Deutsche Avoids Dodd-Frank Rule -continued

German Bank Restructures U.S. Unit to Avoid New Capital Requirements; Regulators Don't Object.
March 22, 2012--Deutsche Bank AG changed the legal structure of its huge U.S. subsidiary to shield it from new regulations that would have required the German bank to pump new capital into the U.S. arm.
The bank on Feb. 1 reorganized its U.S. subsidiary, known as Taunus Corp., so that it is no longer classified as a "bank-holding company," according to disclosures by the bank and on the U.S. Federal Reserve's website. Deutsche Bank is at least the second large European bank to make such a change, following in the footsteps of the U.K.'s Barclays PLC.

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Source: Wall Street Journal

Global ETP News
World Bank-Carbon Pricing Initiatives Valued at Close to US$50 billion
May 26, 2015--New Countries and Regions are Putting a Price on Carbon
The global value of carbon pricing instruments today is estimated at just under US$50 billion, according to Carbon Pricing Watch 2015, a new publication from the World Bank Group and Ecofys.
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FTSE to upgrade Palestine Exchange to Frontier market status
May 24, 2015--FTSE group recently informed the PEX of its possible upgrade to frontier market status during the next classification review on September 2015.
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Smart beta here to stay, research confirms
May 22, 2015--Smart beta is present in over half of the world's portfolios, with professional investors increasingly combining multiple smart beta strategies, new global research found.
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DECPG Global Weekly
May 22, 2015--Taking Stock
U.S. Fed minutes downplayed possibility of June rate hike. According to the minutes of the U.S. Federal Reserve's April 29-30 policy meeting, the Federal Open Market Committee members that thought June could still be the right time for the first rate hike since the financial crisis were outnumbered by members who thought conditions were unlikely to be right by then, following a string of weak economic data released thus far this year.
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WEF-Bringing Space Down to Earth,
May 22, 2015--On April 22, 2015 the World Economic Forum released the report Bringing Space Down to Earth. Space today serves as a critical infrastructure for the world we all live in.
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Green Growth Bonds Give Individual Investors a Way to Help Address Climate Challenges
May 21, 2015-- STORY HIGHLIGHTS
The World Bank pioneered the green bond market, issuing its first green bond in 2008.
The bulk of the Bank's green bonds have been purchased by large asset managers, pension funds, and other institutional investors looking for sustainable and responsible investment opportunities that are specifically targeted to address climate change.
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China to boost investment in Russia by 150% in 5yrs-official
May 20, 2015--China may more than double its investment in the Russian economy to $10 billion within 5 years if conditions are favorable, said the Deputy Secretary-General of the China Overseas Development Association He Zhenwei.
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World Bond Market Breaks Apart After Years of Trading in Sync
May 20, 2015--The relationship between the U.S. and Europe is breaking down in the bond market.
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Why Liquidity-Starved Markets Fear the Worst?
Bankers, investors and hedge-fund managers are rattled by the lack of liquidity in the markets
May 20, 2015--Talk to almost any banker, investor or hedge--fund manager today,and one topic is likely to dominate the conversation. It isn't Greece, or the U.S. economy, or China, let alone the U.K.'s referendum on European Union membership.
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STOXX: Europe's Economy Is "At The Crossroads Of Integration Or Fragmentation," Economist Tells Investment Forum In New York City
May 20, 2015--Europe's economy is strengthening and the region stands at the crossroads of integration or fragmentation," Bart van Ark, executive vice president, chief economist and chief strategy officer of The Conference Board told the Europe Investment Forum, hosted by STOXX Limited in New York City, today.
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Asset owner adoption of smart beta growing and broadening according to new FTSE Russell global survey
May 20, 2015--Over 70% of asset owners with smart beta allocation now combining strategies
ETFs most preferred vehicle for tactical smart beta strategies
European asset owners continue to lead North America on adoption of smart beta
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STOXX Ltd. Licenses EURO STOXX 50 To Japan's Nikko Asset Management For Passive Product
May 19, 2015--STOXX Limited, a leading provider of innovative, tradable and global index concepts, announced today that it has licensed its flagship EURO STOXX 50 Index to Nikko Asset Management, a Tokyo-based asset manager.
