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ESMA publishes an update of its Guidelines on ETFs and other UCITS issues
August 1, 2014--This guidelines published today are an update of the guidelines originally published in 2012.
The new version of the guidelines modifies the original provision on diversification of collateral received by UCITS in the context of efficient portfolio management techniques and over-the-counter financial derivative transactions.
Today's publication triggers a period of two months within which competent authorities subject to these guidelines have to notify ESMA of their compliance position.
Turnover at Deutsche Boerse cash markets at 99.1 billion euros in July
August 1, 2014--Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at €99.1 billion in July (July 2013: €98.5 billion). Of the €99.1 billion, €91.3 billion were attributable to Xetra (July 2013: €90.9 billion). €4.1 billion were attributable to the Frankfurt Stock Exchange (July 2013: €4.1 billion).
Order book turnover on Tradegate Exchange* totalled approximately €3.7 billion in July (July 2013: €3.5 billion).
In equities, turnover reached about €86.3 billion on Deutsche Börse’s cash markets (Xetra: €81.1 billion, Frankfurt Stock Exchange: €1.8 billion, Tradegate Exchange: €3.3 billion). Turnover in bonds was €0.9 billion, and in structured products €1.3 billion. Order book turnover in ETFs/ETCs/ETNs amounted to €10.5 billion.
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Source: Deutsche Börse
The Joint Committee of the ESAs reminds financial institutions of their responsibilities when placing their own financial products with consumers
July 31, 2014--The Joint Committee of the ESAs reminds financial institutions of their responsibilities when placing their own financial products with consumers.
ESMA underlines risks from investing in contingent convertible instruments (CoCos).
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA) published a reminder to banks and insurance companies across the EU on the consumer protection requirements that apply to certain financial instruments they issue. In addition, ESMA highlighted specific risks posed to investors by contingent convertible instruments (CoCos).
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Source: ESMA
Potential Risks Associated with Investing in Contingent Convertible Instruments
July 31, 2014--The European Securities and Markets Authority (ESMA) is issuing this statement to clarify to institutional investors risks from a newly emerging asset class referred to by most market participants as contingent convertibles instruments (CoCos).
If they work as intended in a crisis CoCos will play an important role to inhibit risk transfer from debt holders to taxpayers. They along with standards to improve the quality and quantity of bank capital reflect a considerate response to the former regulatory capital framework. However, it is unclear as to whether investors fully consider the risks of CoCos and correctly factor those risks into their valuation. ESMA believes there are specific risks to CoCos and that investors should take those risks into consideration prior to investing in these instruments.
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Source: ESMA
Business Climate Indicator decreases marginally in July
July 30, 2014--In July 2014 the Business Climate Indicator (BCI) for the euro area decreased marginally by 0.04 points to +0.17. Managers' more optimistic views on expected production and, to a lesser extent, the current level of overall order books were offset by an important decline in their assessments of past production.
Managers' assessment of stocks of finished products and export order books remained broadly unchanged.
The BCI is based on a factor analysis of the euro area aggregate balances (seasonally adjusted) of five of the monthly questions in the industry survey (only employment and selling-price expectations are excluded).
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Source: Europa
July 2014: Economic Sentiment stable in the euro area, decreasing slightly in the EU
July 30, 2014--In July the Economic Sentiment Indicator (ESI) remained broadly stable in the euro area (+0.1 points at 102.2),1 while it decreased slightly in the EU (by 0.6 points to 105.8).
Euro area developments
The virtually flat euro area outcome perpetuates the sideways movement observed in recent months.
It resulted from confidence improvements in industry and construction which were offset by decreases in services, retail trade and among consumers. Amongst the largest euro area economies, the ESI eased in Germany (-0.5) and Spain (‑0.6), while it increased in the Netherlands (+0.4), France (+0.5) and Italy (+1.6).
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Source: Europa
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.
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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.
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