Saturday 23 June 2012

Elephant redemption - Spain’s King Juan Carlos visits fishermen involved in Gibraltar dispute

http://www.theolivepress.es/spain-news/2012/06/23/spains-king-juan-carlos-visits-fishermen-involved-in-gibraltar-dispute/ 

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Friday 22 June 2012

ESMA publishes MiFID update on Investor Protection and Intermediaries.

MiFID Questions and Answers June 2012-382.pdf Download this file

Executive Summary

ESMA publishes an update to the MiFID Q&A in the area of Investor Protection and Intermediaries.

 

Analysis

The purpose of this document is to promote common supervisory approaches and practices in the application of MiFID and its implementing measures. It does this by providing responses to questions posed by the general public and competent authorities in relation to the practical application of MiFID. 

The content of this document is aimed at competent  authorities under MiFID to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by CESR, and now ESMA. However, the answers are also intended to help firms by providing clarity as to the content of the MiFID rules, rather than creating an extra layer of requirements.

 

Additional information

ESMA is required to play an active role in building a common supervisory culture by promoting common supervisory approaches and practices. In this regard, ESMA will continue to develop Q&As as and when appropriate. 



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'EU and 'The Psychological State Of One German Woman''

Merkel_obama

http://e.businessinsider.com/view/4f45ee0c90658cce4a9318744fe41f066763d9af740002b8/6cc7945f# 

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Thursday 21 June 2012

FT - 'ECB to relax loan rules for Spanish banks'

ECB to relax loan rules for Spanish banks
The European Central Bank is expected to give Spanish banks a much-needed boost with a significant loosening of rules on collateral required to obtain its liquidity, which could be followed by steps to reduce the role of credit-rating agencies.
The concession, which could be announced as early as Friday, would allow Spanish banks to make greater use of asset-backed securities when drawing ECB funds. The move – coming as European authorities and Madrid draw up plans to recapitalise the country’s banks – will help to offset a possible liquidity squeeze caused by downgrades by credit rating agencies.
The decision by the ECB’s 22-strong governing council is part of a review of collateral rules aimed at ensuring liquidity continues to flow to sound eurozone banks – and to reduce its reliance on external bodies such as Standard & Poor’s and Moody’s.

http://on.ft.com/KQ25ui


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UK FCA : 'Time for Martin Wheatley to stamp his authority on the banks'

Martin_wheatley

http://www.moneymarketing.co.uk/1053233.article?

'Advisers have called on Financial Conduct Authority chief executive designate Martin Wheatley to stamp his authority on the industry by putting an end to banks’ aggressive sales incentive schemes.
The issue has again come under the regulatory spotlight as the FSA gears up to publish a reportbased on the findings of a year-long investigation into incentive schemes used by 20 major financial services firms...'

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Sustaining China’s economic growth

China

'“Unsteady, imbalanced, uncoordinated and unsustainable” was how Premier Wen Jiabao described the Chinese economy in 2007. Wen’s comments have been widely quoted because they are so frank – some might say hyperbolic. China’s economy grew by a blistering 13.1% in 2007, and five years later it is still expanding by over 8% per year, surely a sign of rude health...' 

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Tuesday 19 June 2012

How does UK FSA Executive pay AFTER TAX compare to other EU Regulators?

Fsa_executives_pay_table

http://www.moneymarketing.co.uk/1053188.article?  'Financial Conduct Authority chief executive designate Martin Wheatley has already been paid over £50,000 in performance related bonuses, after joining the FSA last September.

The FSA has published its annual report for 2011/12, which sets out how the regulator has performed against its business plan for the year. It also sets out salary and benefits paid to FSA senior management....'


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Greek elections fail to reassure markets anything has changed for Spain and Italy

Spanish_govt_bonds

http://www.businessinsider.com/spain-and-italy-are-getting-destroyed-2012-6?


'

The Spanish IBEX 35 and the Italian FTSE MIB got crushed today, after Greek elections failed to reassure markets that anything has changed for the troubled Spain and Italy.

Comments from German Chancellor Angela Merkel worsened the blow. She told reporters near the end of European trading that she will not budge on the terms of the Greece aid package.

In core Europe,....'

http://pinterest.com/pin/198158452324900734/

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Thursday 14 June 2012

Cost for Spanish government to borrow for 10 years hit a euro-era,all-time high of 6.90 percent

http://www.businessinsider.com/spanish-10-year-yield-690-2012-6?

