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IMF Executive Board Concludes 2015 Article IV Consultation with Switzerland
May 27, 2015--On May 18, 2015, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Switzerland.
Switzerland's economy has performed relatively well in the aftermath of the global financial crisis, with growth reaching 2 percent in 2014.
However, the economic environment became more complicated in late 2014, as increased capital inflows forced the Swiss National Bank (SNB) to start intervening heavily to defend its exchange rate floor of 1.20 francs per euro. The SNB eventually exited the floor on January 15, 2015, while also cutting its policy rate (the interest rate on deposits at the SNB exceeding 20 times required reserves) to -0.75 percent. Following these moves, the exchange rate appreciated substantially before stabilizing at around 1.05 francs per euro.
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Source: IMF
Amundi launches floating rate notes ETF
May 27, 2015--Amundi has launched the first ETF in Europe exposed to USD denominated floating rate notes.
This fund aims to protect portfolios from interest rate moves.
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Source: Investment Europe
EU vote sends draft law to rein in bank risks back to drawing board
May 26, 2015--A panel of European Union lawmakers narrowly rejected a draft law aimed at curbing trading risks at banks after they failed to bridge a deep divide between the main parties.
The European Parliament's economic affairs committee voted to reject the draft law on bank structural reform by 30 votes to 29 in a relatively rare move.
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Source: Reuters
Negative Rates in Europe Prompt Demand for Investment Safeguards
May 26, 2015--Credit markets in Europe are so distorted that investors are demanding assurances they won't have to pay borrowers for lending money after key benchmark interest rates turned negative.
Debt issuers from Volkswagen AG to a subsidiary of Rabobank are inserting clauses into their deal documents to protect creditors from having to pay if rates on their investments fall below zero.
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Source: Bloomberg
BlackRock boosts headcount in Europe as profits soar
May 26, 2015--BlackRock increased headcount in Europe by 13 per cent to 2,632 last year as the firm saw assets under management and profits soar.
According to accounts filed yesterday, BlackRock Investment Management UK, the US giant's main European arm, added 300 staff in 2014.
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Source: FT.com
EBA publishes guidelines on triggers for resolution
May 26, 2015--The European Banking Authority (EBA) published today its final Guidelines on the circumstances under which an institution shall be considered as 'failing or likely to fail' (triggers for resolution).
These Guidelines aim at promoting convergence of EU supervisory and resolution practices in relation to how resolution should be triggered.
Determining whether an institution is failing or likely to fail is the necessary element to start any resolution process as it represents one of the three cumulative conditions for triggering resolution.
Newly Launched STOXX International Eexposure Indices Licensed to Source
May 25, 2015--STOXX Limited, a leading provider of innovative, tradable and global index concepts, today announced the launch of the STOXX International Exposure Indices.
The new indices provide exposure to companies that generate a substantial portion of their revenue outside their home region, allowing market participants to express views on those companies that are well positioned to profit from currency depreciation and higher growth in non-domestic markets.
The EURO STOXX International Exposure and STOXX Japan International Exposure indices have been licensed to Source, one of Europe's largest issuers of ETFs, and the initial fund launches are expected in June 2015.
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Source: STOXX
Sources searches for Swiss fountain of ETF youth
May 24, 2015--Source is seeking to re-energise its flagging exchange traded funds business with the opening of an office in Switzerland this week.
The efforts to restimulate growth follow a marked slowdown in client inflows, which fell to $371m in the first four months of this year, compared with almost $2.3bn in the same period in 2014.
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Source: FT.com
WisdomTree Europe outlines the investment case for Ireland and the ISEQ 20(R)
May 22, 2015--WisdomTree, a world-leading provider of Exchange Traded Funds (ETFs), held a seminar at the Irish Stock Exchange (ISE) to talk about the launch of the WisdomTree ISEQ 20(R) ETF on the ISE on 20 April 2015.
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Source: WisdomTree
ESMA calls for modification of UCITS Directive
May 22, 2015--The European Securities and Markets Authority (ESMA) has published an Opinion to the European Union (EU) institutions on the impact of EMIR on UCITS.
In the opinion, ESMA calls for a modification of the UCITS Directive to take into account the clearing obligations for certain types of over-the-counter (OTC) financial derivative transactions under EMIR.
Indeed, under EMIR, certain OTC financial derivative transactions are subject to the clearing obligation. Therefore, the question arises as to how the limits on counterparty risk in OTC financial derivative transactions that are centrally cleared should be calculated by UCITS and whether UCITS should apply the same rules to both OTC financial derivative transactions that are centrally cleared and exchange-trade derivatives (ETDs).
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Source: ESMA