Commenting on the proposed London Stock Exchange Group and Deutsche Boerse merger, Warwick Business School's Professor John Colley said: "The savings seem rather meagre in a merger which appears to be designed to avoid upsetting staff, directors and, indeed, competition authorities.
read more...Professor John Colley Of Warwick Business School: â¦Proposed London Stock Exchange Group And Deutsche Boerse Mergerâ¦. Savings Seem Rather Meagre In A Merger Which Appears To Be Designed To Avoid Upsetting Staff, Directors And, Indeed, Competition Authorities â¦.
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EDHEC-Riskâs Annual European ETF Survey Sheds New Light On Drivers Of Investor Demand For ETFs And Evaluation Challenges For Investors
EDHEC-Risk Institute has announced the results of the EDHEC European ETF Survey 2015, a comprehensive survey of 180 European ETF investors, conducted as part of the Amundi ETF, Indexing & Smart Beta research chair at EDHEC-Risk Institute on “ETF and Passive Investment Strategies”. EDHEC-Risk Institute has conducted a regular ETF survey since 2006, thus providing a detailed account of the perceptions and practices of European investors in ETFs and trends over the past decade.
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CBOE To List Options On FTSE 100, FTSE China 50 Indexes
The Chicago Board Options Exchange® (CBOE®) today announced that it plans to list options on the FTSE 100 and FTSE China 50 indexes beginning March 29, 2016. The announcement was made by CBOE Holdings CEO Edward Tilly at a press briefing at the 41st annual Futures Industry Association Conference currently taking place in Boca Raton, Florida.
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Montréal Exchange To Launch Eris-based Canadian Dollar Interest Rate Swap Futures
Montréal Exchange (MX), Canada's leading derivatives exchange, today announced that it will expand its interest rate derivatives offering with the launch of Canadian Dollar Interest Rate Swap Futures based on the Eris MethodologyTM. These new swap futures contracts will be cleared at the Canadian Derivatives Clearing Corporation (CDCC) and will be available for trading on MX in September 2016.*
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Can banks default overnight? Modeling endogenous contagion on O/N interbank market. (arXiv:1603.05142v1 [q-fin.EC])
We propose a new model of the liquidity driven banking system focusing on overnight interbank loans. This significant branch of the interbank market is commonly neglected in the banking system modeling and systemic risk analysis. We construct a model where banks are allowed to use both the interbank and the securities markets to manage their liquidity demand and supply as driven by prudential requirements in a volatile environment. The network of interbank loans is dynamic and simulated every day. We show how only the intrasystem cash fluctuations, without any external shocks, may lead to systemic defaults, what may be a symptom of the self-organized criticality of the system. We also analyze the impact of different prudential regulations and market conditions on the interbank market resilience. We confirm that central bank's asset purchase programs, limiting the declines in government bond prices, can successfully stabilize bank's liquidity demand. The model can be used to analyze the interbank market impact of macroprudential tools.
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Health effects of sit-stand desks and interventions aimed to reduce sitting at work are still unproven
An updated Cochrane Review, published today in the Cochrane Library, says that the benefits of a variety of interventions intended to reduce sitting at work are very uncertain.
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Off-Centered Leadership: The Dogfish Head Guide to Motivation, Collaboration and Smart Growth
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ASIC Imposes Additional Licence Conditions On Macquarie Bank
ASIC has imposed additional conditions on the Australian financial services (AFS) licence of Macquarie Bank Limited (Macquarie).
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Moscow Exchange Benchmarks Recognised As IOSCO Compliant
Moscow Exchange’s (MOEX) benchmarks for the currency, equity, bond and money market segments have been recognised as compliant with the principles of the International Organization of Securities Commissions (IOSCO), confirming the Exchange’s commitment to good global practices in financial benchmarking.
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b-next Enters Into Global Partnership With Verint
Through this relationship, b-next will offer Verint Speech Analytics™ with its CMC:Suite, an integrated compliance platform for capital markets. By combining the solutions, financial services organisations can capture and analyse information from voice calls automatically. Having these capabilities as part of a combined offering will further support b-next customers by helping them adhere to compliance regulations—such as the Dodd-Frank Act—particularly as it relates to searchable and identifiable voice recordings, as well as MiFID II Level 1 regulations and legislation in the EU for recording telephone conversations and electronic communications.
