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ESMA publishes results of second Market Abuse Directive peer review
December 22, 2015--The European Securities and Markets Authority (ESMA) published today the results of its follow-up review of national competent authorities' (NCAs) supervisory regimes with regard to the Market Abuse Directive (MAD).
This review was limited to the areas where shortcomings were noted previously, and covered seven NCAs where some shortcomings had been noted in the previous peer review-namely those of Bulgaria, Iceland, Liechtenstein, Poland, Romania, Slovakia and Slovenia.
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Source: ESMA
ESMA publishes MiFID II guidelines on cross-selling practices
December 22, 2015--The European Securities and Markets Authority (ESMA) has published its Guidelines on Cross-Selling Practices under MiFID II (guidelines) to ensure investors are treated fairly when an investment firm offers two or more financial products or services as part of a package.
The guidelines include principles on:
improving disclosures when different products are cross-sold with one another;
requiring firms to provide investors with all relevant information in a timely and clear manner;
view the ESMA Guidelines on Cross-Selling Practices
Source: ESMA
ESMA-Working Paper No.2, 2015 "Monitoring systemic risk in the hedge fund sector"
December 22. 2015--The working paper proposes new measures for systemic risk in the hedge fund sector. These measures are based on the ability of hedge funds to influence (be influenced by) the performance trend of the entire hedge fund sector.
The proposed measures display a high ability to identify periods of...
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Source: ESMA
EBA updates on risks and vulnerabilities in the EU banking sector
December 21, 2015--The European Banking Authority (EBA) published today its eighth semi-annual report on risks and vulnerabilities in the EU banking sector.
The report shows that EU banks have continued to strengthen their capital position and to improve asset quality. However, the level of non-performing exposures remains high and profitability is still weak. The report also analyses the exposures towards emerging market (EM) countries and non-bank financial intermediaries.
view the EBA Risk Assessment Report
Source: EBA
EBA updates on the status of its final Implementing Technical Standards on benchmarking portfolios
December 21, 2015--The European Banking Authority (EBA), following requests from stakeholders, published today an update on the application date of its final draft Implementing Technical Standards (ITS) on benchmarking portfolios.
The EBA had originally submitted its final draft ITS on benchmarking portfolios to the European Commission in March 2015, proposing 11 April of each year, starting in 2016, as the remittance date for the bulk of the data to be submitted by banks to competent authorities.
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Source: EBA
Source: High yield looks more compelling, while equities face risk of Fed policy error
December 21, 2015-Following three months of solid equity performance, and acknowledging the risk that the Fed could be making an error in tightening policy now, it may be time to reduce equity exposure in favour of other asset classes, including high yield credit and real estate. This is the view of the Multi-Asset Research team at Source, one of Europe's largest providers of Exchange Traded Funds.
Paul Jackson, Managing Director, Head of Multi-Asset Research at Source, said: "We still prefer equity-like assets, but are reducing the extent of their overall weighting in our asset allocation model. At the same time, we believe it is worth shifting some of the regional focus within the equity exposure, in particular reducing weight in the US, the UK and emerging markets. We are still most positive on Japanese and Eurozone equities, but would hedge the currency in the latter."
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Source: Source ETFs
London Stock Exchange Sees "Good Performance" In Eleven Months
December 17, 2015--London Stock Exchange Group PLC said Thursday it has seen a good performance across each of its businesses in the eleven months to end-November.
In the Information Services segment, the LSE cited good momentum in the integration of FTSE Russell and delivery of synergies, whilst in the Post Trade Services segment, the LCH.Clearnet business delivered a good performance, it said.
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Source: London South East
Stronger Recovery and Declining Poverty in EU, but Hurdles to Faster, Sustained Growth are High-World Bank
December 17, 2015--The economic recovery in the European Union (EU) is gaining strength, but the pace of growth continues to be modest, despite accommodative monetary policy and favorable financial conditions, and investment remains subdued, says the new World Bank EU Regular Economic Report, a semiannual publication that covers economic developments, prospects, and economic policies in the EU.
view the EU Regular Economic Report: Sustaining Recovery, Improving Living Standards
Source: World Bank
ETF Risk European Rankings 2015: Test of endurance
Holdings of ETFs have increased in past year but pace of growth has slowed
December 17, 2015--This year has broken records, yet again, for flows into European-listed exchange-traded funds (ETFs).
But the latest iteration of our European ETF survey shows early signs of investors approaching saturation point, while issuers complain a fragmented market-and a lack of options for retail investors in particular-is making it harder than it should be to invest in these products...
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Source: Risk.net
ESMA publishes Final Report on MiFID II Guidelines on assessment and knowledge of competence
December 17, 2015--The European Securities and Markets Authority (ESMA) has published today the Final Report on guidelines for the assessment of knowledge and competence.
These guidelines are intended to enhance investor protection by increasing the knowledge and competence of natural persons giving investment advice or providing information about financial instruments, investment services or ancillary services to clients on behalf of investment firms.