Friday 22nd May 2015
NEWS TICKER: FRIDAY, MAY 22ND: The California Public Employees' Retirement System (CalPERS) has named Beliz Chappuie as CalPERS' Chief Auditor, effective July 31, 2015 - Saudi Arabia's oil minister has said the country will switch its energy focus to solar power as the nation envisages an end to fossil fuels, possibly around 2040-2050, Reuters reports. "In Saudi Arabia, we recognise that eventually, one of these days, we are not going to need fossil fuels, I don't know when, in 2040, 2050... we have embarked on a program to develop solar energy," Ali Al-Naimi told a business and climate conference in Paris, the news service reports. "Hopefully, one of these days, instead of exporting fossil fuels, we will be exporting gigawatts, electric ones. Does that sound good?" The minster is also reported to say he still expects the world's energy mix to be dominated by fossil fuels in the near future - Barclays has appointed Steve Rickards as head of offshore funds. He will lead the creation and implementation of the bank’s offshore funds strategy and report directly to Paul Savery, managing director of personal and corporate banking in the Channel Islands. For the last four years Mr Rickards has been heading up the Guernsey Funds team providing debt solutions for private equity and working with locally based fund administrators. Savery says: “Barclays’ funds segment has seen some terrific cross functional success over the past year or so. Specifically, the offshore business has worked hand in hand with the funds team in London to bring the very best of Barclays to our clients, and Steve has been a real catalyst to driving this relationship from a Guernsey perspective.” - Moody's has downgraded Uzbekistan based Qishloq Qurilish Bank's (QQB’s) local-currency deposit rating to B2, and downgraded BCA to b3 and assigned a Counterparty Risk Assessment of B1(cr)/Not prime(cr) to the bank. The agency says the impact on QQB of the publication of Moody's revised bank methodology and QQB's weak asset quality and moderate loss-absorption capacity are the reasons for the downgrades. Concurrently, Moody's has confirmed QQB's long-term B2 foreign-currency deposit rating and assigned stable outlooks to all of the affected long-term ratings. The short-term deposit ratings of Not-prime were unaffected - Delinquencies of the Dutch residential mortgage-backed securities (RMBS) market fell during the three-month period ended March 2015, according to Moody's. The 60+ day delinquencies of Dutch RMBS, including Dutch mortgage loans benefitting from a Nationale Hypotheek Garantie, decreased to 0.85% in March 2015 from 0.92% in December 2014. The 90+ day delinquencies also decreased to 0.66% in March 2015 from 0.71% in December 2014.Nevertheless, cumulative defaults increased to 0.65% of the original balance, plus additions (in the case of master issuers) and replenishments, in March 2015 from 0.56% in December 2014. Cumulative losses increased slightly to 0.13% in March 2015 from 0.11% in December 2014 – Asset manager Jupiter has recruited fund manager Jason Pidcock to build Asian Income strategy at the firm. Pidcock J has built a strong reputation at Newton Investment Management for the management of income-orientated assets in Asian markets and, in particular the £4.4bn Newton Asian Income Fund, which he has managed since its launch in 2005. The fund has delivered a return of 64.0% over the past five years compared with 35.9% for the IA Asia Pacific Ex Japan sector average, placing it 4th in the sector. Since launch it has returned 191.4 against 154.1% for the sector average. Before joining Newton in 2004, Jason was responsible for stock selection and asset allocation in the Asia ex-Japan region for the BP Pension Fund.

Russian T+3 Settlement set for Mid-November

Wednesday, 25 April 2012
Russian T+3 Settlement set for Mid-November The Russian switch from T+0 settlement towards a T+3 settlement is now likely to take place in Mid-November according to an announcement made by the MICEX-RTS exchange at an event they held in London yesterday. This is later than previously suggested with the delay put down to the slower than expected introduction of a single central securities depositary (CSD) and CCP. http://www.ftseglobalmarkets.com/

The Russian switch from T+0 settlement towards a T+3 settlement is now likely to take place in Mid-November according to an announcement made by the MICEX-RTS exchange at an event they held in London yesterday. This is later than previously suggested with the delay put down to the slower than expected introduction of a single central securities depositary (CSD) and CCP.

“The current T+0 settlement system has long been an issue for international institutional investors.” claimed Denis Svechnikov, head of client relations and DMA sales at Russian broker URALSIB Capital Financial speaking at the Tradetech Emerging Markets conference also held in London yesterday. The creation of a recognised CSD should release funds from US institutional investors that had been prevented from investing by the current system. Currently many of these investors had therefore been drawn to the London Stock Exchanges International Order Book (IOB) where a large number of Russian Depositary Receipts (DRs) are listed.

Local brokers had been offering T+3 funding before this, but because of the funding requirements over the three days it had put off some investors.  Vahan Vardanian, manager of IT at MICEX-RTS felt that the creation of the CSD and the change to T+3 would remove two of the biggest obstacles to for investors though he felt that issues around transparency, reporting and corporate governance would take longer to change.



Stas Surikov, head of prime brokerage and electronic trading at BCS Financial issued a word of caution regarding the rapid changes on multiple fronts taking place in Russia. “These changes are undoubtedly much needed, but there is a concern that they will be forced through too quickly, in order to have them in place before a planned MICEX-RTS IPO”. A date for the IPO has yet to be announced though it has been reported that it has been scheduled for 2013.

The changes should attract even greater flow from the high frequency segment to the Russian market. There has been a significant increase in high frequency activity on the Russian exchange in the last 24months and MICEX’s Vardanian estimates that as much as 40% of transactions on the exchange are now accounted for by HFT. However this figure varies between product with some brokers estimating the figure to be as high as 75% in FX versus only 25% in equities.

For more information about the Russia market please register to attend FTSE Global Market’s Accessing Russian event hosted in London on 23rd May. For more information go to www.accessingrussia.com or contact Adam Cuthbert on adam.cuthbert@berlinguer.com">adam.cuthbert@berlinguer.com

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