ICE Clear Europe Announces Successful Launch of European CDS Client Clearing; Five Clients Active on Day One
His spokesperson declined to comment further. Google+ Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer . Morningstar: 2013 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM 2013 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc.
Europe joins probe into shady forex dealing
“The customers are conservative in starting the initiative, but once they do, these are the customers that don’t just go back and forth or drop it, so what we’ve seen is that there is a lot more stability in the European customer,” he said. For European companies, many of them battered by a prolonged economic slowdown, Indian IT firms offer cost advantages to using local vendors or doing the work in-house. Global rivals such as IBM (IBM.N) and Capgemini (CAPP.PA) also have big operations in India that can take advantage of lower costs. Indian vendors are also taking on increasingly complex work. “To a certain extent, the skills shortage in continental Europe is driving the growth for offshore openness,” said Katharina Grimme, a principal consultant with outsourcing advisory Pierre Audoin Consultants (PAC) in Cologne, Germany. LOCAL CHALLENGES Indian IT’s progress in Europe comes at the expense of local vendors, which according to NelsonHall are seeing flat sales. In 2009, India’s TCS ranked just 21st in IT services revenue from Europe, the Middle East and Africa, but rose to 11th at the end of 2012, according to PAC. Indian rivals Wipro WIPR.N and Infosys ranked 18 and 23, respectively, in 2012, after not cracking the top 25 in 2009. To address labour issues and speed growth in Europe, Indian companies have been acquiring local firms. To win client trust, they hire locally for senior client-facing roles, but most of the grunt work can be done from India. Jef Loos, head of sourcing research at Whitelane Research in Brussels, said Indian vendors moving into Germany, France, Spain and Italy will use acquisitions given language barriers, a “limited” outsourcing culture, and stronger unions. Works councils are “very” influential in markets such as Germany and France, said Tech Mahindra’s Sharat Kumar, which is reflected in the makeup of project staff.
to Europe climbed in the third quarter to the most since Bloomberg began compiling the data last year, as refiners increase production amid North Americas oil shale boom. Europe imports about 16 percent of the diesel it uses, IEA data show. Russia, which supplied a third of Europes imported diesel in 2012, according to the IEA, has also entered seasonal maintenance, taking offline 21 percent of its refining capacity in the week ended Oct. 2, according to the countrys Energy Ministry. When the overhauls end in November, Russian flows of the fuel will rebound, according to the survey of refining executives. Russian Diesel Russia, the worlds largest oil producer, has doubled exports of high-quality diesel to Europe this year to about 650,000 barrels a day, Facts Globals Parker said. OAO Rosneft, the worlds largest publicly traded oil producer by volume, is spending $25 billion on refinery upgrades. Diesel crack spreads below $15 a barrel were extremely disappointing for refineries that have all maximized diesel production, Dario Scaffardi, Sarass executive vice president and general manager, said on an Aug. 9 conference call. Repsol spokesman Kristian Rix declined to comment on how diesel supply affects the Spanish company and Massimo Vacca, head of investor relations at Saras, didnt return a phone call and e-mail yesterday seeking comment. Mild Weather Milder-than-usual weather is forecast for the early part of the European winter, potentially damping demand for heating fuels, according to MDA, a Gaithersburg, Maryland-based meteorologist.
Diesel Flow to Europe to Cap Winter Price Surge: Energy Markets
In the U.S., ICE Clear Credit commenced client clearing in 2009 and has cleared U.S. $2.6 trillion in gross notional value for 301 clients to date. Globally, ICE has cleared 1.45 million CDS trades in the aggregate, totalling U.S. $44.8 trillion in gross notional value CDS instruments. Open interest stood at $1.5 trillion at September 27, 2013. ICE Clear Europe’s client clearing solution provides global OTC clearing expertise, an industry-leading risk management model, real-time clearing for index and single name CDS and enhanced position and margin portability. The ICE CDS clearing houses also have independent governance and the world’s largest dedicated default funds for CDS. ICE has established risk frameworks for the clearing of CDS that are separate from its futures markets, including independent risk models, guaranty funds and margin accounts, as well as a CDS-focused risk management system. The client clearing solution permits firms to retain important trading and contractual relationships, including accepting transactions from a range of competitive existing execution models. As the leading middleware and connectivity provider for CDS execution, ICE Link connects dealers, inter-dealer brokers and over 790 buy-side firms, enabling product standardisation and integrated post-trade processing. About IntercontinentalExchange IntercontinentalExchange ( ICE ) is a leading operator of regulated exchanges and clearing houses serving the risk management needs of global markets for agricultural, credit, currency, emissions, energy and equity index products. www.theice.com The following are trademarks of IntercontinentalExchange, Inc. and/or its affiliated companies: IntercontinentalExchange, ICE, ICE and block design, ICE Futures Europe, ICE Clear Europe, ICE Clear Canada, ICE Clear US, ICE Futures U.S., and ICE OTC. All other trademarks are the property of their respective owners.