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New Working Group on a Risk-Free Reference Rate for the Euro Area
September 21, 2017--Today, the Financial Services and Markets Authority (FSMA), the European Securities and Markets Authority (ESMA), the European Central Bank (ECB) and the European Commission announce the launch of a new working group tasked with the identification and adoption of a risk-free overnight rate which can serve as a basis for an alternative to current benchmarks used in a variety of financial instruments and contracts in the euro area.
Ensuring broad market acceptance is vital for the effective functioning of any alternative to existing benchmark rates.
view more IMF Staff Country Reports-France: Selected Issues view the IMF Staff Country Reports-France: Selected Issues report ESAs highlight main risks for the EU financial system view more FCA publishes findings from the Ageing Population Project view the FCA
Ageing Population and Financial Services Financial Conduct Authority
Occasional Paper 31 EC-Creating a stronger and more integrated European financial supervision for the Capital Markets Union view more Lyxor adds accumulating share classes for European Stoxx ETFs view more Asset managers forced by UK to disclose pension transaction costs view more
Official Statistics: Forecasts for the UK economy: September 2017 State of the Union 2017-Cybersecurity: Commission scales up EU's response to cyber-attacks view more Three new Lyxor equity index ETFs on European companies launched on Xetra view more
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Source: ESMA
September 21, 2017--The government's planned tax reforms are an important opportunity to make capital taxation in France more efficient and growth friendly. The current system is characterized by a range of distortions and inefficiencies.
The corporate income tax (CIT) regime features a high statutory rate but low revenue productivity, as well as a bias toward debt financing, ineffective size-dependent regimes, and inefficient tax incentives. Profit-insensitive taxes are comparatively high. Anti-tax-avoidance rules are strong, but risks to outbound profit shifting remain. Tax uncertainty is another concern.
Source: IMF
September 21, 2017--The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA-ESAs) published today its Autumn 2017 Report on risks and vulnerabilities in the European Union's financial system.
The Report highlights the risks to the stability of the European financial sector in an uncertain political and economic environment, not least in light of the UK's withdrawal from the EU. It also highlights persistent valuation risk with an uncertain outlook for yields and argues that financial institutions continue to face profitability challenges in spite of recent improvements. Rapid developments in the area of FinTech are raising new opportunities, but also challenges for financial institutions and final users.
Source: European Banking Authority (EBA)
September 21, 2017--The Financial Conduct Authority (FCA) has today published an Occasional Paper outlining the findings from a project that explored how the ageing population would impact the Financial Services industry.
The FCA launched the Ageing Population Project in February 2016 to explore how older people use financial services and products. The paper reviews the public policy implications of having a population which is getting older and the resulting impact on financial services. The document also includes actions which the FCA and industry could take to better support older people.
Source: fca.org.uk
September 20, 2017--European consumers, investors and businesses will benefit from stronger and more integrated financial markets, thanks to plans by the Commission to reform the EU's supervisory architecture.
The European Commission is today proposing reforms to pave the way for further financial integration and a full Capital Markets Union, to promote jobs, growth and investments in Europe and to strengthen the Economic and Monetary Union.
Source: European Commission
September 20, 2017--Lyxor has added three new euro-denominated, accumulating share classes for ETFs listed on Deutsche Börse's Xetra and Frankfurt exchanges.
The ETFs offer exposure to various market-capitalisation segments of the eurozone and European equity markets.
Source: etfstrategy.co.uk
September 20, 2017--Firms managing money on behalf of millions of UK workplace pension savers are to be forced to disclose hidden charges which erode retirement returns, under new measures unveiled by the country's financial regulator.
Up until now, asset managers have not been required to hand over information about transaction and administration fees which are levied on those investing for their retirement in workplace pension schemes.
Source: FT.com
September 20, 2017--Forecasts for the UK economy is a monthly comparison of independent forecasts.
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Source: HM Treasury
September 19, 2017--On 13 September, in his annual State of the Union Address, President Jean-Claude Juncker stated: "In the past three years, we have made progress in keeping Europeans safe online. But Europe is still not well equipped when it comes to cyber-attacks. This is why, today, the Commission is proposing new tools, including a European Cybersecurity Agency, to help defend us against such attacks."
Europeans place great trust in digital technologies. They open up new opportunities for citizens to connect, facilitate the dissemination of information and form the backbone of Europe's economy. However, they have also brought about new risks as non-state and state actors increasingly try to steal data, commit fraud or even destabilise governments.
Source: European Commission
September 19, 2017--Three new exchange traded funds (ETFs) issued by Lyxor have been tradable on
Xetra and Börse Frankfurt since Tuesday.
The Lyxor EURO STOXX 50 (DR) UCITS ETF and Lyxor EURO STOXX 300 (DR) UCITS ETF
enable investors to participate in the performance of the largest 50/300 stock
corporations in the euro zone. The equities are selected based on market
capitalisation, liquidity and sector relevance. The Lyxor STOXX Europe 600 (DR)UCITS ETF enables investors to participate in the performance of the 600 most liquid European high, mid and low-cap stock corporations.
Source: Deutsche Börse Cash Market
