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    First quarter volumes on the Dubai Gold & Commodities Exchange (DGCX) grew 37% from the same period last year, trading more than 4.5 million contracts - the highest quarterly volumes in the history of the Exchange.     DGCX also broke several records during Q1-2016. Average Daily Volumes (ADV) in the first quarter reached 72,306 contracts, recording a significant growth of 39%. Indian Rupee Options gained particularly well with trading 80,935 contracts, up 217%. Similarly, in energy segment - WTI contract witnessed an increase of 305%, registering a total of 37,640 contracts.   Gaurang Desai, Chief Executive Officer of DGCX, commented on the Exchange's performance: "We are pleased with growth in trading volumes in the first quarter, especially with performance of products like INR Options, WTI, Gold and recently launched Global Single Stock Futures. Global markets have been witnessing exceptional volatility owing to factors such as consistently low oil prices, economic slowdown across the globe and changes in various exchange rates. This has, however, led investors to adopt a more cautious approach and increasingly make use of exchanges like DGCX that provides effective hedging and risk mitigation mechanisms to ease the financial pressures in times of economic uncertainty."    March Activity   The Exchange recorded 1.95 million contracts in the month of March, growing 59% from last year. DGCX also recorded a sharp increase in monthly average Open Interest (OI) of 109,857 contracts, up by 84% compared to same period last year.   DGCX's unique Quanto style products performed remarkably well, with volumes in Indian Rupee, Gold and Silver and Quanto registering a growth of 412%, 64% and 53% respectively as compared to last month.    The recently launched Spot Gold contract, a first in the Middle East - allowing investors to buy and sell physical 1 kilo bars on the exchange, recorded the highest monthly physical delivery of 4,160 ounces. Number of physical market participants are adopting this product to manage their price risks and sourcing requirements.   During the month, Clearinghouse of the Exchange, DCCC expanded its acceptable collateral portfolio and started accepting currencies like Euros, British Pound Sterling and Japanese Yen in addition to UAE Dirhams and US Dollars. This expanded collateral service will allow members to efficiently deploy their currency holdings against margin requirements for their DGCX business.   Bank of China joined as the 5th settlement bank for the Exchange, adding to the array of existing banks (ENBD, SCB, HSBC and Bank of Baroda).   "As the Exchange continue to grow its product offerings and member base, we remain upbeat about getting past this volume growth in the next quarter," concluded Gaurang.

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    Based on the order book statistics, turnover at Boerse Stuttgart in March 2016 was around EUR 6.9 billion, roughly on a par with the total for February.read more...

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    Human Race, the UK’s leading event organiser, announces that ICAP, a leading markets operator and provider of post-trade risk mitigation and information services, is to become Official Title Sponsor of L’Etape London by Le Tour de France. One of the UK’s foremost cycle sportives, ICAP L’Etape London by Le Tour de France will take place on Sunday 25 September 2016, starting and finishing at the Lee Valley VeloPark, home of the 2012 Olympic Games.read more...

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    The value of trade in equities on the Electronic Order Book on the Main Market was PLN 16.7 billion in March 2016, representing a decrease of 13.4% year on year. The total value of trade in equities was PLN 17.4 billion in March 2016, a decrease of 18.9% year on year. The number of transactions was 1.7 million in March 2016, an increase of 12.6% year on year. The average daily value of trade in equities on the Electronic Order Book was PLN 793.6 million on the Main Market and PLN 5.2 million on NewConnect.read more...

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    Peregrine Guernsey Limited has appointed Northern Trust (Nasdaq: NTRS) to provide global custody and fund administration services for approximately US$725 million in assets.read more...

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    CME Group, the world's leading and most diverse derivatives marketplace, today announced the appointment of Paul Houston as Executive Director, Global Head of FX.read more...

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    On 24 and 31 March 2016 ACER provided additional guidance on data collection under the EU Regulation on wholesale energy market integrity and transparency (REMIT), in particular having regard to the 2nd phase of data collection starting on 7 April 2016. More specifically, on 24 March 2016 the Agency published the 15th edition of REMIT Questions and Answers, which contains the most up-to-date information concerning REMIT policy issues. A new edition of the Frequently Asked Questions on transaction reporting was also published on the same day. This includes, inter alia, additional trading examples for Tables 3 and 4 of the REMIT Implementing Regulation for non-standard supply contracts and transportation contracts. On 31 March 2016 the aforementioned guidance was complemented by the publication of Frequently Asked Questions on fundamental data and inside information collection. On the same day an updated Transaction Reporting User Manual (TRUM) was published, providing additional guidance on the distinction between standard and non-standard contracts, which will be important for the 2nd phase of transaction reporting under REMIT. All documents are available on the REMIT Portal under www.acer-remit.eu

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    Click here to download comprehensive monthly statistics of the Ljubljana Stock Exchange for March 2016. 

