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IMF-United Kingdom: Selected Issues
July 28, 2014--HOUSING AND BUSINESS CYCLES: IS THE UK
DIFFERENT FROM OTHER ADVANCED ECONOMIES?1
In contrast to other OECD countries, housing cycles in the UK are marked by sharp movements in
prices and an inelastic response of residential investment, owing notably to supply constraints. Housing
cycles in the UK also tend to have a large impact on economic activity, with booms generally associated with a worsening of household balance sheets and a rise in relatively high-risk mortgages.
Alleviating supply-side constraints, notably pertaining to planning restrictions, is imperative for a
moderation of housing cycles in the UK, while risks to financial stability in the context of the current
house price inflation could be addressed by pursuing targeted macroprudential measures.
view the report
Source: IMF
London banks and brokers face research business shake-up
July 24, 2014--The City of London's biggest brokers are contemplating far-reaching changes to their business
models ahead of proposed rule changes that could hit profits at smaller brokers and fund managers
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Source: FT.com
July 2014: Flash Consumer Confidence Indicator
July 23, 2014--In July 2014, the DG ECFIN flash estimate of the consumer confidence indicator decreased in both the EU (by -1.2 points to -5.5) and the euro area (by -0.9 points to -8.4) compared to June.
Computation of Flash CCI
To compute the flash consumer confidence indicator for the EU and euro area, DG ECFIN uses the data available on the cut-off date. The estimation procedure combines historical data with information from those Member States for which data are available in the reference month.
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Source: Europa
ESMA consults on counterparty risk calculation methods for UCITS subject to central clearing
July 22, 2014--The European Securities and Markets Authority (ESMA) has launched
a consultation on the calculation
of counterparty risk by Undertakings for Collective Investment in Transferable Securities (UCITS) which enter into OTC derivative transactions which need to be centrally cleared under the European Markets Infrastructure Regulation
(EMIR).
The UCITS Directive allows UCITS to invest in both
exchange-traded derivatives (ETDs) and OTC derivatives. However, only
investments in OTC derivatives are subject to counterparty risk exposure
limits.
Turquoise expands clearing choice for ETF trades
July 21, 2014-Turquoise, the London Stock Exchange's alternative equity market, will start offering a choice of clearing house for exchange-traded funds from Monday,
joining rival Bats Chi-X Europe.
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Source: Financial News
ESMA issues updated Q&A on the application of the Alternative Investment Managers Directive (AIFMD)
July 21, 2014--The European Securities and Markets Authority (ESMA) published today an update of its Questions & Answers (Q&A) document on the application of the Alternative Investment Managers Directive (AIFMD).
The updated Q&A clarifies:
the reporting obligations to national competent authorities; as well as
the obligations for depositaries and the calculation of leverage.
view the Questions and Answers-Application of the AIFMD
Source: ESMA
IMF Country Report-Germany: Selected Issues
July 21, 2014--I. THE GERMAN CURRENT ACCOUNT: A RETROSPECTIVE1
The build-up of Germany's current account surplus over the last decade does not lend itself to a single-factor explanation, as both global and domestic factors, as well as policy changes led to increased savings and lower investment.
All sectors contributed to the build-up of the surplus. While fiscal consolidation and higher
household savings played a role, the corporate sector experienced a more
pronounced shift. This note provides a retrospective on these developments and
explores whether the factors contributing to the surplus are likely to be reversed
going forward.
view the IMF Country Report-Germany: Selected Issues
Source: IMF
Two new ComStage equity index ETFs launched on Xetra
ETFs provide currency-hedged access to MSCI Japan and S&P 500
July 18, 2014--Two new equity index funds issued by ComStage have been tradable on Xetra since Friday.
ETF name: ComStage MSCI Japan 100% Daily Hedged Euro UCITS ETF
Asset class: equities
ISIN: LU1033694107
Total expense ratio: 0.45 percent
Distribution policy: non-distributing
Benchmark: MSCI Japan 100% Daily Hedged to EUR Index
The ComStage MSCI Japan 100% Daily Hedged Euro UCITS ETF enables investors to participate in the performance of Japanese large and mid-caps while benefiting from daily hedging against exchange rate fluctuations between the euro and the yen.
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Source: Xetra
ESMA advises Commission on creditworthiness assessment for sovereign debt
July 18, 2014--The European Securities and Markets Authority (ESMA) has published its advice to the European Commission on the appropriateness of the development of a European creditworthiness assessment for sovereign debt.
In its request for advice, the Commission asked ESMA to provide input to the issue of sovereign ratings and rating processes including an overview of the market for sovereign ratings, information on optional issues regarding the sovereign ratings, information on sovereign rating processes as well as lessons drawn from ESMA's supervisory experience.
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Source: ESMA
DAX serves as basis for first-ever European exchange-traded fund in China
Chinese investors can now access performance of leading German companies for the first time
July 17, 2014--The DAX index underlies the first exchange-traded fund (ETF) based on a European index that will be available in China. The HuaAn Germany DAX 30 ETF was introduced by HuaAn Asset Management Co. Ltd. on July 14, 2014 and will later be listed on the Shanghai Stock Exchange.
Later today the CEOs of STOXX Limited and HuaAn Asset Management will participate in a forum in Shanghai on global investing to present DAX as well as the new ETF to local market participants.
"DAX is one of the most recognized and well-known blue-chip indices in the world. As a completely rules-based and transparent barometer of top German companies, the index remains a leading choice to underlie a wide range of financial products," said Hartmut Graf, chief executive officer, STOXX Limited. "We are pleased that HuaAn has selected DAX to underlie the first European ETF in China."
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Source: Deutsche Börse:
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