Romania – Factors to Watch on July 13

July 14, 2010 By Leave a Comment

July 13 (Reuters) – Here are news stories, press reports and events to watch which may affect Romanian financial markets on Tuesday.

PALESTINIAN PRESIDENT

Palestinian President Mahmoud Abbas ends a two-day official visit to Romania. He is expected to meet the speaker of parliament’s lower house.

CURRENT ACCOUNT

The central bank is expected to release current account data for May.

ROMANIA JUNE INFLATION FLAT AT 4.4 PCT AS EXPECTED

Romania’s annual inflation ROCPI=ECI held steady at 4.4 percent in June, in line with market expectations, data from the National Statistics Board showed on Monday. [ID:nBCR000049]

ROMANIA JAN-MAY TRADE DEFICIT SHRINKS 3.2 PCT Y/Y

Romania’s trade deficit ROTBAL=ECI shrank by 3.2 percent to 3.8 billion euros in January-May from the previous year, as exports’ growth rate outpaced that of imports, data showed on Monday. [ID:nBCR000050]

* For an instant view of analysts’ comments on the date releases, please see [ID:nLDE66B0DM].

ROMANIA SELLS LITTLE DEBT, EVEN AT HIGHER YIELD

Romania sold a fraction of what it had planned at a tender for one-year treasury bills on Monday, sticking to a self-imposed cut-off yield of 7 percent and heightening concerns over budget funding. [ID:nLDE66B1OG]

ROMANIA INDICTS CHAIRMAN OF BANCA TRANSILVANIA

Banca Transilvania (BATR.BX), Romania’s second-largest listed bank, has denied any knowledge of wrongdoing after the bank’s chairman was indicted by prosecutors on charges of money laundering and manipulating the market. [ID:nLDE66B0XV]

CZECH GROUP CEZ QUITS ROMANIA GAS-FIRED POWER PROJECT

Czech power group CEZ (CEZPsp.PR) has withdrawn from a partnership with Romania to build a new 400 megawatt gas-fired power plant citing unforseen costs, central Europe’s biggest utility said on Monday.

[ID:nLDE66B180]

CHINA THE ANSWER FOR BALKAN POWER REVAMP

Faced with dwindling interest from cash-strapped and cautious European investors, the Balkans’ creaking electricity infrastructure is happily soaking up more money from China. [ID:nLDE6660I5]

CARS

New car registrations dropped 42 percent on the year in January-June in Romania, to about 37,000 units.

Ziarul Financiar, page 12

LAYOFFS

Romania’s farm ministry plans to lay off about 3,500 people out of its total 13,300 employees, according to a government draft bill.

Ziarul Financiar, Page 2

NOTE- For a diary of forthcoming Romanian events, double

click [RO/DIARY], and a calendar of east European economic indicators, see [CONV/DIARY].

For other related news, double click on: ————————————————————— Romania Market Debt [RO-DBT] Romanian forex [RO-FRX] Romania Market Report [ROL/] Romanian money [RO-M] Emerging Market Debt [EMRG/DBT] Emerging forex [EMRG/FRX] All Emerging Markets news [EMRG] CEE indicators [CONV/DIARY] All East Europe News [EEU] E.Europe equities [.CEE] TOP NEWS — Emerging markets [TOP/EMRG] TOP NEWS — Convergence watch [TOP/EAST] Romanian indicators [RO/ECI] Main page of Reuters poll —————————————————————

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Nikkei flat in choppy trade, Softbank up on iPhone

June 25, 2010 By Leave a Comment

TOKYO, June 24 (Reuters) – Japan’s Nikkei average ended flat on Thursday, holding above a key support level in choppy trade after losing 3 percent in the past two days.

A wave of short-covering petered out in late trade and technical charts suggested significant gains were likely to be difficult in the face of successive resistance levels and that further falls could not be ruled out.

The Nikkei started the day lower after the Federal Reserve said the U.S. economic recovery is faltering, but then gained, with one market player saying European investors were likely buying domestic demand stocks to rebalance their portfolios.

“The market is getting a bit of a lift from gains in the rest of Asia, and the overall mood isn’t bad even though the dollar is below 90 yen,” said Hiroaki Osakabe, a fund manager at Chibagin Asset Management.

