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Fitch Revises Outlooks on German Cooperative Banks and DZ BANK to Stable; Affirms at 'AA-'
01 JUL 2021 Fitch Revises Outlooks on German Cooperative Banks and DZ BANK to Stable; Affirms at 'AA-' Fitch Ratings - Frankfurt am Main - 01 Jul 2021: Fitch Ratings has revised Genossenschaftliche FinanzGruppe (GFG) and the members of its mutual support scheme, including GFG's central institution DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK) and 814 local cooperative banks, to Stable Outlook from Negative Outlook. Their Long-Term Issuer Default Ratings (IDRs) have been affirmed at 'AA-'. The revisions of the Outlooks reflect our view that the risk of significant deterioration of the operating environment, leading to a durable weakening of GFG's asset quality and profitability, has subsided since our last rating action in August 2020. GFG is not a legal entity but a cooperative banking network whose cohesion is ensured by a mutual support scheme managed by the National Association of German Cooperative Banks (BVR). GFG's IDRs apply to each member bank, in accordance with Annex 4 of Fitch's criteria for rating banking structures backed by mutual support schemes. The ratings are underpinned by the high effectiveness of the scheme given its long and successful record of ensuring GFG's cohesion, monitoring members' risks and enforcing corrective measures when needed. The scheme has effectively protected its members' viability and averted losses for their creditors since its inception. Fitch has also downgraded Deutsche Apotheker- und Aerztebank eG's (apoBank) Long-Term Deposit Rating because we no longer expect the bank's buffer of senior non-preferred and more junior debt to remain sustainably above 10% of risk weighted assets (RWAs) as the bank is not required to maintain resolution debt buffers. -
Clearstream: General Court Confirms Commission Decision
Antitrust Clearstream: General Court confirms Commission Decision Rosalind Bufton and Eduardo Martínez Rivero (1) 1 On 9 September 2009 the Court of First Instance and settlement services. Clearstream Banking AG is (now the General Court) dismissed the action for Germany’s only CSD. annulment (2) brought by Clearstream Banking AG (also known as Clearstream Banking Frankfurt or 1.2. The 2004 Decision CBF) and Clearstream International SA against the 2 June 2004 Commission decision in the Clearstream The Commission decision found that Clearstream case. The decision had found that Clearstream Banking AG enjoyed a dominant position in the Banking AG and its parent company Clearstream market for the provision of ‘primary’ clearing and International SA violated Article 82 EC (now Art- settlement services for securities issued under Ger- icle 102 TFEU) by refusing to supply certain clear- man law to CSDs in other Member States and to ing and settlement services to one of its customers international central securities depositories (IC- 3 (Euroclear Bank SA), and by applying discrimina- SDs) ( ). For certain categories of companies seek- tory prices to that same customer. ing to provide efficient and less costly services to their customers, the decision found that the use of 1. Background ‘secondary’ clearing and settlement through an in- termediary could not be a substitute for access to ‘primary’ clearing and settlement services as it does 1.1. Clearing and settlement not offer the same level of service. It also found Clearing and settlement services are necessary steps that Clearstream Banking AG, together with its par- for a securities trade to be completed. -