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Tuesday 12 June 2012

Gibraltar Deja Vu - Falkland Islands Government referendum announcement

Crest_appt

'Foreign Secretary William Hague and Foreign Office Minister Jeremy Browne today welcomed the announcement by the Falklands Islands government of a referendum on the islands' political future.

Foreign Secretary William Hague said:

“The British Government has been consistent in its view that the future of the Falklands can only be determined by the people who live there.  So the Prime Minister and I support this initiative to demonstrate – without doubt – the definitive view of the Falkland Islands people.  In a region that rightly prizes democracy and human rights, it is entirely appropriate that the Islanders can express this fundamental right.  The principle of self-determination is a key part of the United Nations charter.  The voice of the Falkland Islands people should be heard.  I hope very much that Argentina, and indeed the whole of the international community, joins the UK in listening carefully to what they have to say.”

Speaking, today, from Stanley, Falklands Islands, Jeremy Browne said:

"It is a privilege and a pleasure to be here with the Falkland Islands people, as they commemorate the thirtieth anniversary of their liberation.  The sacrifices made by the British armed forces in the 1982 conflict were significant.  We will never forget them.  But the British Government believed then, as we do today, that the protection of the Falkland Islanders’ political liberty – of their right to determine their own future – is a principle worth defending.

"Only the Falkland Islands people can determine how they wish to be governed.  So I very much support this initiative by the Falkland Islands Government.  Indeed, I believe this referendum is a truly significant moment.  It will give the Falkland Islands people the opportunity to send a clear message – not just to Argentina, but to the whole of the international community – that the Islanders, and they alone, are masters of their fate.

"In the next few months the Falklands will give their definitive verdict on their political status.  The British Government will respect their decision, in line with the principles of the United Nations Charter.  And I call on all governments who prize democracy and human rights to do likewise.

"Whilst it is for the Islanders to choose, let me be clear: the British government greatly values the links between the UK and the Falkland Islands.  We believe these should continue and deepen, long into the future.  And if this proves to be the will of the Falkland Islands people, then we in the UK will not just respect it, but will continue actively to defend this act of self-determination from those who seek to challenge it."

Earlier today, the Falkland Islands Government announced its attention to hold a referendum. 

In a statement, Chairman of the Legislative Assembly, Gavin Short, said:

“I have no doubt that the people of the Falklands wish for the Islands to remain a self-governing Overseas Territory of the United Kingdom.  We certainly have no desire to be ruled by the Government in Buenos Aires, a fact that is immediately obvious to anyone who has visited the Islands and heard our views.  

"But we are aware that not everyone is able to come to these beautiful Islands and to see this reality for themselves. And the Argentine Government deploys misleading rhetoric that wrongly implies that we have no strong views or even that we are being held hostage by the UK military. This is simply absurd.

"We have thought carefully about how to convey a strong message to the outside world that expresses the views of the Falklands people in a clear, democratic and incontestable way. So we have decided, with the full support of the British Government, to hold a referendum on the Falkland Islands to eliminate any possible doubt about our wishes. This referendum will be organised by the Falkland Islands Government and will take place in the first half of 2013.  We will invite independent, international observers to observe the process and verify its outcome.  Exact timings, the specific wording of the question, and other details will be announced in the coming weeks.

"We are holding this referendum not because we have any doubts about who we are and what future we want, but to show the world just how very certain we are about that." '


Please click on the link to view the article: here  

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Monday 11 June 2012

‘How could the Germans now refuse to bail out the Italians, having bailed out the Spanish?

Spain_crisis_2012

http://www.citywire.co.uk/global/this-is-a-catastrophe-says-top-economist-on-spanish-bailout/a595051?

'The �100 billion bailout package to recapitalise Spanish banks is a major turning point in the eurozone where policymakers move from trying to save it to trying to end it tidily, according to leading economist Andrew Lilico.

Speaking to Citywire Global, Lilico, director of research bureau Europe Economics, said he is firm in his belief that Saturday’s agreement is the death knell for the eurozone as it will trigger collective debt pooling.

‘The Spanish bailout constitutes the key moment when policymakers have moved from trying to save the euro to trying to achieve an orderly disintegration,’ he said. 

‘Why do I say this?  Because the Germans have always said that debt pooling - eurobonds, mass ECB purchases of sovereign debt, a �2 trillion EFSF etc. - would imply the end of the euro. The Germans were correct in this.’

Instead of correcting weaknesses in the system, Lilico said ....'