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Misys Selected By The United Bank Of Egypt For Banking Transformation - Misys Solutions Lead Technology Modernisation Across Retail And Corporate Banking
Misys has announced today that The United Bank of Egypt (UBEG) has increased its investment in Misys solutions, upgrading to the latest versions of Misys FusionBanking Equation and FusionBanking Trade Innovation as part of a major modernisation project across its retail and corporate banking business.
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EPEX SPOT: Bidding Zone Split Would Necessitate Considerable Amount Of Time And Effort Across Power Trading Sector - Customer Survey: Exchange Council Deliberates On Results
At the quarterly meeting of the Exchange Council of the European Power Exchange, the effects of a potential split of the German-Austrian bidding zone were debated amongst the members. EPEX SPOT presented an internal impact assessment out-lining the time and effort spent by the EPEX SPOT teams following such a split. The study shows that a bidding zone split would lead to a time-consuming internal project of 9 to 12 months for EPEX SPOT only. Interactions with external operations such as the Multi-Regional Coupling, which could lead to further need for resources, are not taken into consideration in this assessment.
The impact assessment of EPEX SPOT echoes the findings of a study conducted by Consentec in association with EPEX SPOT and EEX in February 2015 which showed that, in case of a bidding zone split, costs for re-dispatch can in some cases be reduced while continuous inefficiencies arise from uncertainties when determining transmission capacities between the smaller zones. Comparing these two cost factors, the study illustrated that a split of the German-Austrian bidding zone would increase the total cost of power supply by up to 100 million Euros per year. It would not only harm the high liquidity in the German-Austrian market area, but would also have a detrimental effect on the European Derivatives Market and counteract the goal towards an increasingly integrated single market.
“A split of the highly integrated German-Austrian bidding zone would create a considerable amount of workload across the sector”, says Exchange Council President Peter Heydecker. “This split would need to be well prepared well in advance with members and stakeholders of the power trading sector.”
The Exchange Council also discussed the results of the latest customer survey. While even more members participated than in the past years, overall satisfaction with services and systems stayed at the same high level. Members are looking forward to the trading system migration to ETS (Day-Ahead) and M7 (Intraday) in the Netherlands and Belgium, and are supporting the integration efforts of EPEX SPOT in the merger with former competitor APX.
The survey also reveals some issues regarding intraday trading services. Following a sharp increase in traded volumes over the past years, systems may experience performance is-sues during peak hours. Also, members are in need of more flexible trading tools. The Exchange Council underlined the importance of a performant, reliable and ergonomic intraday trading system, especially in the light of the increasing amount of electricity from renewable energy sources which needs to be traded in the very short-term.
“EPEX SPOT takes this feedback very seriously”, says Jean-François Conil-Lacoste, Chairman of the Management Board of EPEX SPOT. “With 15-minute contracts across Germany, Switzerland and now Austria as well with shortened lead-time up to 30 minutes before delivery, we have taken the first steps. In April, we will roll out a more powerful version of the ComTrader front-end for traders. Together with our partners from ECC and Deutsche Börse, our teams are working hard to make M7 the best intraday trading platform out there.”
The first Exchange Council meeting in 2016 was held on 15 March 2016 in Paris and was chaired by Peter Heydecker.
The Exchange Council of EPEX SPOT is an official body of the Exchange. 22 members and 4 permanent guests represent adequately the diversity of economic and corporate profiles that exists among the Exchange Members from various sectors: producers, power trad-ing companies, transmission system operators, regional suppliers and financial service pro-viders, as well as commercial consumers and academics. Its missions include in particular the adoption of the Exchange Rules and the Code of Conduct of EPEX SPOT and their amendments. The Exchange Council approves new trading systems as well as new contracts or market areas and approves the appointment of the Head of the Market Surveillance Office. It meets up quarterly.
