Friday 27th February 2015
NEWS TICKER, FEBRUARY 26TH 2015: The CME Group says that the volume in the Mexican peso interest rate clearing in the opening weeks of 2015 has outstripped the volume recorded in the whole of 2014. January was a particularly good month, with record volume m with $50bn cleared (MXN760bn), and $163bn cleared since launch. Meanwhile open Interest has grown to over $139.5bn (MXN2trn) – doubling since the start of the year - Italy’s payment systems specialist SIA reports operating margin up 22.5% at €81.9m and revenues up 7% at €336.9m over the 2014 financial year. The firm says it has proposed an ordinary dividend of €0.21 per share, with a total value of €35.68m. The firm reports a substantive 146% growth in the number of payment transactions processed through 2014 (touching 12bn over the year, with 9.2bn of those related to credit transfers (up 316%) and 3bn via cards (up 9%). The firm also reports a 5% increase in trading and post-trading operations, with service levels of 100%. The firm notes the success of its “Jiffy” service launch in the year, the new “Person to Person” (P2P) payments service, an App permitting money transfer in real time by Smartphone to a user’s contacts, associating the IBAN code of the account with the phone number included - The Straits Times Index (STI) ended -14.65 points lower or -0.43% to 3426.18, taking the year-to-date performance to +1.81%. The FTSE ST Mid Cap Index declined -0.31% while the FTSE ST Small Cap Index declined -0.29%. The top active stocks were SingTel (-0.47%), DBS (-0.66%), Global Logistic (+1.17%), UOB (-0.26%) and OCBC Bank (-0.38%). The outperforming sectors today were represented by the FTSE ST Consumer Goods Index (+0.77%). The two biggest stocks of the FTSE ST Consumer Goods Index are Wilmar International (+1.85%) and Thai Beverage (+0.71%). The underperforming sector was the FTSE ST Basic Materials Index, which declined -1.28% with Midas Holdings’s share price declining 3.08% and Geo Energy Resources’s share price unchanged. The three most active Exchange Traded Funds (ETFs) by value today were the IS MSCI India (-0.12%), STI ETF (-0.87%), SPDR Gold Shares (+0.50%). The three most active Real Estate Investment Trusts (REITs) by value were CapitaMall Trust (unchanged), Ascendas REIT (-1.59%), Suntec REIT (-0.51%). The most active index warrants by value today were HSI25000MBeCW150330 (+5.50%), HSI25000MBeCW150429 (+7.38%), HSI24400MBePW150330 (-10.11%). The most active stock warrants by value today were OCBC Bk MBeCW150803 (-5.74%), SGX MB eCW150803 (-1.16%), DBS MB eCW150915 (-5.33%) -World Bank today called for more transparency in India's power subsidy regime and suggested re-identification of the target population to improve the balance-sheets of losses-stricken distribution companies. The global development finance body says the sector should be allowed to operate in a commercially viable manner by ensuring that those firms that are not eligible for subsidy pay for what they consume - The country witnessed a decline of 12 per cent in solar power generation at a total 883 MW last year, according to energy consulting firm Mercom Capital Group. Total solar energy installations in 2013 stood at 1,004 MW, it said. However, its 2015 forecast remained unchanged at an approximately 1,800 MW with some upside - BNP Paribas Securities Services has appointed Andrea Cattaneo as head of Brazil. "We have expanded our custody offering in Brazil and across Latin America in recent years with great success," says Alvaro Camuñas, head of Spain and Latin America at BNP Paribas SS - A new draft text on an EU system for the use of Passenger Name Record (PNR) data, tabled by lead MEP Timothy Kirkhope (ECR, UK), was discussed in the civil liberties committee on Thursday morning. An evaluation of the necessity and proportionality of the proposal in the face of current security threats, its scope (list of offences covered), retention periods, the inclusion or exclusion of intra-EU flights, the connection with the on-going data protection reform, as well as the consequences of the EU Court of Justice judgement annulling the 2006 data retention directive, were among the issues discussed by MEPs. The 2011 Commission proposal would require more systematic collection, use and retention of PNR data on passengers taking “international” flights (those entering the EU from, or leaving it for, a third country), and would therefore have an impact on the rights to privacy and data protection.

Pendulum swings in favour of Eurozone financial transaction tax

Monday, 09 January 2012
Pendulum swings in favour of Eurozone financial transaction tax A very broad agreement in favour of an EU financial transaction tax emerged today, at the start of the Economic and Monetary Affairs Committee's work on the legislative proposal. Spokespeople for the European parliament's various political groups all advocated the tax, at least throughout the eurozone, and some deplored France's weekend hint that it could go it alone. http://www.ftseglobalmarkets.com/

A very broad agreement in favour of an EU financial transaction tax emerged today, at the start of the Economic and Monetary Affairs Committee's work on the legislative proposal. Spokespeople for the European parliament's various political groups all advocated the tax, at least throughout the eurozone, and some deplored France's weekend hint that it could go it alone.

Various MEPs said that in recent months they had shifted their position in favour of a financial transaction tax. Danish MEP Wolf Klinz explains that this was  "because the financial sector has not learnt the lessons from the crisis".  The shift suggests that more MEPs may favour the proposal than was the case some months ago.  Only the ECR spokesperson, Czech MEP Ivo Strejček, stood by his group's fundamental opposition to the tax.

A large majority of MEPs are believed to want the proposals to be implemented, at the very least, by all eurozone members. French MEP Pascal Canfin (of the Greens Party) rejected the argument that "ordinary consumers" would see the cost of the tax shifted to them, noting that the main "consumers" on financial markets are in fact high-frequency traders and banks trading for their own profit. Other MEPs felt that the tax was not a punitive measure, but one which ensured that the financial community would share some of the burden of the crisis.



By narrow margins, Europe's parliament had already pronounced itself in favour of a financial transaction tax even at the end of 2010. The Commission tabled its legislative proposal late in 2011.

The ECR group however struck a lone chord of dissent.  All its representatives warned of the dangers of the tax, stating that relocation of financial players would likely take place within weeks of its imposition and added that it was states and not banks which were responsible for current crisis impacting on Europe.

The UK MEP Marta Andreasen, noted that it was "incredible that we are discussing a financial transaction tax for 2014 when the euro is burning."

Related News

Related Articles

Related Blogs

Related Videos

Tweets by @DataLend

DataLend is a global securities finance market data provider covering 42,000+ unique securities globally with a total on-loan value of more than $1.8 trillion.

What do our tweets mean? See: http://bit.ly/18YlGjP