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The Historical Origins of the Safe Haven Status of the Swiss Franc1
Aussenwirtschaft 67.2 The historical origins of the safe haven status of the Swiss franc1 Ernst Baltensperger and Peter Kugler University of Berne; University of Basel An empirical analysis of international interest rates and of the behavior of the exchange rate of the Swiss franc since 1850 leads to the conclusion that World War I marks the origin of the strong currency and safe haven status of the Swiss franc. Before World War I, interest rates point to a weakness of the Swiss currency against the pound, the guilder and French franc (from 1881 to 1913) that is shared with the German mark. Thereafter, we see the pattern of the Swiss interest rate island develop and become especially pronounced during the Bretton Woods years. Deviations from metallic parities confirm these findings. For the period after World War I, we establish a strong and stable real and nominal trend appreciation against the pound and the dollar that reflects, to a sizeable extent, inflation differentials. JEL codes: N23 Key words: Swiss franc, safe haven, Swiss interest island, deviation from metallic parity, real and nominal appreciation 1 Introduction The Swiss franc is commonly considered a “strong” currency that serves as a “safe haven” in crisis periods. This raises the question of when the Swiss franc took on this property. Is it associated with the flexible exchange rate regime in place since 1973, or was it already in existence before then? Was the Swiss franc a “weak” currency even in the first decades after its creation in 1850? In order to analyze these questions, we need a definition of a strong currency and its properties. -
Optimal Currency Shares in International Reserves: the Impact of the Euro and the Prospects for the Dollar
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Papaioannou, Elias; Portes, Richard; Siourounis, Gregorios Working Paper Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar ECB Working Paper, No. 694 Provided in Cooperation with: European Central Bank (ECB) Suggested Citation: Papaioannou, Elias; Portes, Richard; Siourounis, Gregorios (2006) : Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar, ECB Working Paper, No. 694, European Central Bank (ECB), Frankfurt a. M. This Version is available at: http://hdl.handle.net/10419/153128 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an -
LIBOR Transition Faqs ‘Big Bang’ CCP Switch Over
RED = Final File Size/Bleed Line BLACK = Page Size/Trim Line MAGENTA = Margin/Safe Art Boundary NOT A PRODUCT OF BARCLAYS RESEARCH LIBOR Transition FAQs ‘Big bang’ CCP switch over 1. When will CCPs switch their rates for discounting 2. €STR Switch Over to new risk-free rates (RFRs)? What is the ‘big bang’ 2a. What are the mechanics for the cash adjustment switch over? exchange? Why is this necessary? As part of global industry efforts around benchmark reform, Each CCP will perform a valuation using EONIA and then run most systemic Central Clearing Counterparties (CCPs) are the same valuation by switching to €STR. The switch to €STR expected to switch Price Aligned Interest (PAI) and discounting discounting will lead to a change in the net present value of EUR on all cleared EUR-denominated products to €STR in July 2020, denominated trades across all CCPs. As a result, a mandatory and for USD-denominated derivatives to SOFR in October 2020. cash compensation mechanism will be used by the CCPs to 1a. €STR switch over: weekend of 25/26 July 2020 counter this change in value so that individual participants will experience almost no ‘net’ changes, implemented through a one As the momentum of benchmark interest rate reform continues off payment. This requirement is due to the fact portfolios are in Europe, while EURIBOR has no clear end date, the publishing switching from EONIA to €STR flat (no spread), however there of EONIA will be discontinued from 3 January 2022. Its is a fixed spread between EONIA and €STR (i.e. -
Submission Cover Sheet
