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OctaFX.Com - EU leaders meet to chart eurozone future European leaders will meet in Brussels this week to work on closer ties between eurozone countries that are seen as critical to converting recent progress on fixing the region's debt crisis into a sustainable path to growth. The summit comes during a period of uneasy calm in global financial markets. Bond yields for troubled euro area governments have declined significantly after the European Central Bank said in September it was ready to buy potentially unlimited amounts of sovereign debt. Despite signs of progress, investors remain nervous about Greece, where the government and its international creditors continue to negotiate over the latest installment of bailout money for the debt-stricken nation. Leaders will meet Thursday and Friday to discuss an interim report outlining steps to strengthen the eurozone, including proposed reforms of the banking sector and more integrated budget policies, according to a letter from European Council president Herman Van Rompuy. Spain has won relief from market pressure thanks to widespread expectations that it will request a formal bailout by seeking a credit line from the newly-activated European Stability Mechanism. This would allow the ECB to start buying its bonds. Moody's confirmed its investment grade rating on Spain this week, based on an assumption that Madrid will tap the ESM, and reflecting progress on fiscal and banking reform. But it assigned a negative outlook to the rating, underscoring the pressure on eurzone leaders to agree much closer integration. "Shocks at the euro area level could also have negative repercussions on Spain's rating, for example in the absence of concrete progress in reforming the euro area's fiscal, economic and regulatory institutions," the agency said. Analysts say Prime Minister Mariano Rajoy will wait at least until after regional elections on Oct. 21 before asking for help from his eurozone partners. A spokeswoman for the Spanish economy ministry told CNN the government was still considering its options. Observers say the likelihood of progress at this week's summit is low, following a more substantial agreement announced at the last summit. In a move hailed as a breakthrough, the leaders outlined plans in June to establish a central banking regulator and increase budgetary oversight. "Expectations are quite low," said Marie Diron, senior economic adviser at Ernst & Young in London. "If there was to be a significant agreement, we would normally hear about it in advance, but it's been very quiet on that front." While talks in Greece continue, EU leaders are expected to praise the government in Athens for making difficult reforms and taking steps to modernize the deeply depressed Greek economy. The Greek government is struggling to nail down all of the →11 billion of spending cuts it needs to satisfy the conditions of its bailout. Athens is also reportedly at odds with the IMF over the outlook for the economy and the likelihood it will achieve its deficit reduction targets. Greek Prime Minister Antonis Samaras is pushing for a two-year extension of the nation's bailout program, which the previous government agreed to in March. In a show of support, German Chancellor Angela Merkel met earlier this month with Samaras in Athens, suggesting that Berlin is softening its stance on Greece. "A political position has been reached to keep Greece in the eurozone," said Nicholas Spiro, director of London-based consultancy Spiro Sovereign Strategy. "But nothing is being done to secure Greece's future in the single currency area." Oct 17, 2012 01:51 PM OctaFX.Com News Updates

OctaFX.Com - Norway's Housing Boom Could Turn to Bust Norway, which chose to remain outside the EU and the euro currency, enjoys an enviably stable economy and a booming housing market - but it could be going down the perilous route taken by Spain and Ireland, according to economists and recent analysis. According to a report by Bank of New York (BNY) Mellon, Norway's housing sector, which has seen prices jump by almost 30 percent since 2006 - could end up replicating a pattern of housing booms and busts seen across the globe, from the U.S. to Japan to Spain and Ireland. Indeed, Norway's house price rise has been so dramatic that the San Francisco Federal Reserve wrote a paper on the subject in June that made parallels between the lead up to the U.S. housing crisis and the "irrationally exuberant bubble" of Norway's present boom. Written by an advisor to Norway's central bank (Norges Bank) Marius Jurgilas and San Francisco Fed's senior economist Kevin Lansing, the paper stated that Norwegian property prices are currently 125 percent of the historic price-to-income ratio and around 170 percent of the historic price-to-rent ratio - a full 50 percent above their last major peak 20 years ago. Home prices continue to rise sharply with the Association of Norwegian Real Estate Brokers (NEF) reporting an 8.1 percent annual increase in August. Has Anyone in Norway Noticed? Though the Norwegian Central Bank has warned about long-term risks to the economy from rising housing prices, it has kept interest rates steady at 1.5 percent and suggested that it will keep them at these levels until Spring 2013. It declined to comment on the housing market. Neil Mellor from BNY Mellon said that Norway's central bank, has neglected its housing market's indomitable price rise by focusing on a monetary policy of low and stable inflation. "In focussing solely on indices for goods and services, Norges Bank is failing to address some unnerving trends in a sector whose stability is vital to that of the economy as a whole." "Low interest rates, stable consumer price inflation and booming asset prices combine to form conditions whereby debt is accumulated at a growing rate to levels that contravene conventional rules of thumb pertaining to stability." Mellor added that as house prices rise, household debt in Norway is also rising. "In the case of Norway, the ratio of household debt-to-income has risen dramatically over the past