Saturday 30th May 2015
NEWS TICKER: FRIDAY, MAY 29th: CONCERNS raised by a whistleblowing Royal Navy submariner over the safety of the Clyde-based Trident nuclear weapons system are unfounded, Defence Secretary Michael Fallon has said - PROPOSALS unveiled by the UK government to hand more powers to Scotland “fall short in almost every area”, Nicola ¬Sturgeon has told MSPs. The First Minister insisted that the measures in the Scotland Bill published at Westminster today do not live up to the proposals of the original Smith Commission recommendations on more powers for Holyrood after the referendum No vote. Ms Sturgeon said MSPs would be unable to scrap the bedroom tax without Westminster’s permission because UK ministers would hold up to eight vetoes under the terms of the bill. The SNP leader called on all parties at Holyrood to mount a campaign for an enhanced package at First Minister Questions. “The UK government had a very clear test today to deliver a bill which lived up in spirit and in letter to the Smith Commission,” she says -

Latest News

  • Friday, 29 May 2015 EBRD in talks with Borsa Istanbul over 10% stake
    The EBRD is in negotiations to acquire a 10% equity stake in Borsa Istanbul,, via the purchase of ordinary voting shares from the exchange. The EBRD says it wants to support the Turkish government’s strategy of turning Istanbul into a pan-regional financial centre, encompassing North Africa, Southeastern Europe and Central Asia. Read more...
  • Friday, 29 May 2015 Four ETFs to list on BATS Chi-X Europe; venue announces free ETF listings
    On June 1st BATS Chi-X Europe will list four Van Eck Global Market Vectors ETFs, two of which will be uniquely listed on BATS’ Regulated Market Segment (REGM) CXE order book. BATS will also be introducing its new trading tariffs for ETFs on the CXE lit order book alongside free ETF listings for issuers. Read more...
  • Thursday, 28 May 2015 Argentina: ampliación de la emisión de BONAC
    El Poder Ejecutivo Nacional amplió la emisión de los Bonos del Tesoro Nacional argentino con vencimiento en marzo, mayo y septiembre de 2016, y determinó que el monto de esas ampliaciones serán en conjunto de 10.000 millones de pesos. Read more...
  • Thursday, 28 May 2015 MARF admits to trading a €184.5 m project bond issue by Autovía de la Plata
    MARF has admitted to trading a project bond issue by Sociedad Concesionaria Autovía de la Plata, the concessionary company of the section of 49 kilometres of the A-66 between Benavente y Zamora, in Spain, called Autovía de la Plata. Read more...
  • Thursday, 28 May 2015 MARF admits to trading a bond issue by Grupo Pikolin
    MARF has admitted to trading two simultaneous bond issues by Grupo Pikolin, the first limited liability company to issue bonds in this market, under the formula known as Dual Tranche. This is the first with maturity of seven years, for a volume of €10 million and a 4.5% coupon and the second, for €20 million, maturity of 10 years and 5% coupon. The issues have been distributed through a private placement and were acquired by qualified, long-term investors. Read more...
  • Thursday, 28 May 2015 Find Me a Prime
    Will the current climate continue to favor the various small-time prime models that have emerged in the wake of the recent PB purge? Are these specialty firms capable of handling the ever-expanding field of small funds in need of a home? Dave Simons reports. Read more...
  • Thursday, 28 May 2015 EU Commission draft 2016 budget: focus on jobs, growth, & migration
    Reality bites in the EU Commission’s proposed 2016 budget of €143.5bn, up 1.6% on 2015. According to the EU executive, the budget aims to 'support the recovery of the European economy”. The funds will be used to create jobs and growth, to deal with migration more effectively, and to strengthen the EU's role as a global player. "In today's economy, it is more important than ever to use taxpayers' money wisely. Our 2016 budget supports the economic recovery through investment for growth and jobs, as well as helping manage external challenges such as migration. We are responding to the most pressing needs in Europe and aiming for the best possible results," EU Commissioner for Budget and Human Resources Kristalina Georgieva says. Read more...
  • Thursday, 28 May 2015 FDIC reports Q1 uptick in business for the US banking industry
    According to FDIC chairman Martin Gruenberg, the agency’s release of first quarter (Q1) 2015 results for FDIC-insured institutions shows “gradual but steady improvement during the quarter. Revenue, earnings, and loan balances were up, there was further improvement in asset quality, and the number of banks on the problem list declined to the lowest level in more than six years”. Read more...
  • Wednesday, 27 May 2015 Méjico y Brasil abren acuerdos de cooperación
    La Presidenta de Brasil, Dilma Rousseff, realizó una visita oficial a Méjico a principios de esta semana en la que se reunió con el presidente Enrique Peña Nieto. Ambos mandatarios ya se han reunido en cuatro ocasiones con la intención de afianzar sus lazos. Ambos países suscribirán un acuerdo de cooperación y facilitación de inversiones con el propósito de promover los flujos de inversión en ambas direcciones. Read more...
  • Wednesday, 27 May 2015 Argentina: Informe de bancos marzo 2015
    El Banco Central de la República Argentina (BCRA) ha publicado hoy el informe sobre bancos para el mes de marzo de 2015. En marzo el saldo de crédito total (en moneda nacional y extranjera) al sector privado se incrementó 2,5% en términos nominales (22,7% interanual), superando las variaciones observadas en los meses anteriores. Así, en el primer trimestre de 2015 este financiamiento creció a un ritmo superior al evidenciado en los tres comienzos de año precedentes. En el acumulado del año este desempeño se reflejó tanto en el segmento de las empresas como en el de las familias. Read more...
  • Wednesday, 27 May 2015 FSB publishes thematic review on supervisory frameworks and approaches for SIBs
    The Financial Stability Board (FSB) has published a thematic peer review on supervisory frameworks and approaches for systemically important banks (SIBs). Read more...
  • Wednesday, 27 May 2015 US Fed's household outlook survey suggests modest optimism
    The US Federal Reserve Board's latest survey of the financial and economic conditions of American households released today finds that individuals' overall perceptions of financial well-being improved modestly between 2013 and 2014 but their optimism about future financial prospects increased significantly.Does that signal that the Fed will raise interest rates sooner rather than later? Unlikely. Read more...
  • Wednesday, 27 May 2015 EFAMA/SWIFT report on evolution of industry standardisation released
    The European Fund and Asset Management Association (EFAMA) today published in cooperation with SWIFT, a new report on the evolution of automation and standardisation rates of fund orders received by transfer agents (TAs) in the cross-border fund centres of Luxembourg and Ireland in 2014. Read more...
  • Wednesday, 27 May 2015 BVI launches two new fund structures directed at start-ups and family offices
    The BVI Financial Services Commission (FSC) has introduced two new funds, the Incubator Fund and the Approved Fund that are aimed at start-up managers and those managing funds for smaller groups of closely connected investors. Read more...
  • Wednesday, 27 May 2015 Deutsche Börse agrees strategic cooperation with Chinese exchanges
    Shanghai Stock Exchange, China Financial Futures Exchange and Deutsche Börse today agreed on a strategic cooperation to launch a joint venture to develop and to market financial instruments based on Chinese underlyings to international investors outside mainland China. Read more...
  • Wednesday, 27 May 2015 Council of Europe’s anti-corruption group report on Belarus; implementation disappointing it says
    Belarus is looking to address corruption but the results of the implementation of previous recommendations are “clearly disappointing”, says the summary of the Compliance report by the Council of Europe’s Group of States against Corruption (GRECO) published today. Read more...

