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Boutiques face existential threat as time runs out on MiFID II
July 6, 2015--Smaller fund firms have been left in limbo as delays in finalising dealing commission regulations leave them unsure of the future of their businesses.
Last Friday (3 July) marked one year until MiFID II regulations are transposed into law, but uncertainty continues to surround proposals to separate charges for trading shares from the cost of broker research.
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Source: Investmentweek.com
Bank of China lists first Euro-denominated bond on London Stock Exchange
July 6, 2015--€500 million bond issued by Bank of China in London
First Euro-denominated bond listed in London by Bank of China
Part of wider 'One Belt, One Road' bond issuance programme
London seen as venue of choice for Chinese issuers accessing Europe
London Stock Exchange today saw the first Euro-denominated bond by a Chinese issuer admitted to trading on its markets.
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Source: London Stock Exchange Group
Solactive Index to capture Cubas Opening up-Underlying for Leonteq Certificate designed for Swiss and German market
July 6, 2015--Solactive AG has launched the Solactive Cuba Focused Caribbean Index, designed to follow North and South American companies likely to gain from the recent opening up of Cuba to the US.
The Index has been licensed to Leonteq for tracker certificates listed both in Zurich (in CHF, USD and EUR) and Frankfurt (in EUR).
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Source: Solactive
Lyxor had 'no choice' in closure of Greek ETF
July 5, 2015--Lyxor, the Paris-based asset manager, has spoken out for the first time about its decision to impose a block on investors withdrawing money from its Greek exchange traded fund.
Lyxor imposed the block after the closure of the Athens stock exchange last Monday, with the crisis in Greece continuing to escalate.
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Source: FT.com
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
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