News & Views

Views

  • Excerpts from Craig Donohue's statement to the joint CFTC-SEC Committee on June 22 , 2010

    Since May 6, 2010, CME Group has engaged in a detailed analysis regarding trading activity in its markets on that day. Our review indicates that our markets functioned properly. We have identified no trading activity that appeared to be erroneous or that caused the break in the cash equity markets during this period.

    22 July 2010

  • Flash Crash: Attack of the Clones!

    While many were relieved by the short duration of the flash crash on May 6 and the fact that it didn’t go nearly as far as the crashes of 1987 or 1929, in important respects, it was far worse than either of those. True, the Dow only dropped five and a half percent. But that drop took just five minutes, a speed of decline that exceeds anything in U.S. stock market history. Moreover, the decline in the averages sugarcoats the real carnage, which includes some stocks that went to zero for a few brief moments.

    20 July 2010

  • 'Flash crash' shows need for price discovery and safeguards

    Around the world, financial markets are giving investors a bumpy ride. The sudden swoon of US stocks on May 6 - now referred to as the "flash crash" - was followed, 10 days later, by huge drops in Shanghai and Hong Kong. With continued nervousness about Europe's fiscal situation, civil unrest in Thailand, fears of conflict in Korea, and the unprecedented oil spill in the Gulf of Mexico, global markets have been hit with a string of bad news recently.

    20 July 2010

  • Integrating sustainability in South Africa

    While the global financial crisis succeeded in drawing attention to sustainable practices in company behaviour and investor decision-making, responsible investing was a fast-growing phenomenon well before September 2008. In South Africa, a confluence of factors is driving companies and investors to focus on long-term goals rather than short-term gains. A primary motivator had been provided by the Johannesburg Stock Exchange (JSE)’s expansive activity in the area.

    15 June 2010

  • ESG Reporting in CEE: 2000-2009

    During the decade 2000-2009 the largest listed companies in Central and Eastern Europe (CEE) significantly improved their financial and extra-financial reporting, thereby increasing disclosure of information on environmental, social and governance (ESG) indicators. This article outlines the drivers that led to increased ESG disclosure in CEE, presents detailed data on the types of ESG data disclosed and analyzes the trends which developed over the decade.

    10 June 2010

  • The World’s exchanges and sustainable development

    Although exchanges are still grappling with the consequences of the demutualization process, with innovations in information and communication technologies, and with new demands regarding corporate governance, they adhered to social responsibility standards. Many world exchanges have endorsed sustainable development as foreseen in the Brundtland Report and all its political ramifications.

    10 June 2010

  • Integrated Reports Voluntary Filing

    On May 31, 2010, South Africa established the Integrated Reporting Committee (IRC) under the chairmanship of Professor Mervyn King. The founding members of the committee are The Association for Savings and Investment SA, Business Unity South Africa, Institute of Directors SA, Johannesburg Stock Exchange, and The South African Institute of Chartered Accountants.

    10 June 2010

  • A report on COP 15: living with snow and sun

    As we landed at the airport we got a glimpse of things to come. There was an exclusive welcoming reception for the conference participants, with friendly receptionists handing out “Welcome to Hopenhagen” brochures. The event’s host city of Copenhagen would become for the next two weeks “Hopenhagen”, the city of hope where the world would gather in December of 2009 to discuss the future of the planet at the 15th United Nations Climate Change Conference (COP 15).

    9 June 2010

  • Sifting the chaff

    Egypt's stock exchange delists firms in a move to put quality over quantity. The Egyptian Stock Exchange (EGX) delisted 14 companies at the start of the year. According to a statement on the EGX’s website, the firms’ shares were transferred to the Over the Counter (OTC) Board (Orders Market) for two weeks starting January 3. This move gave individual investors time to leave the companies before they were transferred to the OTC Market (Deals) two weeks later.

    17 May 2010

  • MIFID revised : a proposal

    The forthcoming review of the Markets in Financial Instruments Directive (MiFID), which came into force on 1 November 2007, is being undertaken against the backdrop of the financial crisis. It will prove crucial both for the re-regulation of financial activities and for the stability of the global financial system.

    17 May 2010