“But for the Nikkei to really move higher we need both the euro and the dollar to gain, as well as a bit more momentum — perhaps over the next month as quarterly earnings come out.”

Shares in Softbank Corp (9984.T) rose nearly 3 percent to become the second-biggest contributor to the Nikkei 225 as Apple Inc’s (AAPL.O) iPhone 4 made its global debut, with fans pouring into Softbank outlets and Apple’s flagship Japan store. Softbank is the exclusive iPhone operator in Japan. [ID:nTOE65M07U]

The benchmark Nikkei .N225 finished up 0.1 percent to 9,928.34. Firm support is seen at 9,800, about the level of the Nikkei’s 25-day moving average — a proxy for a one-month moving average that’s closely watched in Japan.

The broader Topix slipped 0.1 percent to 879.77.

Osakabe noted that a gap opened from just under 10,000 to 10,100 when the Nikkei fell Tuesday and that it is likely to rise to fill this, but that further gains will be difficult and the benchmark is likely to move in a narrow range over the long term.

One resistance level is at 10,155, the 38.2 percent retracement of the Nikkei’s fall from its April high to early June low, while another is around 10,300, where the Nikkei’s 200-day and 50-day moving average come in.

In an additional sign of potential trouble, the Nikkei’s slow stochastic, which gives near-term signals on market trends, shows the drop may have further to go.

On weekly charts, the 13-week moving average has crossed below the 26-week moving average — a formation known as a “death cross,” often a sign of more falls.

But Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Morgan Stanley Securities, said that it can also be a signal that the market has bottomed out for the short-term. A similar cross formed late last year when the Nikkei hit 9,100, a low subsequently followed by the rebound that peaked in April.

FOREIGN BUYING, IPHONE BOOST

Ministry of Finance data showed overseas investors bought a net 2 billion yen ($22.2 million) of Japanese stocks in the June 13-19 week.

Prior to last week, foreign investors were net sellers for six straight weeks, dumping a net 1.92 trillion yen of Japanese stocks. But so far this year, they are still net buyers.

Softbank rose 2.8 percent to 2,503 yen while Dai-ichi Seiko (6640.Q), which supplies connectors to Taiwanese makers of panels used in iPhones and iPads, surged 9.7 percent to 3,845 yen.

Exporters lost ground broadly, but companies that depend on domestic demand such as property firms found favour. Sumitomo Realty & Development (8830.T) gained 2.9 percent to 1,672 yen, becoming the top percentage gainer among Nikkei components.

Other so-called “defensive” shares, which are seen as resilient in the face of turbulent conditions overseas, gained, with cosmetics firms Shiseido (4911.T) up 1.4 percent to 2,017 yen and home products maker Kao Corp (4452.T) up 1.8 percent to 2,120 yen.

Trade was thin on the Tokyo exchange’s first section, with 1.5 billion shares changing hands, near last week’s four-month low.

Declining shares and advancing shares were almost evenly matched, 791 to 711. (Additional reporting by Aiko Hayashi; Editing by Edwina Gibbs)

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Nikkei claws up as support holds; Softbank gains

June 25, 2010 By Leave a Comment

TOKYO, June 24 (Reuters) – Japan’s Nikkei average reversed course to claw higher on Thursday after a key support level held, with short-covering emerging in the wake of 3 percent falls over the past two days as euphoria over China’s decision to make the yuan more flexible faded.

The benchmark started the day lower after the Federal Reserve said the U.S. economic recovery is faltering, but then gained, with one market player saying European investors were likely buying domestic demand stocks to rebalance their portfolios.

The Fed scaled back its assessment of the pace of recovery and also issued a cautionary note about volatile financial markets in light of Europe’s debt woes, while sales of new U.S. homes fell to their lowest ever in May. [ID:nN22150078] [ID:nN23230291]

“The market is getting a bit of a lift from gains in the rest of Asia, and the overall mood isn’t bad even though the dollar is below 90 yen,” said Hiroaki Osakabe, a fund manager at Chibagin Asset Management.

“But for the Nikkei to really move higher we need both the euro and the dollar to gain.”

In choppy trade, the benchmark Nikkei .N225 inched up 0.5 percent to 9,974.68, while the broader Topix rose 0.4 percent to 883.94.

