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Greeks Reject Bailout Terms in Rebuff to European Leaders
July 5, 2015--Greeks delivered a shocking rebuff to Europe's leaders on Sunday, decisively rejecting a deal offered by the country's creditors in a historic vote that could redefine Greece's place in Europe and shake the Continent's financial stability.
As people gathered to celebrate in Syntagma Square in central Athens, the Interior Ministry reported that with more than 90 percent of the vote tallied, 61 percent of the voters had said no to a deal that would have imposed greater austerity measures.
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Source: New York Times
EBA publishes its seventh semi-annual report on risks and vulnerabilities of the EU banking sector
July 3, 2015--The EBA today published its regular risk assessment report. The report is based on December 2014 data and the final production date for this report was 12 June 2015.
The report therefore does not cover the current challenges posed by the situation in Greece. However, the report notes that direct exposures to Greek counterparties are limited. Nonetheless indirect challenges of contagion remain a concern and will require careful monitoring and coordination of supervisory activities across the single market.
view the Risk Assessment Report-June 2015
Source: EBA
EBA supports the proposed amendments to the RTS specifying the derogations for currencies with constraints on the availability of liquid assets
July 3, 2015-The European Banking Authority (EBA) issued today an Opinion to the European Commission supporting its proposed amendments to the EBA final draft Regulatory Technical Standards (RTS) submitted to on 27 March 2014, which specifies the derogations concerning currencies featuring constraints on the availability of liquid assets.
In particular, the EBA agrees with removing from its RTS the minimum 15% haircut to the value of the collateral posted by an institution with a central bank in order to obtain a credit line.
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Source: European Banking Authority (EBA)
Launch of the Solactive FED Funds effective Rate Index-New Lyxor ETF offers European investors access to Federal Funds Rate
July 3, 2015--Solactive AG has launched the Solactive Fed Funds Effective Rate Index, created to follow the performance of a notional deposit in USD offering the Fed Rate, including daily reinvestment of interests earned, and licensed to Lyxor Asset Management (Lyxor).
The Solactive Fed Funds Effective Rate Index is composed of cash in USD, accruing interests on a daily basis. The Index is followed by the Lyxor Fed Funds US Dollar Cash UCITS ETF which is listed today on Borsa Italiana in EUR and expected to be listed on the 10th of July on the London Stock Exchange in USD and GBP (FEDF IM, FEDF LN and FEDG LN, respectively).
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Source: Solactive AG
BRIEF-Euronext announces strongest 6 month activity since 2011
July 3, 2015--Announces strongest six month trading and listing activity since 2011
Activity on ETFs in June: an average daily transaction value at 587 million euros ($650.98 million), up 106 percent compared to June 2014
Cash markets trading activity across H1 2015: average daily transaction value for period up 35 percent versus 2014
Average daily transaction value on Euronext cash order book stood in June at 9,202 million euros (up 54 percent compared with June 2014)
Says to have experienced during H1 three of ten highest volume traded days since January 2012
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Source: Reuters
IMF-Greece: Preliminary Draft Debt Sustainability Analysis
July 2, 2015--July 2, 2015--Summary: At the last review in May 2014, Greece's public debt was assessed to be getting back on a path toward sustainability, though it remained highly vulnerable to shocks. By late summer 2014, with interest rates having declined further, it appeared that no further debt relief would have been needed under the November 2012 framework, if the program were to have been implemented as agreed.
But significant changes in policies since then-not least, lower primary surpluses and a weak reform effort that will weigh on growth and privatization-are leading to substantial new financing needs.
Coming on top of the very high existing debt, these new financing needs render the debt dynamics unsustainable. This conclusion holds whether one examines the stock of debt under the November 2012 framework or switches the focus to debt servicing or gross financing needs. To ensure that debt is sustainable with high probability, Greek policies will need to come back on track but also, at a minimum, the maturities of existing European loans will need to be extended significantly while new European financing to meet financing needs over the coming years will need to be provided on similar concessional terms. But if the package of reforms under consideration is weakened further-in particular, through a further lowering of primary surplus targets and even weaker structural reforms-haircuts on debt will become necessary.
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Source: IMF
iShares MSCI EMU USD Hedged UCITS ETF launched on Xetra
ETF provides access to euro-zone equities with currency hedging against US dollar
July 2, 2015--A new iShares ETF from BlackRock's product offering has been tradable through Xetra and Börse Frankfurt since Thursday.
Name: iShares MSCI EMU USD Hedged UCITS ETF
Asset class: equity index ETF
ISIN: IE00BWZN1T31
Total expense ratio: 0.38 percent
Distribution policy: accumulating
Benchmark: MSCI EMU USD Hdg Net
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Source: Xetra
Flow Traders: passive aggressive
July 2, 2015--A stock picker's dilemma. You firmly believe in active investing. You refuse to follow the sheep into the passive index trackers.
No one could deny that a lot of them are out there, though. Assets in exchange traded products-most of which are passive tracker funds-have grown to more than $3tn from $400bn a decade ago, reckons ETFGI, a consultancy. Is there any way to stay active, while making a little money on all those sheep, as well?
The band is growing of actively managed ETPs (a mild contradiction in terms,but never mind), but Flow Traders, which is soon to float in Amsterdam, offers an intriguing alternative.
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Source: llwebsolutions.net
ESMA report proposes to include ETDs in EMIR's interoperability arrangements for CCPs
July 2, 2015--The European Securities and Markets Authority (ESMA) has issued today its final report on interoperability arrangements between EU-based clearing houses (CCPs) required under the European Markets Iinfrastructre Regulation (EMIR) and related Guidelines and Recommendations.
In its report, ESMA recommands to extend the EMIR provisions related to interoperability arrangements to Exchange-Traded Derivatives (ETDs). A further extension to OTC derivatives will be assessed at a later stage.
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Source:ESMA
Turnover at Deutsche Boerse's cash markets at 149.3 billion euros in June
July 1, 2015--Order book turnover on Xetra, Börse Frankfurt and Tradegate Exchange across all asset classes stood at €149.3 billion in June (June 2014: €93.7 billion).
Of the €149.3 billion, €140.1 billion were attributable to Xetra (June 2014: €86.2 billion). The average daily turnover on Xetra stood at €6.4 billion in June (June 2014: €4.1 billion).
A turnover of €4.1 billion was attributable to Börse Frankfurt (June 2014: €3.9 billion).
Order book turnover on Tradegate Exchange* totalled approximately €5.1 billion in June (June 2014: €3.6 billion).
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Source: Deutsche Böerse
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