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EU abandons reform of money market funds
March 9, 2014--Controversial proposals that could have killed off Europe's €450bn-strong fixed-value money market fund industry have been pushed back to the next European parliament.
The parliament's economic and monetary affairs committee was due to vote on reform of so-called "constant net asset value" funds today, but the vote has been abandoned with the committee said to be "split down the middle" on the proposals.
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Source: FT.com
Vote on EU benchmarks law postponed to next European Parliament
March 7, 2014-The European Parliament will not vote before May on a draft European Union law aimed at making it harder to rig market benchmarks, the chair of its economic affairs committee told Reuters on Friday.
The draft law was proposed last year after banks were fined for rigging the London Interbank Offered Rate (Libor), a market benchmark used to help price products worth trillions of dollars.
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Source: Reuters
Basel III monitoring results published by the Basel Committee
March 6, 2014--The Basel Committee today published the results of its Basel III monitoring exercise.
The study is based on the rigorous reporting processes set up by the Committee to periodically review the implications of the Basel III standards for financial markets. The results of previous exercises in this series were published in September 2013, March 2013, September 2012 and April 2012.
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Source: BIS
EBA reports on impact of possible leverage ratio definitions
March 5, 2014--The European Banking Authority (EBA) published today a report on the leverage ratio which provides a policy analysis and a quantitative assessment of the impact that would derive from aligning the current Capital Requirements Regulation (CRR) definitions of the leverage ratio's exposure measure to the revised standard published by the Basel Committee on Banking Supervision (BCBS) on 12 January 2014 ('Basel III'). The EBA has produced the report on its own initiative to provide recommendations to the European Commission in view of its forthcoming delegated act on the definitions of leverage ratio.
The report uses data collected for the Basel III monitoring exercise as of 30 June 2013 through a sample consisting of 173 EU institutions from 18 Member States.
Overall, the assessment indicates that the revised Basel III framework leads to leverage ratios that are broadly in line with, or possibly slightly higher than, leverage ratios calculated according to the current CRR.
view the Report on impact of differences in leverage ratio definitions
Source: European Banking Authority (EBA)
Euronext launches PEA PME family of indices
NEW CAC(R)PME INDEX
MORE INDICES TO BE ADDED IN 2014
March 5, 2014-- Euronext, a wholly owned subsidiary of IntercontinentalExchange Group (NYSE: ICE), welcomes publication of the implementing decree introducing PEA PME savings accounts in France, and today announced the launch of its new CAC(R) PME index.
This unique index is the first in Euronext's new PEA PME index family, based on the French government's initiative aimed at encouraging investment in shares and support for financing of SMEs.
The CAC(R) PME index tracks the performance of between 20 and 40 French companies eligible as investment vehicles for PEA PME accounts and listed on Euronext and Alternext markets in Paris. Its components are based on local trade volumes. The weight of each individual stock is capped at 7.5%. The CAC(R) PME index is calculated in real time, and its components and weightings are revised each quarter.
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Source: Euronext
Lyxor introduces double short ETFs on Treasuries, gilts and Japanese government bonds
March 5, 2014--Lyxor Asset Management, Europe's third largest provider of exchange-traded funds, has extended its fixed income line-up with the launch of double short ETFs linked to the government bonds of the United States, the United Kingdom and Japan.
The ETFs are two times inversely linked to the performance of each country's benchmark 10-year government bond and thus provide investors with a tool to help protect their portfolios from rising interest rates.
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Source: ETFstategy.com
UK Official holdings of international reserves, February 2014
March 5, 2014--In summary, this month's release shows that in February 2014: No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
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Source: HM Treasury
Changes to SDAX and TecDAX
Changes are effective on 24 March 2014
March 5, 2014--On Wednesday Deutsche Börse decided on changes in its selection indices that will become effective 24 March 2014.
The shares of Surteco AG and Capital Stage AG will be included in SDAX and the shares of H+R AG and VTG AG will leave the index.
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Source: Deutsche Börse
EM capital flight a boon for UK mid-caps, a bane for Japan large-caps
March 4, 2014--Summary
Mid-cap equities are shaking off new macro concerns. Following last year's Fed taper talk, this year's capital flight from EM into DM safe havens has reinforced momentum in domestic-focused equity themes.
Underpinned by upbeat growth expectations at home and macro uncertainties abroad, UK- focused growth stories retain their appeal. The FTSE 250 looks set to benefit in this backdrop.
The end of cheap credit and resulting macro risks in debt-fuelled EM economies is unraveling. DM currencies are appreciating, pressuring sentiment in export geared large-cap equity markets.
As sterling's appreciation is dampening the near term outlook for FTSE 100, the yen's sharp rally is reversing bullish sentiment in the TOPIX.
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Source: Boost
Boerse Stuttgart generates turnover of more than EUR 8 billion in February
Growth in debt instrument trading/Transaction volume up in comparison with February 2013
March 3, 2014--According to its order book statistics, Boerse Stuttgart generated turnover of more than EUR 8 billion in February 2014. Although the trading volume was down in comparison with January, when trading was particularly strong, it was up more than 4 percent on February 2013.
Securitised derivatives accounted for the largest share of the turnover. In this asset class, the trading volume was more than EUR 3.3 billion in February. Leverage and investment products each accounted for just under EUR 1.7 billion of the turnover.
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Source: Boerse Stuttgart
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