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Challenges ahead for the European Central Bank: Navigating in the dark?
September 25, 2019--Since the second half of 2018, signs of a slowdown have been piling up in the euro area. The ECB will face major challenges in this potentially difficult period: its main tools are nearly exhausted, the monetary union in which it operates is still incomplete, and it lacks the understanding of what the 'new normal' looks like.
The authors, therefore, urge the ECB to review its strategy and framework to be able to face these challenges.
Monetary policy must reinvent itself in the wake of the crisis. Reinvention is particularly important because the system is riddled with uncertainties and the scope for applying conventional and unconventional instruments is limited. The architecture of Economic and Monetary Union makes the challenge even greater, because alignment of preferences and policies only goes so far.
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Source: bruegel.org
Trading costs rise after Switzerland's loss of EU access rights
September 24, 2019--Price of trading shares in small and mid-cap companies has increased by a fifth, analysis shows.
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Source: FT.com
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
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