Market players say support looks likely to remain firm around 9,800, the level of the Nikkei’s 25-day moving average, even though it failed to hold above a chart retracement on Tuesday, with further support near a six-month low hit earlier this month around the 9,400 level.

Osakabe noted that a gap opened from just under 10,000 to 10,100 on Tuesday and that the Nikkei is likely to rise to fill this, but that further gains will be difficult and the benchmark is likely to move in a broad range over the long term.

On Thursday, orders for Japanese stocks placed through 10 foreign securities houses before the start of trade showed net selling for a third straight day.

But Ministry of Finance data showed overseas investors bought a net 2 billion yen ($22.2 million) of Japanese stocks in the June 13-19 week, in a sign that foreigners may be tiptoeing back into the market.

Prior to last week, foreign investors were net sellers for six straight weeks, dumping a net 1.92 trillion yen of Japanese stocks. But so far this year, they are still net buyers, picking up 832.5 billion yen worth.

Shares of Softbank (9984.T) rose 2.3 percent to 2,490 yen as Apple Inc’s (AAPL.O) iPhone 4 made its global debut, with fans pouring into Softbank outlets and Apple’s flagship Japan store. Softbank is the exclusive iPhone operator in Japan. [ID:nTOE65M07U] (Additional reporting by Aiko Hayashi; Editing by Chris Gallagher)

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Nikkei slips off 1-month highs on profit-taking

June 23, 2010 By Leave a Comment

(Reuters) – Japan’s Nikkei average slipped 1.2 percent on Tuesday as profit-taking emerged after a bounce to a one-month high the day before and foreign investors turned sellers.

Japan

Analysts said the market took a breather after recent rises, including last week’s gain of 3 percent, the best weekly performance in three months, as well as Monday’s surge, but that its essential upward trend looked unchanged.

The benchmark fell below a chart retracement level with euphoria over the yuan’s rise ebbing, but many saw support intact at around 9,800, the Nikkei’s 25-day moving average.

“Sentiment overall appears to have turned rather positive, now that it appears the euro may have bottomed out, and this can lead the market suddenly and sharply higher, the way we saw yesterday on the yuan news,” said Hideyuki Ishiguro, a strategist at Okasan Securities.

In light trade, the benchmark Nikkei .N225 fell 125.12 points to 10,112.89, below a 38.2 percent retracement at 10,155 of the fall from its April high of 11,408.17 to its June low of 9,378.23.

The broader Topix shed 0.9 percent to 894.56.

Some analysts said that the Nikkei needed to consolidate above 10,200, which falls a bit below the level of its 50-week moving average, to resume rising again.

“Breaking above this is extremely important, but we need a bit more market energy and volume to do so,” said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments.

“But today we’re seeing a lot of foreign selling. There’s no follow-through from yesterday.”

European investors were short-covering Nikkei futures on Monday, lifting the cash market as well, analysts said.

The yuan spot exchange rate on Monday rose to its highest since July 2005, sending Asian stocks to a five-week high on hopes for greater Chinese buying power.

But the euphoria faded later in the day, with Wall Street dipping, leaving the Nikkei — which market players said had risen mainly on short-covering in thin volume — vulnerable.

On Tuesday, China’s central bank set the yuan’s daily mid-point at the highest level since its revaluation in July 2005. But the Nikkei shrugged it off.

The Nikkei’s relative strength index (RSI) slipped to 54 after rising close to 60 on Monday, but its MACD continued to climb and few in the market thought any serious falls were in the offing.

“The market was boosted mostly by short-squeezing yesterday, with only some investors who grew optimistic about China’s economic outlook taking long positions,” said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities.

“More gains now look fairly limited, also due to worries about the euro zone after news about BNP Paribas and Spanish banks.”

Ratings agency Fitch on Monday cut French bank BNP Paribas’ long-term international rating to AA- from AA, citing reliance on capital markets for a large part of its profits and a deterioration of asset quality in 2009.

Standard and Poor’s Rating Services also said on Monday it had raised its estimates for loan losses for Spain’s banking sector between 2009 and 2011 due to the faster depreciation of real estate assets on banks’ books.

EXPORTERS WEIGH

Shares of exporters ran out of steam and slid after helping lift the Nikkei on Monday.