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    Abu Dhabi Securities Exchange announced that the disclosure percentage of its listed companies has reached 92.3% with respect to disclosure of annual financial results for the year 2015. The companies achieved this percentage within the specified legal time limit of 90 days as of the end of the financial period. Sixty out of the total sixty five of the Exchange’s local and foreign public joint stock companies have been committed to this percentage.read more...

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    The uptrend in stock trading on the Vienna Stock Exchange continued unbroken in the first quarter of 2016: Equity trading volumes reached a total EUR 15.7 billion, which is a gain of 3.8% over the preceding year (Q1 2015: EUR 15.1 billion).  In March, stock trading hit EUR 5.68 billion thus seamlessly continuing the strong trend of the preceding two months (01/2016: EUR 4.70 billion, 02/2016: EUR 5.32 billion). The average monthly trading volume in 2016 is EUR 5.23 billion. The number of trades executed is also very high: February and March 2016 saw the highest number of transactions since October 2008 with over 810,000 trades executed. This represents a gain of 20.9% versus the like period of the previous year. “We are very pleased about the very robust start into the year 2016. Currently economic fears eased and the interest rate cut by the ECB is boosting stock markets all over Europe,” explained Birgit Kuras and Michael Buhl, management board members. “Already in the years 2014 and 2015, equity trading on the Vienna Stock Exchange had widened year on year by over one-fifth. We expect trading to continue at around this volume this year as well.” Upside potential for the ATX In the course of the first quarter, Austria's leading index, the ATX, dropped by 5.28% and stood at 2,270.38 points on 31 March 2016. The performance of the ATX was slightly better this year than the indices of most other major European stock markets. The ATX hit an all-year high on 5 January 2016 (2,362.73 points). The uncertainty that prevailed from January to mid-February caused the leading index to drop to its all-year low on 11 February 2016 (1,957.05 points). The cut in the European key lending rate to 0% as well as the easing of economic fears and of pressure on oil prices were factors that subsequently helped the ATX to recover. “International investors, especially institutional investors, showed a lively interest in Austrian stocks. The current situation has potential: low stock prices are always good entry market points for investors.  Some stocks withstood the general market trend and achieved solid gains in the first quarter,” stressed Birgit Kuras and Michael Buhl. To further increase international interest in Austrian stocks, the Vienna Stock Exchange organises regular roadshows at major financial centers worldwide, most recently in London and Amsterdam, and this week in Paris. Additionally, the stock exchange is working intensely to fill the pipeline for potential public offerings. Through IPO workshops and personal visits of companies, especially Austrian companies in growth sectors that want to finance further growth via equity, should be attracted. Top performers, most-actively traded stocks and trading members The list of stocks with the best performance on the prime market paints a mixed picture. STRABAG SE (+12.70%), Flughafen Wien AG (+9.59%), Semperit AG Holding (+9.32%), Telekom Austria (+7.22%) and Andritz AG (+7.11%) are the top five. By industry, the poorest performers in the first quarter of 2016 were banks and insurance companies. Total market capitalization on the Vienna Stock Exchange was EUR 84.17 billion at the end of March 2016. At the top of the list of the most actively traded stocks in the first quarter of 2016 was Erste Group Bank AG with a total trading volume of EUR 3.06 billion followed by OMV AG with monthly total trading volume of EUR 1.94 and voestalpine AG with monthly total trading volume of EUR 1.73 billion. Fourth and fifth place are taken by Raiffeisen Bank International AG (EUR 1.4 billion) and Andritz AG (EUR 1.15 billion). A ranking of trading members by highest trading volume in 1Q 2016 puts Morgan Stanley & Co with a share of 8.33% in total trading volume on the Vienna Stock Exchange ahead of Wood & Company Financial Services (8.13%) and Deutsche Bank AG (8.05%). Places 4 and 5 were achieved by the exchange members Hudson River Trading Ltd (7.70%) and Spire Europe Ltd (7.59%). Trading on the Vienna Stock Exchange is bolstered by the additional liquidity provided by market makers and specialists. They improve the quality of the order book and increase liquidity with the ultimate objective of generating higher order and trading volumes. As of 1 April 2016, there were 265 market maker mandates on the prime market of the Vienna Stock Exchange. The two major Austrian banks Raiffeisen Centrobank (38 mandates) and Erste Group Bank (35 mandates) play a key role in providing liquidity for the stocks listed on the prime market. Over the past years, the exchange also succeeded in acquiring international trading members to act as market makers for Austrian stocks. Currently, there are 16 exchange members who act as specialists or market makers on the prime market and enter binding bid and ask quotes – the highest number of trading members ever. The larger the number of market makers, the higher the volumes in the order book and the easier the execution of also large orders of institutional investors becomes. read more...

