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EBA publishes final guidelines on significant credit risk transfer for securitisation transactions
July 7, 2014--The European Banking Authority (EBA) published today a final set of Guidelines that will support both originator institutions and competent authorities in the assessment of significant risk transfer (SRT) for securitisation transactions.
These Guidelines will be part of the EU Single Rulebook in the banking sector and will ensure harmonised assessment and treatment of significant risk transfer across all EU Member States.
The EBA recognizes that securitisation in a well-defined prudential framework is beneficial to banks and is a key funding tool for the real economy. Furthermore, it is a useful tool to achieve credit risk transfer and risk-sharing in the financial system and to support the current deleveraging and de-risking process of EU banks without inducing an excessive contraction in the real economy.
view the Guidelines on Significant Credit Risk Transfer
Source: European Banking Authority (EBA)
Deutsche Bank's asset arm plans to power up in London
July 7, 2014--Deutsche Bank's asset management arm is planning to double the number of financial professionals it employs in London to 600 over the next five years.
The hiring initiative is part of an expansion drive by London-based Michele Faissola, head of Deutsche Asset & Wealth Management, who, after his appointment in 2012, reversed a strategy which had favoured New York and Frankfurt for a decade.
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Source: Financial News
BlackRock restricts share lending after short selling attack on Blinkx
World's largest asset manager changes policy after losing €30m in a day over controversial blog by Harvard professor
July 5, 2014--BlackRock, the world's largest asset manager, has barred its City office from loaning shares following a short selling attack on Blinkx, a London-listed online video advertising company in which it is biggest shareholder, The Sunday Telegraph can disclose.
Blinkx lost a third of its value in a day in January after Ben Edelman, a Harvard University Business School professor, published a 3,500-word blog post expressing "grave doubts" over the company's prospects and criticising the "opacity" of its statements to the stock market. The company rejected his claims but the damage was done.
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Source: Telegraph
EBA publishes final draft technical standards on conditions for assessing materiality of extensions and changes of internal approaches for market risk
July 4, 2014--The European Banking Authority (EBA) published today its final Regulatory Technical Standards (RTS) specifying the conditions for assessing the materiality of extensions and changes of the Internal Models Approach (IMA) for market risk.
These RTS complement and amend the standards on the rules for credit and operational risk which were adopted and published in the EU Official Journal on 20 May 2014.
According to the Capital Requirements Regulation (CRR), all institutions shall apply for permission whenever they intend to implement any material extension or change to their internal approaches for credit, market and operational risk.
view the EBA FINAL draft Regulatory Technical Standards
Source: EBA (European Banking Authority)
EBA proposes potential regulatory regime for virtual currencies, but also advises that financial institutions should not buy, hold or sell them whilst no such regime is in place
July 4, 2014--The European Banking Authority (EBA) published today an Opinion addressed to the EU Council, European Commission and European Parliament setting out the requirements that would be needed to regulate 'virtual currencies'. The Opinion is also addressed to national supervisory authorities and advises to discourage financial institutions from buying, holding or selling virtual currencies while no regulatory regime is in place.
Following a thorough assessment of virtual currencies carried out jointly with other European authorities, each within its relevant mandate, such as the European Central Bank (ECB) and the European Securities and Markets Authority (ESMA), the EBA has concluded that, while there are some potential benefits from virtual currencies, such as faster and cheaper transactions, as well as financial inclusion; however risks outweigh the benefits, which in the European Union remain less pronounced.
view the EBA Opinion on 'virtual currencies'.
Source: European Banking Authority (EBA)
Source hires head of European capital markets
July 4, 2014--Exchange-traded fund provider Source has appointed Juergen Blumberg as executive director, head of European capital markets.
"One of Source's key advantages is through the deep roots we have in the trading community," says Gary Buxton, chief operating officer.
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Source: iaireview.org
IMF-France: Selected Issues paper
July 3, 2014--THE DRIVERS OF BUSINESS INVESTMENT IN FRANCE: REASONS FOR RECENT WEAKNESS
Introduction
1. While the resilience in private consumption has supported domestic spending in France during the crisis, business investment remains a substantial drag on growth.
In 2013, private consumption was 2.5 percent higher than its pre-crisis level whereas business investment was still 9 percent lower than its pre-crisis peak.
2.This paper reviews business investment patterns in France during the crisis. The main motivation is to explore whether investment has recently evolved in line with established determinants or displayed somewhat unconventional dynamics. We address three distinct questions.
First, has recent investment behavior essentially been consistent with past trends or is there any discernible structural break as a result of the crisis? Second, what drove the contraction in investment during the crisis? Third, what is the investment outlook and can we expect a swift and
strong rebound going forward?
view the IMF-France: Selected Issues paper
Source: IMF
UK Official holdings of international reserves: June 2014
July 3, 2014--The UK official holdings of international reserves-June 2014 is now available
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Source: HM Treasury
UBS lists continental Europe and UK mid-cap equity ETFs
July 2, 2014--UBS Global Asset Management, a leading European provider of exchange-traded funds, has listed two new ETFs on the London Stock Exchange: the UBS MSCI Europe ex-UK UCITS ETF (UC77) and the UBS FTSE 250 UCITS ETF (UC78).
The physically replicated funds provide exposure to continental European equities and UK mid-caps via the MSCI Europe ex UK and FTSE 250 indices, respectively.
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Source: etfstrategy.co.uk
IMF-Russian Federation: Selected Issues
July 1, 2014--Summary: Russia's trend growth is volatile. The transition from a centrally planned to a market economy started in 1991, hence time series are relatively short compared to other countries.
The size and depth of structural reforms during the 1990's, the financial crisis and default in 1998, followed by the oil boom in the 2000's, and subsequent GFC, make identification of a stable "long run" growth trend a very hard task. Hence, it is complicated to pin down an accurate estimate of potential growth and the output gap.
view the IMF-Russian Federation: Selected Issues report
Source: IMF
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