Global economy on recovery path, risks remain--IMF chief-continued

March 18, 2012--The global economy has stepped back from the brink of danger and signs of stabilisation are emerging from the euro zone and the United States, but high debt levels in developed markets and rising oil prices are key risks ahead, the IMF said on Sunday.
The global economy may be on a path to recovery, but there is not a great deal of room for maneuver and no room for policy mistakes," International Monetary Fund (IMF) Managing Director, Christine Lagarde, said in a speech in Beijing.

In a separate talk on the same day, Lagarde said that China's yuan could become a reserve currency in the future, adding that the country needed a roadmap for a stronger, more flexible exchange rate system

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Source: Reuters

Global ETP News
Historic rupee bond issued in London
November 18, 2014--The government has welcomed the International Finance Corporationís (IFC) announcement that it has issued an Indian rupee 10 billion bond in London today (Tuesday 18 November).
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ETFS Precious Metals Weekly- Gold Shows Resilience Supported by Strong Physical Demand
November 17, 2014--Gold is showing resilience as it trades close to the cost of production and physical buying accelerates. Gold shrugged off new record high US equity prices, the strong US dollar and lower crude oil prices last week.
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IOSCO Consults on Post-Trade Transparency in the Credit Default Swaps Market
November 17, 2014--The International Organization of Securities Commissions today published the consultation report Post-Trade Transparency in the Credit Default Swaps Market, which seeks to analyze the potential impact of mandatory post-trade transparency in the credit default swaps (CDS) market.
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Deutsche Borse to disseminate sovereign bond indices for Africa's most developed economies
Concerto African Bond Indices deliver transparency and objectivity to expanding local currency bond markets
November 17, 2014--Deutsche Börse Market Data + Services today announced that it will begin disseminating fixed income indices and bond pricing data from African countries starting on 24 November 2014.
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Shanghai Stock Buying Through Exchange Link Reaches Limit
November 17, 2014--Investors piled into Shanghai shares on the first day of exchange-link trading, buying the maximum amount allowed in a sign of global demand for mainland equities as China opens up its $4.2 trillion market.
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Pension funds to flock to riskier investments
November 17, 2014--Pension fund managers around the world are preparing to invest in riskier assets such as hedge funds and private equity funds as they seek higher returns and their ability to select the best managers improves.
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How to Invest in Russia
November 14, 2014--According to the latest numbers in the Financial Times, the Russian economy eked out a small positive growth of 0.7% during the months of June through September. That was more than double the projected growth of 0.3% by a consensus of economists.
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Bank of China authorised as trading and clearing participant at Deutsche Borse
November 14, 2014--The Bank of China today received authorisation via its Frankfurt branch office as a trading and clearing participant on the Deutsche Börse Group cash market.
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DECPG Weekly Economic Brief-November 14, 2014
November 14, 2014--Oil prices dropped almost 20 percent between June and October 2014, and weakened to $78/bbl in mid-November, for the first time since the 2008/09 financial crisis. The U.S. dollar appreciation, strong oil supplies and weak demand due to growth slowdown, diminished geopolitical risks, and OPEC's inaction contributed to the price weakness. A sustained decline in oil prices could result from a greater-than-expected expansion in oil production in the U.S. and a sharper-than-expected deceleration in global oil demand.
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LSE to conclude Russell deal within weeks
November 13, 2014--The London Stock Exchange Group said its planned $2.7bn purchase of Russell Investments,
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Carney-Yellen Neck-and-Neck on Being First to Raise Rates
November 13, 2014--Federal Reserve Chair Janet Yellen may just beat Bank of England Governor Mark Carney to the first interest-rate increase since the financial crisis.
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World Gold Council-Gold Demand Trends Third Quarter 2014
November 13, 2014--This edition of GDT examines all the latest developments of gold demand and supply during the third quarter of 2014 by sector and by region
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Signs of stress must not be ignored, IEA warns in its new World Energy Outlook
Energy sector must tackle longer-term pressure points before they reach breaking point
November 12, 2014--Events of the last year have increased many of the long-term uncertainties facing the global energy sector, says the International Energy Agency's (IEA) World Energy Outlook 2014 (WEO-2014).
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Deciphering Developing Markets-HDFC Bank and Foreign Institutional Investors
November 12, 2014-- Indian mortgage giant HDFC Bank is becoming a darling of foreign institutional investors (FIIs) since the board of directors in 2012 voted to allow FIIs up to a 100% stake in the bank.