SUBMISSION COVER SHEET Registered Entity Identifier Code (optional) LCH Date: March 16, 2012 IMPORTANT : CHECK BOX IF CONFIDENTIAL TREATMENT IS REQUESTED. ORGANIZATION LCH.Clearnet Limited FILING AS A: DCM SEF DCO SDR ECM/SPDC TYPE OF FILING Rules and Rule Amendments Certification under § 40.6 (a) or § 41.24 (a) “Non-Material Agricultural Rule Change” under § 40.4 (b)(5) Notification under § 40.6 (d) Request for Approval under § 40.4 (a) or § 40.5 (a) Advance Notice of SIDCO Rule Change under § 40.10 (a) Products Certification under § 39.5(b), § 40.2 (a), or § 41.23 (a) Swap Class Certification under § 40.2 (d) Request for Approval under § 40.3 (a) Novel Derivative Product Notification under § 40.12 (a) RULE NUMBERS Amended General Regulations, Schedule to the SwapClear Regulations, Part B and Schedule A, Part B to the FCM Regulations DESCRIPTION Introduction of the extension of the eligible maturity of Japanese yen interest rate swaps from 30 years to 40 years. Additionally, the introduction of the extension of the eligible maturity of Overnight Index Swaps from denominated in USD, EUR and GBP to 30 years. There are consequential amendments to General Regulations, Schedule to the SwapClear Regulations, Part B and Schedule A, Part B to the FCM Regulations. LCH.Clearnet Rule Submission SUBMISSION OF AMENDMENTS TO THE CLEARINGHOUSE RULES TO THE COMMODITY FUTURES TRADING COMMISSION SUBMITTED BY LCH.Clearnet Limited an English limited company FILING AS A REGISTERED DERIVATIVES CLEARING ORGANIZATION Pursuant to Commission Regulation § 40.6 -
Eurocurrency Contracts
RS - IV-5 Eurocurrency Contracts Futures Contracts, FRAs, & Options Eurocurrency Futures • Eurocurrency time deposit Euro-zzz: The currency of denomination of the zzz instrument is not the official currency of the country where the zzz instrument is traded. Example: Euro-deposit (zzz = a deposit) A Mexican firm deposits USD in a Mexican bank. This deposit qualifies as a Eurodollar deposit. ¶ The interest rate paid on Eurocurrency deposits is called LIBOR. Eurodeposits tend to be short-term: 1 or 7 days; or 1, 3, or 6 months. 1 RS - IV-5 Typical Eurodeposit instruments: Time deposit: Non-negotiable, registered instrument. Certificate of deposit: Negotiable and often bearer. Note I: Eurocurrency deposits are direct obligations of commercial banks accepting the deposits and are not guaranteed by any government. They are low-risk investments, but Eurodollar deposits are not risk-free. Note II: Eurocurrency deposits play a major role in the international capital market. They serve as a benchmark interest rate for corporate funding. • Eurocurrency time deposits are the underlying asset in Eurodollar currency futures. • Eurocurrency futures contract A Eurocurrency futures contract calls for the delivery of a 3-mo Eurocurrency time USD 1M deposit at a given interest rate (LIBOR). Similar to any other futures a trader can go long (a promise to make a future 3-mo deposit) or short (a promise to take a future 3-mo. loan). With Eurocurrency futures, a trader can go: - Long: Assuring a yield for a future USD 1M 3-mo deposit - Short: Assuring a borrowing rate for a future USD 1M 3-mo loan. -
Thomson Completes Acquisition of Reuters; Thomson Reuters Shares Begin Trading Today
Thomson Completes Acquisition of Reuters; Thomson Reuters Shares Begin Trading Today April 17, 2008 << World's Leading Source of Intelligent Information for Businesses and Professionals US$500 Million Share Repurchase Program Announced >> The Thomson Corporation today announced that it has completed its acquisition of Reuters Group PLC, forming Thomson Reuters (NYSE: TRI; TSX: TRI; LSE: TRIL: Nasdaq: TRIN), the world's leading source of intelligent information for businesses and professionals in the financial, legal, tax and accounting, scientific, healthcare, and media markets. Thomson Reuters has more than 50,000 employees with operations in 93 countries on six continents and 2007 pro forma revenues of approximately US$12.4 billion. << (Logo: http://www.newscom.com/cgi-bin/prnh/20020227/NYW014LOGO ) >> Effective today, Thomson Reuters shares will begin trading on exchanges in Toronto, New York and London and are eligible for inclusion in S&P/TSX and FTSE 100 UK indices. Thomson Reuters Corporation's common shares are listed on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol "TRI". Thomson Reuters PLC ordinary shares are listed on the London Stock Exchange under the symbol "TRIL" and its ADSs are listed on Nasdaq under the symbol "TRIN". Thomas H. Glocer, chief executive officer of Thomson Reuters, said, "This is a very exciting day for our shareholders, customers and employees. Thomson Reuters will deliver the intelligent information needed to give businesses and professionals the knowledge to act. We call our information "intelligent" because it is not only insightful, highly relevant and timely, but it is also made available in formats which applications can consume and to which they can add further value. -
When Information Is Abundant, a Good Filter Is Prized
