Indian Rupee rebounds as regulators move to curb speculative trades

Published : 12:09 am  July 10, 2013  |  Category: Financial Services  |  Leave a Comment  |  457 views  |  

Reuters) – The rupee rallied on Tuesday from a record low in the previous session after regulators restricted speculative trading in currency derivatives, although the measures are expected to provide only brief respite for the currency. Late on Monday, the Reserve Bank of India banned banks from proprietary trading in domestic currency futures and options, while the Securities and Exchange Board of India (SEBI) doubled the margin requirement on the domestic dollar-rupee forward trade. The National Stock Exchange later clarified that clients with excess open positions in currency derivatives will have until July 30 to cut them to levels mandated by regulators. The steps are the latest by... 


Fitch on Sovereign Outlook, Fed exit adds to challenges for emerging markets

Published : 12:09 am  July 10, 2013  |  Category: Financial Services  |  Leave a Comment  |  370 views  |  

Fitch Ratings says in its latest bi-annual global Sovereign Review and Outlook report that more testing funding conditions following the US Federal Reserve’s forward guidance on monetary policy, slower growth rates, and lower commodity prices add up to a less favourable economic and credit environment for emerging markets (EM). The Fed’s comments on the timing of ‘tapering’ quantitative easing and eventually raising of interest rates precipitated a broad market sell-off and increased volatility since the middle of May, even though the comments should not have been a great surprise and reflect more upbeat US growth prospects. Fitch does not expect the first rate hike until mid-2015, and... 


NYSE Euronext to administer Libor interest rate

Published : 12:08 am  July 10, 2013  |  Category: Financial Services  |  Leave a Comment  |  594 views  |  

Reuters: NYSE Euronext, the operator of the New York Stock Exchange, has been chosen to run Libor, the benchmark interest rate that has been at the centre of a global rigging scandal, people familiar with the matter said on Tuesday. The decision will be announced shortly by Britain’s Finance Ministry, the sources said. Sky News said the US group will pay a token sum of one pound to acquire BBA Libor Ltd., the company which has previously had responsibility for administering the London interbank offered rate, commonly known as Libor. Thomson Reuters, which has calculated Libor on behalf of the British Bankers’ Association (BBA) trade body, had expressed interest in taking on the running of... 


Secondary market activity picks up ahead of weekly T-bill auction

Published : 12:08 am  July 10, 2013  |  Category: Financial Services  |  Leave a Comment  |  374 views  |  

By Wealth Trust Securities Activity in secondary bond markets picked up yesterday ahead of today’s weekly Treasury bill auction as yields dipped marginally. At today’s auction a total amount of Rs. 12 b is on offer for a fifth straight week with the offered amount on the 364 day maturity increasing by Rs. 1 b to Rs. 10 b while Rs. 1 b each is been offered on the 182 day and 91 day maturities. At last week’s auction the weighted averages (WAvg) on the 182 day and 364 day maturities remained unchanged at 9.70% and 10.66% respectively while the WAvg on the 91 day dipped by one basis point to 8.65%. Once again bond activity centered on the liquid two five year maturities (i.e. 1 April 2018... 


Bond funds gain $ 2.11 b after record outflow

Published : 12:33 am  July 9, 2013  |  Category: Financial Services  |  Leave a Comment  |  395 views  |  

Reuters: Global investors committed $2.11 billion to bond funds in the latest week after pulling a record $23.3 billion out of the funds the prior week, data from EPFR Global showed on Friday. Funds that hold high-yield “junk” bonds gained $384 million in new cash in the week ended July 3, recovering from record outflows of $6.8 billion the prior week. Emerging market bond funds, meanwhile, suffered outflows of $956 million over the week, an improvement from record-high outflows of $5.6 billion the prior week. The inflows into bond funds overall in the week ended July 3 came as three US Federal Reserve policymakers sought to downplay the notion that the central bank would end its accommodative... 