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Friday 8 June 2012

Investors Europe :: Find out our Rates!


Dear Investor,
As a quick reminder to our previous email, this is to let you know that we can match or better your rates, depending on the amount you open your account with and how much you trade. Alternatively, if you tell us what you are paying, we will do our level best to better it. 
 
 

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UK Treasury Select Committee: 'accountability Financial Conduct Authority “require Statutory Force”'

Gibraltar_stock_broker

'THE FSA – A CONSTITUTIONAL ABUSE?

Government’s response to Treasury select committee report on the Financial Services Bill was “largely unsympathetic” to their recommendations. The Treasury select committee says its recommendations on accountability of the Financial Conduct Authority “require statutory force” in a report published today (8 June).

WHY?

The FSA is not accountable to Treasury Ministers or to Parliament, as confirmed by Hector Sants at a Treasury Select Committee meeting on 9 March 2011. As a parliamentarian can you really accept the delegation of your elected democratic powers? The Treasury select committee has made recommendations on accountability of the Financial Conduct Authority that “require statutory force” in a report published today (8 June), and your support is required.

In contemporary usage, dictatorship refers to an autocratic form of absolute rule by leadership unrestricted by law, constitutions, or other social and political factors within the state. It suits whatever government to allow regulation by dictatorship i.e. unrestricted by law, constitutions, or other social and political factors within the state.

I suspect that we have all been duped over many years into the false belief that we lived in a democracy subjected to the rule of law, where no man/woman or body is above the law. The FSA is an unelected, unaccountable body of the executive. In constitutional law the executive is the part of government but separate with responsibility for the administration of the state, in our case the regulation of the state and its financial services.

The government claims the FSA is independent because they have an eye to preserving the myth of the “separation of powers”, a constitutional issue because if the government and executive are one and the same you risk dictatorships where the different powers of government are assumed by one body i.e. no separation of powers. The FSA and the government must be the same because the FSA is not answerable to government and the only way that could be tolerated is by virtue of the fact that the FSA is actually the government speaking.  That must be the only explanation to the FSA’s lack of accountability.

Thus the separation of powers does not exist as authority is granted to the FSA at risk of our rights. You see the executive FSA is not supposed to make laws (the role of the legislature) or interpret them (the role of the judiciary). The role of the executive is to enforce the law as written by the legislature and for its actions to be adjudicated upon by the judicial system. We all know this is not the case in financial services. The FSA is therefore an abuse of power in a democratic system and as such a danger to us all.

Hector Sants snubbed the TSC on the 9th of  March 2011 and now it’s time for you as an elected MP to reclaim your powers and make our future regulator accountable to parliament.

Regards

SIMON MANSELL '

Source: www.ifadu.co.uk

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Thursday 7 June 2012

What if all regulators had this ?

Financial Services Authority FSA Code of Conduct.pdf Download this file



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Wednesday 6 June 2012

Why Facebook Was More Valuable as a Private Company

Crest_appt

 http://rww.to/MkaeB8

'Facebook shares have traded on secondary exchanges like SharesPost and SecondMarket since early 2009. Prior to the social network's May 18, 2012, initial public offering, though, they were only available to accredited investors: banks and funds with assets over $5 million or individuals with a net worth above $1 million. Securities laws prevented small investors from buying Facebook shares prior to the IPO. As it turns out, the SEC was doing those investors a big favor.

On secondary exchanges, Facebook shares traded above $30 through 2011 and above $40 for most of this year. Since going public, the price has fallen 31% to $26.26 today. The last time Facebook stock was valued at that price was in December 2010. 

Many observers thought the greater fool theory would apply, that small investors would rush to buy Facebook after its IPO. But small investors weren't the fools this time. Anyone who bought Facebook shares on a private market and didn't manage to sell in the first few, glorious hours after the public offering - when the stock traded above its $38 per share offering price – is out of luck for now. 

Secondary markets provide a valuable service in trading shares of private companies, but they are much less liquid than public markets and, as the Facebook offering showed, not terribly good at determining how valuable these companies truly are. Not only did Facebook's IPO confirm, as some had feared, a new tech-stock bubble; it dashed a belief among experienced investors that the company was worth far more than it actually was. And this belief lasted for well over a year. In time, Facebook may prove the private investors right. If the company addresses the concerns weighing down its share price, its value could rally to record highs. But it's not clear how long that would take. In the meantime, the stock is getting cheaper by the day.......'

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Tuesday 5 June 2012

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