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  • 04/04/16--04:40: ESMA Updates Its EMIR Q&A
  • The European Securities and Markets Authority (ESMA) has published today an update of its Questions and Answers (Q&A) document regarding the implementation of the European Market Infrastructure Regulation (EMIR).read more...

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    The FSA published “Tax Reform in FY 2016 Key FSA-related Items in the Outline for the FY 2016 Tax Reform”. Please see this (PDF:162KB) for details.

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    The clearing for the power spot markets in the United Kingdom, the Netherlands and Belgium has successfully been migrated from APX to European Commodity Clearing (ECC) on 31 March 2016. Thus all power spot markets operated by EPEX SPOT and its affiliates covering Central Western Europe (CWE) and the UK now benefit from one central clearing.read more...

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    CME Group, the world's leading and most diverse derivatives marketplace, today announced that first-quarter 2016 volume averaged a record 16.9 million contracts per day, up 13 percent from first-quarter 2015.  CME Group first-quarter 2016 options volume averaged a record 3.5 million contracts per day, up 22 percent versus first-quarter 2015, with electronic options averaging 1.8 million contracts per day, up 26 percent over the same period last year.  March 2016 volume averaged 14.3 million contracts per day, up 4 percent from March 2015.  Open interest at the end of March was 106 million contracts, up 16 percent from year-end 2015.read more...

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    Eurex Clearing, one of the leading central counterparties globally, welcomes EquiLend’s security lending platform as new user of its Lending CCP. EquiLend, a global platform for trading and post-trade services, has completed its integration to Eurex Clearing’s Lending CCP and successfully launched connectivity services as of 4 April 2016. This allows EquiLend’s customers to connect directly to the Lending CCP for novation and downstream processing of securities lending transactions. They will also benefit from significant reductions in capital allocation costs.read more...

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    Executives from TD Asset Management Inc. (TDAM) will join Toronto Stock Exchange (TSX) to open trading this morning to celebrate the launch of their new exchange traded fund (ETF) business. Last week, TDAM's six new passive ETFs began trading on TSX, including products designed to track the performance of Canadian fixed income markets as well as Canadian, U.S. and international equities.read more...

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    Online prices are increasingly being used for a variety of inflation measurement and research applications, yet little is know about their relation to prices collected offline, where most retail transactions take place. This paper presents the results of the first large-scale comparison of online and offline prices simultaneously collected from the websites and physical stores of 56 large multi-channel retailers in 10 countries. I find that price levels are identical about 72% of the time for the products sold in both locations, with significant heterogeneity across countries, sectors, and retailers. The similarity is highest in electronics and clothing and lowest for drugstores and office-supply retailers. There is no evidence of prices varying with the location of the ip address or persistent browsing habits. Price changes are un-synchronized but have similar frequencies and average sizes. These results have implications for National Statistical Offices and researchers using online data, as well as those interested in the effect of the internet on retail prices in different countries and sectors.

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    We propose a novel mechanism, "financial dampening," whereby loan retrenchment by banks attenuates the effectiveness of monetary policy. The theory unifies an endogenous supply of illiquid local loans and risk-sharing among subsidiaries of bank holding companies (BHCs). We derive an IV-strategy that separates supply-driven loan retrenchment from local loan demand, by exploiting linkages through BHC-internal capital markets across spatially-separate BHC member-banks. We estimate that retrenching banks increase loan supply substantially less in response to exogenous monetary policy rate reductions. This relative decline has persistent effects on local employment and thus provides a rationale for slow recoveries from financial distress.

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    The effects of supply-side policies in depressed economies are controversial. We shed light on this debate using evidence from France in the 1930s. In 1936, France departed from the gold standard and implemented mandatory wage increases and hours restrictions. Deflation ended but output stagnated. We present time-series and cross-sectional evidence that these supply-side policies, in particular the 40-hour law, contributed to French stagflation. These results are inconsistent both with the standard one-sector new Keynesian model and with a medium scale, multi-sector model calibrated to match our cross-sectional estimates. We conclude that the new Keynesian model is a poor guide to the effects of supply-side shocks in depressed economies.

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    Financially closed economies insure themselves against current-account shocks using international reserves. We characterize the optimal management of reserves using an open-economy model of precautionary savings and emphasize several results. First, the welfare-based opportunity cost of reserves differs from the measures often used by practitioners. Second, under plausible calibrations the model is consistent with the rule of thumb that reserves should be close to three months of imports. Third, simple linear rules can capture most of the welfare gains from optimal reserve management. Fourth, policymakers should place more emphasis on how to use reserves in response to shocks than on the reserve target itself.