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EU calls time on 'too big to fail' with bank bail-in laws
Taxpayers will no longer have to foot the bill for collapsing banks as part of Brussels plans to create a banking union
December 30, 2015--Europe has called an end to the era of mass bank bail-outs as new rules to stop taxpayers from footing the cost of financial rescues come into force.
Private sector creditors will be forced to take the hit for bank failures as the EU seeks to end the age of "too big to fail," which has cost member states more than €1.5 trillion since 2008.
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Source: telegraph.co.uk
Russia Business Sentiment Bounces Back in Dec-Both Production, New Orders Above the 50 Level
December 29, 2015--The MNI Russia Business Sentiment Indicator bounced back sharply to 50.0 in December from a record low of 37.1 in November.
While the swiftness of the bounce back suggests last month's lurch
lower was an anomaly, a sharp fall in expectations in December to 37.6 from 41.4 shows businesses
remain very concerned about the future.
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Source: MNI Indicators
Here to stay: the continuing influence of the leverage ratio
December 29, 2015--The Basel III menu of global rules set out in December 2010 changed everything for banks, and the leverage ratio included in the package was an important part of the transition to a safer financial sector.
But it may get tougher for European banks to comply with this metric, experts told SNL.
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Source: snl.com
Draghi's Less-Than-Super Stimulus Pushes Bonds to Monthly Loss
December 23, 2015--Declines come after Draghi rate cut that just met expectations
Spanish bonds drop for a third day after weekend elections.
Investors in euro-area government bonds are set to suffer their first monthly loss since August after wagers on additional stimulus proved to be too optimistic for Mario Draghi to satisfy.
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Source: Bloomberg
Slowing UK growth leaves Bank of England unhurried on rates
December 23, 2015--Britain's economic growth has slowed markedly, according to data on Wednesday that supports expectations the Bank of England will not raise record low interest rates any time soon.
Hurt by slow demand for exports from a flagging global economy, gross domestic product grew 0.4 percent in the third quarter, matching its lowest rate since late 2012, when Britain was still struggling to recover from the financial crisis.
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Source: Rueters
Guidelines on transaction reporting, reference data, order record keeping & clock synchronisation
December 23, 2015--Responding to this paper
ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:
1.respond to the question stated;
2.indicate the specific question to which the comment relates;
3.contain a clear rationale; and
4.describe any alternatives ESMA should consider.
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Source: ESMA
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
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