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IMF Country Report-Germany: Selected Issues
July 15, 2015--GERMANY'S SUSTAINED CURRENT ACCOUNT
SURPLUS: AN INTERNATIONAL COMPARISON1
1. This paper identifies episodes of large and sustained current account surpluses in advanced economies (AEs) and compares Germany's ongoing surplus with those episodes.
In doing so, it aims to put Germany's external position in a historical and cross-country context drawing from 55 years of data across 20 AEs. This comparison shows that the real growth of all domestic demand components, particularly of private investment, was remarkably weak during the latest sustained surplus episode in Germany in comparison with both "normal times" and other AE surplus episodes. Neither Germany's nor a typical AE surplus episode has been accompanied by
visible, broad-based competitiveness or terms of trade gains; however, when competitiveness is measured by the ULC based REER for the manufacturing sector, a depreciation is in evidence in the
run-up to and early years of Germany’s surplus episode.
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Source: IMF
EU steps up pressure for rapid deal to revive asset-backed debt
July 14, 2015--European Union reform of the securitized debt market to help to revive the region's economy is likely to be binding on member countries to speed up change, a senior official from the bloc's executive body said on Tuesday.
The European Commission is due to come up with concrete proposals in late September for a capital markets union or CMU to make it easier for companies in Europe to raise cash from financial markets.
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Source: Reuters
New Lyxor bond index ETF launched on Xetra
ETF provides access to corporate bonds with variable interest rates
July 14. 2015--A new exchange-listed index fund issued by Lyxor International Asset Management has been tradable on Xetra and Börse Frankfurt since Tuesday.
The new Lyxor UCITS ETF Barclays Floating Rate Euro 0-7Y tracks the performance of the Barclays Euro Corporate FRN 0-7Y Enhanced Duration Index. The reference index comprises corporate bonds denominated in euros with a variable rate of interest. The corporate bonds must have a residual maturity of up to seven years at the time of inclusion in the index.
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Source: Xetra
Europe's first ETF on Chinese government bonds launched on Xetra
ETF tracks performance of onshore bonds denominated in Renminbi
July 14, 2015--The db x-trackers II Harvest CSI China Sovereign Bond UCITS ETF (DR) gives investors first-time access to the performance of Chinese government bonds via a physically replicated ETF.
The ETF was issued by Deutsche Asset & Wealth Management together with Harvest Global Investments and has been tradable on Xetra and Börse Frankfurt since Tuesday.
Name: db x-trackers II Harvest CSI China Sovereign Bond UCITS ETF (DR)
Asset class: bond ETF
ISIN: LU1094612022
Ongoing charges: 0.55%
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Source: Xetra
DeltaOne Solutions and Horizon Software Announce ETF Data and Trading Technology Alliance
ETF sourcing and trading technology to improve efficiency and rationalize infrastructure
July 13, 2015-DeltaOne Solutions, a CoreOne Technologies company, today announced their alliance with Horizon Software.
DeltaOne is the premier Index and ETF data technology provider and Horizon Software is the leading provider of automated trading systems.
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Source: DeltaOne Solutions
Investor Protection Does Not Always Benefit Investors
July 13, 2015--Although binding rules are important for the markets, a poorly conceived system of pension provision can be detrimental to investors.
As Thomas Alva Edison remarked: "A good intention, with a bad approach, often leads to a poor result". Governments all over Europe have the best intentions towards investors as far as the regulation of the financial markets is concerned. By imposing all kinds of measures on the other market participants they attempt to reduce risk of retail investors as far as possible.
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Source: Mondovisione
Punishing terms of Greek bailout deal
July 13, 2015-The austerity measures that Greece agreed to on Monday in return for a bailout to stave off a euro exit involve some of the harshest terms Athens has faced in five years of rescue programmes.
Here are the key points of the statement issued by eurozone leaders after 17 exhausting hours of talks, with many far-reaching steps for Greece to take:
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Source: EUbusiness
ESMA agrees to further renewal of short selling ban by Greek HCMC
July 13, 2015--The European Securities and Markets Authority (ESMA) has issued its official opinion agreeing to a further renewal, for a period of seven days, of the emergency short selling prohibition originally imposed by the Hellenic Capital Market Commission (HMCM) under the Short Selling Regulation on Monday 6 July.
The ban will take effect at 00:00:01 hours (CET) 14 July 2015 and remain in place until 24:00:00 (CET) on 20 July 2015 and temporarily prohibits transactions in any financial instrument that creates, or increases, a net short position on any of the shares admitted to trading on the Athens Exchange and Multilateral Trading Facility "EN.A".
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Source: ESMA
Closure looms for hundreds of defined benefit pension schemes
July 12, 2015--A UK government consultation on radical changes to the retirement system could force hundreds of final salary pension schemes into closure, according to an influential consultancy
Defined benefit pension schemes, which pay out an income based on employee earnings at retirement, are already in decline as companies struggle to cope with the cost and volatility of running such funds.
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Source: FT.com
Five Lyxor Factor ETFs launched on Xetra
ETFs provide access for the first time to risk factor strategies of the J.P. Morgan Europe index family
July 10, 2015--Five new exchange-listed index funds issued by Lyxor International Asset Management have been tradable on Xetra and Börse Frankfurt since Friday.
The new Lyxor ETFs track the performance of the J.P. Morgan Europe Factor Indices, which comprise 40 European stock corporations from the MSCI Europe Index depending on the tracked strategy. The selection and weighting of each stock is based on the respective strategy: low-beta, company value, company size, momentum and earnings quality.
The low-beta strategy selects companies with a low beta factor. The beta factor shows how sensitively the share price reacts to changes in an index.
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Source: Xetra
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