Annual Report 2008
Annual Report 2008 hannover re R CONTENTS 1 Boards and officers 6 Management report 6 Economic climate 7 Business development 10 Development of the individual lines of business 15 Investments 17 Human resources 20 Sustainability report 22 Risk report 28 Forecast 33 Other information 35 Accounts 36 Balance sheet 40 Profit and loss account 43 Notes 69 Auditors' report 70 Report of the Supervisory Board 74 Declaration of conformity 75 Glossary KEY FIGURES of Hannover Re +/- previous Figures in EUR million 2008 2007 2006 2005 2004 year Gross written premium 7,328.7 +10.2% 6,652.6 7,644.6 6,340.4 6,095.2 Net premium earned 5,429.4 +9.0% 4,979.3 5,685.3 4,383.8 4,030.8 Underwriting result 1) 78.9 -171.0% (111.1) 145.6 (95.5) (42.8) Allocation to the equalisation 33.6 110.9% (309.1) 145.4 228.3 232.5 reserve and similar provisions Investment result 66.9 -85.2% 451.2 799.9 895.7 584.7 Pre-tax profit (104.2) -123.8% 438.1 258.7 376.1 149.1 Profit or loss for the financial year (209.6) -177.1% 272.0 196.0 374.6 120.6 Investments 17,885.1 -1.2% 18,106.1 18,499.7 16,699.4 13,465.3 Capital and reserve 1,878.82) -9.9% 2,085.82) 2,085.82) 2,085.82)3) 1,215.8 Equalisation reserve and similar provisions 1,440.1 +2.4% 1,406.5 1,715.6 1,570.3 1,342.0 Net technical provisions 14,145.0 +6.5% 13,286.7 13,022.7 12,471.9 9,844.2 Total capital, reserves and technical provisions 17,463.9 +4.1% 16,779.0 16,824.1 16,128.0 12,402.0 Number of employees 708 +48 660 654 628 599 Retention 75.2% 73.9% 74.2% 68.3% 67.8% Loss ratio 1)4) 74.0% 80.0% 72.7% 76.7% 79.6% Expense ratio 4) 24.5% 25.2% 25.4% 26.4% 20.1% Combined ratio 1)4) 98.5% 105.2% 98.1% 103.1% 99.7% 1) including allocation to reserves proposed by the Annual General Meeting 2) including subordinated liabilities 3) excluding life reinsurance 4) from the 2006 financial year onwards the option of including special allocations to the provisions for outstanding claims in the non-technical account rather than the technical account will no longer be exercised. -
+01 Text Edeka
Kapitel 2 / Mechanismen und Folgen / Wo ist das Problem? Edeka Die Edeka-Gruppe (Eigenschreibweise: EDEKA) ist 1923 begann im Unternehmen die Zentralverrech- seit 2005 durch die Übernahme der Spar-Handels- nung. 1931 erreichten die Umsätze der inzwischen gesellschaft der größte Verbund im deutschen 430 Genossenschaften die Summe von 267 Millionen Einzelhandel. Eigentümer der Edeka-Gruppe sind Reichsmark. Die Stimmenverluste der Wirtschafts- Genossenschaften, in denen sich selbständige partei im Jahr 1932 lösten einen Druck der Edeka- Einzelhändler*innen zusammengeschlossen haben. Genossen auf die Verbandsführung aus, sich mehr Regionalgesellschaften sind für das Großhandelsge- den Positionen der Nationalsozialisten zuzuwen- schäft verantwortlich und beliefern die selbständi- den, doch die NSDAP honorierte das nicht. Ab 1933 gen Händler*innen wie die Filialbetriebe, die über stand Edeka mit seinen Genossenschaften unter die Regionalgesellschaften oder die Edeka-Zentrale Druck. Die Edeka-Gruppe forderte ihre Mitglieder AG & Co KG zur Gruppe gehören oder mit ihr ko- auf, den NS-„Kampfbünden für den gewerblichen operieren. Mittelstand“ beizutreten. Am 18. April erklärte sie freiwillig ihre Gleichschaltung mit der Folge, dass Geschichte ein Erster und ein Zweiter Präsident, jeweils mit Anfangszeit NSDAP-Parteibuch, dem Generaldirektor auf die Finger sahen. Borrmann wurde 1933 Parteimitglied. Die Edeka-Gruppe entstand 1898, als sich 21 Ab 1936 wurde das Handeln des Unternehmens Einkaufsvereine aus dem Deutschen Reich im dirigistisch reglementiert. Halleschen Torbezirk in Berlin zur Einkaufsgenos- Das Geschäftsgebiet von Edeka wurde auf das Saar- senschaft der Kolonialwarenhändler im Halleschen land und nach dem so genannten „Anschluss“ auch Torbezirk zu Berlin – kurz E. d. K. – zusammen- auf Österreich ausgedehnt. 1937 schied Borrmann schlossen. als Generaldirektor aus und Paul König übernahm Dreizehn solcher Genossenschaften vereinigten (bis 1966) dessen Funktion. -