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IMF-Caucasus, Central Asia Feel Impact of Adverse Shocks
May 19, 2015--Oil price drop, Russia's slowdown, appreciation of the dollar are taking a toll
Fiscal stimulus, exchange rate flexibility helping countries cope in near term
Deep structural and fiscal reforms are vital for creating jobs, reducing poverty
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Euronext and Shenzhen Stock Exchange Announce Partnership on Exchange Traded Funds and Indices
May 19, 2015--Euronext and the Shenzhen Stock Exchange (SZSE) today announced the signing of a Memorandum of Understanding (MOU) to enhance the development of Exchange Traded Products (ETPs) in the Republic of China and the Euronext markets.
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Tackling the Challenge of Embedded Derivatives
May 19, 2015--White paper explores how to mitigate accounting risk and optimize working capital by automating identification and reporting of embedded derivatives
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Islamic funds industry to grow to USD77b by 2019-TR report
May 19, 2015--Global Islamic funds under management expected to reach $77 billion by 2019
Demand for Islamic funds projected to reach $185 billion by 2019
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Investors Turn To Gold ETF Options As Hedges
May 19, 2015--Investors seeking to protect their portfolios against recent swings in currencies and government bonds are snapping up options on a gold exchange-traded fund.
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Bond Market Challenges Boost Demand for Fixed-Income ETFs
May 18, 2015--New Greenwich Report Shows Liquidity Losses and Other Structural Changes Increasing Institutional Use of Bond ETFs
A loss of liquidity in global fixed-income markets and a host of other challenges facing investors has set the stage for what could be significant increases in institutional use of bond ETFs, according to the results of a new study,
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WEF-The Role of Financial Services in Society: Statement in support of macroprudential policies
May 18, 2015--Fifteen CEOs, chairmen and senior executives of large financial institutions in Europe and North America have endorsed a "Statement in support of macro-prudential policies" designed to reduce systemic risk.
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Markets Are Jumpy Over Coming Leap Second
May 18, 2015--Wall Street's latest worry: Y2K's distant cousin, the leap second.
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North American Institutional Investors to Plough Billions into Europe with a 'Shopping List' Of Infrastructure and Property Projects
May 18, 2015--Europe is now their Number One foreign investment target, followed by Asia and sub-Saharan Africa
The demand for alternative investments is snowballing against the backdrop of a low-interest climate
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LSEG Launches New FTSE Russell Brand
May 18, 2015--New combined global index brand launched today
Important milestone in integration of FTSE and Russell Indexes
Creates true global leader in index benchmarking and analytics
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Chinese shares to 'become 20% of portfolios'
May 17, 2015--China's $6tn onshore A-shares market is just two to three years away from being included in the major emerging market indices, Mark Makepeace, chief executive of the FTSE Group, has said.
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DECPG Global Weekly
May 15, 2015--Taking Stock
Eurozone GDP growth saw its best performance in seven quarters. According to flash estimates, Eurozone GDP expanded 0.4 percent (q/q) in Q1 2015, as expected, faster than the 0.3 percent growth in Q4 2014. Growth in France, Spain and Italy accelerated, offsetting Germany's weak performance.
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Cybersecurity Costs Climb
May 15, 2015--The threat of cyber-attacks is prompting renewed vigilance by financial institutions, which must face with an escalating number of potential attacks at a time of constrained IT budgets.
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World Gold Council-Gold Demand Trends Q1 2015
May 14, 2015--In a generally quiet quarter, global demand dipped 1% to 1,079t. However, the gold market's complex eco-system was well balanced in Q1 2015.
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Deutsche Boerse incoming CEO banks on Asia
May 13, 2015--Deutsche Böerse's incoming chief executive is banking on Asia boosting the financial market operator's business in the coming years, he said on Wednesday.
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ETF companies boost bank credit lines amid liquidity concern
May 13, 2015--The biggest providers of exchange-traded funds, which have been funneling billions of investor dollars into some little-traded corners of the bond market, are bolstering bank credit lines for cash to tap in the event of a market meltdown.
