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ECB's in-depth review shows banks need to take further action
October 26, 2014--Key results of comprehensive assessment of 130 largest euro area banks:
Capital shortfall of €25 billion detected at 25 participant banks
Banks' asset values need to be adjusted by €48 billion, €37 billion of which did not generate capital shortfall
Shortfall of €25 billion and asset value adjustment of €37 billion implies overall impact of €62 billion on banks
Additional €136 billion found in non-performing exposures
Adverse stress scenario would deplete banks' capital by €263 billion, reducing median CET1 ratio by 4 percentage points from 12.4% to 8.3%
Exercise delivers high level of transparency, consistency and equal treatment
Rigorous exercise is milestone for the Single Supervisory Mechanism starting in November
view the Aggregate report on the comprehensive assessment
Source: ECB
ESMA publishes updated EMIR Q&A
October 24, 2014--The European Securities and Markets Authority (ESMA) has today issued the 11th update of its Q&A document on the implementation of the European Markets Infrastructure Regulation (EMIR).
The Q&As provide answers and guidance related to questions receveid regarding the implementation of EMIR.
view the 11th-Q&A document on the implementation of the European Markets Infrastructure Regulation (EMIR)
Source: ESMA
Forecasts for the UK economy: October 2014
October 15, 2014--Forecasts for the UK economy is a monthly comparison of independent forecasts. This edition contains forecasts to 2018.
Please note that Forecasts for the UK economy is a summary of published material reflecting the views of the forecasting organisations themselves and does not in any way provide new information on the Treasury's own views. It contains only a selection of forecasters, which is subject to review.
< a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/363808/Forecomp_201410.pdf" TARGET="_top">view the Forecasts for the UK economy: October 2014
Source: HM Treasury
SPDR Thomson Reuters Global Convertible Bond UCITS ETF launched on Xetra
SPDR Thomson Reuters Global Convertible Bond UCITS ETF launched on Xetra
ETF tracks the global market for convertible bonds for the first time
October 15, 2014--A new bond index fund from the ETF offering issued by SPDR (State Street Global Advisors) has been tradable in the XTF segment on Xetra since Wednesday.
ETF name: SPDR Thomson Reuters Global Convertible Bond UCITS ETF
Asset class: convertible bonds
ISIN: IE00BNH72088
Total expense ratio: 0.50 percent
Distribution policy: distributing
Benchmark: Thomson Reuters Qualified Global Convertible Index
The SPDR Thomson Reuters Global Convertible Bond UCITS ETF offers investors the opportunity to participate for the first time in the performance of the global market for convertible bonds.
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Source: Xetra
UK government successfully issues a sovereign bond in China's currency, the renminbi (RMB).
October 14, 2014--The UK government has today successfully issued a sovereign bond in China's currency, the renminbi (RMB), becoming the first western country to do so and issuing the largest ever non-Chinese RMB bond.
The RMB 3 billion bond, which is equivalent to approximately £300 million, has a maturity of 3 years and delivers on the Chancellor's announcement at the recent annual UK-China economic summit in London that the government intended to issue an RMB bond.
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Source: HM Treasury
Four new iShares ETFs launched on Xetra
ETFs offer access to strategy indices on MSCI World
October 13, 2014--Four new iShares equity index ETFs from BlackRock's product offering have been tradable in Deutsche Börse's XTF segment on Xetra.
All four iShares ETFs track the performance of stock corporations included in the MSCI World Index. Selection and weighting of the stocks differ depending on the selected strategy approach according to the company size, company value, momentum and earnings quality.
The quality-based strategy is used for the iShares MSCI World Quality Factor UCITS ETF. The selection of stock corporations is based on three factors intended to reflect the earnings quality: dividend yields, low debt and stable earnings power. The reference index currently contains 301 companies from 23 industrialised nations.
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Source: Xetra
FESE publishes A Blueprint For European Capital Markets
October 13, 2014--Europe needs to finance investment, create jobs and wealth, and boost economic growth. As the operators of Europe's Regulated Markets, FESE members have been working together to create a common vision on how European capital markets can finance Europe’s future growth and development: A Blueprint for European Capital Markets.
The Blueprint analyses and deciphers what action is needed from both industry and policy experts to secure a robust economic landscape for the future.
In the paper we emphasise that a greater focus is required on the end-users of capital markets. That the EU Single Market must be accessible to companies at all levels: national, regional and pan-European and that there should be a greater awareness of the importance of the diversity of ecosystems, and the way they are impacted by the interaction between listing and trading.
IMF Survey-Emerging Europe: Geopolitical Tensions Taking a Toll
October 10, 2014--Growth slows down in much of the region
Geopolitical risks and weak growth in the euro area weigh on the outlook
Reviving corporate credit and investment are crucial to secure a robust recovery
Overall economic growth is slowing down in Central, Eastern and Southeastern Europe (CESEE). The IMF has revised down the 2014 growth forecasts for the region to 1.2 percent largely reflecting the effects of Ukraine-Russia tensions.
Inflation paths have also diverged across the region. Declining world food and energy prices and low imported inflation from the euro area have continued to pull down prices across most of CESEE except Turkey, Russia and the rest of the Commonwealth of Independent States (CIS), where high domestic food prices and exchange rate depreciation have kept inflation high, says the IMF in a report launched in Washington today.
view thwe IMF Central, Eastern and Southeastern Europe-Regional Economic Issues Update-October 2014
Source: IMF
Source and Ashmore partner for EMD launches
October 9, 2014--Source and Ashmore have partnered to launch two London Stock Exchange-listed actively managed ETFs giving exposure to emerging market debt.
As a new share class of the Ashmore SICAV, the Emerging Markets Total Return Fund allocates between emerging market corporate bonds, sovereign local currency and US dollar-denominated debt, aiming to take advantage of opportunities that arise throughout the market cycle. view filing
Source: International Adviser
IMF-Russian Federation: Concluding Statement for the September 2014 Staff Visit
October 1, 2014--Geopolitical tensions are slowing the economy already weakened by structural bottlenecks. In this environment, maintaining sound macroeconomic policies and frameworks would help limit downside risks. The Central Bank of Russia (CBR) should tighten policy rates further to reduce inflation and continue its path towards inflation targeting underpinned by a fully-flexible exchange rate.
While the projected overall fiscal stance is appropriately neutral in 2015, the needed fiscal consolidation should resume in the following years. The operational independence of the CBR should be safeguarded and adherence to the fiscal rule should continue. Enhancing Russia's growth potential requires bold structural reforms and further global integration.
The economic outlook appears bleak. GDP is expected to grow by only 0.2 percent in 2014 and 0.5 percent in 2015. Consumption is expected to weaken as real wages and consumer credit growth moderate. Geopolitical tensions-including sanctions, counter-sanctions, and fear of their further escalation-are amplifying uncertainty, depressing confidence and investment. Capital outflows are expected to reach USD 100 billion in 2014 and moderate somewhat but remain high in 2015. Inflation is projected to remain over 8 percent by the end of 2014 mostly due to an increase in food prices, caused by import restrictions, and depreciation of the ruble. In the absence of further policy actions, inflation is expected to stay above target in 2015. Despite the slowdown, the economy is expected to have limited excess capacity owing to structural impediments to growth.
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Source: IMF
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