MORE NEWS...
Key Stories from FTSE Global Markets

In mid-April, the Saudi Capital Market Authority (CMA) announced that on May 4th it would publish rules that will open the Tawadul to qualified foreign institutional investors (QFIs), with a projected start date of June 15th. The Saudi Arabian stock market capitalisation is some $528bn (around two-thirds of Saudi GDP) and is marginally larger than all the other GCC stock markets combined. The move comes at an already propitious time for the Saudi economy in any case. What will the move mean in practice?

Read more...

Only two months remain until Target-2 Securities (T2S) goes live in June 2015, when a first group of five central securities depositories (CSDs) will migrate to the new European settlement platform provided by the Eurosystem. By February 2017 a further 19 CSDs will have joined them. Underpinning the project is post trade harmonisation and a central tenet of this is settlement discipline. This is the first in a series of reports on the progress of the Target-2 Securities project and its impact on the market. In the run up to launch of the First Wave of the project, in this edition we look at the question of whether all T2S markets achieve compliance with the T2S harmonisation settlement standards before they migrate to T2S. The outlook is positive; even so, some small niggles remain.

Read more...

Will increased demand for more efficient capital-management solutions—not to mention the potential to reduce counterparty default protections—help centrally cleared lending make its stateside breakthrough? To date, what factors have helped keep interest in CCPs relatively muted among stateside participants, at least compared to their European counterparts? Dave Simons reports from Boston.

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The Egyptian Exchange (EGX) launched the second phase of improving the exchange’s over the counter (OTC) market mechanisms in late March, which the exchange says represents an important step in EGX’ trading system, where investors can put the sell order for non-listed companies without the need to have the other side of the transaction.

Read more...
Tuesday, 28 April 2015

Egypt: in search of a new start

Moody's upgraded Egypt's issuer and senior unsecured bond ratings to B3 from Caa1, with a stable outlook in early April, signalling an improvement in the country’s macroeconomic performance and a reduction in external vulnerabilities and a continuing commitment by the government to fiscal and economic reform.

Read more...
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