Unternehmensbericht 2013 Unternehmensbericht 2013 EDEKA-Verbund Der EDEKA-Verbund – „Unternehmer-Unternehmen“ Und Treibende Kraft Im Deutschen Lebensmittelhandel
Unternehmensbericht 2013 EDEKA-Verbund EDEKA-Verbund ∙ Unternehmensbericht 2013 Unternehmensbericht ∙ EDEKA-Verbund Der EDEKA-Verbund – „Unternehmer-Unternehmen“ und treibende Kraft im deutschen Lebensmittelhandel Seit Jahrzehnten prägt der EDEKA-Verbund maßgeblich die Entwicklungen in der deutschen Lebensmittelwirtschaft. Mit ausgefeilten Strategien, dem ihm traditionell innewohnenden Unternehmergeist sowie einem ausgeprägten Innovationswillen. Ein eingespieltes Team aus mehr als 4.000 selbstständigen Kaufleuten, sieben regiona- len Großhandelsbetrieben und der Hamburger EDEKA-Zentrale repräsentiert dabei die unverkennbare Struktur aus drei leistungsstarken und flexibel agierenden Ver- bundstufen. Angetrieben von dem genossenschaftlichen Auftrag zur kontinuierlichen Schaffung und Förderung mittelständischer Betriebe im Lebensmitteleinzelhandel. Als der qualifizierte Nahversorger Deutschlands steht EDEKA für generationenüber- greifenden, nachhaltigen und ökonomisch verantwortungsvollen Handel. Umsatzentwicklung EDEKA-Verbund Nettoumsätze in Mrd. € 2009* 2010* 2011* 2012 2013 % Selbstständiger Einzelhandel 17,0 18,4 20,0 21,3 22,6 5,8 Regie-Einzelhandel 9,1 8,6 8,4 8,3 8,0 -3,7 Netto Marken-Discount 9,9 10,4 10,7 11,3 11,8 4,5 Backwaren-Einzelhandel 0,6 0,6 0,7 0,7 0,7 -1,2 Lebensmitteleinzelhandel 36,6 38,1 39,8 41,6 43,0 3,4 C+C / Großverbrauchergeschäft 1,7 1,7 1,9 1,9 1,9 0,2 Drittumsätze 1,4 1,5 1,5 1,3 1,3 -1,7 EDEKA-Verbund gesamt 39,7 41,2 43,2 44,8 46,2 3,1 * bereinigt um Umsätze von NETTO Stavenhagen und Kooperationspartnern -
ISIN Guidelines 2018
ASSOCIATION OF NATIONAL NUMBERING AGENCIES scrl ISIN UNIFORM GUIDELINES RELATING TO ISO 6166 (8th edition) Version 14: March 2018 Implementation date by National Numbering Agencies: April 16, 2018 ANNA - ISIN Uniform Guidelines 2018 Page 1 of 18 Contents 1. INTRODUCTION 3 2. EXCEPTIONS 4 2.1. SPECIFIC CASES RELATING TO FUNGIBILITY 4 2.2. GUIDANCE RELATING TO ALLOCATION RULES 6 2.3. COUNTRY SPECIFIC ASSIGNMENT PRACTICES 9 3. FINANCIAL INSTRUMENTS OTHER THAN SECURITIES 10 4. CONSEQUENCES OF CORPORATE ACTIONS 12 5. SUBSTITUTE NUMBERING AGENCIES (SNAS) 15 6. RE-USE OF ISIN CODES 15 7. ISIN CODE STRUCTURE 16 8. ISIN DOCUMENTATION 16 9. LEI & ISIN LINKAGE 16 10. NUMBERING AGENCIES NOT IN LINE WITH THE GUIDELINES 17 11. FINANCIAL INSTRUMENTS OUT OF SCOPE OF ISO 6166 17 12. FOOTNOTES 17 ANNA - ISIN Uniform Guidelines 2018 Page 2 of 18 ISIN Guidelines 2018 1. INTRODUCTION The ISO 6166 standard describes the structure of the ISIN codes and which organizations are allowed to allocate ISIN codes to which securities. Competence on the allocation and maintenance of ISIN codes is split between NNAs and DSB, a numbering agency designed to operate on a global basis as regards the OTC derivatives. The aim of these guidelines is to obtain a uniform process among the various National Numbering Agencies for the allocation of ISIN codes under their competence. In line with the ISIN Quality Management concept, as defined by the Association of National Numbering Agencies (ANNA, registration authority for ISO 6166), we encourage the use of the list of Operational Contacts - as indicated on ANNA web for the majority of NNAs - to ensure timely and proper allocation of ISIN codes. -