Canon Inc (7751.T) fell 2.7 percent to 3,780 yen and Tokyo Electron Ltd (8035.T) dropped 3.6 percent to 5,620 yen. TDK Corp (6762.T) lost 2.3 percent to 5,430 yen.

Denso Corp (6902.T), a car parts maker affiliated with Toyota Motor Corp (7203.T), declined 1.8 percent to 2,622 yen after saying its joint venture plant in Guangzhou, China has halted production since Monday morning due to a labor strike.

The plant, Denso (Guangzhou Nansha) Co Ltd, has also halted supply of its fuel injection equipment and other products to Toyota, Honda Motor Co (7267.T) and other carmaker clients since Monday, Denso spokeswoman Yoko Suga said.

Tokyo Electric Power Co (9501.T), Asia’s biggest electric power company, edged up 0.1 percent to 2,431 yen after the Nikkei business daily reported that it is considering investing “tens of billions of yen” in a coal-fired power plant planned by Vietnam Oil and Gas Corp (Petro Vietnam). The plant is expected to start operations in the mid-2010s.

Trade was thin on the Tokyo exchange’s first section, with 1.7 billion shares changing hands, though that was up from last week’s four-month low just below 1.5 billion.

Declining shares outnumbered advancing ones, 987 to 529. (Editing by Joseph Radford)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Nikkei slips off 1-mth highs on profit-taking

June 23, 2010 By Leave a Comment

TOKYO, June 22 (Reuters) – Japan’s Nikkei average slipped 1.2 percent on Tuesday as profit-taking emerged after a bounce to a one-month high the day before and foreign investors turned sellers.

Analysts said the market took a breather after recent rises, including last week’s gain of 3 percent, the best weekly performance in three months, as well as Monday’s surge, but that its essential upward trend looked unchanged.

The benchmark fell below a chart retracement level with euphoria over the yuan’s rise ebbing, but many saw support intact at around 9,800, the Nikkei’s 25-day moving average.

“Sentiment overall appears to have turned rather positive, now that it appears the euro may have bottomed out, and this can lead the market suddenly and sharply higher, the way we saw yesterday on the yuan news,” said Hideyuki Ishiguro, a strategist at Okasan Securities.

In light trade, the benchmark Nikkei .N225 fell 125.12 points to 10,112.89, below a 38.2 percent retracement at 10,155 of the fall from its April high of 11,408.17 to its June low of 9,378.23.

The broader Topix shed 0.9 percent to 894.56.

Some analysts said that the Nikkei needed to consolidate above 10,200, which falls a bit below the level of its 50-week moving average, to resume rising again.

“Breaking above this is extremely important, but we need a bit more market energy and volume to do so,” said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments.

“But today we’re seeing a lot of foreign selling. There’s no follow-through from yesterday.”

European investors were short-covering Nikkei futures on Monday, lifting the cash market as well, analysts said.

The yuan spot exchange rate on Monday rose to its highest since July 2005, sending Asian stocks to a five-week high on hopes for greater Chinese buying power.

But the euphoria faded later in the day, with Wall Street dipping, leaving the Nikkei — which market players said had risen mainly on short-covering in thin volume — vulnerable.

On Tuesday, China’s central bank set the yuan’s daily mid-point CNY=SAEC at the highest level since its revaluation in July 2005 [ID:nECB000553]. But the Nikkei shrugged it off.

The Nikkei’s relative strength index (RSI) slipped to 54 after rising close to 60 on Monday, but its MACD continued to climb and few in the market thought any serious falls were in the offing.

“The market was boosted mostly by short-squeezing yesterday, with only some investors who grew optimistic about China’s economic outlook taking long positions,” said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities.

“More gains now look fairly limited, also due to worries about the the euro zone after news about BNP Paribas and Spanish banks.”

Ratings agency Fitch on Monday cut French bank BNP Paribas’ long-term international rating to AA- from AA, citing reliance on capital markets for a large part of its profits and a deterioration of asset quality in 2009. [ID:nN21250262]

Standard and Poor’s Rating Services also said on Monday it had raised its estimates for loan losses for Spain’s banking sector between 2009 and 2011 due to the faster depreciation of real estate assets on banks’ books. [ID:nLDE65K1TE]

EXPORTERS WEIGH

Shares of exporters ran out of steam and slid after helping lift the Nikkei on Monday.

