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IMF Country Report-Russian Federation: Selected Issues
July 10, 2017--RUSSIA's NON-COMMODITY EXPORTS: WHY THE MUTED RESPONSE TO THE RECENT DEVALUATION?1
Introduction and Summary
1. An often-cited silver lining of lower commodity prices is the ensuing real depreciation and
potential to unwind the Dutch disease that commodity exporters experienced during the preceding
commodity booms.
While there is anecdotal evidence supporting the recovery of select tradable
sectors in Russia, it has yet to manifest itself in a meaningful way in macro-level data.
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Source: IMF
Lyxor Insights-Hawks everywhere you look
July 10, 2017--There was a prompt
u-turn in sentiment last week as the
prospect of global monetary normalisation took centre stage
Having happily contemplated reassuringly
weak inflation prints for a number of
weeks, investors were perturbed by more hawkish updates from the Fed and the ECB. Minutes from both meetings suggest balance sheet reduction and QE tapering threaten the status quo.
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Source: Lyxor
ESMA updates Q&A on MiFID II implementation
July 7, 2017--The European Securities and Markets Authority (ESMA) has today updated its Question and Answers (Q&As) regarding the implementation of the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The purpose of these Q&As is to promote common supervisory approaches and practices in the application of MiFID II. It provides responses to questions posed by the general public and market participants in relation to the practical application of MiFID II and MiFIR on:
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Source: ESMA
ESMA consults on the evaluation of the short-selling regulation
July 7, 2017--The European Securities and Markets Authority (ESMA) issues today a public consultation regarding its future technical advice to the European Commission (EC) on the Short-Selling Regulation (SSR).
ESMA publishes this consultation paper to seek the views of market participants on the three main elements of its advice to the EC:
the scope and functioning of the exemption for market making activities;
the procedure for imposing a short term ban on short-...
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Source: ESMA
IMF Country report-Germany: Selected Issues
July 7, 2017--THE PROFITABILITY OF GERMAN FIRMS: LOCATION VERSUS OWNERSHIP1
Over the past two decades, German
firms have expanded their production outside of Germany through mergers and acquisitions as well as greenfield investments.
Most of this foreign direct investment has taken place in Europe, including through the building of supply chains in Central Eastern and Southeastern Europe. In the context of a relatively lackluster domestic investment, persistently large corporate savings, as
well as only moderate wage growth despite a positive output gap at the current juncture, this paper addresses three simple questions: Have
foreign activities in the rest of Europe been more profitable than domestic activities? Does this
difference depend on the economic sector? Has the difference changed over the past ten years?
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Source: IMF
FCA publishes final rules to make those in the banking sector more accountable
July 7, 2017--The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have today published the final rules confirming the approach to improving individual accountability in the banking sector.
The final rules cover the Senior Managers Regime; the Certification Regime; and new Conduct Rules.
Today's publication follows joint FCA-PRA final rules on variable remuneration (e.g. bonuses) in banks, building societies, and PRA-designated investment firms, which were released in June.
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Source: fca.org.uk
db x-trackers Spanish Equity UCITS ETF (DR) launched on Xetra
July 7, 2017--ETF provides access to largest Spanish stock corporations in "distributing" and "accumulating" form
Two new equity index ETFs issued by Deutsche Asset Management have been
tradable via Xetra and Börse Frankfurt since Friday. The new ETFs enable
investors to participate in the performance of large Spanish stock
corporations. The reference index comprises 40 companies from the 60 most
frequently traded equities, selected for being the highest valued on the basis
of free float market capitalisation.
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Source: Deutsche Börse Cash Market
BlackRock rolls out two equity income ETFs on LSE
July 6, 2017--BlackRock has expanded the iShares equity income ETF range with two fund launches on the London Stock Exchange, offering investors access to portfolios of global and European companies that generate consistent dividends.
The newly launched ETFs are the iShares MSCI World Quality Dividend UCITS ETF (WQDV) and the iShares MSCI Europe Quality Dividend UCITS ETF (EQDV).
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Source: etfstrategy.co.uk
ESMA proposes simplifications for prospectuses
July 6, 2017--The European Securities and Markets Authority (ESMA) is publishing three Consultation Papers (CP) on the Prospectus Regulation.
The Prospectus Regulation, in the context of the Capital Markets Union action plan, aims to make it easier and cheaper for companies, and in particular smaller companies, to access capital and improve prospectus accessibility for investors.
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Source: ESMA
ECB-Account of the monetary policy meeting
Governing Council of the European Central Bank, held in Tallinn on Wednesday and Thursday, 7-8 June 2017
July 6, 2017--1. Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœuré reviewed the latest financial market developments.
Yield curves in the US and German bond markets had flattened quite materially, by around 40 basis points and 30 basis points respectively, since about mid-March. Interestingly, this period of flattening on both sides of the Atlantic had coincided with a general strengthening of global growth momentum.
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Source: ECB
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