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Pricing Talent: Fulfilling People's Potential Could Boost Global GDP by 20%
May 13, 2015--New Human Capital Report finds that a world where "nobody is left behind" remains a distant prospect
First study of its kind measures countries' ability to nurture people's talent through education, skills development and deployment
Finland tops the index, having developed and deployed 86% of its human capital potential
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BlackRockETP Landscape: Fixed income drives flows
May 12, 2015--BROAD EM EQUITY, CURRENCY-HEDGED EQUITY AND FIXED INCOME HIGHLIGHT APRIL ETP FLOWS
Global ETP inflows moderated to $6.5bn in April, reflecting renewed momentum for fixed income flows as well as mixed results for equities ever since the U.S.Fed took a more cautious stance during its mid-March meeting
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BetaShares Global Market Review: April 2015
May 12, 2015--The main theme last month was a bounce back in commodities due (perversely) to softer US and Chinese economic data, which softened the $US and raised hopes for more monetary stimulus.
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ETF Securities-April Precious Metals Monthly-A Mean Reversion Month
May 12, 2015--Gold consolidates despite the US dollar declining the most in 4 years and oil rallying the most in 6 years.
Record stock prices and rate hike fears despite weaker economic data puts a lid on gold prices.
Palladium was the best performer on the back of the surprise bank reserve cut in China and strong auto sales.
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OPEC Sees Oil Price Below $100 a Barrel in the Next Decade
Pessimistic Assessment May Mean That the Oil Cartel Returns to Production Quotas
May 12, 2015--The Organization of the Petroleum Exporting Countries doesn't see oil prices consistently trading at $100 a barrel again in the next decade, a pessimistic assessment that has the group considering the return of production limits to influence the market, according to people familiar with a recent strategy report.
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Platforms accused of pulling the wool over assets
May 12, 2015--Platform providers have been accused of attempting to secure inflows from advisers using asset under management
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BIS, ECB and IMF publish the Handbook on Securities Statistics
May 12, 2015--The joint handbook assists the production of internationally comparable securities statistics.
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Horizon Software Upgrades Delta One Trading System to Support ETFs
May 11, 2015--As Exchange Traded Funds (ETFs) are still out-growing the wider asset management industry, Horizon Software has released a new version of its trading platform for electronic trading and market making to support growth
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New Report Shows How to Decarbonize Development with 3 Steps to a Zero Carbon Future
May 11, 2015--A new World Bank Group report lays out three steps countries can follow to reduce net emissions of greenhouse gases to zero and stabilize climate change: Plan for the end goal, not just the short-term; get prices right as part of a broad policy package that triggers changes in investment and behavior; and smooth the transition for those most affected.
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China Eclipses U.S. To Become World's Largest Importer Of Crude Oil
May 11, 2015--China has overtaken the U.S. as the world's largest importer of crude oil for the first time, according to a report from the Financial Times (FT).
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Nasdaq adopts bitcoin backbone for stocks
May 11, 2015--Nasdaq is to start using the technology behind the virtual currency bitcoin to handle transactions on its market, making it what is thought to be the first major financial market to adopt the idea.
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Assets in ETFs Linked to MSCI Indexes Reach Record High of $418 Billion
May 11, 2015--MSCI Inc., leading provider of research-based indexes and analytics, reports that assets in ETFs linked to MSCI indexes grew more than 12 percent in the first quarter of 2015, reaching an all-time high of $418 billion.
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WisdomTree downplays concerns over concentration risk
May 8, 2015--While a gust of interest in hedging out a declining US dollar has sent WisdomTree's sales soaring, executives are shaking off questions about whether the firm's'sales and revenues are overly concentrated in in its two
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DECPG Global Weekly
May 8, 2015--Taking Stock
The sell-off in Eurozone government bonds continued throughout the week. The yield on German 10-year bunds jumped as much as 21 basis points (bps) to 0.80 percent Thursday morning before easing to 0.6 percent on Friday.
