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IMF Working paper-Fiscal Politics in the Euro Area
January 30, 2017--This paper provides evidence of fiscal procyclicality, excessive deficits, distorted budget composition and poor compliance with fiscal rules in the euro area.
Our analysis relies on real-time data for 19 countries participating in the euro area over 1999-2015. We look for, but do not find, conclusive evidence of bias in procedures in relation to country size. The paper also briefly reviews the literature on political economy factors and policy biases, and offers some reflections on the euro area architecture.<>view the IMF Working paper-Fiscal Politics in the Euro Area
Source: IMF
ESMA advocates common principles for setting up share classes in UCITS funds
January 30, 2017--The European Securities and Markets Authority (ESMA) has today issued an Opinion on the extent to which different types of units or shares (share classes) of the same UCITS fund can differ from one another, having found diverging approaches in different EU countries.
UCITS can be sold to retail investors throughout the EU. However, there is currently no common EU framework for share classes, with some countries prohibiting the set-up of different share classes within a single fund and others permitting it with varying degrees of flexibility.
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Source: ESMA
ECB-Euro area economic and financial developments by institutional sector: 3rd Quarter 2016
January 27, 2017--Euro area saving (net, as a percentage of disposable income) was higher in the third quarter of 2016 compared to the third quarter of the previous year while non-financial investment (net) was unchanged.
Non-financial investment (net) increased for households and was broadly unchanged for non-financial corporations. As a result of changes in saving and nonfinancial investment, euro area net lending to the rest of the world increased further.
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Source: ECB
ESMA publishes new Q&A on Alternative Performance Measures Guidelines
January 27, 2017--The European Securities and Markets Authority (ESMA) has published a new Questions and Answers (Q&A) document, comprising six questions, on the implementation of its Guidelines on the Alternative Performance Measures for listed issuers.
An alternative performance measure is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework.
view the Q&A on ESMA Guidelines on Alternative Performance Measures
Source: ESMA
New ETF Listing on Euronext-OSSIAM
January 27, 2017--Euronext is pleased to announce that OSSIAM will list 1 new ETF on 31/01/2017:
ISIN: LU1446552496
ETF Trading name: OSSIAM ETF GMARC C
ETF Symbol: GMRC
Venue: Euronext Paris
Underlying index: Global Multi-Asset Risk-Control Index
TER (%) 0,55
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Source: Euronext
ECB can soon start talk of exit from stimulus: Lautenschlaeger
January 25, 2017--The European Central Bank could soon start planning an exit from its unprecedented stimulus program, Executive Board member Sabine Lautenschlaeger said on Tuesday, a rare public discussion of ending its asset buying scheme.
A longtime critic of the ECB's ultra-easy monetary policy, Lautenschlaeger has opposed many of the bank's past easing measures and now becomes the only board member to publicly advocate an exit, a taboo for ECB President Mario Draghi, who has said that tapering, or winding down the 2.3 trillion euro ($2.5 trillion) program has not been discussed.
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Source: Reuters
UPDATE 1-Bank of England's Salmon says brace for further flash crashes
January 24, 2017-- Investors should expect further "flash crashes" in major financial markets like the Oct. 7 slump in the British pound, the Bank of England's executive markets director Chris Salmon said on Tuesday.
In a lecture at the central banking forum and think-tank OMFIF, Salmon also said the BoE and other regulators needed to do more to understand such events and the risk of longer-lasting consequences for financial stability.
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Source: Reuters
BNP Paribas Easy S&P 500 UCITS ETF (EUR H Capitalisation) with currency hedge launched on Xetra
January 24, 2017--ETF offers access to US S&P 500 companies
The new equity index fund issued by BNP Paribas Easy has been tradable via Xetra and Börse Frankfurt since Tuesday.
The BNP Paribas Easy S&P 500 UCITS ETF (EUR H Capitalisation) enables investors to invest in companies that belong to the US equity market's large-cap segment. The reference index is denominated in US dollars with currency fluctuations between the euro and the dollar being hedged in this unit class.
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Source: Deutsche Börse Cash Market
UBS ETF-Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF launched on Xetra
January 24, 2017--ETF provides access to euro area corporate bonds focused on sustainability.
A new UBS Global Asset Management bond index ETF has been tradable via Xetra and Börse Frankfurt since Tuesday.
ETF name: UBS ETF- Barclays MSCI Euro Area Liquid Corporates Sustainable UCITS ETF (EUR) A-dis
Asset class: bond index ETF
ISIN: LU1484799769
Ongoing charges: 0.2 percent
Distribution policy: distributing
Benchmark: Barclays MSCI Euro Area Liquid Corporates Sustainable Index
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Source: Deutsche Börse Cash Market
Deutsche Borse presents blockchain concept for risk free cash transfer
January 23, 2017--Eurex Clearing acts as trusted party for transactions
Direct payments with commercial bank money
Deutsche Börse Group has developed a concept for riskless transfer of commercial bank money via an infrastructure based on distributed ledger technology (DLT).
By combining blockchain technology with its proven post-trade infrastructure, Deutsche Börse aims to achieve efficiencies while at the same time investigating possible new business opportunities enabled by this technology.
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Source: Deutsche Börse
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