Secondary market bond yields edge up marginally in thin trade

Published : 12:33 am  July 9, 2013  |  Category: Financial Services  |  Leave a Comment  |  411 views  |  

By Wealth Trust Securities A buyer’s market environment in secondary markets saw activity dry up yesterday as yields edged up marginally in thin trade. Active two way quotes were mainly seen on the liquid two five year maturities (i.e. 1.4.18 and 15.8.18) as it closed the day at levels of 11.40/42 and 11.46/50 respectively subsequent to changing hands at 11.40% and 11.46% in very thin trades. The subdued environment was further supported by the wait and see approach by most market participants as well. However, demand for the 364 day bill continued as it was seen been traded at levels of 10.60% before closing the day at 10.58/60. Overnight call money and repo rates remained steady yesterday... 


Central banks step in after currencies slump, Egypt stocks dive as crisis deepens

Published : 12:32 am  July 9, 2013  |  Category: Financial Services  |  Leave a Comment  |  551 views  |  

LONDON (Reuters): Emerging currencies slumped to multi-year or record lows versus the dollar on Monday, forcing some central banks to step in after robust US data boosted the greenback, while Egyptian stocks dived after renewed violence in Cairo. The Turkish central bank reacted to the lira’s fall to a fresh record low by pledging “strong additional monetary tightening”, allowing the currency to recover 0.7%. It also opened an auction to sell $ 250 million. Earlier, the Indian rupee hit a record low versus the dollar forcing the central bank to come to its defence while other currencies including the Korean won, Thai baht and Philippine peso fell to multi-month lows, losing 0.7-1.1%. “The... 


Deutsche Boerse to launch Cloud Exchange to trade computing power

Published : 12:32 am  July 9, 2013  |  Category: Financial Services  |  Leave a Comment  |  459 views  |  

REUTERS: German financial markets operator Deutsche Boerse is planning to commoditise computing power with the launch early next year of the world’s first independent exchange for trading cloud computing capacity. The advent of cloud computing, whereby a remote network of computers is made available online, has not only enabled users to ditch much of their own costly hardware but also to switch between third-party machines according to where processing power is cheapest. Deutsche Boerse said the Cloud Exchange will open as a spot market in the first quarter of next year to companies and other organisations which outsource their data storage and computer processing needs, enabling them to buy... 


Indian rupee falls below 61/dollar, RBI measures anticipated

Published : 12:32 am  July 9, 2013  |  Category: Financial Services  |  Leave a Comment  |  734 views  |  

Reuters: The rupee fell to a record low on Monday, forcing the RBI to come to its defence, while bond yields surged, highlighting the vulnerability of a country dependant on capital inflows to fund its big current account deficit. The rupee’s slide to an all-time low of 61.21 is sparking speculation about potential measures from the Reserve Bank of India, including providing a special window for oil companies to buy dollars. The central bank will meet officials from oil companies, the biggest buyers of dollars in domestic markets, later on Monday to discuss their foreign exchange needs, two sources with direct knowledge of the matter told Reuters. Meanwhile, Finance Minister P. Chidambaram... 


Asia Pacific will lead world in mobile transactions by 2016: Gartner

Published : 12:31 am  July 9, 2013  |  Category: Financial Services  |  Leave a Comment  |  463 views  |  

Mobile transactions in Asia-Pacific are expected to grow 38% in value this year to reach US$ 74 billion, and the region will lead the world with $ 165 billion in mobile transactions in 2016, according to Gartner. In total, worldwide mobile payment transaction values will reach $ 235.4 billion in 2013, a 44% increase from 2012 values of $ 163.1 billion. The number of mobile payment users worldwide will reach 245.2 million in 2013, up from 200.8 million in 2012. Africa is currently the region with the highest transaction value. “We expect global mobile transaction volume and value to average 35% annual growth between 2012 and 2017, and we are forecasting a market worth $ 721 billion with more... 


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