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Reports on measures to reduce risk-weighted asset variability and on Basel III implementation by the Basel Committee
November 12, 2014--The Basel Committee on Banking Supervision has today published two documents prepared for the G20 Leaders' Summit in Brisbane on 15-16 November:
a report on measures to reduce excessive variability in banks' regulatory capital ratios; and an update on the implementation of Basel III standards since the 2013 progress report to G20 Leaders.
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ETFS Precious Metals Weekly- Bargain Hunting Time
November 10, 2014--Gold cost of production supports price as physical buying accelerates. Despite new record high US equity prices and the stronger US dollar, gold was the best performing precious metal last week, declining only 0.8% compared to the 4.8% decline in silver and the 2.4% and 2.7% respective declines in platinum and palladium. One of the most obvious and instantaneous signs of strong physical demand, gold forward rates (GOFO) ended the week in negative territory out to three months.
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WEF-More Holistic Views Key to Better Resource Management
November 10, 2014--Divided views about the future of natural resources are preventing better resource management
Understanding the drivers of future resource availability can create common ground among decision-makers
Above-ground risks present more of a threat to natural resources than physical depletion
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ETFGI's research finds global ETFs/ETPs gathered 35.8 billion US dollars in net new assets in October 2014 and a record 233.0 billion US dollars in NNA year-to-date
November 10, 2014--ETFGI's research finds October's global net new asset (NNA) inflows of US$35.8 Bn, while large, are not a record month. The largest month for NNA inflows was September 2012 with US$45.8 Bn. Year-to-date ETFs and ETPs globally have gathered a record US$233.0 Bn in NNA through the end of October 2014, surpassing the previous high of US$205.2 Bn set in the first 10 months of 2013.
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BlackRock Landscape: Record Fixed Income Flows
November 10, 2014-- FIXED INCOME ETP FLOWS SET NEW RECORD IN OCTOBER ON GLOBAL GROWTH CONCERNS
Global ETP flows of $37.3bn were driven by fixed income with $19.9bn although equity flows also finished strong as stocks rebounded from a sharp correction attributed to economic growth and low inflation concerns
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S&P Dow Jones Indices And MSCI Announce The Creation Of A Real Estate Sector In The Global Industry Classification Standard (GICS(R)) Structure
November 10, 2014--S&P Dow Jones Indices, a leading provider of financial market indices, and MSCI Inc., a leading provider of investment decision support tools worldwide, announced today that as a result of their annual review of the Global Industry Classification Standard (GICS(R)) structure, a new Real Estate Sector is being created, elevating its position from under the Financials Sector and bringing the number of GICS Sectors to 11.
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ETFS Research Note-Precious Metals, Gold and Emerging Markets
November 7, 2014--Emerging markets (EMs) are increasingly the biggest drivers of precious metals (PMs) demand.
In 2013, nearly 60% of the global demand for gold, silver, platinum and palladium came from emerging markets-up from about a 1/3rd in 2003 and 1/4 in 1993.
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DECPG Weekly Economic Brief--Nov. 7, 2014
November 7, 2014--Euro Area economic indicators have deteriorated in recent months. and the possibility of secular stagnation may be increasing. Weak growth prospects are particularly unwelcome in an environment of very low inflation and unfavorable demographics. Given strong trade and financial linkages, low growth in the Euro Area could have negative effects on both high-income and developing economies.
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OTC Derivatives Regulators Issue Report to the G20 Leaders
November 7, 2014--The Over-the-Counter (OTC) Derivatives Regulators Group (ODRG) issued a report today that provides an update to the G20 Leaders regarding the ODRG's continuing effort to identify and resolve cross-border issues associated with the implementation of the G20 OTC derivatives reform agenda.
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Unscheduled free float adjustment in MDAX
Novemebr 7, 2014--Deutsche Börse AG has announced an unscheduled adjustment to the free float of Sky Deutschland AG in MDAX(R). Due to the takeover of Sky Deutschland AG by British Sky Broadcasting Group PLC, the free float of Sky Deutschland AG changed by more than 10 percentage points.
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OPEC World Oil Outlook 2014
November 6, 2014--The OPEC World Oil Outlook (WOO) has been published annually since 2007. It presents projections for the medium-term (to 2019) and long-term (this year extended to 2040) for oil demand and supply. The main conclusions of the WOO 2014 are that oil will continue to play a major part in satisfying world energy needs, as the global economy more than doubles in size, population grows, prosperity expands everywhere, and despite a strong reduction in energy intensity.
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BlueStar Israel Equity Update-October 2014
November 5, 2014--With few exceptions, the Israeli Global companies that reported earnings in the last week of October, and as of this writing, so far this month, have exceeded market forecasts.
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Bank of China targets US investors with Basel III bond
November 5, 2014--Bank of China is set to become the first mainland Chinese lender to sell US dollar bonds directly to US investors, as it begins marketing Basel III-compliant debt to global fund managers.