Annual Financial Statements and Management Report of DZ BANK AG
2017 Annual Financial Statements and Management Report of DZ BANK AG DZ BANK AG 1 2017 Annual Financial Statements and Management Report Contents Contents 02 Management report of DZ BANK AG 06 DZ BANK AG fundamentals 16 Business report 30 Events after the balance sheet date 32 Human resources report and sustainability 38 Outlook 44 Combined opportunity and risk report 152 Annual financial statements of DZ BANK AG 154 Balance sheet as at December 31, 2017 156 Income statement for the period January 1 to December 31, 2017 158 Notes 212 Responsibility statement 213 Independent auditors’ report (translation) 2 DZ BANK AG 2017 Annual Financial Statements and Management Report Management report of DZ BANK AG Contents Management report of DZ BANK AG 06 DZ BANK AG fundamentals 30 Events after the balance sheet date 06 Business model 32 Human resources report 07 Strategic focus as a network-oriented and sustainability central institution and financial services group 32 Human resources report 07 Cooperative Banks / Verbund 32 HR work in the year of the migration 08 Corporate Banking 32 Professional development 08 Retail Banking 32 Training and development of young talent 09 Capital Markets 33 Health management 09 Transaction Banking 33 Work-life balance 33 TeamUp trainee program 10 Management of DZ BANK 33 ‘Verbund First’ career development program 10 Management units 33 Corporate Campus for Management & Strategy 10 Governance 34 DZ BANK Group’s employer branding campaign 13 Key performance indicators 34 Employer awards 13 Management process 34 -
Canadian Futures and Options
CANADIAN FUTURES AND OPTIONS BAX OBX OBW OBY OBZ ONX OIS EMF SXF SXM SCF SXO SXA SXB SXH SXY SXK SXU SXJ SXV EQUITY OPTIONS WEEKLY OPTIONS SHARE FUTURES EXEXCXCHANGEG TRADED FUND OPTIONS USX MONTRÉAL EXCHANGE HOME OF DERIVATIVES CANADIAN FUTURES AND OPTIONS TRADING IN CANADA How to contact us INTEREST RATE DERIVATIVES AND CLIENT SOLUTIONS GROUP Robert Tasca Mark Bourcier Robert Domanko Mark Gunnip David Helps Kristina Mann-Krzisnik Nick Thomas Director Account Manager Head of Institutional Client Sales Manager Head of International Business Analyst Manager - Europe Development +1 514 871-3501 +1 514 871-3581 +1 514 787-6453 +1 514 871-3502 +1 514 787-6514 044 20 3009 3093 [email protected] [email protected] [email protected] [email protected] +44(0)203 786 2483 [email protected] [email protected] [email protected] EQUITY DERIVATIVES Gladys Karam Robert Domanko Richard Ho Ron Hochman Josiane Lanoue Karell Touma Director Head of Institutional Client Sales Senior Manager Senior Manager Senior Manager Analyst +1 514 871-7880 +1 514 787-6453 +1 514 871-7889 +1 514 871-7882 +1 514 871-3539 +1 514 787-6550 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] INNOVATION CENTER Jacques- A. Caussignac Colm Boyle Giancarlo Percio François Vendette Vice President, Derivatives Growth Senior Project Manager, IT Liaison Manager Senior Manager and Innovation +1 514 787-6468 +1 514 787-6484 +1 514 871-3515 +1 514 871-3560 [email protected] [email protected] -
Listed Banking Assets Grow Over 8% in Qatar to $389.4Bn In
