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Here to stay: the continuing influence of the leverage ratio
December 29, 2015--The Basel III menu of global rules set out in December 2010 changed everything for banks, and the leverage ratio included in the package was an important part of the transition to a safer financial sector.
But it may get tougher for European banks to comply with this metric, experts told SNL.
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Source: snl.com
Draghi's Less-Than-Super Stimulus Pushes Bonds to Monthly Loss
December 23, 2015--Declines come after Draghi rate cut that just met expectations
Spanish bonds drop for a third day after weekend elections.
Investors in euro-area government bonds are set to suffer their first monthly loss since August after wagers on additional stimulus proved to be too optimistic for Mario Draghi to satisfy.
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Source: Bloomberg
Slowing UK growth leaves Bank of England unhurried on rates
December 23, 2015--Britain's economic growth has slowed markedly, according to data on Wednesday that supports expectations the Bank of England will not raise record low interest rates any time soon.
Hurt by slow demand for exports from a flagging global economy, gross domestic product grew 0.4 percent in the third quarter, matching its lowest rate since late 2012, when Britain was still struggling to recover from the financial crisis.
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Source: Rueters
Guidelines on transaction reporting, reference data, order record keeping & clock synchronisation
December 23, 2015--Responding to this paper
ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:
1.respond to the question stated;
2.indicate the specific question to which the comment relates;
3.contain a clear rationale; and
4.describe any alternatives ESMA should consider.
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Source: ESMA
ESMA publishes results of second Market Abuse Directive peer review
December 22, 2015--The European Securities and Markets Authority (ESMA) published today the results of its follow-up review of national competent authorities' (NCAs) supervisory regimes with regard to the Market Abuse Directive (MAD).
This review was limited to the areas where shortcomings were noted previously, and covered seven NCAs where some shortcomings had been noted in the previous peer review-namely those of Bulgaria, Iceland, Liechtenstein, Poland, Romania, Slovakia and Slovenia.
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Source: ESMA
ESMA publishes MiFID II guidelines on cross-selling practices
December 22, 2015--The European Securities and Markets Authority (ESMA) has published its Guidelines on Cross-Selling Practices under MiFID II (guidelines) to ensure investors are treated fairly when an investment firm offers two or more financial products or services as part of a package.
The guidelines include principles on:
improving disclosures when different products are cross-sold with one another;
requiring firms to provide investors with all relevant information in a timely and clear manner;
view the ESMA Guidelines on Cross-Selling Practices
Source: ESMA
ESMA-Working Paper No.2, 2015 "Monitoring systemic risk in the hedge fund sector"
December 22. 2015--The working paper proposes new measures for systemic risk in the hedge fund sector. These measures are based on the ability of hedge funds to influence (be influenced by) the performance trend of the entire hedge fund sector.
The proposed measures display a high ability to identify periods of...
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Source: ESMA
EBA updates on risks and vulnerabilities in the EU banking sector
December 21, 2015--The European Banking Authority (EBA) published today its eighth semi-annual report on risks and vulnerabilities in the EU banking sector.
The report shows that EU banks have continued to strengthen their capital position and to improve asset quality. However, the level of non-performing exposures remains high and profitability is still weak. The report also analyses the exposures towards emerging market (EM) countries and non-bank financial intermediaries.
view the EBA Risk Assessment Report
Source: EBA
EBA updates on the status of its final Implementing Technical Standards on benchmarking portfolios
December 21, 2015--The European Banking Authority (EBA), following requests from stakeholders, published today an update on the application date of its final draft Implementing Technical Standards (ITS) on benchmarking portfolios.
The EBA had originally submitted its final draft ITS on benchmarking portfolios to the European Commission in March 2015, proposing 11 April of each year, starting in 2016, as the remittance date for the bulk of the data to be submitted by banks to competent authorities.
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Source: EBA
Source: High yield looks more compelling, while equities face risk of Fed policy error
December 21, 2015-Following three months of solid equity performance, and acknowledging the risk that the Fed could be making an error in tightening policy now, it may be time to reduce equity exposure in favour of other asset classes, including high yield credit and real estate. This is the view of the Multi-Asset Research team at Source, one of Europe's largest providers of Exchange Traded Funds.
Paul Jackson, Managing Director, Head of Multi-Asset Research at Source, said: "We still prefer equity-like assets, but are reducing the extent of their overall weighting in our asset allocation model. At the same time, we believe it is worth shifting some of the regional focus within the equity exposure, in particular reducing weight in the US, the UK and emerging markets. We are still most positive on Japanese and Eurozone equities, but would hedge the currency in the latter."
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Source: Source ETFs
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