Canon Inc (7751.T) fell 2.7 percent to 3,780 yen and Tokyo Electron Ltd (8035.T) dropped 3.6 percent to 5,620 yen. TDK Corp (6762.T) lost 2.3 percent to 5,430 yen.

Denso Corp (6902.T), a car parts maker affiliated with Toyota Motor Corp (7203.T), declined 1.8 percent to 2,622 yen after saying its joint venture plant in Guangzhou, China has halted production since Monday morning due to a labour strike.

The plant, Denso (Guangzhou Nansha) Co Ltd, has also halted supply of its fuel injection equipment and other products to Toyota, Honda Motor Co (7267.T) and other carmaker clients since Monday, Denso spokeswoman Yoko Suga said. [ID:nTFA006678]

Tokyo Electric Power Co (9501.T), Asia’s biggest electric power company, edged up 0.1 percent to 2,431 yen after the Nikkei business daily reported that it is considering investing “tens of billions of yen” in a coal-fired power plant planned by Vietnam Oil and Gas Corp (Petro Vietnam). The plant is expected to start operations in the mid-2010s. [ID:nSGE65K0JA]

Trade was thin on the Tokyo exchange’s first section, with 1.7 billion shares changing hands, though that was up from last week’s four-month low just below 1.5 billion.

Declining shares outnumbered advancing ones, 987 to 529. (Editing by Joseph Radford)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Nikkei up 1 pct and off 6-mth lows, helped by China

June 11, 2010 By Leave a Comment

TOKYO, June 10 (Reuters) – Japan’s Nikkei average rose 1.1 percent on Thursday, moving away from six-month lows hit the previous day, after robust Chinese exports lifted hopes that the global economic recovery would not falter on European debt woes.

Trading house giant Mitsui & Co (8031.T) tumbled 5.8 percent, becoming the biggest drag on the Nikkei and at one point sinking to its lowest since last July as the fallout from the Gulf of Mexico oil spill spread and shares of BP (BP.L) plunged. Mitsui owns 10 percent of the leaking well.

In thin trade, shares were buoyed by the Chinese data, which showed exports up 48.5 percent in May from a year earlier and imports up 48.3 percent, confirming source-based information a day earlier that had sparked a broad rally in Shanghai and European shares. [ID:nBJB003863]

But market players said persistent worries about euro zone debt, which has sparked selling by foreign investors, was likely to limit gains over the longer term.

“We saw buying at the lows yesterday by pension funds, but things are likely to be volatile for a while, with eyes on moves in the currency market,” said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities.

He said stocks had risen throughout April on expectations of good earnings and continued recovery in the global economy but once it became obvious European debt problems were deeply rooted, European investors were forced into taking profits.

The benchmark Nikkei .N225 gained 103.52 points to 9,542.65. That is well below its 25-day moving average of around 9,900 and which is also the bottom of its Ichimoku cloud.

The Nikkei ended down 1 percent on Wednesday, putting in its lowest close since late November.

The Nikkei’s relative strength index rose to 37, with 30 and below considered oversold, while its MACD pulled back from the brink of a bearish cross and appeared poised to rise.

The broader Topix rose 0.8 percent to 856.79.

FOREIGN FLOWS

“The global economy doesn’t appear to be in such a bad shape, except for problems with Europe’s finances,” said Kenichi Hirano, operating officer at Tachibana Securities.

“Foreign investors that have been selling Japanese stocks want to sell because they’re worried about liquidity, not because they have reviewed their stance on Japan. They’ll need to see European problems calm down.”

Foreign investors sold 75.2 billion yen worth of Japanese stocks in the week to June 5 after selling 81.7 billion yen in the prior week. They have been net sellers of stocks for 5 weeks running, with net sales totalling 1 trillion yen in that period.

Defensive stocks gained while some blue-chip exporters remained soft amid persistent worries about the yen strengthening, partly due to Europe’s debt crisis.

Detergent and cosmetics maker Kao Corp (4452.T) rose 2 percent to 2,021 yen while Japan Tobacco Inc (2914.T) advanced 2.6 percent to 296,300 yen.

Mitsui & Co sank to 1,099 yen.

U.S. President Barack Obama’s administration, getting tough amid growing public disapproval of its handling of the spill, has threatened to impose new penalties on BP, and worries are growing about the related costs that the energy giant will have to assume — worries that are shadowing Mitsui as well.

