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IMF-Euro Area Policies: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director
July 14, 2014--Summary: KEY ISSUES Context. Real output has expanded for four consecutive quarters, and financial market sentiment has improved markedly. But the recovery is weak and uneven. Inflation has been too low for too long, financial markets are still fragmented, and structural gaps persist: these hinder rebalancing and substantial reductions in debt and unemployment.
Policies. The economic expansion is grounded in complementary policy actions at both the national and euro area levels, but more is needed to strengthen the recovery: Supporting Demand. Recent ECB actions-including a rate cut, negative deposit rates and policy support for new bank lending to companies-should help address low inflation and financial fragmentation. But if inflation remains too low the ECB should consider a substantial balance sheet expansion, including through asset purchases. The broadly neutral overall fiscal stance is appropriate but any negative growth surprises should not trigger additional consolidation efforts as this would be self-defeating. Mending balance sheets and completing the banking union. Successfully executing the ongoing asset quality review and stress tests should spur balance sheet repair and help reverse fragmentation. Agreement on a single resolution mechanism and bail-in rules comprise important milestones towards banking union, but a common fiscal backstop is still needed. Advancing structural reforms. Alternative sources of funding through securitization, especially to credit-constrained SME's, should be promoted. A comprehensive strategy, which boosts demand and removes country-specific structural impediments, is needed to tackle high youth unemployment. Competitiveness-enhancing reforms in debtor countries and higher public investment in creditor countries would promote needed rebalancing.
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Source: IMF
Source and PIMCO expand listings on SIX
July 14, 2014-- Source, a leading European provider of Exchange Traded Products (ETPs), and PIMCO, a leading global investment management firm, are pleased to announce that two of their most popular ETFs are now being listed on the SIX Swiss Exchange.
The PIMCO Euro Short Maturity Source UCITS ETF and the PIMCO US Dollar Short Maturity Source UCITS ETF were launched in 2011, initially on Xetra and the London Stock Exchange, and since then have gathered assets of €1.3 billion and US$1.8 billion respectively.
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Source: Source
EU ban on IFA rebates could restrict choice
July 13, 2014--Édouard Carmignac, founder and chairman of the eponymous French asset manager, has warned that a planned EU ban on rebates to independent financial advisers would put the so-called open architecture distribution model "in serious jeopardy".
In a scathing letter to Steven Maijoor, chairman of the European Securities and Markets Authority, Mr Carmignac said the introduction of a fee-based remuneration model for IFAs across Europe-as opposed to a commission-based model where IFAs receive rebates from fund companies for selling their products-could have a detrimental impact on third-party fund distribution.
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Source: FT.com
EU ban on IFA rebates could restrict choice
July 13, 2014--Édouard Carmignac, founder and chairman of the eponymous French asset manager, has warned that a planned EU ban on rebates to independent financial advisers would put the so-called open architecture distribution model "in serious jeopardy".
In a scathing letter to Steven Maijoor, chairman of the European Securities and Markets Authority, Mr Carmignac said the introduction of a fee-based remuneration model for IFAs across Europe-as opposed to a commission-based model where IFAs receive rebates from fund companies for selling their products-could have a detrimental impact on third-party fund distribution.
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Source: FT.com
Regulators turn aim on broker research
Analysis is expensive to produce and the FCA must tread carefully
July 11, 2014--The annual report from the Financial Conduct Authority struggles to avoid sounding smug, but in vain. "Our first year was both challenging and encouraging" it burbles, detailing its triumphs as a consumer champion.
Among such exciting activities as extracting £425m in fines and reviewing the Retail Distribution Review is another review, that of broker commissions and analysts' research.
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Source: FT.com
Recovery Strengthens in Central and Eastern Europe, Yet Risks Remain, says World Bank
July 11, 2014--Economic growth is expected to almost double in the EU11* countries in 2014, and to continue to strengthen in 2015, according to the World Bank's latest EU11 Regular Economic Report (EU11 RER). The report says that, overall, EU11 GDP growth is forecast to strengthen from 1.4 percent in 2013 to 2.6 percent in 2014.
"The economic recovery is strengthening in the EU11, bolstered by the gradual upturn in the EU15** and supportive domestic policies,” said Mamta Murthi, World Bank Regional Director for Central Europe and the Baltic Countries. "Nonetheless, the recovery is expected to be gradual, with growth not reaching pre-crisis rates for some time."
view the World Bank-EU11 Regular Economic Report: Strengthening recovery in Central and Eastern Europe(PDF)
Source: World Bank
FCA-GC14/3 Retail Investment Advice: Clarifying the boundaries and exploring the barriers to market development
July 11, 2014--FCA has published guidance to help clarify the different types of retail investment sales models, the boundaries between them and the associated regulatory requirements.
This proposed guidance relates to the following rule(s) in the FCA Handbook: COBS 9 and COBS 10, COBS 6.1A, COBS 6.2A.4G, COBS 2.1.1R and PERG 8.26 and 13.3.
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Source: The Financial Conduct Authority (FCA)
Temporary restriction in short selling
July 11, 2014--The Financial Conduct Authority ("FCA") notifies that it temporarily prohibits short selling in the following instrument under Articles 23 (1) and 26 (4) of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short
selling and certain aspects of credit default swaps. This follows a decision made by another EU Competent Authority.
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Source: The Financial Conduct Authority (FCA)
Eurex to launch variance futures based on EURO STOXX 50
Eurex reaches deal with DRW to use U.S.-patented method for listed variance futures
July 11, 2014--Eurex is set to extend its product range by introducing a listed variance future on September 22, 2014, based on the EURO STOXX 50, the most prominent equity index in Europe.
Variance futures replicate the pay-off profile of a variance swap using a daily-margined futures contract.
Instead of a final settlement payment upon expiry the pay-off profile of a variance swap is calculated as the sum of all variation margin payments through the period the variance futures contract is held.
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Source: Eurex
ESMA defines central clearing of interest rate and credit default swaps
July 11, 2014--The European Securities and Markets Authority (ESMA) has launched a first round of consultations to prepare for central clearing of OTC derivatives within the European Union. The two consultation papers seek stakeholders' views on draft regulatory technical standards (RTS) for the clearing of Interest Rate Swaps (IRS) and Credit Default Swaps (CDS) that ESMA has to develop under the European Markets Infrastructure Regulation (EMIR).
With the overarching objective of reducing systemic risk, EMIR introduces the obligation to clear certain classes of OTC derivatives in central clearing houses (CCPs) that have been authorised (European CCPs) or recognised (third-country CCPs) under its framework. To ensure that the clearing obligation reduces systemic risk, EMIR specifies a process for the identification of the classes of OTC derivatives that should be subject to mandatory clearing. This includes the assessment of specific criteria that the relevant classes of OTC derivatives have to meet.
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Source: ESMA
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