WHEN INFORMATION IS ABUNDANT, A GOOD FILTER IS PRIZED In the internet age, the abundance of free information creates its own problems. This is the opportunity for the big business information groups. Tom Glocer, CEO of Thomson Reuters, argues that a path to relevant information is what people need s Stewart Brand, an early technology That statement is as true now as it was then, guru, wrote in The Media Lab nearly despite the information revolution that has A a quarter century ago, “Information occurred in the intervening years. So much wants to be free. Information also wants to information has become freely available as the be expensive. Information wants to be free internet has evolved. But businesses still need because it has become so cheap to distribute, information that helps them do commerce copy, and recombine – too cheap to meter. and are willing to pay for it. The challenge It wants to be expensive because it can be now lies in providing the most useful and immeasurably valuable to the recipient. relevant information – and in creating an That tension will not go away.” efficient path to it. 12 Brunswick Issue four Review Summer 2011 1851 Paul Julius Reuter opens an office to transmit stock market quotations and news between London 1965 and Paris over the new Thomson Newspapers Dover-Calais submarine becomes a publicly quoted telegraph cable. company on the Toronto 1934 Stock Exchange. Roy Thomson acquires his first newspaper, purchasing the Timmins Daily Press in Ontario. Since the invention of Gutenberg’s press in the were sent via the internet in 2010 alone, and the 15th century, each successive generation has been volume of information continues to grow. -
Calls, Puts and Select Alls
CIMA P3 SECTION D – MANAGING FINANCIAL RISK THE PUTS, THE CALLS AND THE DREADED ‘SELECT ALLs’ Example long form to OT approach Here is my favourite long form question on Interest rate risk management: Assume you are the Treasurer of AB, a large engineering company, and that it is now May 20X4. You have forecast that the company will need to borrow £2 million in September 20X4 for 6 months. The need for finance will arise because the company has extended its credit terms to selected customers over the summer period. The company’s bank currently charges customers such as AB plc 7.5% per annum interest for short-term unsecured borrowing. However, you believe interest rates will rise by at least 1.5 percentage points over the next 6 months. You are considering using one of four alternative methods to hedge the risk: (i) A traded interest rate option (cap only); or (ii) A traded interest rate option (cap and floor); or (iii) Forward rate agreements; or (iv) Interest rate futures; or You can purchase an interest rate cap at 93.00 for the duration of the loan to be guaranteed. You would have to pay a premium of 0.2% of the amount of the loan. For (ii) as part of the arrangement, the company can buy a traded floor at 94.00. Required: Discuss the features of using each of the four alternative methods of hedging the interest rate risk, apply to AB and advise on how each might be useful to AB, taking all relevant and known information into account. -
The Euro and Currency Unions October 2011 2 the Euro and Currency Unions | October 2011
GLOBAL LAW INTELLIGENCE UNIT The euro and currency unions October 2011 www.allenovery.com 2 The euro and currency unions | October 2011 Key map of jurisdictions © Allen & Overy LLP 2011 3 Contents Introduction 4 Map of world currencies 4 Currency unions 5 Break-up of currency unions 6 Break-up of federations 6 How could the eurozone break up? 6 Rights of withdrawal from the eurozone 7 Legal rights against a member withdrawing from the eurozone unilaterally 7 What would a currency law say? 8 Currency of debtors' obligations to creditors 8 Role of the lex monetae if the old currency (euro) is still in existence 9 Creditors' rights of action against debtors for currency depreciation 10 Why would a eurozone member want to leave? - the advantages 10 Why would a eurozone member want to leave? - the disadvantages 11 History of expulsions 12 What do you need for a currency union? 12 Bailing out bankrupt member states 13 European fire-power 14 Are new clauses needed to deal with a change of currency? 14 Related contractual terms 18 Neutering of protective clauses by currency law 18 Other impacts of a currency change 18 Reaction of markets 19 Conclusion 20 Contacts 21 www.allenovery.com 4 The euro and currency unions | October 2011 Allen & Overy Global Law Intelligence Unit The euro and currency unions October 2011 Introduction The views of the executive of the Intelligence Unit as to whether or not breakup of the eurozone currency union This paper reviews the role of the euro in the context of would be a bad idea will appear in the course of this paper. -
Monthly Currency Rates / Taux Mensuels Des