“There’s talk about huge amounts of money and concern about the impact it might have on earnings. Also, the oil hasn’t stopped flowing yet,” said Fujio Ando, senior managing director at Chibagin Asset Management.

Trade was light on the Tokyo exchange’s first section, with some 1.7 billion shares changing hands, the lowest volume in about a week. Advancing stocks outnumbered declining ones, 967 to 542. (Additional reporting by Aiko Hayashi; Editing by Edwina Gibbs)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Research and Markets: How to Start and Grow a Successful Hedge Fund in Europe, 4th Edition

June 5, 2010 By Leave a Comment

DUBLIN–(Business Wire)–
Research and Markets
(http://www.researchandmarkets.com/research/13a941/how_to_start_and_g) has
announced the addition of the “How to Start and Grow a Successful Hedge Fund in
Europe, 4th Edition” report to their offering.

As the global market for hedge funds continues to evolve, Europe remains a key
market for both the establishment and selling of hedge funds. This fourth
edition written and sponsored by experienced practitioners from Credit Suisse
and Dechert LLP, contains critical information on all aspects of establishing
and operating a hedge fund. The editorial content will be broadened to include
information that will help already established hedge funds grow. The book will
be prefaced by an overview of the hedge fund industry in Europe.

Key Topics Covered:

Chapter One: London, the Financial Services and Markets Act 2000 and the Need
for Authorisation Peter Astleford, Dick Frase and Richard Heffner, Dechert LLP.

Chapter Two: Key Considerations in Structuring a Hedge Fund Peter Astleford and
Mark Stapleton, Dechert LLP

Chapter Three: Key Considerations in Selling Hedge Funds to European Investors
Dechert LLP.

Chapter Four: Key Considerations in Selling Hedge Funds to US Investors Dechert
LLP.

Chapter Five: Institutions Dechert LLP

Chapter Six: Key Considerations in Choosing a Prime Broker Credit Suisse Prime
Services Coverage Team, Credit Suisse.

Chapter Seven: How to Start a Successful Hedge Fund in Europe in 2009 Advanced
Prime Services Team, Credit Suisse

Chapter Eight: Hedge Fund Outsourcing Advanced Prime Services Team, Credit
Suisse.

Chapter Nine: Anchor Investment: a Key Determinant of a Successful Hedge Fund
Launch Capital Services Team, Credit Suisse.

Chapter Ten: Fund Administration Marshall Saffer, Viteos Fund Services

Chapter Eleven: The Role of Independent Directors Geoff Ruddick, International
Management Services Inc.

For more information visit

http://www.researchandmarkets.com/research/13a941/how_to_start_and_g

Research and Markets
Laura Wood, Senior Manager
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
press@researchandmarkets.com

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

EuroCCP Launches Clearing Service for US Equity Issues

April 15, 2010 By Leave a Comment

First European equities clearing service that supports trading of US securities
during European trading hours with settlement in DTC
LONDON–(Business Wire)–
EuroCCP announced today that has launched a new service offering central
counterpary clearing of trades in US stocks and US exchange-traded funds (ETFs)
to European trading firms. EuroCCP is the first European equities central
counterparty (CCP) clearing US securities and settling them directly in the
central securities depository in their home market of issue, The Depository
Trust Company (DTC).

EuroCCP`s new service gives European trading firms their first-ever opportunity
to trade US securities on a variety of pan-European platforms during European
trading hours and to settle those trades in DTC.. By offering a service where US
securities settle directly at the US CSD, EuroCCP provides European trading
firms with a more cost-effective post-trade solution.

Its clearing service for US issues allows EuroCCP to extend the efficiency,
cost-saving and counterparty risk protection benefits it already provides to
clients` European-listed securities transactions to US stock and US ETF
transactions. Initially, the US securities eligible for clearing through EuroCCP
include approximately 100 stock issues and 50 ETFs. EuroCCP expects over time to
expand the scope of eligible instruments to further equities, ETFs, and to ADRs.

EuroCCP`s clearing service for eligible US issues is open to any trading venue
cleared by EuroCCP that offers trading in the securities. Trading will be
against US dollars.

