Tuesday, 27 November 2012
Delist
The removal of a security's listing on a stock exchange. This is done when the security no longer exists, thecompany is bankrupt, the public distribution of the security has dropped to an unacceptably low level, or the company has failed to comply with the terms of its listing agreement
Delisted Issue
The status of a security that is no longer listed on the Exchange. The security could trade on another market.
Monday, 26 November 2012
EU-IMF agree on cutting Greek debt-to-GDP level
Euro zone finance ministers and the International Monetary Fund clinched agreementon reducing Greece's debt on Monday in a breakthrough to release urgently needed loans to keep the near-bankrupt economy afloat.
After 12 hours of talks at their third meeting in as many weeks, Greece's international lenders agreed on a package of measures to reduce Greekdebt by 40 billion euros, cutting it to 124 percent of gross domestic product by 2020.
In a significant new pledge, ministers committed themselves to take further steps to lowerGreece's debt to"significantly below 110 percent" in 2022 -- the most explicit recognition so far that some write-off of loans may be necessary from 2016, the point when Greece is forecast toreach a primary budget surplus.
"When Greece has achieved, or is about to achieve, a primary surplusand fulfilled all of its conditions, we will, if need be, consider further measures for the reduction of the total debt," German Finance Minister Wolfgang Schaeuble said.
Eurogroup Chairman Jean-Claude Juncker saidministers would formally approve the release of a major aid instalment needed to recapitalise Greece's teetering banks and enable the government to pay wages,pensions and suppliers onDec. 13.
Greece will receive up to 43.7 billion euros in stagesas it fulfills the conditions. The December instalment will comprise 23.8 billion for banks and 10.6 billion in budget assistance.
The IMF's share, less than a third of the total, will only be paid out once a buy-back of Greek debt has occurred in the coming weeks, but IMF Managing Director Christine Lagarde said theFund had no intention of pulling out of the programme.
To reduce Greece's debt pile, ministers agreed to cut the interest rate on official loans, extend their maturity by 15 years to 30 years, and grant Athens a 10-year interest repayment deferral.
They promised to hand back 11 billion euros in profits accruing to their national central banks from European Central Bank purchases of discounted Greek government bonds in the secondary market.
They also agreed to finance Greece to buy back its own bonds from private investors at what officials said was a target cost of around 35 cents in the euro.
European Central Bank President Mario Draghi said on leaving the talks:"I very much welcome the decisions taken by theminsters of finance. They will certainly reduce the uncertainty and strengthen confidence in Europe and in Greece."
After 12 hours of talks at their third meeting in as many weeks, Greece's international lenders agreed on a package of measures to reduce Greekdebt by 40 billion euros, cutting it to 124 percent of gross domestic product by 2020.
In a significant new pledge, ministers committed themselves to take further steps to lowerGreece's debt to"significantly below 110 percent" in 2022 -- the most explicit recognition so far that some write-off of loans may be necessary from 2016, the point when Greece is forecast toreach a primary budget surplus.
"When Greece has achieved, or is about to achieve, a primary surplusand fulfilled all of its conditions, we will, if need be, consider further measures for the reduction of the total debt," German Finance Minister Wolfgang Schaeuble said.
Eurogroup Chairman Jean-Claude Juncker saidministers would formally approve the release of a major aid instalment needed to recapitalise Greece's teetering banks and enable the government to pay wages,pensions and suppliers onDec. 13.
Greece will receive up to 43.7 billion euros in stagesas it fulfills the conditions. The December instalment will comprise 23.8 billion for banks and 10.6 billion in budget assistance.
The IMF's share, less than a third of the total, will only be paid out once a buy-back of Greek debt has occurred in the coming weeks, but IMF Managing Director Christine Lagarde said theFund had no intention of pulling out of the programme.
To reduce Greece's debt pile, ministers agreed to cut the interest rate on official loans, extend their maturity by 15 years to 30 years, and grant Athens a 10-year interest repayment deferral.
They promised to hand back 11 billion euros in profits accruing to their national central banks from European Central Bank purchases of discounted Greek government bonds in the secondary market.
They also agreed to finance Greece to buy back its own bonds from private investors at what officials said was a target cost of around 35 cents in the euro.
European Central Bank President Mario Draghi said on leaving the talks:"I very much welcome the decisions taken by theminsters of finance. They will certainly reduce the uncertainty and strengthen confidence in Europe and in Greece."
Mark Carney,Canadian to succeed Mervyn King as the next governor of the Bank of England.
