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Le prossime conferenze sull’innovazione

February 18, 2012 by Roberto Grossi   Comments (0)

Se siete interessati a tenervi aggiornati sulle evoluzioni della tecnologia e magari avete uno studio da pubblicare, allora può esservi utile questo elenco delle prossime conferenze. Per maggiori informazioni consultate il sito della European Alliance for Innovation (EAI)  www.eai.eu/events/conferences .

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Monetary Policy Week in Review - 18 February 2012

February 17, 2012 by CentralBankNews   Comments (0)

The past week in monetary policy saw 3 monetary policy interest rate changes; Kazakhstan -50bps to 7.00%, Sweden -25bps to 1.50%, and Ghana +100bps to 13.50%.  Meanwhile the central banks of Pakistan 12.00%, Japan 0.10%, Chile 5.00%, and Georgia 6.50% all held interest rates unchanged.  The other key headline was the Bank of Japan expanding its quantitative easing program by another 10 trillion Yen to 65 trillion. The Reserve Bank of India also mad a technical adjustment to one of its old policy rates.

Following are some of the key quotes and comments from the central bankers that met to review monetary policy settings over the past week:

  • Bank of Japan (held rate at 0.10%, added to 10T to APP): "Japan's economic activity has been more or less flat, mainly due to the effects of a slowdown in overseas economies and the appreciation of the yen.  On the other hand, financial  conditions in Japan have continued to ease.  On the price front, the year-on-year rate of  change in the CPI (all items less fresh food) is around 0 percent."
  • Sweden's Riksbank (cut rate -25bps to 1.50%): "Inflationary pressures in the Swedish economy are low. The economic outlook in Sweden has weakened as a result of developments abroad. In order to stabilise inflation around 2 per cent and resource utilisation in the economy around a normal level, the Executive Board of the Riksbank has decided to cut the repo rate by 0.25 percentage points to 1.50 per cent. The repo rate is expected to remain at this level until some time in 2013."
  • Bank of Ghana (hiked rate 100bps to 13.50%): "The Committee concluded that the balance of risks to inflation is elevated. To contain future inflation pressures and realign interest rates in favour of domestic assets, it is necessary that monetary policy continues to be fine tuned to ensure that inflation expectations remain anchored to keep inflation within the target band."
  • Banco Central de Chile (held rate at 5.00%): "Domestically, economic activity and domestic demand have tended to outperform forecasts from the latest Monetary Policy Report. The labor market is still tight. Credit market conditions are stable. Y‐o‐y CPI inflation is slightly above the tolerance range, while core inflation measures have normalized.  Inflation expectations remain around the target."
  • National Bank of Georgia (held rate at 6.50%): "Despite low inflation the real exchange rate had been appreciating in the end of last year. This is related to the faster nominal appreciation of the national currency vs. currencies of main trade partners. Real appreciation on one hand causes further widening of the trade deficit and on the other causes weakening of the demand." 

Looking at the central bank calendar, the only major central bank scheduled to meet next week is the Central Bank of Turkey.  Elsewhere the Bank of England will release its recent monetary policy meeting minutes (where it increased its APP by GBP 75B) on Wednesday; likewise the Reserve Bank of Australia will release its most recent monetary policy meeting minutes on Tuesday.

  • TRY - Turkey (Central Bank of Turkey) expected to hold at % on the 21st of Feb
Also during the past week Central Bank News released data, extending back to January 1999, for the Global Monetary Policy Rate Index - Developed Markets.

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National Bank of Georgia Holds Refinancing Rate at 6.50%

February 17, 2012 by CentralBankNews   Comments (0)

The National Bank of Georgia held its benchmark refinancing interest rate unchanged at 6.50%.  The Bank said: "Despite low inflation the real exchange rate had been appreciating in the end of last year. This is related to the faster nominal appreciation of the national currency vs. currencies of main trade partners. Real appreciation on one hand causes further widening of the trade deficit and on the other causes weakening of the demand."

The Bank previously cut rates 25 basis points at its January, December, November and October meetings and another 25 basis points at its August meeting; also cutting the interest rate by 25bps in June, after holding steady in May (the bank last increased the rate by 50 basis points in February last year).  Georgia reported annual consumer price inflation of 1.9% in December, down from 2.3% in October, 4.6% in September, 7.2% in August, 8.5% in July, and 13.5% in April, and below the Bank's inflation target of 6.0%.

According IMF statistics, Georgia saw average annual inflation of 4.95% in 2010, with the full year figure at 5.04%, while the Georgian economy grew just 2%.  Georgia's currency, the Georgian Lari (GEL), last traded around 1.65 against the US Dollar, and 2.17 against the Euro.  Georgia's central bank next meets on the 28th of March.

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Central Bank of Chile Holds Rate at 5.00%

February 17, 2012 by CentralBankNews   Comments (0)

The Banco Central de Chile held its monetary policy interest rate unchanged at 5.00%.  The Bank noted: "Domestically, economic activity and domestic demand have tended to outperform forecasts from the latest Monetary Policy Report. The labor market is still tight. Credit market conditions are stable. Y‐o‐y CPI inflation is slightly above the tolerance range, while core inflation measures have normalized.  Inflation expectations remain around the target."

Chile's central bank previously cut the monetary policy interest rate by 25 basis points to 5.00% at its January meeting.  The Bank last raised its monetary policy interest rate by 25 basis points to 5.25% at its June meeting last year.  Chile reported annual consumer price inflation of 4.2% in January this year, compared to 3.7% in October, 3.3% in September, 3.2% in August, 2.9% in July, 3.4% in June, 3.3% in May and 3.2% in April last year; within the Bank's inflation target of 2-4%.  

The Chilean economy grew 0.6% in the September quarter (1.4% in Q2, 1.6% in Q1), placing annual GDP growth at 4.8% (6.6% in Q2, 9.9% in Q1).  The Chilean Peso (CLP) has weakened about 3% against the US dollar over the past year, while the USDCLP exchange rate last traded around 484.

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Cinnober releases worldâs fastest real-time index engine

February 17, 2012 by mikeohara   Comments (0)

Cinnober today announces the launch of TRADExpress Index Engine, the financial industry’s fastest real-time index engine. As the latest addition to the suite of products based on Cinnober’s proven TRADExpress platform, it will permit exchanges and other actors to rapidly develop new indexes to fit their markets and attract new business.

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Studies proves that trading turns you into an arsehole

February 17, 2012 by skinnercm   Comments (0)

For the past few weeks, the daily headlines have included report after report of insider dealings, trades that were rigged, interest rate setting practices where banks fix things to make a buck and worse.  Here are three examples from just this morning's news:

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