“With our new service, we expect to encourage the development of liquidity in US
equities in Europe. European trading firms will have a centralised clearing
solution to facilitate their trading of US securities on multiple European
trading venues,” said Andrew Simpson, EuroCCP`s head of Product Management in
London. “We are leading the way by providing European investors with the most
comprehensive array of central counterparty services on a single post-trade
platform – and at the same time offer a lower-cost settlement alternative than
previously available to firms trading in Europe. We`re focused on delivering
services that reflect the demands of firms, making it easier to build trading
strategies across multiple asset classes-US and European equities issues, GDRs
and Exchange-Traded Funds – and driving down the cost of post-trade.”

The new service increases the number of markets cleared by EuroCCP to 19, more
than any other European equities CCP. This service extension marks the latest in
an ongoing series of enhancements EuroCCP is bringing to Europe`s clearing
space, and demonstrates EuroCCP`s commitment to support the European trading
community with a cost-effective, creative clearing solution that best addresses
firms` trading needs and business aspirations.

To view the initial list of US securities eligible for clearing through EuroCCP,
please go to www.euroccp.co.uk.

About EuroCCP

European Central Counterparty Limited (EuroCCP) is a UK-incorporated,
FSA-regulated Recognised Clearing House that is governed by its European users.
It is the European subsidiary of The Depository Trust & Clearing Corporation
(DTCC) and is headquartered in London. EuroCCP is a pan-European clearing
solution offering the scale economies and risk management expertise of the US
market to European market participants. It currently clears equity trades in 18
markets. EuroCCP has been appointed to provide central counterparty services by
Turquoise, SmartPool, NYSE Arca Europe and Pipeline for equity trades. EuroCCP
has also entered into a Memorandum of Understanding with NASDAQ OMX to provide
clearing services for its exchanges in Copenhagen, Helsinki and Stockholm.
Market participants can trade equities on any venue EuroCCP supports and have
their transactions netted for settlement and/or margin purposes for the same
security traded on the same day, thereby reducing costs and operational risks.
For more information on EuroCCP, visit www.euroccp.co.uk.

About DTCC

The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries,
provides clearance, settlement and information services for equities, corporate
and municipal bonds, government and mortgage-backed securities, money market
instruments and over-the-counter derivatives. In addition, DTCC is a leading
processor of mutual funds and insurance transactions, linking funds and carriers
with financial firms and third parties that market these products. DTCC`s
depository provides custody and asset servicing for more than 3.5 million
securities issues from the United States and 121 other countries and
territories, valued at US$33.9 trillion. In 2009, DTCC settled more than US$1.47
quadrillion in securities transactions. DTCC has operating facilities and data
centres in multiple locations in the United States and overseas. For more
information on DTCC, visit www.dtcc.com.

For EuroCCP
Judith Inosanto, +1 212 855 5424
jinosanto@dtcc.com
or
Citigate
Lucie Holloway, +44 (0)20 7638 9571
lucie.holloway@citigatedr.co.uk

Copyright Business Wire 2010

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

India to build more highways than any other country in the world: Kamal Nath

September 17, 2009 By Leave a Comment

Zurich (Switzerland), Sep 17(ANI): Union Minister for Road Transport and Highways Kamal Nath on Thursday said that in the next two years India will build more highways than any other country in the world.

Inaugurating “Building India: Road Infrastructure Summit” at Zurich, he also invited European investors to invest in the road and highways sector in India, and said that India as a nation is determined to build a comprehensive high quality infrastructure.

Nath also said that the next decade would belong to infrastructure sector, as the last decade had been the decade of IT.

Stressing on the strong fundamentals of the Indian Economy, he said India is a safe destination for investment even in the times of recession and showcased the opportunities and potential of the Indian road sector to investors from across Europe.

Addressing a strong gathering of investors, developers and financial institutions, Nath said that the Government is back with enhanced mandate and building infrastructure is one of its important focus.

Elaborating on the new vision on road sector, he said that Government is committed to increase the pace of highway development to 20 kms per day, which would unleash huge business and investment opportunities, amounting to 70 billion dollars over the next 3-4 years.

In addition, it would also lead to an inclusive growth and provide connectivity to all stakeholders in socio-economic development.

Inviting investors to be a partner in building road infrastructure in the country, the minister said that out of total investment required, 40 billion dollars are expected to come from private sector. (ANI)

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