decade and currently stands at around 210 percent - well above that seen in the U.S. before its own bust in 2007 (with debt/income at 130 percent)." The Central Bank of Norway declined to comment, but Mellor insisted that the unrelenting accretion of debt must not be played down or dismissed as an accounting matter. "The asset price bubbles formed over the past decade were, in essence, down to policy makers suffering from the same illusion of price stability, albeit an illusion formalized by inflation targeting." Norway's Dangerous Success Story Robert Shiller, Professor of Economics at Yale University and co-creator of the S&P/Case-Shiller home-price index said that the Norwegian government "should start worrying now". "This is a reason to expect an unpleasant end to this bubble in Norway. That is what I told them then," Shiller told CNBC on Tuesday, alluding to a presentation he made in the Scandinavian capitals of Oslo, Copenhagen and Stockholm in January in which he warned of the impending housing bust. Rather than learning from its European neighbor Spain - where a real estate bubble saw home prices rise 44 percent from 2004 to 2008 before the bubble burst, leaving not only eerily empty properties and Spanish ghost towns but domestic banks with billions of bad loans - Norway is letting its economic success go to its head, Shiller said. "My suspicions are Norwegians are infected with a success story for their own country that makes high home price increases seem plausible to them," a success only aggrandized when compared to its economically ailing euro zone neighbors. "They feel smug in their superiority with regard to the European crisis. They didn't even join the EU, let alone the euro. They don't have to bail out any irresponsible southern countries. They have North Sea oil. They have low unemployment. [in short] they are doing everything right, and lots of people want to come to Norway." However, Shiller notes that there is a paradox in the Norwegian success story. "Norway is just about the last country to expect a housing bubble to appear, at least not a rational bubble, since it has so much empty land." "If home prices get elevated, there should be a prompt supply response, new houses will be built, bringing prices down, unless there is some kind of political or zoning problem. Even such political problems tend not to last forever. " Indeed, there have been some calls to raise lending rates and tighten policy. In August, as household credit grew at an annual rate of some 7.2 percent - the highest rate since February - Norway's Finance Minister Signjoern Johnsen called for lending standards to be tightened, and the NEF called for higher interest rates. Mellor states that "[Past crises] have taught us that formulating policy on the basis of a narrow range of prices is a recipe for potential instability, and history tells us that it is never "different this time"." Mellor concludes with a quote from the San Francisco Fed paper on Norway: "History tells us that episodes of sustained rapid credit expansion combined with booming asset prices are almost always followed by periods of financial stress ... Time will tell whether things turn out differently for the Norwegian housing market." Oct 17, 2012 09:36 AM OctaFX.Com News Updates

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ANTI-MONEY LAUNDERING ("AML") POLICY OF Octa Markets Incorporated Policy statement and principles Octa Markets Incorporated ("OctaFX") have adopted an Anti-Money Laundering (AML) compliance policy ("Policy") as set forth in the Board minutes, dated 15 of September 2011. Scope of policy This policy applies to all OctaFX officers, employees, appointed producers and products and services offered by OctaFX. All business units and locations within OctaFX will cooperate to create a cohesive effort in the fight against money laundering. Each business unit and location has implemented risk-based procedures reasonably expected to prevent, detect and cause the reporting of transactions. All efforts exerted will be documented and retained. The AML Compliance Committee is responsible for initiating Suspicious Activity Reports ("SARs") or other required reporting to the appropriate law enforcement or regulatory agencies. Any contacts by law enforcement or regulatory agencies related to the Policy shall be directed to the AML Compliance Committee. Policy It is the policy of OctaFX to prohibit and actively pursue the prevention of money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities. OctaFX is committed to AML compliance in accordance with applicable law and requires its officers, employees and appointed producers to adhere to these standards in preventing the use of its products and services for money laundering purposes. For the purposes of the Policy, money laundering is generally defined as engaging in acts designed to conceal or disguise the true origins of criminally derived proceeds so that the unlawful proceeds appear to have been derived from legitimate origins or constitute legitimate assets. Generally, money laundering occurs in three stages. Cash first enters the financial system at the "placement" stage, where the cash generated from criminal activities is converted into monetary instruments, such as money orders or traveler's checks, or deposited into accounts at financial institutions. At the "layering" stage, the funds are transferred or moved into other accounts or other financial institutions to further separate the money from its criminal origin. At the "integration" stage, the funds are reintroduced into the economy and used to purchase legitimate assets or to fund other criminal activities or legitimate businesses. Terrorist financing may not involve the proceeds of criminal conduct, but rather an attempt to conceal the origin or intended use of the funds, which will later be used for criminal purposes. Customer identification program OctaFX has adopted a Customer Identification Program (CIP). OctaFX will provide notice that they will seek identification information; collect certain minimum customer identification information from each customer, record