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ESMA publishes study on the exposure of the EU fund industry to CLOs
September 24, 2019--Following the significant pickup in the issuance of leveraged loans and collateralised loan obligations (CLOs) in the US and EU, supervisors have expressed concerns about the potential risk to investors.
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, in a study included in the latest Trends, Risks and Vulnerabilities (TRV) report, looks at the exposure of investment funds to this market and finds that the EU fund industry's exposure remains limited at this stage at EUR 130bn (less than 1% of EU fund industry net assets).
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Source: ESMA
iSTOXX(R) Global Cities of Tomorrow Select 30 Index licensed to Citi
September 24, 2019--Qontigo's global index provider STOXX Ltd. has licensed the iSTOXX(R) Global Cities of Tomorrow Select 30 Index to Citi to serve as an underlying for structured products.
The index allows a targeted investment in the sustainable smart city megatrend.
It is comprised of 30 liquid stocks with low volatility and high dividend yield. The components are selected from a pool of companies that are addressing the needs of the cities and citizens of the future.
"With more than two thirds of the world population projected to live in urban areas by 2050 according to the United Nations, cities will face several challenges that need to be anticipated. Connectivity, smart buildings, environmental sustainability, urban support services and smart mobility stand out as key priorities.
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Source: STOXX
Boerse Stuttgart Launches Regulated Digital Exchange
September 23, 2019--Fully regulated under the German Banking Act
In a Sept. 23 news release, the Boerse Stuttgart Group-Germany's second-largest stock exchange-announced that trading has begun.
The exchange, which is regulated under the German Banking Act, will initially allow users to trade the euro/Bitcoin (BTC) pair.
BSDEX will gradually open up its trading venue to other retail and institutional investors, eventually followed by the entire European Union.
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Source: cointelegraph.com
BNP's prime brokerage deal with Deutsche may transfer up to 1,000 staff
September 23, 2019--A deal to transfer Deutsche Bank's (DBKGn.DE) prime brokerage business to BNP Paribas (BNPP.PA) could see up to 1,000 staff move from the German lender to the French bank, BNP said on Monday.
The two banks said on Monday they had reached an agreement to smooth the transfer of the business, which serves hedge funds. The deal is a pillar of Deutsche's restructuring.
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Source: Reuters
ECB to publish new unsecured overnight interest rate
September 21, 2019--Overnight benchmark interest rates important for financial markets and monetary policy implementation
ECB overnight rate will complement existing benchmark rates produced by the private sector and serve as a backstop to private sector benchmark rates
Preparations for rate to be finalised before 2020, including industry consultation
The Governing Council of the European Central Bank (ECB) decided to develop a euro unsecured overnight interest rate based on data already available to the Eurosystem. The interest rate, which would be produced before 2020, would complement existing benchmark rates produced by the private sector and serve as a backstop reference rate.
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Source: ECB
Commerzbank to Slash 4,300 Jobs as Zielke Steps Up Cost Cuts
September 20, 2019--Lender to sell Polish mBank unit to help pay for job cuts
New measures also include closing 200 Commerzbank branches
Commerzbank AG is planning to cut 4,300 jobs as part of a new strategic plan that will also see the bank sell a stake in its Polish mBank unit to reduce risk and help pay for the measures.
Germany's second-biggest listed bank plans to close 200 branches as part of the measures, and buy the 18% it doesn’t yet own in its online bank Comdirect Bank AG, according to a statement Friday.
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Source: bloomberg.com
FCA finds research unbundling has saved equity investors 70pounds million under MiFID II
September 19, 2019--Industry review from UK regulator finds positive results since MiFID II implementation with no negative impact to research access for small-to-mid caps.
The Financial Conduct Authority (FCA) has released the findings of its survey on the effects of research unbundling on the UK financial services industry, most notably a cost saving of £s;70 million for investors in UK equities funds.
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Source: thetradenews.com
How negative rates feed into the technology race
September 19, 2019--JPMorgan this week published a sprawling research document on banks, which includes an important but easily overlooked section on IT costs.
The report covers familiar ground on negative rates, widely seen as a disaster for retail banking in Europe because of their impact on the interest banks earn relative to the interest they pay out.
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Source: FT.com
FCA attacked by research houses over Mifid II reforms.
September 19, 2019--Mifid II, which came into effect last year, forced asset managers to split the cost of research from that of buying and selling securities -a move designed to prevent brokers from offering portfolio managers an inducement to trade.
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Source: FT.com
Forecasts for the UK economy: September 2019
September 18, 2019--A comparison of independent forecasts for the UK economy in September 2019.
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Source: gov.uk
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