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New Global Financial Disruptors Equity Index launches in advance of Lending Club's imminent IPO
November 3, 2014--Liberum and AltFi Data have launched the first equity index tracking the world's leading financial services' disruptors-the Index is called the Liberum AltFi Financial Disruptors Index (LAFDI).
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ETFS Precious Metals Weekly-US Dollar Strength Pressures Precious Metals
November 3, 2014-Gold hits sell stops below US$1,200/oz. The strengthening US dollar on the back of stronger than expected US Q3 GDP, the announcement by the FOMC of the culmination of QE in the US and surprise announcement of additional stimulus from the Bank of Japan pressured precious metals last week.
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China Awards $4.9 Billion RQFII Quota to Qatar, Signs Swap Pact
November 3, 2014--China gave a 30 billion yuan ($4.9 billion) quota to Qatar under the Renminbi Qualified Foreign Institutional Investor program, the first such award of access to its domestic capital markets for a Middle Eastern country.
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2014 Legatum Prosperity Index(TM)
November 3, 2014--Now in its eighth year, the Legatum Prosperity Index(TM) is a unique and robust assessment of global wealth and wellbeing, which benchmarks 142 countries around the world in eight distinct sub-indices: Economy; Education; Entrepreneurship & Opportunity; Governance; Health; Personal Freedom; Safety & Security; and Social Capital.
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BATS Global Markets Sets U.S. Equities, Options October Market Share Records; Europe Has Best Month of 2014
21.4% U.S. Equities Market Share; 6.5% U.S. Options Market Share; 22.3% European Equities Market Share
November 3, 2014--BATS Global Markets (BATS) today reported October highlights including new monthly market share records of 21.4% in U.S. equities and 6.5% in U.S. options.
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Average daily volume of 9.9 million contracts at Eurex Group in October
Volatility and dividend derivatives segments with new monthly volume records
November 3, 2014--In October 2014, the international derivatives markets of Eurex Group recorded an average daily volume of 9.9 million contracts (October 2013: 7.9 million). Of those, 6.6 million were Eurex Exchange contracts (October 2013: 5.1 million), and 3.3 million contracts (October 2013: 2.8 million) were traded at the U.S.-based International Securities Exchange (ISE). In total, 152.7 million contracts were traded at Eurex Exchange and 80.0 million at ISE.
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SPDR Weekly Market Report
October 31, 2014--ECONOMIES: The Fed ends asset purchases while the Bank of Japan accelerates them. GDP rises solidly in the US but slips in Canada. Housing cools in the UK. Inflation may be stabilizing in the Eurozone. Industrial production jumps in Japan. Credit growth accelerates in Australia. MARKETS: Risk appetites continue to revive. Equities are broadly higher. G7 government bonds are mixed. USD is generally stronger. JPY weakens on BoJ easing. Oil and gold prices fall.
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DECPG Weekly Economic Brief--Oct. 31, 2014
October 31, 2014--As of October 27, 2014 the total number of Ebola cases was 13,703, with 4,922 deaths. Beyond the terrible toll in human lives, the Ebola outbreak is already having a measurable economic impact on the entire West Africa region.
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Recovery of financial market infrastructures, final report issued by CPMI-IOSCO
October 31, 2014--On Ocyober 15, 20144, The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report entitled Recovery of financial market infrastructures.
The report provides guidance to financial market infrastructures (FMIs) such as central counterparties (CCPs) on how to develop plans to enable them to recover from threats to their viability and financial strength that might prevent them from continuing to provide critical services to their participants and the markets they serve.
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First China Onshore Public Index Fund Tracks FTSE China A50
Fund managed by CR Yuanta

Reinforces FTSE's leading position in China-focused benchmarks
October 31, 2014--FTSE Group ("FTSE"), the global index provider, announced today that the FTSE China A50 Index has been selected by CR Yuanta Fund Management ("CR Yuanta") as the benchmark for the first China onshore public index fund.
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FSB Publishes Global Shadow Banking Monitoring Report 2014
October 30, 2014-- The Financial Stability Board (FSB) is publishing today its fourth annual Global Shadow Banking Monitoring Report. The report presents data as of end-2013 from 25 jurisdictions and the euro area as a whole, covering about 80% of global GDP and 90% of global financial system assets.
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Amid Geopolitical Instability, the Middle East and North Africa Continues Regulatory Reform, Yet Challenges Persist
October 29, 2014--A new World Bank Group report finds that amid unrest in the Middle East and North Africa, local entrepreneurs faced challenging circumstances in the past year. While several economies improved the business environment for local firms-such as the United Arab Emirates, among this year's 10 top global improvers-the pace of regulatory reform in the region was comparatively slow.
