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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 UPDATE 1-EU may ditch plan to separate bank trading activities view more
Assessment of Basel capital regulations in the European Union concluded by the Basel Committee UBS Global Asset Management launches medium duration fixed income ETFs
The ETFs offer exposure to the Barclays US Liquid Corporates 1-5 Year index on the London Stock Exchange and are available in a GBP-hedged version, a USD trading version and GBP trading version.
view more New UBS bond index ETF launched on Xetra view more New SPDR bond index ETF launched on Xetra The new SPDR ETF enables investors to participate in the performance of EUR-denominated government bonds from the euro zone.
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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
December 5, 2014--The European Union may ditch plans to force banks to keep high-risk trading activities separate from their main businesses because of opposition from some member states.
European commissioner Jonathan Hill said in a letter to senior commissioner Frans Timmermans there was a need to see how much progress could be made on the plan to force banks to separate out risky trading to avoid contagion and shield customer deposits if things go wrong.
Source: Reuters
December 5, 2014--The Basel Committee on Banking Supervision has today published a report assessing the implementation of the Basel capital framework in the nine EU Member States that are members of the Basel Committee.
The assessment was conducted under the Committee's Regulatory Consistency Assessment Programme (RCAP). A key component of this programme is to assess the consistency and completeness of a jurisdiction's adopted standards and the significance of any deviations in the regulatory framework.
December 5, 2014--UBS Global Asset Management has broadened the range of its fixed-income ETFs with the listing of three ETFs on the London Stock Exchange.
The ETFs offer medium-duration exposure to investment grade corporate bonds issued by companies based in the USA.
Source: FTSE Global Markets
ETF offers access to liquid US corporate bonds
December 4, 2014--A new bond index fund issued by UBS Global Asset Management on liquid US corporate bonds has been tradable in the XTF segment on Xetra since Thursday.
ETF name: UBS ETF-Barclays US Liquid Corporates 1-5 Year UCITS ETF
Asset class: bond index ETF
ISIN: LU1048314949
Ongoing charges: 0.18 percent
Distribution policy: distributing
Benchmark: Barclays US Liquid Corporates 1-5 Year Total Return Index
Source: Xetra
ETF tracks performance of euro-zone government bonds
December 4, 2014--A new SPDR bond index ETF issued by State Street Global Advisors has been tradable in the XTF segment on Xetra since Thursday.
ETF name: SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF
Asset class: bond index ETF
ISIN: IE00BS7K8821
Ongoing charges: 0.15 percent
Distribution policy: distributing
Benchmark: Barclays 3-5 Year Euro Treasury Bond Index
Source: Xetra
