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Eurex Adds to Swap-Future Lineup as Rules Reshape Market
December 10, 2014--Eurex plans to offer a futures contract that mimics an interest-rate swap, the latest effort by an exchange operator to win a piece of the $421 trillion market for rate swaps.
The new product, denominated in euros, stems from a licensing agreement with Global Markets Exchange Group International LLP and tracks a constant maturity index of interest-rate swaps.
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Source: Bloomberg
Emerging Turkey: Lessons from an Economy in Transition
December 10, 2014--Highlights
Turkey's solid economic performance over the past decade is a source of inspiration for many emerging markets and offers some valuable lessons for their policy makers.
A new Report analyzes Turkey's progress to the threshold of high income and finds that it has three fundamental sources: (i) successful integration with the world economy based on the anchor provided by trade relations with Europe; (ii) solid public finances in the wake of the 2001 crisis, which have allowed the country to move from debt service to public service; and (iii) a dynamic private sector buoyed by broadly market-friendly policies. As a result of the combination of these three factors rising prosperity in Turkey was shared.
view the Turkey's transitions : integration, inclusion, institutions
Source: World Bank
Euro area securities issues statistics
December 9, 2014--The annual rate of change of the outstanding amount of debt securities issued by euro area residents decreased from -0.5% in September 2014 to -0.8% in October. For the outstanding amount of quoted shares issued by euro area residents, the annual growth rate was 1.6% in October 2014, compared with 1.5% in September.
New issuance of debt securities by euro area residents totalled EUR 538 billion in October 2014.
Redemptions stood at EUR 620 billion and net redemptions amounted to EUR 61 billion.1 The annual rate of change of outstanding debt securities issued by euro area residents decreased from -0.5% in September 2014 to-0.8% in October..
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Source: ECB
ETFGI's research finds the global ETF/ETP industry has reached a new record of 2.76 trillion US dollars in assets at the end of November 2014
ETFGI's research finds the global ETF/ETP industry has reached a new record of 2.76 trillion US dollars in assets at the end of November 2014
December 9, 2014--ETFGI's research finds 2014 is proving to be a very good year for the Global ETF/ETP industry.
Some highlights are below:
The global ETF/ETP industry has reached a new record of US$2.76 trillion in assets. We expect the assets to break through the US$3 trillion milestone in the first half of 2015.
There was US$42.0 billion in net new asset (NNA) flows in November-the fourth largest NNA month on record. Year-to-date net inflows of US$275.3 billion are a new record beating prior full year net inflows.
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Source: ETFGI
Rand/dollar at 6-year low on deficit news
December 8, 2014--The rand has fallen to its worst level against the dollar in six years after SA's third-quarter
deficit widened more than market expectations.
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Source: IMF
Eurozone ministers disagree on 'Tobin' tax
December 8, 2014--Eurozone ministers failed to find common ground on a long promised financial transaction tax, official sources said on Monday, put into jeopardy by sharply differing views on its implementation.
"The meeting finished without a result," a German diplomatic source said after talks between the 11 ministers involved in the proposal.
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Source: EUbusiness
World Bank Revises Its Growth Projections for Russia for 2015 and 2016
December 8, 2014--The World Bank has updated its economic outlook for Russia for 2015 and 2016 to reflect a further decline and increased volatility in global oil prices. The revised outlook is articulated through three scenarios-a baseline, an upper, and a lower-case-based on different oil price assumptions.
The new baseline, or most likely scenario, assumes an average oil price of US$78 per barrel for 2015 and of US$80 per barrel for 2016. On this basis, real GDP is projected to contract by 0.7 percent in 2015, before increasing by 0.3 percent in 2016.
view the Russia Economic Report 32: Policy Uncertainty Clouds Medium-Term Prospects view infographic The end looms for 'Alice in Wonderland' fees view more
Defining 'closet tracking' is a hotbed of regulatory arbitrage view more IMF-Kingdom of the Netherlands-Netherlands: Selected Issues Paper view the IMF-Kingdom of the Netherlands-Netherlands: Selected Issues Paper If you are looking for a particuliar article and can not find it, please feel free to contact us
Source: World Bank
December 7, 2014--The asset management industry suffered a shock last month when an influential panel that advises the UK regulator on policy issued a damning report on the state of the fund market.
The Financial Services Consumer Panel, an independent body that has had previous recommendations taken up by the regulator, condemned the asset management market as "a powerful industry in which misaligned incentives are systemic".
Source: FT.com
December 7, 2014--The active versus passive investment debate has taken a new turn. Esma, the European watchdog of securities markets, is to take a closer look at so-called "closet trackers", with a view to identifying whether a co-ordinated pan-European policy response is needed.
The fact that many active fund managers are not able to beat market indices consistently on a risk-adjusted basis and/or net of fees-and yet still charge management fees that can be multiples of passive strategies-suggests that passive investments such as exchange traded funds ought to occupy a greater share of investment portfolios.
Source: FT.com
December 5, 2014--OVERVIEW
House Prices, Consumption, and the Household Debt Overhang In the Netherlands
Deflated housing prices that were fueled by robust borrowing often leave in their wake households with heavy debt burden. This "debt overhang" forces level of debt to sustainable levels.
When deleveraging is brought about through reduced household
consumption, it can contribute to a protracted "balance sheet recession" as appears to be the case in the Netherlands. We analyze the link between house prices and consumption, the expected depth of deleveraging after the house price bust, and possible measures to alleviate deleveraging pressures.
Source: IMF