OIL GAINS | Page 2 Q2 SCORE | Page 5 IMF warns Apple Arab states posts jump over debt in profi ts Thursday, May 3, 2018 Sha’baan 17, 1439 AH GULF TIMES DELIVERING GREAT BENEFITS : Page 16 QNB to launch e-commerce platform ‘QNB-Simplify’ with BUSINESS Mastercard in boost for ties Fed keeps interest rates unchanged, says Listed banking assets inflation near target Reuters Washington The Federal Reserve held interest rates steady yesterday grow over 8% in Qatar to and expressed confidence that a recent rise in inflation to near the US central bank’s 2% target would be sustained, leaving it on track to raise borrowing costs in June. The Fed’s rate-setting committee also downplayed a recent slowdown in economic and job growth, saying that activity had been expanding at a moderate rate and job $389.4bn in 2017: KPMG gains, on average, had been strong in recent months. In a statement following the end of a two-day policy By Pratap John On the report, Omar Mah- meeting, the Fed said inflation had “moved close” to its Chief Business Reporter mood, head (Financial Services) target and that “on a 12-month basis is expected to run for KPMG in the Middle East & near the Committee’s symmetric 2% objective over the South Asia, and partner at KPMG medium term.” otal listed banking sector in Qatar, said, “Overall it has been The Fed’s decision to leave its benchmark overnight assets in Qatar increased a strong year for listed banks in lending rate in a target range of between 1.50% and 1.75% Tby 8.1% to $389.4bn in Qatar. -
Automated Securities Lending Programme Product Guide Automated Securities Lending Programme
Automated Securities Lending Programme Product Guide Automated Securities Lending Programme Clearstream Banking AG, Frankfurt Document number: F-GSF13 January 2018 This document is the property of Clearstream Banking AG. (“Clearstream Banking”). No part of this document may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying and recording, for any purpose without the express written consent of Clearstream Banking. Information in this document is subject to change without notice and does not represent a commitment on the part of Clearstream Banking, or any other entity belonging to Clearstream Banking. © Copyright Clearstream Banking AG (2017). All rights reserved. Clearstream and Xemac® are registered trademarks of Clearstream Banking AG. Foreword This guide (the “Product Guide”January 2018) describes the Clearstream Banking Frankfurt (CBF) Automated Securities Lending Programme, a lending service as defined in the Special Conditions for Securities Lending of Clearstream Banking AG, Frankfurt and in the Supplementary Conditions to the Special Conditions for Securities Lending of Clearstream Banking AG, Frankfurt. The Special Conditions for Securities Lending of Clearstream Banking AG, Frankfurt together with the Supplementary Conditions to the Special Conditions for Securities Lending of Clearstream Banking AG, Frankfurt are governing documents for the use of the Automated Securities Lending Programme and prevail over this Product Guide. The agreement is governed exclusively by German law, which means that it benefits from clear, efficient and protective laws on securities and pledges. Client Services The daily administration of the Automated Securities Lending Programme is handled by a dedicated team in Frankfurt as follows: Securities Lending Frankfurt Tel.: +49-(0) 69 - 2 11-1 31 80 Fax: +49-(0) 69 - 2 11-61 31 80 Email:[email protected] Service hours: 08:00 to 17:451. -
Exchange Council Election Eurex Deutschland Preliminary Voter List – As of 16 August 2019
