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EBA publishes risk dashboard of EU banking sector
February 14, 2014--The European Banking Authority (EBA) publishes today the risk dashboard for Q4 2013, summarising the main risks and vulnerabilities in the banking sector in the European Union (EU). The dashboard looks at the evolution of Key Risk Indicators (KRI) from 55 banks across the EU in the third quarter of 2013.
Data in this edition of the EBA dashboard illustrates that EU banks' capital positions were fairly stable, although declining RWAs contributed to higher capital ratios. The quality of banks' loan portfolios is still a source of concern, in light of the weak macroeconomic scenario across the EU. Profitability remains at low levels, as the low interest rates environment along with declining lending volumes continue to affect net interest margins. Deleveraging is still progressing, although at a slower pace. Further adjustments in banks' balance sheets are likely to continue in the forthcoming quarters.
view the EBA Risk dashboard Q4 2013
Source: EBA
ESMA asks Commission to clarify derivative definition under MiFID/ EMIR
February 14, 2014--The European Securities and Markets Authority (ESMA) has today sent a letter to the European Commission asking them to clarify the definition of a derivative or derivative contracts under the European Market Infrastructure Regulation (EMIR).
ESMA's letter says that currently these definition is not harmonised across the EU which could have a detrimental effect on the consistent application of EMIR. The EMIR definition of derivatives cross-refers to the list of financial instruments mentioned in the current Markets in Financial Instruments Directive (MiFID). The different transpositions of MiFID across Member States mean that there is no single, commonly adopted definition of derivative or derivative contract in the European Union, thus preventing the convergent application of EMIR.
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Source: ESMA
OECD Euro area: Economic challenges and policy recommendations report
February 14, 2014--OECD has published the OECD Euro area: Economic challenges and policy recommendations report.
view the OECD Euro area: Economic challenges and policy recommendations report
Source: OECD
Big ETF houses plot European expansion
February 14, 2014--Three large US exchange traded fund groups, Guggenheim, ProShares and Charles Schwab, are examining how best to enter the European ETF market on the back of a flurry of recent mergers and acquisitions in Europe.
Two US companies have bought European ETF houses in the last few weeks, after the ETF market in Europe witnessed a 20 per cent jump in assets in 2013 to $395bn, illustrating its growing importance to asset management groups worldwide.
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Source: FT.com
Lyxor Asset Management chief exec departs
February 14, 2014--Inès de Dinechin has stepped down from her position as chief executive of Lyxor Asset Management, the latest high-profile departure to hit the group.
Lionel Paquin has been appointed as chief executive of the Société Générale-owned firm, which manages $110.3bn (£66.2bn) in ETF, alternative, structured, active quantitative and specialised investments
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Source: Fundweb.co.uk
Boost Welcomes UK Treasury Review of the Spread Betting Tax Loophole whilst Spread Betting Market Shrinks by 8% in Stark Contrast to a 15% Global Growth of the Short and Leverage ETP Market
February 14, 2014--BOOST welcomes Treasury review of spread betting tax loophole
BOOST believes spread betting should be subject to tax on gains and off settable for losses which is the case for similar investment products
BOOST believes such a move will position short and leverage Exchange Traded Products (ETPs)favourably when compared to spread betting and Contracts For Differences (CFDs)
Spread betting market shrinks by 8% in 2013 compared to 52% increase in trading volumes of short and leveraged ETPs
BOOST ETP, Europe's award winning, specialist Short and Leverage (S&L) Exchange-Traded Product (ETP) provider, welcomed the recent announcement from Treasury Spokesman, Lord Newby, who commented that ministers "ought to look" at the apparent "loophole" that allows spread betters to avoid income and capital gains tax.
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Source: Boost
Global AUM for Short & Leveraged ETPs Hits $56bn despite Souring Sentiment on Risk Assets
February 13, 2014-The AUM of short & leveraged (S&L) ETPs reached a record of $56 billion at the end of January, up $0.9 billion (or 1.7%) from December, as investors continue to increase their usage of S&L ETPs globally
Inflows of $331 million into short US equity ETPs, the largest global inflow of such equity ETPs in January, combined with outflows of $150 million from long US equity ETPs suggests a bearish sentiment taking hold in US equities
S&L investors bought $162 million of short European equity ETPs, while they also sold $177 million of long European equity ETPs ($339m net short), reversing the moderate upbeat sentiment in European equity markets in December 2013
S&L investors shifted bullish positioning to Japan, which has enjoyed the strongest inflows in S&L equity ETPs of $1.2 billion
Inflows into short US Treasury ETPs have slowed from $1.2 billion in December to $0.4 billion in January 2014
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Source: Boost
Modification on 2 Amundi ETFs-Borsa Italiana
February 13, 2014--Starting from February 17th 2014, the name, the trading code and the benchmark index of 2 Amundi ETFs will change.
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Source: Borsa Italiana
ESMA consults on Guidelines for issuers performance measures
February 13, 2014--The European Securities and Markets Authority (ESMA) has launched a consultation on Guidelines on Alternative Performance Measures (APMs).
The aim of the guidelines is to encourage European issuers to publish transparent, unbiased and comparable information on their financial performance in order to provide users with a better understanding of their performance. Some examples of APMs include EBIT (Earnings Before Interest & Tax), EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation), free cash flow, underlying profit or net-debt.
The Consultation Paper follows on from ESMA's decision to review and replace the 2005 CESR Recommendation on APMs with Guidelines under Article 16 of the ESMA Regulation to tackle concerns about APMs used by issuers. Those relate mainly to APMs being used in such a manner as to present a confusing or optimistic picture of their performance by removing certain negative aspects, or even where this is not the case, APMs can be misleading if they are inconsistently calculated or presented.
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Source: ESMA
Russian Financial Markets Regulator Registers New Listing Rules
February 13, 2014--On 7 February 2014 the Bank of Russia's Financial Markets Service registered an amended version of Listing Rules for Moscow Exchange[1].
As part of Russia's listing reform programme, the rules have been brought in line with the Rules for Admission of Securities to Organised Trading previously approved by the regulator[2].
The new rules will reduce the number of securities lists on Moscow Exchange from six to three.
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Source: Moscow Exchange
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