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ESMA clarifies reporting of on-exchange derivatives under EMIR
December 20, 2013--ESMA clarifies reporting of on-exchange derivatives under EMIR The European Securities and Markets Authority (ESMA) has issued today updated Question & Answers (Q&As) on the implementation of the European Markets Infrastructure Regulation (EMIR). These updated Q&As clarify, for example, how exchange-traded derivatives (ETDs) should be reported to trade repositories (TRs). From 12 February 2014, EMIR requires all EU counterparties to a derivative contract to report their trades to a TR, irrespective of whether these are traded on or off exchange. Reporting derivative contracts enables regulators to identify and analyse potential risks associated with derivative markets.
ESMA's Q&As aim to provide guidance to market participants, clarify which firms have to report their ETD contracts to TRs and what information needs to be included in order to ensure consistent data across the EU.
Q&As clarify firms covered, scope and content of reporting
Derivatives traded on EU trading venues are covered by reporting rules under both EMIR and the Markets in Financial Instruments Directive (MiFID). MiFID covers the actual trading of derivatives, whereas EMIR is about post-trading arrangements. ESMA’s Q&As are aimed at clarifying counterparties’ reporting requirements and at fostering consistency by avoiding reporting conflicts between the two regimes.
According to the legal definitions included in EMIR, any EU counterparty which has concluded a derivative contract is covered by EMIR's reporting obligation. At the same time, conclusion of derivative contracts should be understood as execution of a transaction under MiFID.
EBA publishes Reports on Liquidity
December 20, 2013--The European Banking Authority (EBA) published today two Reports on liquidity, namely (i) on the impact assessment for liquidity coverage requirements and (ii) on appropriate uniform definitions of extremely high quality liquid assets (extremely HQLA) and high quality liquid assets (HQLA) and on operational requirements for liquid assets. These two reports provide the European Commission with specific recommendations for the purpose of its forthcoming delegated act.
Report on impact assessment for liquidity measures
This Report combines an empirical analysis of liquidity data provided by 357 European banks on a voluntary basis,covering about 2/3 of total banking assets in the EU,case studies as well as a literature review on this topic.
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Source: EBA (European Banking Authority)
IMF Country Report -Turkey Selected Issues Paper
December 20, 2013--LOOKING AT CAPITAL FLOWS THROUGH THE EXCHANGE MARKET PRESSURE PRISM
Ever since recovering from the financial crisis of 2001, Turkey has been subjected to volatile capital flows, prompting its central bank (CBRT) to resort to a series of experiments where a set of various-not very traditional-tools has been employed in attempts to fend off too strong of inflows while dumping intensity of outflows.
In this paper an Exchange Market Pressure (EMP) index is used to evaluate the forces
behind these inflows. The idea is to see if they are different from what one observes for other
emerging markets and to see if the results change a cross time in response to changes in the CBRT's
framework
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Source: IMF
EBA publishes final draft technical standards on market risk and CVA risk
December 20, 2013--The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) on the definition of market and its final draft RTS on Credit Valuation Adjustment risk (CVA risk).
The latter is supplemented by an Opinion on CVA risk which further elaborates on the approach taken by the EBA in determining a proxy spread. The standards will be part of the Single Rulebook aimed at enhancing regulatory harmonisation in the banking sector in the European Union (EU).
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Source: EBA (European Banking Authority)
UPDATE 3-Regulators to soften rules to help revive securitisation
Basel scales back capital requirement by a third
Banks say tweak not enough to kick start market
EU insurance watchdog cuts capital charge on top rated debt
December 19, 2013--Global and European regulators have softened proposed new rules for securitisation in an attempt to kick-start a financing tool tarnished by the financial crisis.
Central bankers and policymakers view securitization, or packaging loans into bonds, as an important source of funding for the wider economy.
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Source: Reuters
DB-Synthetic Equity & Index Strategy-ETF Research - European Weekly ETF Market Review
December 18, 2013--The most recent issue of the European Weekly ETF Market Review is now available.
The report includes key statistics on the European ETF market as well as global ETF market highlights.
request report
Source: Deutsche Bank-Synthetic Equity & Index Strategy- Europe
OMX Helsinki 25 Exchange Traded Fund Receives Refunds of Swedish Withholding Taxes
December 18, 2013--Seligson & Co OMX Helsinki 25 Exchange Traded Fund invests in the companies included in the OMX Helsinki 25 equity index. Two of the companies that have been and still are included in the index, Nordea and TeliaSonera, are domiciled in Sweden. Tax has been withheld in Sweden on the dividend payments of these two companies.
Due to a change in legislation, Finnish mutual funds shall be refunded the withholding taxes on dividends which have been withheld in Sweden against the EU law.
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Source: Seligson & Co Rahastoyhtio Oyj
Benefitting from Growth-Sharing Prosperity in 11 Countries in Europe
December 18, 2013--The European Union 11 (EU11) region is experiencing modest growth that is extremely diverse across countries, with growth in 2014 projected to be as high as 4.2% in Latvia and as low as -1% in Slovenia.
The latest Regular Economic Report for the EU11 region provides relevant guidance in an economically diverse region by offering a range of policy recommendations.
Targeted analysis of the bottom 40% in the region undertaken in this report is helping to ensure that the expected growth there benefits lower income members of society.
As Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, the Slovak Republic and Slovenia-the eleven countries making up the European Union 11 (EU11) region- exit recession and begin building on the limited growth seen in 2013, these countries are also beginning to take a deeper look at how economic growth can better benefit all people in the region, especially the bottom 40%.
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EU11 regular economic report: promoting shared prosperity during a weak recovery in Central and Eastern Europe
Source: World Bank
NSD and BNY Mellon Join Forces
December 17, 2013--Russian-based investors and brokers will be able to issue and cancel depositary receipts (DRs) in Russian companies thanks to a ground-breaking agreement reported between the National Settlement Depository (NSD), Russia's central securities depository, and BNY Mellon.
The two companies say they have developed an innovative structure by which DRs, issued by BNY Mellon on shares of Russian companies, can be converted into a share or vice versa in Russia within one business day; this process currently takes between two and three business days. The structure will allow DRs to trade on the secondary market, settle and be used as collateral in repurchase agreements (repos) by Russian market participants in their own time zone.
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Source: Global Custody News
Boost ETP celebrates one year anniversary of Short & Leverage ETP trading as AUM hits all-time high
BOOST is celebrating one year of trading on the LSE
BOOST offers Europe's first 3x Short and 3x Leverage equity ETPs and commodity ETCs
Europe's first dedicated provider of Short and Leverage ETPs
BOOST now offers 54 listings on 2 exchanges, having traded $162 million YTD
BOOST AUM has now reached an all-time high of $52 million
December 17, 2013--BOOST, ETP, the award winning and independent Exchange-Traded Product (ETP) provider is celebrating one year of trading on the London Stock Exchange (LSE), having first listed the World's first 3x Short and 3x Leverage ETPs tracking the FTSE100 index on 6 December 2012.
Since then, BOOST has listed Short and Leverage ETPs covering some of Europe’s most widely followed equity and commodity indices such as FTSE 250, DAX, FTSE MIB, gold, silver, oil and natural gas. BOOST ETPs are now available on both the LSE and Borsa Italiana.
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Source: Boost
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