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RBS admits European stress test blunder

November 23, 2014--The Royal Bank of Scotland has accepted that it got its sums wrong over the European Banking Authority stress tests last month.

Revised figures revealed Friday showed that instead of passing the test easily as initial results from the exercise showed, the state-owned RBS had narrowly scraped through and was the weakest performer among Britain's banks

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Source: EUbusiness

European markets watchdog examines closet trackers

November 23, 2014--The European markets watchdog is probing "closet tracking", which critics say is enabling fund managers to charge high active fees while in practice doing little more than hugging an index.

A letter from Steven Maijoor, chairman of the European Securities and Markets Authority, to consumer organisation Better Finance For All, seen by FTfm, said the regulator was "gathering more information to assess the scope of this issue".

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Source: FT.com

Lyxor and db X-trackers Shake Things Up

Two of the largest ETF providers in the industry have begun offering physical ETFs, marking a departure from their roots
November 21, 2014--The largest synthetic ETF providers in Europe, Lyxor and db X-trackers, have announced they are venturing into the physical ETF market.

This comes as the two companies face increasing competitive pressures and net outflows over the past year.

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Source: Morningstar.co.uk

IMF Executive Board Concludes 2014 Article IV Consultation with Turkey

November 21, 2014--On November 21, 2014, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Turkey.1

Turkey's economy has grown on average by 6 percent annually since 2010, but this has come at the expense of a large external deficit making the economy sensitive to changes in external financing conditions. Macroeconomic policies have been too accommodative, inflation is high and well above the authorities’ target, real policy interest rates remain negative, and the exchange rate continues to be stronger than suggested by fundamentals. These imbalances are holding back growth potential and increasing risks. They need to be addressed with carefully sequenced macroeconomic policies and structural reforms aimed at increasing aggregate savings, competitiveness and potential output.

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Source: IMF

DELISTING OF NORDEA BANK AB (publ) 4 ETN´S

November 21, 2014--EXCHANGE NOTICE 21.11.2014 ETN
DELISTING OF NORDEA BANK AB (publ) 4 ETN'S

NASDAQ OMX Helsinki Oy has decided to prematurely terminate trading in Nordea Bank AB (publ) ETN's on issuer´s request as of 21.11.2014 according to the Rules of the Exchange 6.2.4.1.

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Source: NASDAQ

Eurozone growth at 16-month slow point

November 20, 2014--Growth in the eurozone has slowed to its slowest pace in 16 months as new orders dipped,survey company Markit said Thursday,

raising pressure on policymakers to crank up measures to support the economy.

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Source: EUbusiness