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BIS Working Paper-Leverage dynamics and the real burden of debt
May 8, 2015--In addition to leverage, the aggregate debt service burden is an important link between financial and real developments. Using US data from 1985 to 2013, we find that it has sizable negative effects on credit and expenditure growth.
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Assets in ETFs/ETPs globally reached a new record 2.998 trillion US dollars but fell short of breaking through the 3 trillion milestone at the end of April according to ETFGI
May 8, 2015--Assets in ETFs/ETPs globally reached a new record 2.998 trillion US dollars but fell short of breaking through the 3 trillion milestone at the end of April according to ETFGI's preliminary monthly ETF and ETP global insight report for April 2015.
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UN predicts world food import bill to fall to five-year low, amid hefty commodity supply
May 7, 2015-- A report on agricultural commodity prices released today by the United Nations agricultural agency says that hefty supply levels mean rates will continue to decline despite pressure from a slight reduction in global harvests.
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STOXX signs MOU to license smart-beta indices to Mitsubishi UFJ Trust and Banking (MUTB)
May 7, 2015--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced that it has entered into a memorandum of understanding (MOU) with Mitsubishi UFJ Trust and Banking Corp. (MUTB), the leading Japanese trust bank, to create and market new smart-beta indices.
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Upcoming Launch of MSCI Saudi Arabia Indexes
May 7, 2015--MSCI Inc. (NYSE: MSCI), a leading provider of research?based indexes and analytics, is pleased to announce that it plans to launch MSCI Saudi Arabia Indexes as Standalone Market Indexes effective June 1, 2015, coinciding with the expected opening of the Saudi Arabia equity market to foreign direct investments.
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BATS Sets Monthly Records in U.S. Options, Europe Trade Reporting;
May 7, 2015--BATS Global Markets (BATS) today reported April volume, market share, and monthly highlights including its best month on record for U.S. Options market share, 9.9%, and second-best month on record for U.S. equities market share, 21.2%.
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Why robo-advisors look set for malfunction
May 7, 2015--There has been a lot of noise about the provision of low-cost, automated strategic asset allocation portfolios to retail clients
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Paper Funded by OFR Grant Examines High-Frequency Trading and Large Datasets
May 7, 2015--A recent paper funded by the OFR through its joint grant program with the National Science Foundation (NSF) offers insights into the impact on the financial system of trading activity at the nanosecond level. The paper, the first produced through this OFR-NSF partnership, also contributes to developing technologies for working with large datasets, an important area of research for the OFR, and fosters a better understanding of market liquidity.
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BlueStar Israel Equity Update-"Pharma Drama" Fuels Israeli Stock Gains in April
May 6, 2015--Israeli equities continued their upward move in April, reaching new highs in both ILS and USD terms, before pulling back slightly at the end of the month. BIGI(R) rose 2.70% during the month, most of which was attributable to the sharp rise in Perrigo shares after US rival Mylan made an unsolicited takeover bid well above the market price.
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Pimco vs Vanguard: numbers tell the story
May 5, 2015--The changing of the guard among bond funds, as Vanguard surpasses Pimco as the manager of the world's largest fund, has its roots in two places
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Pimco vs Vanguard: numbers tell the story
May 5, 2015--The changing of the guard among bond funds, as Vanguard surpasses Pimco as the manager of the world's largest fund, has its roots in two places
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China share in global indices set to rise
May 5, 2015--Renminbi's growing international stature will draw assets.
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BATS Files Exclusive Listings Proposal
Seeks to Improve Investors' Trading Experience in Thinly-Traded Securities
May 5, 2015--BATS Global Markets (BATS), a leading global operator of exchanges and services for financial markets, today filed the "BATS Exclusive Listings Proposal" with the Securities and Exchange Commission, seeking to improve investors' trading experience in thinly-traded securities.
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DB-Synthetic Equity & Index Strategy-Global-The Flow Whisperer-TAARSS says prefer Intl DM and EM equities in May
May 4, 2015--Tactical Asset Allocation Relative Strength Signal (TAARSS) Monthly Update
Top recommendations for May: Intl DM, EM, Hong Kong, and Indian equities, and Energy Commodity.