LONDON - In a surprising departure from convention,the British government on Monday selected Mark Carney, the head of the Canadian central bank, to succeed Mervyn King as the next governor of the Bank of England.
The appointment ended a months-long process in which some of Britain's most prominent public officials vied hungrily for a post that will come with sharply enhanced powers.
The odds were heavily stacked in favor of the Bankof England's deputy governor, Paul Tucker. The decision to select a foreigner to lead Britain's most storied financial institution came as a shock when George Osborne, the chancellor of the Exchequer, broke the newsduring a session of Parliament on Monday.
The appointment ended a months-long process in which some of Britain's most prominent public officials vied hungrily for a post that will come with sharply enhanced powers.
The odds were heavily stacked in favor of the Bankof England's deputy governor, Paul Tucker. The decision to select a foreigner to lead Britain's most storied financial institution came as a shock when George Osborne, the chancellor of the Exchequer, broke the newsduring a session of Parliament on Monday.
UBS has been fined £29.7m by the UK watchdog
UBS has been fined £29.7m by the UK watchdog for "significant control breakdowns" that allowed a rogue trader to lose $2.3bn in 2011.
The Financial Services Authority handed out the third largest fine in its history. It criticised the bank for having ineffective computer risk controls and"poorly executed and ineffective supervision" thatallowed Kweku Adoboli repeatedly to breach risk limits and book fictitious trades.
Read more: 7 years in prison for former UBS trader Adoboli in fraud case
Mr Adoboli was convicted of fraud last week and sentenced to seven years in jail.
The failings took place in the London branch of UBS,so the FSA and the Swiss regulator Finma investigated jointly and announced the results on Monday morning.
The Financial Services Authority handed out the third largest fine in its history. It criticised the bank for having ineffective computer risk controls and"poorly executed and ineffective supervision" thatallowed Kweku Adoboli repeatedly to breach risk limits and book fictitious trades.
Read more: 7 years in prison for former UBS trader Adoboli in fraud case
Mr Adoboli was convicted of fraud last week and sentenced to seven years in jail.
The failings took place in the London branch of UBS,so the FSA and the Swiss regulator Finma investigated jointly and announced the results on Monday morning.
Standard Chartered Bank (China) has secured approval for a yuan-denominated loan quota on behalf of an American multi-national company,
Standard Chartered Bank (China) said on Monday it had secured approval for a yuan-denominated loan quota on behalf of an American multi-national company, becoming the first foreign bank to get such a cross-border quotafor a client.
The quota is part of a pilotprogramme that supports foreign and local multi-national companies which have plans to channel surplus yuan from mainland China to fund activities overseas.
Standard Chartered obtained a 3.3 billion yuan ($530 million) lending quota from the People's Bank of China Shanghai branch for an American client that specialises in global manufacturing and technology, the bank said in a statement.
It did not name the company.
This scheme has transformed the lending of yuan between companies from one based on a traditional entrustment loan - with banks as intermediary agents - to one where twoparties sign lending agreements directly, it added.
The quota is expected to support the company's Chinese office to lend yuan to its overseas parentor other related companies which can in turn settle yuan-denominated invoices.
"RMB cross-border lending brings huge flexibility of corporate treasury management," said Anthony Lin, Standard Chartered (China)'s head of Transaction Banking.
"It allows corporations to negotiate lending frequency and rate according to their actual needs. It also enables corporations to transfer onshore RMB surplus to their global cash pools for central deployment and use."
China has a tight grip overits capital account, but plans to fully liberalise it by 2020 and make the yuan one of the world's major currencies to reduce its reliance on the U.S. dollar.
The country has introduced various schemes to increase the global use of its currency, including yuan cross-border trade settlment, yuan overseas direct investment (ODI) and foreign direct investment (FDI).
The quota is part of a pilotprogramme that supports foreign and local multi-national companies which have plans to channel surplus yuan from mainland China to fund activities overseas.
Standard Chartered obtained a 3.3 billion yuan ($530 million) lending quota from the People's Bank of China Shanghai branch for an American client that specialises in global manufacturing and technology, the bank said in a statement.
It did not name the company.
This scheme has transformed the lending of yuan between companies from one based on a traditional entrustment loan - with banks as intermediary agents - to one where twoparties sign lending agreements directly, it added.
The quota is expected to support the company's Chinese office to lend yuan to its overseas parentor other related companies which can in turn settle yuan-denominated invoices.
"RMB cross-border lending brings huge flexibility of corporate treasury management," said Anthony Lin, Standard Chartered (China)'s head of Transaction Banking.
"It allows corporations to negotiate lending frequency and rate according to their actual needs. It also enables corporations to transfer onshore RMB surplus to their global cash pools for central deployment and use."