such information and the verification methods and results; and compare customer identification information with OFAC. Notice to customers OctaFX will provide notice to customers that it is requesting information from them to verify their identities, as required by applicable law. Required customer information The following information will be collected for all new insurance and annuity applications: Name Date of birth Address Passport number and country of issuance Alien identification card number or Number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or other similar safeguard. Verifying information Based on the risk, and to the extent reasonable and practicable, OctaFX will ensure that it has a reasonable belief of the true identity of its customers. In verifying customer identity, appointed producers shall review photo identification. OctaFX shall not attempt to determine whether the document that the customer has provided for identification has been validly issued. For verification purposes, OctaFX shall rely on a government-issued identification to establish a customer's identity. OctaFX, however, will analyze the information provided to determine if there are any logical inconsistencies in the information obtained. OctaFX will document its verification, including all identifying information provided by the customer, the methods used and results of the verification, including but not limited to sign-off by the appointed producer of matching photo identification. Monitoring and reporting Transaction based monitoring will occur within the appropriate business units of OctaFX. Monitoring of specific transactions will include but is not limited to transactions aggregating $5,000 or more and those with respect to which OctaFX has a reason to suspect suspicious activity. All reports will be documented. Suspicious activity There are signs of suspicious activity that suggest money laundering. These are commonly referred to as "red flags." If a red flag is detected, additional due diligence will be performed before proceeding with the transaction. If a reasonable explanation is not determined, the suspicious activity shall be reported to the AML Compliance Committee. Examples of red flags are: The customer exhibits unusual concern regarding the firm's compliance with government reporting requirements and the firm's AML policies, particularly with respect to his or her identity, type of business and assets, or is reluctant or refuses to reveal any information concerning business activities, or furnishes unusual or suspect identification or business documents. The customer wishes to engage in transactions that lack business sense or apparent investment strategy, or are inconsistent with the customer's stated business strategy. The information provided by the customer that identifies a legitimate source for funds is false, misleading, or substantially incorrect. Upon request, the customer refuses to identify or fails to indicate any legitimate source for his or her funds and other assets. The customer (or a person publicly associated with the customer) has a questionable background or is the subject of news reports indicating possible criminal, civil, or regulatory violations. The customer exhibits a lack of concern regarding risks, commissions, or other transaction costs. The customer appears to be acting as an agent for an undisclosed principal, but declines or is reluctant, without legitimate commercial reasons, to provide information or is otherwise evasive regarding that person or entity. For no apparent reason, the customer has multiple accounts under a single name or multiple names, with a large number of inter-account or third-party transfers. The customer is from, or has accounts in, a country identified as a non-cooperative country or territory by the Financial Action Task Force. The customer's account has unexplained or sudden extensive wire activity, especially in accounts that had little or no previous activity. The customer's account shows numerous currency or cashiers check transactions aggregating to significant sums. The customer's account indicates large or frequent wire transfers, immediately withdrawn by check or debit card without any apparent business purpose. The customer makes a funds deposit followed by an immediate request that the money be wired out or transferred to a third party, or to another firm, without any apparent business purpose. The customer requests that a transaction be processed in such a manner to avoid the firm's normal documentation requirements. The customer, for no apparent reason or in conjunction with other red flags, engages in transactions involving certain types of securities, such as penny stocks, and bearer bonds, which although legitimate, have been used in connection with fraudulent schemes and money laundering activity. (Such transactions may warrant further due diligence to ensure the legitimacy of the customer's activity.) The customer's account shows an unexplained high level of account activity with very low levels of securities transactions. Attempt to borrow maximum cash value of a single premium policy soon after purchase. If the appointed producer: Exhibits a dramatic or unexpected increase in sales (particularly of single premium contacts) Has consistently high activity in single premium contracts in excess of company averages Exhibits a sudden change in lifestyle Requests client documentation be delivered to the agent Investigation Upon notification to the AML Compliance Committee an investigation will be commenced to determine if a report should be made to appropriate law enforcement or regulatory agencies. The investigation will include, but not necessarily be limited to, review of all available information, such as payment history, birth dates, and address. If the results of the investigation warrant, a recommendation will be made to the AML Compliance Committee to file a blocked assets and/or a SAR with the appropriate law enforcement or regulatory agency. The AML Compliance Committee is responsible for any notice or filing with law enforcement or regulatory agency.

