclear from Royal Bank of Scotland for an estimated £200m, say press reports in a deal expected to be announced later this week -- The UK government’s Crown Commercial Service has unveiled proposals to create a marketplace for government bodies across the board to procure commercial legal advice. Users of the vehicle or vehicles could include central Government departments and their associated bodies including devolved administrations, the wider public sector including health and education bodies, local and regional government organisations, emergency services and third sector organisations. The marketplace for legal services to UK public sector contracting bodies is expected, in aggregate, to be worth £650m a year. CCS also says market engagement will be managed electronically via its eSourcing Suite. Moreover, a contract notice in relation to the marketplace is expected to be published at the end of next month. In March this year the CCS named 18 law firms to a £320m, two-tier panel for the supply of general legal advice to crown bodies and other permitted users. Three months later is also launched a new panel agreement for finance and complex legal services worth an estimated £90m over a four-year period -- Bahrain, Kuwait, and the United Arab Emirates have agreed to lift a ban on imports of Egyptian agricultural products, Egypt's agriculture ministry said in a statement on Sunday The decision came after a productive series of meetings between officials from the three Gulf countries and an Egyptian delegation over the past few weeks, according to Minister of Agriculture Abdel-Moneim El-Banna. The Gulf countries banned Egyptian agricultural imports over the past year, citing concerns of harmful pesticide residue in produce. In exchange for increased Egyptian inspection of produce destined for the Gulf, the countries have agreed to allow the import of certain products, including organic ones, given proper testing – Private equity maven KKR has announced the appointment of David Lang as a member in the Sydney office, effective early 2018. Lang joins KKR from Pamplona Capital Management, a $10bn global private equity fund where he was a partner and founding member. With 20 years of industry experience, he has successfully invested across a diverse range of sectors - from consumer staples and retail, to industrials and infrastructure. Scott Bookmyer, member & head of KKR Australia, says, "After spending the past 15 years in Europe and the United States, he brings back a wealth of relationships and best practices to his home market. David personifies the global & local nature of KKR's strengths and enables us to offer an even greater array of flexible capital solutions to local institutions and entrepreneurs. David's arrival, and appointment as a fellow Member to help me lead the team, reinforces KKR's long-term commitment to the vibrant Australian market -

