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IMF Working paper-A Global Projection Model for Euro Area Large Economies
March 2, 2015-- Summary: The GPM project is designed to improve the toolkit for studying both own-country and cross-country linkages. This paper creates a special version of GPM that includes the four largest Euro Area (EA) countries.
The EA countries are more vulnerable to domestic and external demand shocks because adjustments in the real exchange rate between EA countries occur more gradually through inflation differentials. Spillovers from tight credit conditions in each EA country are limited by direct trade channels and small confidence spillovers, but we also consider scenarios where banks in all EU countries tighten credit conditions simultaneously.
view the IMF Working paper-A Global Projection Model for Euro Area Large Economies
Source: IMF
European Banking Authority Delivers Benchmarking Package
March 2, 2015--The European Banking Authority (EBA) published a set of papers for benchmarking the internal approaches that EU institutions use to calculate own-funds requirements for credit and market risk exposures. The EBA final draft Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) specify in detail the framework for EU institutions and competent authorities to carry out the annual supervisory benchmarking foreseen by the Capital Requirements Directive (CRD IV).
he EBA also issued its response to a call for advice by the European Commission's on the benchmarking process. This work is part of the EBA's efforts to address possible inconsistencies in the calculation of risk weighted assets (RWAs) across the EU Single Market and to ultimately restore confidence in EU banks' capital and internal models.
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Source: EBA
DeAWM's db X-trackers ETFs introduces range of interest rate hedged fixed income ETF share classes
February 28, 2015--Deutsche Asset & Wealth Management (DeAWM) has launched a range of interest rate hedged fixed income ETF share classes.
The range includes a rates hedged version of its highly successful ETF providing exposure to higher yielding Eurozone sovereign debt, which generated significant inflows in 2013...
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Source: etfworld.co.uk
Fund sales slump in January
February 27, 2015--Sales of investment funds to retail investors totalled just €320m in January, little more than a quarter of the €1.25bn sold in the same month last year, when optimism about equity markets was high.
According to data from the Investment Association, UK equity income funds remained the best sellers, drawing net inflows of €280m.
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Source: FT.com
Financial Stability Paper 33: A European Capital Markets Union: implications for growth and stability
February 27, 2015--Capital Markets Union (CMU) is an overarching term used to describe a number of possible measures aimed at diversifying and integrating European capital markets to support economic growth and stability.
This paper examines the mechanisms through which CMU could help to achieve these objectives, namely better matching of savers and borrowers and improved private-sector risk sharing, and identifies potential reform areas.
view the Financial Stability paper 33: A European Capital Markets Union: implications for growth and stability By Niki Anderson, Martin Brooke, Michael Hume and Miriam Kürtösiová. S&P Dow Jones Indices-Europe Index Dashboard In our strategy charts, the S&P Europe 350 Buyback Index jumped into the lead for the year with a highly commendable 8.4% return for the month. view more Deutsche Börse welcomes WisdomTree Europe as new ETF issuer on Xetra "We are pleased to welcome WisdomTree as a new ETF issuer on Xetra. Smart beta ETFs are increasingly popular among investors and are displaying dramatic growth rates on Xetra in terms of number of products as well as trading volume. The new ETFs from WisdomTree are thus a real asset to our offering," said Michael Krogmann, Head of Market Development at Deutsche Börse.
view filing Best Execution under MiFID view the Best Execution under MiFID Peer Review Report Two new ComStage ETFs launched on Xetra
ETF name: ComStage MSCI Spain TRN UCITS ETF view more
Bank regulation takes back seat to kick-starting economy view more If you are looking for a particuliar article and can not find it, please feel free to contact us
Source: Bank of England
February 27, 2015--The European equity markets have been having a ripping year so far and the S&P Europe 350 added a further 6.9% during February, bringing the year-to-date returns to 14.7%.
Every single one of the S&P Europe 350's ten sectors finished in positive territory, as did the component contribution from every country in the index. The U.K.'s outsized contributed was exaggerated by currency movements; the euro continued to weaken over the month and closed at a seven-year low versus the pound.
Source: S&P Dow Jones Indices
ETFs track smart beta index strategies
February 26, 2015--Six exchange-traded funds (ETFs) issued by WisdomTree Europe have been tradable on Xetra for the first time since Thursday.
WisdomTree is one of the five largest ETF issuers on the US market and has been offering smart beta ETFs there since 2006. The Xetra listing now also enables European investors to participate in the performance of selected WisdomTree dividend strategy indices.
Source: Xetra
February 25, 2015--The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms' obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders.
ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low. In order to address this situation a number of improvements were identified, including:
Source: ESMA
ETFs offer access to corporate stocks from Italy and Spain
February 25, 2015--Two new equity index ETFs issued by ComStage have been tradable in Deutsche Börse's XTF segment since Wednesday.
ETF name: ComStage MSCI Italy TRN UCITS ETF
Asset class: equity index ETF
ISIN: LU1104574725
Total expense ratio: 0.25 percent
Distribution policy: accumulating
Benchmark: MSCI Italy Index
Asset class: equity index ETF
ISIN: LU1104577314
Total expense ratio: 0.25 percent
Distribution policy: accumulating
Benchmark: MSCI Spain Index
Source: Deutsche Börse
February 25, 2015--As the banking crisis fades in memory, only to be replaced by a lingering economic slowdown, governments are losing interest in financial reform despite warnings that dangers still lurk.
The shift could mark the beginning of an era reminiscent of the more hands-off approach to regulation preceding the 2008 financial crash, albeit one that follows a raft of reforms-from capping bonuses to boosting capital-that have curbed banks' freedom to take risks
Source: Reuters