OctaFX.Com - Japanese Yen and US Dollar Weaker as Chinese Data Bucks Worries News was light over the weekend, although data out of Asia proved to be materially important for global investor sentiment. Headed into the weekend, there were two concerns for the week ahead: what will the swath of Chinese data bring; and what will happen in Europe this week with respect to the Spanish bailout? The first answers regarding China began to trickle in the past few days, with Chinese September trade data showing that Exports increased by more than expected while Imports held steady, allowing for a wider surplus despite forecasts for a narrower one. Alongside headline inflation pressures that continue to trend lower, in both the Consumer and Producer Price Indexes for September, the view that China is headed for a ‘hard landing’ is indeed softening. With the third quarter GDP on tap for this Thursday, we expect Chinese-linked currencies (the Australian and New Zealand Dollars and the Japanese Yen) to see a bit more action in the coming days. In Europe, it appears that there’s a growing consensus for “more time” for Greece, with reports indicating that Greek Prime Minister Antonis Samaras will agree to new austerity measures with international lenders by this week’s Euro-zone Summit, slated for October 18 to 19. Greek bond yields sank today, so perhaps there is some credibility to these reports. Also out of Europe has been the ceremonial pre-Summit jawboning from various leaders and institutions, but the outlook is surprisingly dull. In fact, taking a look at bank research this morning, expectations for the Summit this week are “quite low to begin with,” says Deutsche Bank, while JPMorgan’s European political analyst Alex White wrote over the weekend that no significant progress should be expected on Greece or Spain. Click here for More Oct 15, 2012 11:08 AM OctaFX.Com News Updates

OctaFx - Deposit and funds protection! How to deposit my account? Please login to your Personal Area and click the payment system in the "Deposit my account" menu on the left. A wise wizard will guide you through the account deposit process. Minimal deposit Please note minimal deposit restrictions: Micro Accounts: 5 USD ECN accounts: 50 USD Client funds protection Our client's funds security is our top priority. With OctaFX you can be absolutely sure your deposits are secured in every possible way. Please read this statement regarding funds protection. Way to Deposit my account

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Forex Calculator, Economic Calendar and more now available at OctaFX.com! Dear clients! Due to an overwhelming demand OctaFX has opened a new section of our website with everyday trader’s tools for your convenience. Whenever you need market information, a forex calculator or the time of the important news release – it’s all here for you: Forex Calculator - a very useful tool for all the traders out there. It allows calculating required margin, pips price and many other parameters. Economic Calendar – a must-use tool for any trader. It lists all the important news releases for the upcoming week. Real Time Live Quotes – quotes for all the OctaFX forex currency pairs are available on this page so you always know the current rates And a lot of other important information for you is now available in the Markets section of OctaFX.com. We are proud to be providing top forex brokerage services to our clients all around the world. Stay tuned for the news and updates from OctaFX!

OctaFX.Com -Euro Rises Following ECB Bulletin Remarks on OMT Bond Purchases THE TAKEAWAY: Euro-zone growth is expected to remain weak according to ECB bulletin -> OMT comments reflect Draghi -> Euro trading slightly higher The European Central Bank said growth in the Euro-area is expected to remain weak, as tensions in certain markets keeps confidence and sentiment down, according to the monthly bulletin from their October meeting. The ECB continued to say that economic indicators confirm the continuation of a weak economy in the third quarter. The ECB quoted rising energy prices,increases in indirect taxes, and the resulting higher inflation as the reason that the central bank kept rates unchanged in their October meeting. The ECB predicted that inflation will remain above 2% for the rest of 2012, but will drop below 2% in 2013. The ECB said the decision regarding the OMT has helped relieve certain tensions, but the governments must continue to implement necessary steps. The bulletin stressed the importance of the conditionality of OMT purchases, thereby reflecting Draghi’s statements at the European parliament. Finally, the ECB supported efforts to implement a single supervisory mechanism for Euro-area banks. The ECB has already begun preparatory work so as to be ready to implement the joint banking supervision. The Euro rose slightly following the release of the bulleting, possibly on optimism over the implementation of the OMT program. Euro investors may be hoping to see Spain agree to the ECB’s conditions for bond purchases, which could be a step in the direction of a recovery from the debt crisis. EURUSD is currently trading closer to the key 1.2900 line, where resistance could be found by the 23.6% retracement of the rally that began at the end of July. Support could be provided by the month-long low at 1.2803. EURUSD 15-minute: October 11, 2012 Oct 11, 2012 08:48 AM News Updates

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OctaFX.Com - Our Client's Funds Security is Our Top Priority Our client's funds security is our top priority. With OctaFX you can be absolutely sure your deposits are secured in every possible way. Here are some of the measures we take to ensure funds protection: Segregated Accounts In accordance with the international regulation standards OctaFX uses segregated account to keep protected customers' funds segregated from the company's balance sheets. This makes your funds secure and untouched. SSL-protected Personal Area We use highly secured technology to protect your personal data and financial transactions. SSL-secured Personal Area is protected with 128-bit encryption, which makes your browsing safe and your data inaccessible to any third parties. Account verification OctaFX recommends you to verify your account by submitting your personal ID scan and an address proof. This simple measure will make sure your transactions are authorized and secured. Secure withdrawal rules Since a withdrawal from a real account requires an email confirmation, no one can ever access your account but yourself. It is also required that you use the same payment details for deposits and withdrawals. Thus, under no circumstances can OctaFX transfer your withdrawal to an unauthorized third party. 3D secure Visa/Mastercard authorization We apply 3D secure technology when processing credit and debit cards. This technology makes all the Visa/Mastercard transactions transparent and safe. Advanced protection OctaFX technical environment is monitored 24/7 by a dedicated team of highly professional security engineers and technical specialists. They have developed and maintain top level protection, so any data loss, damage or other technical issues are highly unlikely.

