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IMF Germany-2014 Article IV Consultation-Preliminary Conclusions
May 19, 2014--Key policy recommendations:
Germany can strengthen its role as an anchor of regional stability.
More infrastructure investment, further clarity on the energy regulatory framework, and reforms to further increase competition in the services sector would support growth in Germany and the rest of the euro area.
Future increases in the minimum wage should take into account potential adverse employment effects in regions with relatively high unemployment.
Banks should keep strengthening their capital position ahead of the completion of the ECB's Comprehensive Assessment.
1. The German recovery is expected to gain further momentum and keep outpacing that in the rest of the euro area. Germany remains an anchor of regional stability. Balance sheets are generally healthy, fiscal consolidation has been broadly achieved underpinning confidence, and financial conditions for enterprises are favorable. Private consumption should benefit from solid wage and employment growth, while business investment should continue to strengthen. However, while domestic demand is expected to contribute to growth more than in the past, the decline in the current account surplus is projected to be gradual. Risks to the outlook are broadly balanced. The main upside risk stems from the possibility of a long-awaited and stronger-than-expected rebound in private investment. Downside risks include faltering growth in the rest of the euro area, where domestic demand is constrained by the need to repair balance sheets both in the private and the public sectors, at a time when high unemployment and low and declining inflation are hampering the repair process. A sharp slowdown in emerging markets would negatively affect German exports, while an escalation in geopolitical tensions surrounding Ukraine would likely hit investment by increasing uncertainty and hurting market confidence.
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Source: IMF
FinEx money market ETF launched in Russia off Solactive T-Bill index
May 19, 2014-- FinEx Capital Management has launched the first money market ETF in Russia through the Moscow listing of its Cash Equivalents Ucits ETF, using the Solactive 1-3 Month US T-Bill index.
The underlying index follows the dollar denominated T-Bill market. Eligible T-Bills must have a time to maturity of 1-3 months, be issued by the US government, with an outstanding amount of at least $250m. Solactive estimates T-Bills make up about 13% of the $11.6trn marketable debt market.
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Source: Investment Europe
Euronext Announces New ETF Listing
May 19, 2014--Euronext is pleased to announce that GO UCITS ETF SOLUTIONS PLC has chosen Euronext Amsterdam as a primary listing venue for their new ETF listed today, 19 May, 2014 -the first physical UCITS ETF to track the MSCI China A Index:
ETF Symbol: CASH
Listing date: 19/05/2014
ETF Trading name: MSCI CHINA GOUCITS
Underlying index: MSCI Daily TR Net China A USD
TER (%): 0.88
Euronext now offers 666 listings of 576 ETFs through its markets.
visit http://etp.euronext.com for more info.
Source: Euronext
Third China A Shares ETF lists on London Stock Exchange this year
May 19, 2014--ETF Securities and E-Fund Management's ETF starts trading on London Stock Exchange
Third 'physical' ETF tracking Chinese stocks to list in London this year
Builds on London's position as major offshore centre for RMB trading
London Stock Exchange today welcomes the 'ETFS-E FUND MSCI CHINA A GO UCITS ETF' to list in London. The new Exchange Traded fund (ETF) will offer both institutional and retail investors access to the China A Shares market and has been launched in partnership with ETF Securities and E-Fund Management. The ETF, the third of its kind to list in London already this year, will track an index designed to reflect a comprehensive set of Chinese companies with A-share listings on the Shanghai and/or Shenzhen Stock Exchanges.
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Source: London Stock Exchange
Deutsche Borse expands Eurex market data offering with real-time analytics
In-depth trading information now available for key futures contracts
May 19, 2014-- Deutsche Börse Market Data + Services today announced the introduction of real-time analytics for the most liquid futures contracts traded on Eurex.
"Eurex Real-time Analytics" provides market participants with in-depth trade and order information based on the full
"Market participants require more sophisticated information in order to make better trading and risk management decisions. Eurex Real-time Analytics provides investors and analysts with greater insight to help them evaluate market activity and trends." said Georg Gross, Head of Information, Market Data + Services
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Source: Deutsche Börse
Lyxor growth a priority for SocGen
May 19, 2014-Société Générale has unveiled plans to bolster its asset management subsidiary Lyxor and its private bank, saying it hopes to lift assets under management across the two businesses by more than €35bn ($48bn) over the next two years.
Presenting its 2014-2016 strategic plan last week, the French bank said it intends to strengthen Lyxor and private banking in core European countries.
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Source: FT.com
Credit Suisse probed over ETF reporting
May 18, 2014--SIX Exchange Regulation has launched an investigation against Credit Suisse Funds over potential breaches of regular reporting obligations.
The probe centres on a distribution notification that may have been sent out with a delay in January and that concerns certain exchange traded funds run by the Zurich-based Credit Suisse fund arm.
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Source: FT.com
Profits surge at State Street's UK asset management arm
May 16, 2014--State Street Global Advisors Limited, the UK-based asset management business of State Street Corporation, saw net profits rise 250% to €38.1 million in 2013, according to its full-year results published at Companies House.
Fees increased by 19% to €88 million, which the UK arm of the world's second-biggest asset manager described as a "respectable result".
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Source: Financial News
Ossiam, CSI partner to develop minimum variance China A-shares index
May 15, 2014--Ossiam, a Paris-based provider of exchange-traded funds and a specialist in smart beta solutions, has announced the signing of a cooperation agreement with China Securities Index Company (CSI), a leading Shanghai-based index provider.
Ossiam will contribute expertise in minimum variance index construction to CSI, which is developing a minimum variance index based on its well known CSI 300 Index.
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Source: etfstrategy.co.uk
European Commission-COMMISSION STAFF WORKING DOCUMENT-Economic Review of the Financial Regulation Agenda
May 15, 2014--EXECUTIVE SUMMARY
In response to the financial crisis, the EU has pursued an ambitious regulatory reform agenda that has been coordinated with international partners in the G20.
The aim has been to restore financial stability on a global scale and build a financial system that serves the economy and can play its part in putting the EU back on a path of
sustainable growth. The Commission has followed a detailed roadmap in reforming the financial system.
In 2009, the Commission set out the way forward for improving the regulation and supervision of EU financial markets and institutions.1 Building on this roadmap, in 2010, the Commission announced further measures to bring about a safe and responsible financial sector which is conducive to economic growth and delivers enhanced transparency, effective supervision, greater resilience and stability as well as strengthened responsibility and consumer protection.2 The subsequent emergence of specific risks which threatened financial stability in the euro area and the EU as a whole called for deeper integration to put the banking sector on a more solid footing and restore confidence in the euro.
This led to the development of the Banking Union.3
1 Communication on 'Driving European recovery'; COM(2009) 114 final. This followed the recommendations of a group of high-level experts, set up by the Commission and chaired by Mr de Larosiére (Report of the High-level Group of Financial Supervision in the EU, 25 February 2009). 2 Communication on 'Regulating financial services for sustainable growth'; COM(2010) 301 final 3 Communication on 'A roadmap towards a Banking Union' COM(2012) 510 final. Communication on 'A blueprint for a deep and genuine economic and monetary union – Launching a European debate'; COM(2012) 777 final/2.
Key messages
The financial crisis showed that a fundamental overhaul of the regulatory
framework in the financial sector was necessary.
view the COMMISSION STAFF WORKING DOCUMENT-Economic Review of the Financial Regulation Agenda
Source: European Commission
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