Market review >br> Risky assets had a good month in April with Global equities (ACWI) and Commodities (DBC) advancing by 2.9% and 7.1%, respectively. While US bonds (AGG) edged slightly lower by 0.3%.
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Experts see trouble ahead from MiFID II
Rules for non-equity trading could wind up pinching asset owners
May 4, 2015--European market regulators' efforts to apply equity templates to trading in other asset classes will be felt by U.S. money managers and asset owners through higher trading costs,
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Oil hits 2015 high as traders look beyond ample current supply
May 4, 2015-Oil's collapse in 2014 was due to ample supply and the refusal by the Organization of the Petroleum Exporting
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IMF-Rethinking Financial Deepening: Stability and Growth in Emerging Markets
May 4, 2015-Summary: The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn from the advanced economy experience.
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Male Investors vs. Female Investors
Studies show men and women could learn from the other's approach
May 3, 2015--When it comes to investing, men sometimes have their ways of doing things, and women have different ways.
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Male Investors vs. Female Investors
Studies show men and women could learn from the other's approach
May 3, 2015--When it comes to investing, men sometimes have their ways of doing things, and women have different ways.
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IMF Working paper- How Important are Debt and Growth Expectations for Interest Rates?
May 1, 205--Summary: This paper uses a dataset on private-sector risk aversion as well as expectations of long-run growth and debt to explain trends in implied forward rates on government bonds in the G-7 countries.
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DECPG Global Weekly
May 1, 2015--Taking Stock
U.S. GDP grew at a slower-than-expected pace in Q1 2015. According to the Commerce Department flash estimate, the U.S. economy grew by 0.2 percent (q/q saar) in Q1 2015, slowing sharply from Q4's 2.2 percent growth, owing in part to the harsh winter and the work stoppage at the West Coast ports.
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Data deprivation: another deprivation to end
April 30, 2015--About half the countries studied in the recent paper, Data Deprivation, Another Deprivation to End are deprived of adequate data on poverty.
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Bidders circle Russell Investments arm auctioned by LSE-FT
April 29, 2015--At least six bidders are circling Russell Investments, the large US asset manager that is being sold by the London Stock Exchange Group, according to people close to the process.
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IMF Working paper-Financial Crisis, US Unconventional Monetary Policy and International Spillovers
April 29, 2015-- Summary: We study the impact of the US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error-correction model (GVECM) and conducting counterfactual analyses. We focus on the effects of reductions in the US term and corporate spreads. First, US QE measures reducing the US corporate spread appear to be more important than lowering the US term spread.
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Multi-Asset Class Mutual Funds: Can They Time the Market? Evidence from the US, UK and Canada
April 29, 2015--Abstract:
The importance of asset allocation decisions in wealth management is well established. However, given its importance it is perhaps surprising that so little attention has been paid to the question of whether professional fund managers are skillful at timing market movement across asset classes over time.
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IMF Working paper-Is Islamic Banking Good for Growth?
April 28, 2015--Summary: The rapid growth of Islamic banking has attracted much attention lately in the economic literature. At the same time, a mature body of the literature has shown that financial development is broadly conducive to economic growth, which raises the question as to whether a similar conclusion holds for Islamic banking.
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IMF Working paper-Hong Kong's Growth Synchronization with China and the U.S.: A Trend and Cycle Analysis
April 28, 2015--Summary: This paper investigates the synchronization of Hong Kong SAR's economic growth with mainland China and the United States. This paper identifies trends of economic growth based on the permanent income hypothesis.
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Global equity mutual funds, ETFs post $31.8 bln April inflows-TrimTabs
April 28, 2015--Global equity mutual funds and exchange-traded funds showed $31.8 billion of net inflows in April through Friday, TrimTabs Investment Research said on Tuesday, putting them on track to surpass the record inflow of $34.8 billion in March.
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Nasdaq to eclipse eurozone market value
April 27, 2015--Having reclaimed record territory after an absence of 15 years, the US Nasdaq Composite is close to eclipsing the broad eurozone market in dollar terms for this year.
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