OctaFX.Com -EU summit to back idea of separate euro zone budget-draft conclusions BRUSSELS (Reuters) - The euro zone should have its own budget, which would be separate from the long-term budget of the wider European Union, draft conclusions of an EU summit to take place next week said. "For the euro area, the objective is to move towards an integrated budgetary framework," said the draft conclusions, obtained by Reuters. "In that context, mechanisms to prevent unsustainable budgetary developments, as well as mechanisms for fiscal solidarity, e.g. via an appropriate fiscal capacity, should be explored," the draft said. "Such mechanisms would be specific to the euro area and therefore not be covered by the Multiannual Financial Framework," the draft said. The Multiannual Financial Framework is the European Union's long-term budget which amounts to around 1 percent of the gross domestic product of the 27-nation bloc. It is used to support the EU's agriculture policy as well as investment in the EU's poorer countries and regions, among others. The idea of a separate euro zone budget is supported by Germany, but many non-euro zone countries, which now benefit from the funds of the EU-wide budget, are concerned that its creation would diminish the amount of money available to them. The conclusions also showed that EU leaders would support the idea of euro zone countries entering into contractual agreements with EU institutions to implement reforms. "The smooth functioning of EMU (the euro zone) for stronger and sustainable economic growth, employment and social cohesion requires stronger coordination, convergence and enforcement of economic policy," the draft conclusions said. "In this respect, the idea for the euro area Member States to enter into individual arrangements of a contractual nature at the European level on the reforms they commit to undertake and on their implementation should be explored," they said. Oct 9, 2012 04:24 PM OctaFX.Com News Updates

OctaFX.Com -Strong September NIESR GDP Estimate Fails to Impress British Pound UPDATE: GBP NIESR Gross Domestic Product Estimate (MoM) (SEP) > +0.8% from +0.1% prior (revised from +0.2%) > GBPUSD NEUTRAL One European economy is growing at an increasing rate: the United Kingdom. At least, that’s what the National Institute of Economic and Social Research’s September growth estimate showed today, which ticked up to +0.8% quarter-over-quarter from +0.1% q/q in August (quarterly here denotes trailing three-months ending in reporting month; this report estimated growth for July-August-September). For context, this is the single highest NIESR GDP estimate seen since July 2010 (+1.2% q/q). For a calendar quarter, this is the highest reading since the third quarter of 2007. However, while the headline reading looks great, it is important to consider some one-off occurrences that took place in the middle of the year: the Queen’s Jubilee celebration as well as the London Olympics. These events undoubtedly provided a boost to growth: Bloomberg News suggests that a better guess for growth would be +0.2% or +0.3% q/q. GBPUSD 1-minute Chart: October 9, 2012 Accordingly, reaction to the release can be described as tepid at best, with the GBPUSD inching high for a few pips before falling back. The GBPUSD traded at 1.6010 before the release, and was at 1.6014 at the time this report was written. Oct 9, 2012 02:32 PM OctaFX.Com News Updates

OctaFX.Com -Eleven euro states back financial transaction tax LUXEMBOURG/ATHENS (Reuters) - Eleven euro zone countries agreed on Tuesday to press ahead with a disputed tax on financial transactions designed to help pay for the cost of fixing a crisis that has rocked the single currency area. The initiative, pushed hard by Germany and France but strongly opposed by Britain, Sweden and other free-marketers, gained critical mass at a European Union finance ministers' meeting in Luxembourg, when more than the required nine states agreed to use a treaty provision to launch the tax. The so-called "Tobin tax", first proposed by Nobel-prize winning U.S. economist James Tobin in the 1972 as a way of reducing financial market volatility, has become a political symbol of a widespread desire to make banks, hedge funds and high-frequency traders pay a price for the crisis. "This is a small step for 11 countries but a giant leap for Europe," Austria Deputy Finance Minister Andreas Schieder said. "The way is now clear for a just contribution from the banking and financial sector for financing the burdens of the crisis." The agreement raised the prospect of a pioneer group of European states for the first time launching a joint tax without the unanimous backing of the 27-nation bloc, a move that may fragment the single market for financial services. EU Tax Commissioner Algirdas Semeta told the meeting the number of states backing the initiative had passed the quorum for so-called "enhanced cooperation", provided some countries turn their oral backing into written commitment. "I proposed this tax as a source of new revenue from an under-taxed sector, and a means of encouraging more responsible trading," Semeta said. "It would also prevent a patchwork of national bank taxes from creating difficulties for businesses in the Single Market." However, critics say it could distort that market by giving banks and other traders incentives