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Nasdaq and Shenzhen Stock Exchange Sign MOU
October 29, 2014--Nasdaq (Nasdaq:NDAQ) and Shenzhen Stock Exchange (SZSE) signed a memorandum of understanding (MOU) at the World Federation of Exchanges' annual General Assembly to strengthen cooperation and promote mutual development between the two exchange companies.
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WEF-2095: The Year of Gender Equality in the Workplace, Maybe
Nine years of the Global Gender Gap Report suggests we'll have to wait 81 years for gender parity in the workplace
Overall gains in gender equality worldwide since 2006 are offset by reversals in a small number of countries
Nordic nations dominate the Global Gender Gap Index in 2014; Nicaragua, Rwanda and the Philippines all make the top 10
October 28, 2014--In nine years of measuring the global gender gap, the world has seen only a small improvement in equality for women in the workplace. According to the Global Gender Gap Report 2014, launched today, the gender gap for economic participation and opportunity now stands at 60% worldwide, having closed by 4% from 56% in 2006 when the Forum first started measuring it.
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IOSCO Updates Information Repository for Central Clearing Requirements for OTC Derivatives
October 28, 2014--The International Organization of Securities Commissions (IOSCO) today released an update of its information repository for central clearing requirements for OTC derivatives, which provides regulators and market participants with consolidated information on the clearing requirements of different jurisdictions.
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Islamic bond market set for massive growth
October 28, 2014--Investments in Islamic bonds known as "sukuk" are set to grow worldwide as financial centres vie to tap an increasing appetite for Muslim-friendly debt, experts and officials said Tuesday.
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IOSCO Updates Information Repository for Central Clearing Requirements for OTC Derivatives
October 28, 2014--The International Organization of Securities Commissions (IOSCO) today released an update of its information repository for central clearing requirements for OTC derivatives, which provides regulators and market participants with consolidated information on the clearing requirements of different jurisdictions.
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IMF Working paper-Non-Defaultable Debt and Sovereign Risk
October 28, 2014--Summary: We quantify gains from introducing non-defaultable debt as a limited additional financing option into a model of equilibrium sovereign risk.
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Middle East and Central Asia region--Regional Economic Outlook-October 2014
October 27, 2014--Economic developments in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) continue to reflect the diversity of conditions prevailing across the region. Most high-income oil exporters, primarily in the GCC, continue to record steady growth and solid economic and financial fundamentals, albeit with medium-term challenges that need to be addressed.
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ETFS Precious Metals Weekly-Precious Metals Await The Fed With News Of Increasing Physical Demand
October 27, 2014-Gold supported by physical market tightness. Despite the sharp recovery in the stock indices, strength in the US dollar and increase in bond yields, precious metals ended last week mostly flat in anticipation of the FOMC meeting this week. While the Fed is expected to announce the end of its quantitative easing program, with potentially negative implications for gold, the latest polling results from Switzerland showed an increasing probability for passing the Swiss Gold referendum which would force the Swiss National Bank to purchase significant quantities of gold.
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IMF Working paper-The Impact of the Global Financial Crisis on Banking Globalization
October 27, 2014-- Summary: Although cross-border bank lending has fallen sharply since the crisis, extending our bank ownership database from 1995-2009 up to 2013 shows only limited retrenchment in foreign bank presence. While banks from OECD countries reduced their foreign presence (but still represent 89% of foreign bank assets), those from emerging markets and developing countries expanded abroad and doubled their presence.
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FSB publishes report on cross-border consistencies and global financial stability implications of structural banking reforms
October 27, 2014--The report published on 27 October 2014 responds to a call from the G20 for the FSB, in collaboration with the IMF and the OECD, to assess cross-border consistencies and global financial stability implications of structural banking reforms, taking into account country-specific circumstances.
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World Gold Council: Investment Commentary: Looking into Q4 2014
October 27, 2014-- Gold is up, defying expectations
The gold price is up 3.4% year-to-date (as of 20 October 2014) amid record low volatility. The fact that gold has been above its 2013-end price for all but two days this year has defied predictions from market analysts, who have generally been expecting lower prices.
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IMF Working paper-Global Risks and Collective Action Failures: What Can the International Community Do?
October 24, 2014-- Summary: Abstract What do climate change, global financial crises, pandemics, and fragility and conflict have in common? They are all examples of global risks that can cross geographical and generational boundaries and whose mismanagement can reverse gains in development and jeopardize the well-being of generations. Managing risks such as these becomes a global public good, whose benefits also cross boundaries, providing a rationale for collective action facilitated by the international community.
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