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European ETPs could hit half a trillion dollars this year
July 7, 2014--Assets in exchange-traded products (ETPs) in Europe rose by a net $32 billion (€24 billion) in the first half of the year, a growth rate that would take total assets to more than half a trillion dollars by year-end if it persists.
"The positive equity market performance has helped to improve investor confidence during the first half of 2014," says Deborah Fuhr, managing partner at ETFGI, a research firm that provided the data.
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Source: funds-europe.com
Lyxor UK grows institutional sales teams in UK and Northern Europe
July 7, 2014--Lyxor Asset Management UK has made three appointments to lead its growth in the UK and Northern European markets.
Olivier Cassin has been appointed as head of UK institutional sales; Mattias Gustawsson as head of Nordic institutional sales; and Joost Wijstma as head of Netherlands institutional sales.
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Source: institutionalassetmanager.co.uk
Source and Morgan Stanley team up on smart beta "month-end effect" ETF
July 7, 2014--London-based exchange-traded fund provider Source and investment bank Morgan Stanley have teamed to launch the Source Morgan Stanley Europe MEMO Plus UCITS ETF (EMSE), an ETF which aims to outperform the broad European equity market by exploiting the so-called "month-end effect".
Listed on the Deutsche Börse, the fund is linked to the Morgan Stanley Europe MEMO Plus Strategy, a proprietary strategy index developed by Morgan Stanley which aims to capitalise on one of the most persistent patterns in equity markets.
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Source: etfstrategy.co.uk
EBA publishes final guidelines on significant credit risk transfer for securitisation transactions
July 7, 2014--The European Banking Authority (EBA) published today a final set of Guidelines that will support both originator institutions and competent authorities in the assessment of significant risk transfer (SRT) for securitisation transactions.
These Guidelines will be part of the EU Single Rulebook in the banking sector and will ensure harmonised assessment and treatment of significant risk transfer across all EU Member States.
The EBA recognizes that securitisation in a well-defined prudential framework is beneficial to banks and is a key funding tool for the real economy. Furthermore, it is a useful tool to achieve credit risk transfer and risk-sharing in the financial system and to support the current deleveraging and de-risking process of EU banks without inducing an excessive contraction in the real economy.
view the Guidelines on Significant Credit Risk Transfer
Source: European Banking Authority (EBA)
Deutsche Bank's asset arm plans to power up in London
July 7, 2014--Deutsche Bank's asset management arm is planning to double the number of financial professionals it employs in London to 600 over the next five years.
The hiring initiative is part of an expansion drive by London-based Michele Faissola, head of Deutsche Asset & Wealth Management, who, after his appointment in 2012, reversed a strategy which had favoured New York and Frankfurt for a decade.
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Source: Financial News
BlackRock restricts share lending after short selling attack on Blinkx
World's largest asset manager changes policy after losing €30m in a day over controversial blog by Harvard professor
July 5, 2014--BlackRock, the world's largest asset manager, has barred its City office from loaning shares following a short selling attack on Blinkx, a London-listed online video advertising company in which it is biggest shareholder, The Sunday Telegraph can disclose.
Blinkx lost a third of its value in a day in January after Ben Edelman, a Harvard University Business School professor, published a 3,500-word blog post expressing "grave doubts" over the company's prospects and criticising the "opacity" of its statements to the stock market. The company rejected his claims but the damage was done.
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Source: Telegraph
EBA publishes final draft technical standards on conditions for assessing materiality of extensions and changes of internal approaches for market risk
July 4, 2014--The European Banking Authority (EBA) published today its final Regulatory Technical Standards (RTS) specifying the conditions for assessing the materiality of extensions and changes of the Internal Models Approach (IMA) for market risk.
These RTS complement and amend the standards on the rules for credit and operational risk which were adopted and published in the EU Official Journal on 20 May 2014.
According to the Capital Requirements Regulation (CRR), all institutions shall apply for permission whenever they intend to implement any material extension or change to their internal approaches for credit, market and operational risk.
view the EBA FINAL draft Regulatory Technical Standards
Source: EBA (European Banking Authority)
EBA proposes potential regulatory regime for virtual currencies, but also advises that financial institutions should not buy, hold or sell them whilst no such regime is in place
July 4, 2014--The European Banking Authority (EBA) published today an Opinion addressed to the EU Council, European Commission and European Parliament setting out the requirements that would be needed to regulate 'virtual currencies'. The Opinion is also addressed to national supervisory authorities and advises to discourage financial institutions from buying, holding or selling virtual currencies while no regulatory regime is in place.
Following a thorough assessment of virtual currencies carried out jointly with other European authorities, each within its relevant mandate, such as the European Central Bank (ECB) and the European Securities and Markets Authority (ESMA), the EBA has concluded that, while there are some potential benefits from virtual currencies, such as faster and cheaper transactions, as well as financial inclusion; however risks outweigh the benefits, which in the European Union remain less pronounced.
view the EBA Opinion on 'virtual currencies'.
Source: European Banking Authority (EBA)
Source hires head of European capital markets
July 4, 2014--Exchange-traded fund provider Source has appointed Juergen Blumberg as executive director, head of European capital markets.
"One of Source's key advantages is through the deep roots we have in the trading community," says Gary Buxton, chief operating officer.
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Source: iaireview.org
IMF-France: Selected Issues paper
July 3, 2014--THE DRIVERS OF BUSINESS INVESTMENT IN FRANCE: REASONS FOR RECENT WEAKNESS
Introduction
1. While the resilience in private consumption has supported domestic spending in France during the crisis, business investment remains a substantial drag on growth.
In 2013, private consumption was 2.5 percent higher than its pre-crisis level whereas business investment was still 9 percent lower than its pre-crisis peak.
2.This paper reviews business investment patterns in France during the crisis. The main motivation is to explore whether investment has recently evolved in line with established determinants or displayed somewhat unconventional dynamics. We address three distinct questions.
First, has recent investment behavior essentially been consistent with past trends or is there any discernible structural break as a result of the crisis? Second, what drove the contraction in investment during the crisis? Third, what is the investment outlook and can we expect a swift and
strong rebound going forward?
view the IMF-France: Selected Issues paper
Source: IMF
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