to shift their trading activities to European financial centers where the tax is not levied, or away from Europe altogether. "People will arbitrage it. People will find a way around it," said David Stewart, CEO of London-based hedge fund firm Odey Asset Management, which runs around $6.5 billion. "If someone really wants to buy a company that's good, I'm sure they'll keep on buying it. But if it's a synthetic derivative then they may go somewhere else ... More volume will go through London." Britain, home to the region's biggest trading centre, will not join the scheme. Austrian Finance Minister Maria Fekter said the 11 countries would present a model for how the tax would work by the end of the year, and it was realistic to expect the tax to be implemented by 2014. Semeta said the countries aiming to launch the tax did not yet agree on where the proceeds should go or on what they should be spent. "Some of them would like to spend it individually. Some of them prefer to use part of the proceeds to finance the EU budget. It is premature to say what will be the final outcome," he said. The breakthrough was a surprise to many EU diplomats who had thought Germany might fail to convince sufficient countries to join the plan, which has been in the works for two years. After heavy diplomatic pressure from Berlin overnight, Spain and Italy agreed to support the measure. Slovakia and Estonia said they would throw their weight behind it too. The European Commission has said a tax on stocks, bonds and derivatives trades from 2014 could raise up to 57 billion euros a year if applied across all countries. SCANT PROGRESS ELSEWHERE The agreement was a victory for German Chancellor Angela Merkel on the day she travelled to Athens, epicenter of Europe's debt crisis, to express her support for near-bankrupt Greece staying in the euro zone. Greek police fired teargas and stun grenades to hold back protesters who accuse Merkel of imposing devastating austerity on their country in exchange for two EU/IMF bailouts that have so far failed to turn the shattered economy around. "A lot has been accomplished," Merkel said after talks with Prime Minister Antonis Samaras, adding that the tough path Greece is on will pay off if Greeks stay the course. The financial tax deal masked a distinct lack of progress among finance ministers on other pressing issues facing the euro zone, including whether and when to provide a rescue package for Spain, and what to do about Greece's off-course program. The 17 euro zone ministers finally inaugurated their 500 billion euro permanent rescue fund on Monday, but danced around the question of how soon it might have to be used. Ministers insisted Spain was taking the right actions to restore its public finances and did not need a bailout for now, even though many in the financial markets are convinced Madrid will need help within weeks rather than months. The International Monetary Fund doused several euro zone countries' budget plans, including those of Spain and France, by revising down its 2013 growth forecasts for their economies. Euro zone peers told Spanish Economy Minister Luis de Guindos that his country's budget cuts should take into account the weakness in the economy as regional policymakers debated whether to let Madrid slacken the pace of its austerity drive. "The only thing I can say (about the IMF's forecasts for Spain) is to try to avoid that they happen," de Guindos said. "Logically, we are working on the basis that such negative forecasts are not met," he said. The ministers also had a "robust" discussion with the IMF about the long-term sustainability of Greece's debt mountain -- a key factor in whether international lenders release an urgently needed next tranche of aid to Athens. An IMF director told a Dutch newspaper that European countries should consider restructuring the Greek debt they hold if the country's financial burden proves unsustainable. Diplomats say euro zone governments would prefer to find ways to give Athens more time to meet its fiscal targets and postpone any consideration of official debt restructuring until after next September's German general election. European Central Bank chief Mario Draghi told the European Parliament the euro zone economy faced a long, uphill road to recovery and the bloc was still suffering a crisis of confidence. But he said there was no alternative to continued budget cuts. Oct 9, 2012 02:22 PM OctaFX.Com News Updates

OctaFX.Com - German regulator: "no euro zone bank watchdog until 2014" FRANKFURT (Reuters) - Plans to establish a euro zone bank regulator by January 1, 2013, may be delayed by a year, Germany's markets regulator said on Tuesday, a potential setback to efforts to help distressed euro zone countries and their banks. European leaders agreed at the end of June to set up a single supervisor to oversee 6,000 banks in Europe, but Elke Koenig, head of Germany's markets regulator BaFin, said the original deadline to start such supervision was unrealistic. "I could imagine that we get there in January 2014. That's a guess," she told German television station ARD on Tuesday, adding this was her personal view. Koenig argued that efforts to centralize supervision should proceed with caution, a view at odds with several euro zone policymakers, but in line with German Finance Minister Wolfgang Schaeuble, who last