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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
Turkey The Economic Outlook for 2015 Depends On the Resolution of the Political Uncertainty Following the June 7 Parliamentary Election
July 1, 2015--Political uncertainty continued after the parliamentary elections, creating some downside risks to the 2015 growth forecast of 3 percent according to the World Bank's Turkey Regular Economic Brief [i] (July)-issued today in Ankara.
Public spending offset weaker private demand to keep growth solid in the first quarter. Despite declining food prices, lira depreciation and increases in oil prices pushed inflation higher.
view the World Bank Turkey Regular Economic Note
view the Urbanization: Rise of Anatolian Tigers
Source: World Bank
GDP deflators at market prices, and money GDP: June 2015 (Quarterly National Accounts)
July 1, 2015--A series for the GDP deflator in index form is produced by the Treasury from data provided by the Office for National Statistics (ONS) and the Office for Budget Responsibility (OBR).
The GDP deflator set is updated after every ONS Quarterly National Accounts release (at the end of each quarter) and whenever the OBR updates its GDP deflator forecasts.
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Source: HM Treasury
The Credit Impact Of A Grexit
July 1, 2015--On June 29, 2015, Standard & Poor's Ratings Services lowered its long-term rating on Greece to 'CCC-' from 'CCC' and assigned a negative outlook.
We now believe the probability that Greece will exit the eurozone has increased to about 50%, following the Greek government's decision over the weekend to reject official creditors' loan proposals and instead schedule a national referendum on whether to accept the terms of the proposals.
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Source: Standard & Poor's
CCB lists RMB-denominated ETF in Paris
China Construction Bank has launched an renminbi-denominated money market exchange traded fund on Euronext Paris.
July 1, 2015--Euronext said it is the first such RMB product listed on its markets.
CCB International Asset Management, the asset management arm of CCB, is the investment manager of the ETF.
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Source: fundselectorasia.com
Deutsche Boerse and Irish Stock Exchange expand their partnership
June 30, 2015--As of today, Deutsche Börse Market Data + Services is taking over the hosting of the Irish Stock Exchange's new trading surveillance system.
Deutsche Börse will host the hardware on its premises in Frankfurt and provide support services. The surveillance system further enhances the electronic market surveillance capabilities of the Dublin-based exchange.
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Source: Deutsche Böörse
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