MONTHLY CURRENCY RATES / TAUX MENSUELS DES MONNAIES Exchange rates on 30 JUNE 2011 / Taux de change au 30 JUIN 2011 APPLICABLE FOR THE MONTH OF JULY 2011 / APPLICABLE POUR LE MOIS DE JUILLET 2011 REGIONAL COUNTRIES / PAYS REGIONAUX COUNTRY / PAYS CURRENCY / RATE PER UA/ MONNAIES TAUX PAR RAPPORT A L'UC ALGERIA/ALGERIE DZD ALGERIAN DINAR 114,745 ANGOLA AON KWANZA 149,696 BOTSWANA BWP PULA 10,4604 BURUNDI BIF FRANC 2005,80 CAPE VERDE/CAP VERT CVE ESCUDO 122,709 CFA COUNTRIES/PAYS CFA XAF FRANC CFA 726,374 CFA COUNTRIES/PAYS CFA XOF FRANC CFA 726,374 COMOROS/COMORES KMF COMORIAN FRANCS 544,780 CONGO DEM REP/REP DEM CONGO CDF Congo Franc 1461,29 DJIBOUTI DJF DJIBOUTI FRANC 284,490 EGYPT/EGYPTE EGP POUND 9,43991 ERITREA/ERYTHREE ERN ERITREA NAKFA 24,6118 ETHIOPIA/ETHIOPIE ETB BIRR 27,1242 GAMBIA/GAMBIE GMD DALASI 45,3453 GHANA GHS CEDI 2,35478 GUINEA/GUINEE GNF FRANC 10843,0 KENYA KES SHILLING 137,193 LESOTHO LSL MALOTI 10,9092 LIBERIA LRD LIBERIAN DOLLAR 116,833 LIBYA/LIBYE LYD LYBIAN DINAR 1,93240 MADAGASCAR MGA ARIARY 3127,66 MALAWI MWK KWACHA 239,094 MAURITANIA/MAURITANIE MRO OUGUIYA 440,785 MAURITIUS/I.MAURICE MUR RUPEE 45,5622 MOROCCO/MAROC MAD DIRHAM 12,5918 MOZAMBIQUE MZN METICAIS 49,7797 NAMIBIA/NAMIBIE NAD NAMIBIAN DOLLAR 10,9092 NIGERIA NGN NAIRA 245,862 RWANDA RWF RWANDA FRANC 957,757 SAO TOME & PRINCIPE/ STD DOBRA 27263,7 SEYCHELLES SCR RUPEE 19,4776 SIERRA LEONE SLL LEONE 7058,43 SOMALIA/SOMALIE SOS SHILLING 2577,12 SOUTH AFRICA/AFRIQUE DU SUD ZAR RAND 10,9092 SUDAN/SOUDAN SDG SUDANESE POUND 4,33915 SWAZILAND SZL LILANGENI 10,9092 -
2021: a Defining Moment for the Interest Rates Reform City Week 2020 – London
21 September 2020 ESMA80-187-627 2021: A Defining Moment for The Interest Rates Reform City Week 2020 – London Steven Maijoor Chair European Securities and Markets Authority Introduction Good morning Ladies and Gentlemen, It is my great pleasure to participate today in the City Week 2020 forum. The interest rates reform is one of the key challenges that the global financial system is currently facing. Therefore, I would like to thank City & Financial Global and the other institutions involved in the organisation of this forum for inviting me and for including in the agenda a panel discussion on this very important matter. Today, before participating in the panel discussion, I would like to speak about recent and expected developments of the global interest rates reform and the crucial role that the cooperation between public authorities and the financial industry is playing in this process. €STR: the new risk-free rate for the euro area As Chair of a European Authority, please allow me to start with an overview of interest rates transition in the euro area and the challenges that lie ahead of us. ESMA • 201-203 rue de Bercy • CS 80910 • 75589 Paris Cedex 12 • France • Tel. +33 (0) 1 58 36 43 21 • www.esma.europa.eu We are soon approaching the first-year anniversary of the Euro Short-Term Rate, or €STR1, which has been published by the ECB since 2nd October 2019. This rate is arguably the core element of the interest rate reform in the euro area, and I will try to explain why this is the case. -
Q3-Q4/16 – Two Centuries of Currency Policy in Austria
Two centuries of currency policy in Austria This paper is devoted to currency policies in Austria over the last 200 years, attempting to Heinz Handler1 sketch historical developments and uncover regularities and interconnections with macroeco- nomic variables. While during the 19th century the exchange rate resembled a kind of technical relation, since World War I (WW I) it has evolved as a policy instrument with the main objec- tives of controlling inflation and fostering productivity. During most of the 200-year period, Austrian currencies were subject to fixed exchange rates, in the form of silver and gold standards in the 19th century, as a gold-exchange standard and hard currency policy in much of the 20th century, and with the euro as the single currency in the early 21st century. Given Austria’s euro area membership, national exchange rate policy has been relinquished in favor of a common currency which itself is floating vis-à-vis third currencies. Austria’s predilection for keeping exchange rates stable is due not least to the country’s transformation from one of Europe’s few great powers (up to WW I) to a small open economy closely tied to the large German economy. JEL classification: E58, F31, N13, N14, N23, N24 Keywords: currency history, exchange rate policy, central bank, Austria When the privilegirte oesterreichische versus flexible exchange rates. During National-Bank (now Oesterreichische most of the period considered here, Nationalbank – OeNB)2 was chartered Austrian currencies were subject to in 1816, the currency systems of major fixed exchange rates, in the form of sil- nations were not standardized by any ver and gold standards in the 19th cen- formal agreement, although in practice tury, as a gold-exchange standard in a sort of specie standard prevailed.