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  • Monday, 23 October 2017 Bridging loans in the UK decrease by 4.9% says Bridging Trends
    Gross bridging lending declined to £142.75m during Q3 2017, down 4.9% compared with Q2 2017 (£150.07m), according to the latest quarterly data from Bridging Trends; however, on a comparable year on year basis the latest figures show a 2% increase. Read more...
  • Monday, 23 October 2017 US Treasury releases report examining the CFPB’s Arbitration Rule
    The US Treasury Department today released a report that examines the Consumer Financial Protection Bureau’s (CFPB) arbitration rule. The Treasury report delves into the analysis CFPB used to prohibit mandatory arbitration clauses. It outlines important limitations to the data behind CFPB’s rule and explains that CFPB did not appropriately consider whether prohibiting arbitration clauses would advance consumer protection or serve the public interest. Read more...
  • Monday, 23 October 2017 Bahrain steps up investment in infrastructure in 2018
    At the weekend, The Bahraini government announced a new package of projects to be implemented next year at the Bahrain Government Forum 2017 in Manama. Read more...
  • Monday, 23 October 2017 Moody's: says Russian banking system outlook is stable despite high profile bank failures
    The outlook for the Russian banking system is stable, despite some recent high profile bank failures, says Moody's. The outlook is supported by an improving economic backdrop, banks' recovering capital buffers, moderating credit costs and increased support by the government to systemically important banks(SIBs). Read more...
  • Monday, 23 October 2017 Trump Signs ETF Research Provision Bill
    President Trump signed S.327, the Fair Access to Investment Research Act of 2017, into law last week, allowing broker-dealers to provide research reports to clients on exchanged-traded funds. As a consequence of the chief executive signing the bill into law, broker-dealers will be able to offer investors research on exchange-traded funds as well as other securities that they already cater for. Read more...
  • Monday, 23 October 2017 Europe's high-yield restaurant chains’ margins under pressure reports Moody’s
    Fierce competition, rising inflation and the potential erosion of consumer confidence will make it tougher for rated European high-yield casual dining restaurants to defend margins while maintaining or growing sales in the next 12-18 months, says Moody's in a report published today. Read more...
  • Monday, 23 October 2017 Strasser Capital receives the GO for its second green loan tranche
    Munich-based Strasser Capital has announced the second issuance under its MEP Green Financing Programme used for the long-term financing of the solar lease business model of its subsidiary MEP Werke GmbH. Issuance has been scheduled for either the fourth quarter (Q4) this year, or early next. Read more...
  • Monday, 23 October 2017 Tourmaline Partners launches new commission management website
    Tourmaline Partners, the institutional equity and derivatives trading solutions firm, has launched a new commission management website to accommodate a growing client demand for CCA and CSA administration. Read more...
  • Monday, 23 October 2017 AMF publishes new guide for regulations and obligations for SMEs and mid-tier firms
    Listed companies are governed by numerous rules, from flotation on a regulated market to the prevention of insider dealing and the supervision of financial information. These requirements can sometimes be difficult to understand for midcaps. Consequently, and following on from the initiatives already taken by the regulator for SMEs and mid-tier firms, the AMF has published a concise guide summarising these main provisions. Read more...
  • Monday, 23 October 2017 House of Lords looks at future of UK clearing post-Brexit
    Representatives from the Futures Industry Association (FIA) and The London Clearing House (LCH) to give evidence to Lords EU Committee on Wednesday this week (October 25th). The House of Lords EU Financial Affairs Sub-Committee will take evidence on the views of the UK’s Central Counterparty (CCP) sector regarding Brexit. Read more...
  • Friday, 20 October 2017 Franklin Templeton Investments launches multi-factor emerging markets UCITS ETF
    Franklin Templeton Investments has introduced the Franklin LibertyQ Emerging Markets UCITS ETF, the fifth ETF to be added to its Franklin LibertySharesTM Smart Beta UCITS ETF3 suite. The new ETF is listed on the Deutsche Börse (DB) and London Stock Exchange (LSE). Read more...
  • Friday, 20 October 2017 ESMA receives mandate on fund performance from European Commission
    The European Securities and Markets Authority (ESMA) has received a mandate from the European Commission (EC) requesting the European Supervisory Authorities (ESAs) – the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and ESMA – to issue recurrent reports on the cost and past performance of the main categories of retail investment, insurance and pension products. Read more...
  • Friday, 20 October 2017 MEP push for stronger privacy rules for online communications
    MEPs want to step up protection for citizens using tools such as Messenger, WhatsApp or Skype, and other electronic communication services. Read more...
  • Friday, 20 October 2017 ADGM and Al Ansari Exchange collaborate on fintech
    Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and Al Ansari Exchange, the leading foreign exchange and worldwide money transfer company in the UAE, have established a new partnership to promote and support the growth of FinTech industry in Abu Dhabi and the United Arab Emirates. Read more...
  • Friday, 20 October 2017 RSRCHXchange appoints new board members and staff
    RSRCHXchange, the MiFID II compliant marketplace for institutional research, today announced that industry veterans Adam Toms, former CEO of agency broker Instinet Europe, Don Guiney, senior capital markets partner at Freshfields, and Michael McFadgen, managing director at Euclid Opportunities, NEX’s fintech investment division, have joined the RSRCHXchange board. Read more...

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Key Stories from FTSE Global Markets

Although long standing, in 2016 the country’s privatisation programme was harnessed by the government to encourage foreign investment in minority stakes in a gamut of state-owned firms, include the country’s flagship National Company KazMunaiGas. Since then, the programme has sometimes been mired in questions around governance. Partners, Carter Brod and Aset Shyngyssov of global law firm Morgan Lewis examine the viability of Kazakhstan’s privatisation plans.

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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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THE EVOLUTION OF CUSTODY IN A POST T-2S WORLD

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