Exchange Council Election Eurex Deutschland Preliminary Voter List – as of 16 August 2019 Voter group 1a cooperative credit institutions Company State DZ BANK AG Deutsche Zentral-Genossenschaftsbank Germany Page - 1 - Exchange Council Election Eurex Deutschland Preliminary Voter List – as of 16 August 2019 Voter group 1b credit institutions under public law Company State Bayerische Landesbank Germany DekaBank Deutsche Girozentrale Germany Hamburger Sparkasse AG Germany Kreissparkasse Köln Germany Landesbank Hessen-Thüringen Girozentrale Germany Landesbank Saar Germany Norddeutsche Landesbank - Girozentrale Germany NRW.BANK Germany Sparkasse Pforzheim Calw Germany Page - 2 - Exchange Council Election Eurex Deutschland Preliminary Voter List – as of 16 August 2019 Voter group 1c other credit institutions Company State ABN AMRO Bank N.V. Netherlands ABN AMRO Clearing Bank N.V. Netherlands B. Metzler seel. Sohn & Co. KGaA Germany Baader Bank Aktiengesellschaft Germany Banca Akros S.p.A. Italy Banca IMI S.p.A Italy Banca Sella Holding S.p.A. Italy Banca Simetica S.p.A. Italy Banco Bilbao Vizcaya Argentaria S.A. Spain Banco Comercial Português S.A. Portugal Banco Santander S.A. Spain Bank J. Safra Sarasin AG Switzerland Bank Julius Bär & Co. AG Switzerland Bank Vontobel AG Switzerland Bankhaus Lampe KG Germany Bankia S.A. Spain Bankinter Spain Banque de Luxembourg Luxemburg Banque Lombard Odier & Cie SA Switzerland Banque Pictet & Cie SA Switzerland Barclays Bank Ireland Plc Ireland Barclays Bank PLC United Kingdom Basler Kantonalbank Switzerland Berner Kantonalbank AG Switzerland Bethmann Bank AG Germany BNP Paribas United Kingdom BNP Paribas (Suisse) SA Switzerland BNP Paribas Fortis SA/NV Belgium BNP Paribas S.A. Niederlassung Deutschland Germany BNP Paribas Securities Services S.C.A. -
Clearstream Global Securities Financing the Global Liquidity Hub Excellence in Collateral Management
Clearstream Global Securities Financing The Global Liquidity Hub Excellence in collateral management Live since 2009 24/7 Real-time Across locations Across timezones Across asset classes Innovative solutions Award-winning service Clearstream’s world-leading Global Liquidity Hub encompasses a pioneering, comprehensive and flexible The Global Liquidity Hub regularly suite of products which deliver advanced collateral receives top marks in industry surveys such as the Global Custodian Triparty management and securities lending and borrowing for Securities Financing Survey and the both financial and non-financial institutions worldwide. Global Investor / ISF Triparty Survey. Clearstream is always particularly We’ve turned a vision into reality commended for its outstanding collateral management services The Global Liquidity Hub was launched offers a comprehensive collateral and its efficient customer service. in 2009 but is built on Clearstream’s management and securities financing long-standing experience in post- environment. Our highly sophisticated trade services. Indeed, we were the systems enable customers to manage first supplier to launch triparty repo their collateral efficiently in real-time, in Europe in 1992. Today, Clearstream’s regardless of asset class, location award-winning Global Liquidity Hub or timezone. A global priority How the Global New regulations adopted in the wake of the financial crisis require systemic Liquidity Hub changes for many financial institutions and corporate treasuries. The current regulatory focus on risk management has a major impact on the way institutions works for you around the world securitise their exposures. In a nutshell, the whole market will need to optimise collateral to make the most of their assets. The Global Liquidity Hub’s open architecture maximises opportunities for customers.