Thursday 18th October 2018
Mobile operator EE has said it will activate the UK’s first live 5G trial network in London’s Tech City in October –The UK government says organisations that are aiming to establish themselves or expand as Public Service Mutuals can now apply for a share of £1 million in funding -- India’s central bank raised its benchmark interest rate for the first time since 2014 to curb rising price pressures and calm financial markets as policy tightening in the US rattles emerging markets – A new report from South Africa's Reserve Bank (SARB) contains exception results for a trial of its blockchain-based system for interbank clearance and settlement. According to a release yesterday SARB says it has completed a 14-week "realistic" proof-of-concept that managed to settle the country's typical 70,000 daily payment transactions within two hours, taking an average of 1–2 seconds for each transaction while preserving full anonymity. Absa, Capitec, Discovery Bank, FirstRand, Investec, Nedbank and Standard Bank are among a slew of banks that participated in the exercise. Even so, despite the success claims, SARB says its proof-of-concept doesn't mean it plans to replace the existing real-time gross settlement (RTGS) system with a live blockchain implementation, yet – According to Mickhail Shlemov, VTB’s Capital’s head of research today, “With the demerger of Bank of Georgia Group’s investment business to Georgia Capital PLC, we have revised our forecasts for Bank of Georgia Group so that they now include only the banking business. We expect the bank to benefit from this demerger amid an acceleration in corporate loan growth (although retail lending is likely to decelerate), with the total loan book expanding at a CAGR of 11% in 2017-21F. However, NIM performance headwinds are likely to stay intact. Management has reiterated its strategic targets, and we also expect the bank to show ROE of more than 20% in the next three years, with a 40% dividend payout ratio. As a result, our new 12-month Target Price is GBp 2,300/share. This implies an ETR of only 14% (the stock is up 10% since demerger day).” On May 29th, Bank of Georgia Group (BOGG) announced the completion of the demerger of the Group’s investment business to Georgia Capital PLC. As a part of the process, the bank has issued 9.8mn shares (up to 19.9% of the total share count) to Georgia Capital. Yet the capital will also be diminished by a special dividend payment of some GEL 120mn (GEL 3.10/share), similar to the proposed BGEO Group payment – Reuters reports that European parliament member Danuta Huebner says that London’s call for EU access after Brexit under mutual recognition will not work. Equivalence would let the EU set the rules – Scott Eaton, the former chief operating chief for Europe at MarketAxess has been appointed CEO of Algomi following the departure of co-founder Stu Taylor earlier this year. Eaton has taken over the role with immediate effect and will focus on developing Algomi’s fixed income services, including data aggregation and the Algomi ALFA market surveillance tool – The FCPA Blog notes today that banking giant Credit Suisse Group has agreed to pay a $47m penalty to the US Justice Department to end an FCPA investigation into hiring practices in Asia -- The Securities and Exchange Commission (SEC) voted Tuesday to approve a proposal to modify the Volcker rule, the last of the five agencies responsible for the rule to do so. The proposal is now open to a 60-day public comment period. Treasury Secretary Steven Mnuchin called the move "an important first step" and noted Treasury's support for "better tailoring the application of the rule, preserving liquidity during periods of stress, decreasing unintended compliance burdens and encouraging capital formation." --
Videos

Steffen Riediger : Head of European Power Derivatives

The decision by the German energy market regulator BNetzA to split the combined German-Austrian price zone discombobulated market participants. To help clients manage change, in April 2017, EEX Group introduced the Phelix-DE Future and Phelix-AT Future contracts, which provide risk management tools for the new, separate, national market areas of Germany and Austria. Since then, EEX Group has seen a big move in the market. In the Cal-19 contract, for instance, more than 60% of the total volume is already traded in Phelix-DE Futures. Steffen Riediger, Head of European Power Derivatives, EEX Group explains how the Phelix-DE Future is establishing itself as the new reference product for European Power. 

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Steffen Riediger : Head of European Power Derivatives

EEX is the leading energy exchange in Europe. It develops, operates and connects secure, liquid and transparent markets for energy and related products. On the EEX spot and derivatives markets, power, natural gas, CO2emission allowances, coal and guarantees of origin are traded. Steffen Riediger, Head of European Power Derivatives, EEX explains how the exchange’s remit has evolved responding to changing client requirements.

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Steffen Riediger : Head of European Power Derivatives

EEX has made several acquisitions in recent years, boosting its plans to become a global commodities exchange. In the power segment, two recent acquisition carry weight. In January 2016, EEX took a majority stake in Prague-based Power Exchange Central Europe (PXE) and this year, in May, EEX finalised the acquisition of Nodal Exchange, giving the exchange group access to the lucrative North American energy trading markets. Steffen Riediger, Head of European Power Derivatives, EEX Group talks through the significance of the acquisitions.

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Richard Heath : Head of Business Development – Global Commodities

Global commodities prices look to be slowly recovering as global trade inches back to positive levels.  EEX Group has an ambitious plan to diversify its product offering in areas such as ferrous metals, new freight contracts and even oil products. How will technology, regulation and cross business initiatives help define these new strategic sectors for the exchange group? Richard Heath, Head of Business Development at EEX Group, explains the dynamics of change.

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Richard Heath : Head of Business Development – Global Commodities

EEX Group is evolving as a global commodity exchange, trading and clearing an increasingly broad portfolio of products. EEX Group allows traders to access the group through an entity which is regulated in their local jurisdiction but which plugs them into the broader network of the whole group; providing an end to end trading system that can integrate with the client at all stages of the trade life cycle and matches their trading style and needs. Richard Heath, head of sales and market development at EEX Group, explains the dynamics of change.

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FTSE Global Markets talks to Murat Baygeldi, Senior Vice President, Equity & Index Derivatives Sales, Eurex

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FTSE Global Markets talks to Murat Baygeldi, Senior Vice President, Equity & Index Derivatives Sales, Eurex

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Download the whitepaper HERE

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