month objected to giving the ECB sweeping powers. The speedy establishment of common banking supervision is necessary to pave the way for the direct recapitalization of lenders via the European Stability Mechanism (ESM), a euro zone bailout fund which came into force on Monday. Propping up weak banks is seen as a way to break the vicious circle linking indebted governments and their troubled lenders. Doubts over the solidity of Spain's finances, for example, are inextricably linked to its weak banking sector. The Dutch Central Bank said on Tuesday that policymakers should quickly give the European Central Bank the tools to supervise major lenders and to enable the ESM to directly recapitalize troubled banks if shareholders or national governments proved unable. Germany, the euro zone's economic heavyweight, has criticized efforts to allow the ECB to supervise all euro zone lenders, claiming the ECB will be overstretched. In reality, the ECB will not be in day-to-day charge of supervision, which will still lie with national and local regulators. But the ECB is expected to leave national supervisors with less wiggle room to adopt special rules designed to protect their home market. Germany's landesbanken, for example, are currently allowed to keep using a special form of non-voting capital as a way to meet tougher rules on capital safeguards. The ECB's president Mario Draghi commented on the timetable for creating a new supervisor on Tuesday. "The ECB is not supposed to take over supervision in three months' time and do it. There is a phase-in time. We foresee that one year will be needed to adapt all the structures," Draghi told the European parliament. As a first step, the ECB is set to take responsibility for supervising banks which have received state aid beginning 2013. From mid-2013 the ECB will add systemically relevant institutions, before finally overseeing all euro zone banks by 2014. Upon being asked whether a January deadline for Euro zone bank supervision was realistic, The Bank of France, the Bank of Spain and the Bank of Italy declined to comment. Gerard Rameix, head of the French markets watchdog AMF, said he had heard nothing to suggest there would be a change to the timeframe. "I think they are playing on words a bit. If they are talking about the utmost end of the process, then they are maybe not wrong," Rameix said. Late on Monday Koenig said that although she supported the idea of common supervision in principle, she hasn't understood how the transition from national to pan-European supervision will work in practice. "I support the idea of a strong European regulator. But I have not seen a roadmap of how we get there," she said. "The last thing we can afford is to have an interregnum between those who are no longer responsible (for supervision) and those who are not yet in a position to act," Koenig said. Earlier this month ECB policymaker Joerg Asmussen warned that tapping the ESM for direct bank recapitalization will only be possible once supervision has been set up. And last month, Germany, the Netherlands and Finland insisted that the ESM should not be used to solve "legacy issues", essentially saying that highly indebted banks in Spain, Ireland and Greece will remain the responsibility of those countries' governments. The Basel Committee on Banking Supervision said last week the EU was failing to apply the Basel III capital requirement rules for banks because it softened up a definition of what qualifies as core capital. Basel III says it must be common equity capital while Germany has pushed hard to include what some regulators see as less proven financial instruments which are widely used in the German public sector banking arm of Landesbanks. Oct 9, 2012 12:54 PM OctaFX.Com News Updates

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OctaFX.Com - Spain doesn't need help, euro zone ministers say LUXEMBOURG (Reuters) - Euro zone finance ministers delivered a united defense of Spain on Monday, saying the country was taking steps to overhaul its economy, funding itself successfully in the financial markets and did not need a bailout, at least for now. Arriving at a meeting in Luxembourg to discuss Greece and Spain and to inaugurate the euro zone's permanent bailout mechanism, the ESM, German Finance Minister Wolfgang Schaeuble said Madrid had made clear it wanted no help. "Spain needs no aid program. Spain is doing everything necessary, in fiscal policy, in structural reforms," he told reporters as he arrived for a gathering that will also discuss plans to establish a single supervisor for euro zone banks. "Spain has a problem with its banks as a consequence of the real estate bubble of the past years," he said. "That's why Spain is getting (EU) help with banking recapitalization." Luxembourg Finance Minister Luc Frieden took the same line but added that if Spain were to make a request for aid beyond the 100 billion euros already earmarked to recapitalize its banks, it would be examined. "I think we should deal with such a request when it comes, but so far the Spanish government is undertaking reforms which go in the right direction," he said. Finance ministers agreed in June to provide up to 100 billion euros for Spain's banks, many of which are weighed down with bad property loans and need to be recapitalized. An independent audit has shown the banks need