China has a tight grip overits capital account, but plans to fully liberalise it by 2020 and make the yuan one of the world's major currencies to reduce its reliance on the U.S. dollar.
The country has introduced various schemes to increase the global use of its currency, including yuan cross-border trade settlment, yuan overseas direct investment (ODI) and foreign direct investment (FDI).
Standard Chartered Bank (China) has secured approval for a yuan-denominated loan quota on behalf of an American multi-national company,
Standard Chartered Bank (China) said on Monday it had secured approval for a yuan-denominated loan quota on behalf of an American multi-national company, becoming the first foreign bank to get such a cross-border quotafor a client.
The quota is part of a pilotprogramme that supports foreign and local multi-national companies which have plans to channel surplus yuan from mainland China to fund activities overseas.
Standard Chartered obtained a 3.3 billion yuan ($530 million) lending quota from the People's Bank of China Shanghai branch for an American client that specialises in global manufacturing and technology, the bank said in a statement.
It did not name the company.
This scheme has transformed the lending of yuan between companies from one based on a traditional entrustment loan - with banks as intermediary agents - to one where twoparties sign lending agreements directly, it added.
The quota is expected to support the company's Chinese office to lend yuan to its overseas parentor other related companies which can in turn settle yuan-denominated invoices.
"RMB cross-border lending brings huge flexibility of corporate treasury management," said Anthony Lin, Standard Chartered (China)'s head of Transaction Banking.
"It allows corporations to negotiate lending frequency and rate according to their actual needs. It also enables corporations to transfer onshore RMB surplus to their global cash pools for central deployment and use."
China has a tight grip overits capital account, but plans to fully liberalise it by 2020 and make the yuan one of the world's major currencies to reduce its reliance on the U.S. dollar.
The country has introduced various schemes to increase the global use of its currency, including yuan cross-border trade settlment, yuan overseas direct investment (ODI) and foreign direct investment (FDI).
The quota is part of a pilotprogramme that supports foreign and local multi-national companies which have plans to channel surplus yuan from mainland China to fund activities overseas.
Standard Chartered obtained a 3.3 billion yuan ($530 million) lending quota from the People's Bank of China Shanghai branch for an American client that specialises in global manufacturing and technology, the bank said in a statement.
It did not name the company.
This scheme has transformed the lending of yuan between companies from one based on a traditional entrustment loan - with banks as intermediary agents - to one where twoparties sign lending agreements directly, it added.
The quota is expected to support the company's Chinese office to lend yuan to its overseas parentor other related companies which can in turn settle yuan-denominated invoices.
"RMB cross-border lending brings huge flexibility of corporate treasury management," said Anthony Lin, Standard Chartered (China)'s head of Transaction Banking.
"It allows corporations to negotiate lending frequency and rate according to their actual needs. It also enables corporations to transfer onshore RMB surplus to their global cash pools for central deployment and use."
China has a tight grip overits capital account, but plans to fully liberalise it by 2020 and make the yuan one of the world's major currencies to reduce its reliance on the U.S. dollar.
The country has introduced various schemes to increase the global use of its currency, including yuan cross-border trade settlment, yuan overseas direct investment (ODI) and foreign direct investment (FDI).
Saturday, 24 November 2012
Capitalization Change
Any change in the issued and outstanding listed securities of an issuer. This change may involve the issuance, repurchase, or cancellation of listed securities or listed securities that are issuable upon conversion or exchange of other securities of an issuer
Capital Trust
A form of financial trust that differs from other trusts in that it looks more like a fixed income instrument than an equity issue. Capital trusts are generally issued by banks or other financial intermediaries. These investment vehicles trade like a debt instrument with$1,000 face value and trade with accrued interest.
The business objective of capital trusts is to acquire and hold assets that will generate net income for distribution to unit holders. The trust's assets may consistof residential mortgages, mortgage co-ownership interests, mortgage-backed securities, other eligible investments, and other qualified debt obligations. Capital trust assets are usually acquired from and serviced by the issuing institution and/or its affiliates.
The business objective of capital trusts is to acquire and hold assets that will generate net income for distribution to unit holders. The trust's assets may consistof residential mortgages, mortgage co-ownership interests, mortgage-backed securities, other eligible investments, and other qualified debt obligations. Capital trust assets are usually acquired from and serviced by the issuing institution and/or its affiliates.
Capital Gain or Loss
Profit or loss resulting from the sale of certain assets classified under the federal income tax legislation as capital assets. This includes stocks and other investments such as investment property.
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