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ECB-Economic growth is supporting financial stability but markets are vulnerable to a sudden increase in volatility
November 29, 2017--Risks of a repricing of global risk premia remains significant
Bank profitability prospects still challenged by structural vulnerabilities
High private and public debt burdens could give rise to debt sustainability concerns in some countries
Financial stability risks partly mitigated by improved economic conditions
Systemic stress indicators for the euro area have remained low over the past six months, according to the latest Financial Stability Review of the European Central Bank. Better growth prospects as well as lower fiscal and external imbalances contributed to reduced systemic stress indicators for the euro area, , according to the biannual report published today.
The risk of a rapid repricing in global markets nevertheless remains. Continued compression of risk premia, subdued volatility and signs of increased risk-taking behavior in global financial markets are all sources of concern, as they may sow the seeds for large asset price corrections in the future.
view the ECB-Financial Stability Review November 2017
Source: ECB
Bank and FCA launch next phase of sterling Libor transition work
November 29, 2017--The Bank of England and the Financial Conduct Authority (FCA) are today announcing the next phase of work with market participants on Libor transition.
From January 2018, the market-led Working Group on Sterling Risk-Free Rates will have an extended mandate and broader participation.
The Working Group's new mandate (link is external) will be to catalyse a broad-based transition to SONIA over the next four years across sterling bond, loan and derivative markets, so that SONIA is established as the primary sterling interest rate benchmark by end 2021.
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Source: fca.org.uk
Xetra-Gold(R) celebrates 10th anniversary
November 29, 2017--Europe's largest physically-backed gold security
Rapid increase in gold reserve to more than 170 tonnes
Bavaria and Hesse particularly like physical delivery of Xetra-Gold
Xetra-Gold, Europe's leading gold-backed security, celebrates its 10th anniversary. Frankfurt Stock Exchange's trading opened today by the ringing of the stock exchange bell in honour of the occasion. After a recent significant rise in demand for gold on the part of private as well as institutional investors, currently more than 170 tonnes of Xetra-Gold valuing over €6 billion are stored in the German central vault for securities in Frankfurt. That figure stood at 59.25 tonnes at the start of 2016.
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Source: Deutsche Börse Cash Market
MiFID dark-trading loophole seen in EU deference to U.S. rules
November 29, 2017--European Union plans to allow traders to comply with MiFID II by trading on U.S. dark pools would "open up a large transatlantic loophole" in equity markets and undermine the law's goal of increasing transparency, according to a leading lawmaker in Brussels.
Markus Ferber, the European Parliament's top lawmaker on the law, said on Wednesday that current U.S. rules for so-called alternative trading systems are a "far cry" from EU standards that take effect in January, and that U.S. dark pools run by many of the world's biggest banks would benefit as a result.
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Source: Bloomberg
London Stock Exchange CEO Xavier Rolet to Resign Immediately
November 29, 2017--Rolet to resign immediately after weeks-long tussle with TCI
Chairman Brydon won't seek re-election in 2019; shares slide
Xavier Rolet is stepping down immediately as chief executive officer of London Stock Exchange Group Plc in one of the most high-profile U.K. spats between a board and ahttps://www.bloomberg.com/news/articles/2017-11-29/london-stock-exchange-ceo-xavier-rolet-to-resign-immediately" TARGET="_blank">view more
Source: Bloomberg
Monetary developments in the euro area: October 2017
November 28, 2017--Monetary developments in the euro area: October 2017
The annual growth rate of the broad monetary aggregate M3 decreased to 5.0% in October 2017, from 5.2% in September (revised from 5.1%).
The annual growth rate of the narrower aggregate M1, which includes currency in circulation and overnight deposits, decreased to 9.4% in October, from 9.8% in September.
The annual growth rate of adjusted loans to households stood at 2.7% in October, unchanged from the previous month.
The annual growth rate of adjusted loans to non-financial corporations increased to 2.9% in October, from 2.4% in September.
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Source: ECB
STOXX changes composition of benchmark indices
November 28, 2017--Results of the fourth regular quarterly review to be effective Dec. 18, 2017
STOXX Ltd., the operator of Deutsche Boerse Group's index business, and a global provider of innovative and tradable index concepts, today announced the new composition of STOXX Benchmarks and their sub and sector indices, among them the STOXX Europe 600 Index, STOXX North America 600 Index and STOXX Asia/Pacific 600 Index.
Effective as of the open of European markets on Dec. 18, 2017, the following stocks will be added to and deleted from the STOXX Europe 600 Index and its respective size and sector indices:
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Source: STOXX
Bank of England-Financial Stability Report, November 2017
November 28, 2017--The Bank of England Financial Stability Report, November 2017 is available.
view the Executive summary
view the complete report
Source: Bank of England
MOVES-BNP Paribas Asset Management names head of UK institutional sales
November 27, 2017--BNP Paribas Asset Management, the investment management arm of BNP Paribas, appointed Philip Dawes head of institutional sales for the UK and Ireland.
Based in London, Dawes will report to Charles Janssen, the head of institutional sales for Europe.