The European Power Exchange EPEX SPOT SE and its affiliates operate organised short-term electricity markets for Germany, France, United Kingdom, the Netherlands, Belgium, Austria, Switzerland and Luxembourg; markets representing 50% of European electricity consumption. Striving for the well-functioning European single market for electricity, EPEX SPOT shares its expertise with partners across the continent and beyond. EPEX SPOT is a European company (Societas Europaea) in corporate structure and staff, based in Paris with offices or affiliates in Amsterdam, Bern, Brussels, Leipzig, London and Vienna. More than 280 companies have traded 566 TWh of electricity on EPEX SPOT and its affiliates in 2015. EPEX SPOT is member of EEX Group, part of Deutsche Börse. European electricity trans-mission system operators hold 49% of EPEX SPOT through HGRT. For more information, please visit www.epexspot.com.
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17Mar/Basel III Regulatory Consistency Assessment Programme (RCAP) - Handbook for jurisdictional assessments
The Basel Committee on Banking Supervision publishes the "Basel III Regulatory Consistency Assessment Programme (RCAP) - Handbook for jurisdictional assessments", 17 March 2016. Implementation of the Basel III framework is a key global regulatory reform priority. Full and consistent implementation within the internationally agreed timeframe is aimed at strengthening the ...
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17Mar/Handbook for Regulatory Consistency Assessment Programme (RCAP) jurisdictional assessments published by the Basel Committee
Press release about the "Handbook for Regulatory Consistency Assessment Programme (RCAP) jurisdictional assessments" published by the Basel Committee(17 March 2016)
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Thai Bourseâs Listed Firms Mark 2015 Dividend Payment Record High
The total of 406 firms listed on The Stock Exchange of Thailand (SET) and Market Alternative Investment (mai) announced a combined 2015 dividend payment of THB 381.65 billion (approx. USD 10.90 billion), as of March 11, 2016, an all-time high valuation since the market established, representing dividend payout ratio of over 60 percent, as such further enhancing the attractiveness of Thai equities among foreign investors.
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HKEX: Adjustment Of FIH Mobile Structured Products, Futures And Options
Hong Kong Exchanges and Clearing Limited (HKEX) has announced the arrangements for the adjustment to FIH Mobile Ltd (FIH Mobile) structured products, futures and options to account for FIH Mobile's distribution of a special dividend.
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Deutsche Börse: China Construction Bank Authorised As Trading And Direct Clearing Participant - Admission For Both Cash And Derivatives Markets - Supporting The Development Of China Europe International Exchange (CEINEX)
China Construction Bank (CCB) Frankfurt Branch received authorisation as a trading and direct clearing member to the cash and derivatives markets operated by Deutsche Börse Group. This further contributes to the accessibility of the German and European capital market to Chinese issuers and Asian investors. China Construction Bank Frankfurt Branch is the first Chinese direct clearing member at Eurex Clearing, for both cash and derivatives markets. The admission also enables the CCB to participate in CEINEX, China Europe International Exchange.
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S&P Dow Jones Indices Market Attributes: Risk & Volatility Index Dashboard
- Download this month's dashboard
- On Wednesday, the storm that welcomed us into 2016 ended. The S&P 500 finished less than 1% away from positive year-to-date territory. The VIX achieved at its lowest level of 2016, closing just below 15.
- Every equity volatility measure we track has declined since our last report. The largest decreases were for Australia, the U.S., Hong Kong and Europe.
- The hoped-for stability in oil prices has provided a balm to many markets. The largest percentage decrease across all volatility indicators this report was in Oil; the U.S. high yield credit market in particular was reassured by the change in energy price trends.
- While it seems early to sound the all clear, the levels of our volatility indices at this report suggest a material reduction in volatility expectations for the near term.
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Warsaw Stock Exchange: GPW Vice President Karol PóÅtorak Resigns
- Karol PóÅtorak resigned as Vice President of the Management Board of the Warsaw Stock Exchange on 16 March 2016.
- Karol PóÅtorak was Vice President of the Management Board of GPW from 9 September 2014.
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Remarks By U.S. Treasury Secretary Jacob J. Lew At The 6th Annual Women In Finance And Technology Symposium
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