around 40 billion euros, less than originally expected, a result Austria's finance minister, Maria Fekter, said was positive. "We have the banking application from Spain," Fekter said. "We are likely to hear today that this 100 billion euros is not all needed, that Spain needs significantly less." Many in the financial markets are convinced Spain will not be able to meet its sovereign funding needs at an affordable cost without euro zone and European Central Bank support, especially with several of its regions requiring a bailout from Madrid. A euro zone source said ministers may also discuss Spain's 2013 budget, outlined last month, which the International Monetary Fund and the European Commission both believe is based on an over-optimistic forecast of a 0.5 percent economic contraction next year. The IMF forecast of a 1.2 percent recession may be revised further downwards on Tuesday. NO MOVES ON GREECE As well as Spain, ministers will discuss the situation in Greece, where intense negotiations continue between the government and the 'troika' of inspectors from the Commission, the ECB and the IMF over budget cuts for 2013-2014. But Jean-Claude Juncker, the chairman of the Eurogroup, said no developments on Greece, which has fallen behind on its second bailout program, were likely at least until the troika finishes a report on the country's debt situation. That report is now expected in early November. "I don't think that we will have any major decisions on Greece," Juncker said. Asked whether a decision on Greece could be expected soon, he replied: "Hope never dies." Monday's meeting will also discuss plans for the ECB to be given responsibility for supervising all eurozone banks and the idea of creating a single budget for eurozone countries, issues that will be discussed further by eurozone and EU leaders at a summit in Brussels on October 18-19. But little formal progress is expected, with questions unresolved about how many of the eurozone's 6,000 banks the ECB will be charged with overseeing and whether it will be able to start its new role from January next year. Instead, the only firm action taken on Monday was the unveiling of the European Stability Mechanism (ESM), a 500 billion euro, rescue mechanism for the 17 euro zone countries. The ESM, which replaces the temporary EFSF, will be used to lend to distressed euro zone sovereigns in return for strict fiscal and structural reforms that aim to put economies that have lost investor trust back on track. "The start of the ESM marks a historic milestone in shaping the future of the European monetary union," the fund's chief executive, Klaus Regling, told reporters "The euro area now is equipped with a permanent and effective firewall, which of course is a crucial component in our strategy to ensure financial stability in the euro zone." The fund's lending capacity will be based on 80 billion euros of paid-in capital and 620 billion of callable capital, against which the ESM will borrow money on the market to lend it on to governments cut off from sustainable market funding. From Monday it has a capacity of 200 billion euros and it will reach its full capacity gradually by 2014. Oct 8, 2012 01:30 PM OctaFX.Com News Updates

OctaFX.Com - Dollar, Yen Aim Higher as All Eyes Turn to Eurozone FinMin Summit The safe-haven US Dollar and Japanese Yen rose overnight amid risk aversion before a Eurozone finance ministers’ summit. More of the same appears likely ahead. Talking Points US Dollar, Japanese Yen Rise as Risk Aversion Grips Asian Stock Markets Canadian Dollar Well-Supported in the Wake of US Employment Report Eurozone FinMin Summit in Focus for Greece Funding, Spain Bailout Cues IMF Likely to Downgrade Global Economic Outlook in Updated Data Set Germany’s Trade Surplus Set to Narrow, Industrial Production to Decline The US Dollar and Japanese Yen advanced against most of their major counterparts as Asian stocks declined, boosting demand for the go-to haven currencies. Regional bourses (excluding Japan, where markets are closed for a holiday) slumped 0.9 percent on average. The Canadian Dollar was likewise well-supported in the wake of Friday’s better-than-expected US jobs report as traders wagered that a firming recovery in the world’s top economy will boost cross-border demand for its northern neighbor. From here, all eyes turn to the Luxembourg, where Eurozone finance ministers are due to begin a two-day meeting to discuss debt management efforts. Traders will be interested in any moves to mend disagreements between the Greek government and troika monitors that open the door for disbursement of the latest batch of bailout funding. Any clues about the timing of a Spanish request for a full-on rescue package are also sought, particularly after borrowing costs rose at a bond auction last week. Against this backdrop, the IMF is due to release an updated set of global economic performance expectations, with downgrades widely expected. This suggests that absent concrete positive cues from Luxembourg, the risk-off mood is likely to carry forward. On the data front, Germany’s Trade Balance surplus is expected to narrow to €15.2 billion – the lowest in four months – while Industrial Production is forecast to have fallen 0.6% percent in August. Oct 8, 2012 05:40 AM OctaFX.Com News Updates

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