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Financial Stability Paper No. 35: Measuring the macroeconomic costs and benefits of higher UK bank capital requirements
Martin Brooke, Oliver Bush, Robert Edwards, Jas Ellis, Bill Francis, Rashmi Harimohan, Katharine Neiss and Caspar Siegert
December 1, 2015--The baseline bank capital requirements in the United Kingdom are being set to comply with agreed international standards established in Basel III (as implemented in Europe through CRD IV).
The minimum Tier 1 requirement to be met at all times is 6% of risk-weighted assets, comprised of at least 4.5% Common Equity Tier 1 and at most 1.5% Additional Tier 1 capital. Internationally-agreed buffers, on top of this minimum, can be used to absorb losses under stress.
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Source: Bank of England
Turnover at Deutsche Borse's cash markets at 116.5 billion euros in November
December 1, 2015--Order book turnover on Xetra, Börse Frankfurt and Tradegate Exchange across all asset classes stood at €116.5 billion in November (November 2014: €103.9 billion).
Of the €116.5 billion, €106.7 billion were attributable to Xetra (November 2014: €96.1 billion). The average daily turnover on Xetra stood at €5.1 billion in November (November 2014: €4.8 billion). A turnover of €4.1 billion was attributable to Börse Frankfurt (November 2014: €3.9 billion). Order book turnover on Tradegate Exchange* totalled approximately €5.8 billion in November (November 2014: €3.9 billion).
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Source: Deutsche Börse Cash Market
ESMA publishes Final Report on Guidelines on complex debt instruments and structured deposits in MiFID II
November 30, 2015--The European Securities and Markets Authority has published today the Final Report on guidelines on complex debt instruments and structured deposits.
These guidelines are intended to enhance investor protection by identifying complex financial instruments and structured deposits for which the provision of so-called execution-only services is not possible (ie the firm has to ask information on client's knowledge and competence in order to carry out an appropriateness test).
view the ESMA-Final Report
Guidelines on complex debt instruments and structured deposits
Source: ESMA
Macquarie Research-Europe Insight
Elevated ECB easing expectations risk Draghi disappointment, but focus
on policy for what really matters
November 30, 2015--Event
The European Central Bank (ECB) meets this week on Thursday 3
December. Concern about sub-target inflation, weak inflation expectations,
and a still-modest recovery mean it is highly likely to ease monetary policy,
most likely via extending its asset-purchase programme (QE) and reducing
key interest rates, including its negative deposit rate.
Impact
The short-term market impact is unclear. The problem is market expectations ahead of the meeting about the extent of the policy easing have become elevated despite clear signs of an improvement in the Eurozone economic
data since the ECB's last gathering. Investors have expressed this optimism
about the likely policy measures by pushing down short-term yields and the
euro.
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Source: Macquarie Capital (Europe) Limited
European Commission-Fact Sheet-Revamping the prospectus, the gateway to European capital markets
November 30, 2015--1. What is a prospectus?
Companies wishing to finance themselves on capital markets issue securities (such as shares, bonds, etc.) which investors can buy. Potential investors can find necessary information about the security and its issuer in the publicly available prospectus.
It must contain the necessary information for investors to make an informed investment decision. The prospectus is therefore a key element to generate confidence in securities markets.
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Source: European Commission
Deutsche Börse to encourage hidden trades
November 29, 2015--Deutsche Börse is to follow in the footsteps of the London Stock Exchange Group by encouraging investors to trade large blocks of shares hidden from public view without breaching new rules on controversial "dark pools".
The operator of Germany's largest stock exchange on Monday will launch an amended form of share "placements" on its public market-a type of order that may only been seen by people involved in similar ​deals.
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Source: FT.com
Russia Business Sentiment Plummets to Record Low-Orders Slide as Seasonal Demand Fails to Materialise
November 27, 2015--The MNI Russia Business Sentiment Indicator tumbled 23.2% to 37.1 in November from 48.3 in October, the
lowest since the survey began in March 2013.
Demand and output collapsed in November with New Orders falling to a record low and Production down to the lowest since February, in spite of the approaching
festival season.
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Source: MNI Indicators
Four new ComStage ETFs launched on Xetra
ETFs track the indices DAX, MDAX, DivDAX and EURO STOXX 50
November 27, 2015--Four new equity index funds issued by Commerz Funds Solutions S.A., a Commerzbank Group fund management company, have been tradable on Xetra and Börse Frankfurt since Friday.
The ComStage 1 DAX UCITS ETF enables investors to participate in the performance of the DAX index, which includes the 30 largest and most frequently traded German companies listed in the Prime Standard of the Frankfurt Stock Exchange. The DAX index represents about 80 percent of the aggregated Prime Standard's market cap.
ETF name: ComStage 1 DAX UCITS ETF
Asset class: equity index ETF
Source: Deutsche BBörse Cash Market
STOXX licenses iSTOXX Europe ESG Select 30 to JP Morgan
November 26, 2015--STOXX Limited,, a leading provider of innovative, tradable and global index concepts, today licensed the iSTOXX Europe ESG Select 30 Index to JP Morgan for a structured product.
The index screens European companies from the STOXX Global ESG Leaders Index for those that pay high dividends and also have low volatility, thus creating a hybrid portfolio of ESG, high dividend and low volatility strategies.
The index is designed to act as an underlying for exchange-traded funds and other investable products, such as structured products.
"Research shows the existence of a so-called low volatility anomaly where low volatility stocks have historically produced higher risk-adjusted returns compare to higher volatility stocks globally," said Hartmut Graf, chief executive officer, STOXX Limited.
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Source: STOXX
Annual Growth Survey 2016: Strengthening the recovery and fostering convergence
November 26, 2015--Annual Growth Survey starts the 2016 European Semester
Today's package launches the annual cycle of economic governance. It sets out general economic and social priorities for the EU and gives Member States policy guidance for the following year.
Policy challenges vary across countries, so responses will also vary. However, there are overarching themes that affect the EU as a whole. To strengthen the recovery and foster convergence, the Commission recommends building on the three main pillars identified last year for the EU's economic and social policy: re-launching investment, pursuing structural reforms and responsible fiscal policies.
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Source: European Commission
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