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S&P downgrades EU debt, Commission hits back
December 22, 2013--The Standard and Poor's ratings agency downgraded the European Union's credit-worthiness by one notch on Friday, blaming threats to cohesion including Britain's role in curtailing budgets and holding a membership referendum.
But Brussels angrily slapped down the agency's decision to slash its long-term debt rating from "AAA" to "AA+", saying the grounds cited were "questionable', S&P made the announcement just as the EU leaders were holding a summit marking a big political step forward with an agreement on a banking union intended eventually to ring-fence failing banks from bringing down an entire economy as happened in Ireland.
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Source: EUbusiness
Probes See U.K. Market Manipulation Reports Rise 43%
December 22, 2013--Reports of suspected market manipulation soared by 43 percent this year as the U.K. financial regulator investigated the rigging of multiple benchmark rates.
The Financial Conduct Authority received 117 reports of suspected "distortion and manipulation" of markets in the 12 months to August, compared with 82 in 2012, according to Bovill Ltd, a financial services consultant in London.
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Source: Bloomberg
ESMA has published a Consultation paper on Revision of the provisions on diversification of collateral in ESMA's guidelines on ETFs and other UCITS issues
December 20, 2013--ESMA has published the Consultation paper on Revision of the provisions on diversification of collateral in ESMA's guidelines on ETFs and other UCITS issues.
view the Consultation paper on Revision of the provisions on diversification of collateral in ESMA's guidelines on ETFs and other UCITS issues
Source: ESMA
ESMA clarifies reporting of on-exchange derivatives under EMIR
December 20, 2013--ESMA clarifies reporting of on-exchange derivatives under EMIR The European Securities and Markets Authority (ESMA) has issued today updated Question & Answers (Q&As) on the implementation of the European Markets Infrastructure Regulation (EMIR). These updated Q&As clarify, for example, how exchange-traded derivatives (ETDs) should be reported to trade repositories (TRs). From 12 February 2014, EMIR requires all EU counterparties to a derivative contract to report their trades to a TR, irrespective of whether these are traded on or off exchange. Reporting derivative contracts enables regulators to identify and analyse potential risks associated with derivative markets.
ESMA's Q&As aim to provide guidance to market participants, clarify which firms have to report their ETD contracts to TRs and what information needs to be included in order to ensure consistent data across the EU.
Q&As clarify firms covered, scope and content of reporting
Derivatives traded on EU trading venues are covered by reporting rules under both EMIR and the Markets in Financial Instruments Directive (MiFID). MiFID covers the actual trading of derivatives, whereas EMIR is about post-trading arrangements. ESMA’s Q&As are aimed at clarifying counterparties’ reporting requirements and at fostering consistency by avoiding reporting conflicts between the two regimes.
According to the legal definitions included in EMIR, any EU counterparty which has concluded a derivative contract is covered by EMIR's reporting obligation. At the same time, conclusion of derivative contracts should be understood as execution of a transaction under MiFID.
EBA publishes Reports on Liquidity
December 20, 2013--The European Banking Authority (EBA) published today two Reports on liquidity, namely (i) on the impact assessment for liquidity coverage requirements and (ii) on appropriate uniform definitions of extremely high quality liquid assets (extremely HQLA) and high quality liquid assets (HQLA) and on operational requirements for liquid assets. These two reports provide the European Commission with specific recommendations for the purpose of its forthcoming delegated act.
Report on impact assessment for liquidity measures
This Report combines an empirical analysis of liquidity data provided by 357 European banks on a voluntary basis,covering about 2/3 of total banking assets in the EU,case studies as well as a literature review on this topic.
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Source: EBA (European Banking Authority)
IMF Country Report -Turkey Selected Issues Paper
December 20, 2013--LOOKING AT CAPITAL FLOWS THROUGH THE EXCHANGE MARKET PRESSURE PRISM
Ever since recovering from the financial crisis of 2001, Turkey has been subjected to volatile capital flows, prompting its central bank (CBRT) to resort to a series of experiments where a set of various-not very traditional-tools has been employed in attempts to fend off too strong of inflows while dumping intensity of outflows.
In this paper an Exchange Market Pressure (EMP) index is used to evaluate the forces
behind these inflows. The idea is to see if they are different from what one observes for other
emerging markets and to see if the results change a cross time in response to changes in the CBRT's
framework
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Source: IMF
EBA publishes final draft technical standards on market risk and CVA risk
December 20, 2013--The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) on the definition of market and its final draft RTS on Credit Valuation Adjustment risk (CVA risk).
The latter is supplemented by an Opinion on CVA risk which further elaborates on the approach taken by the EBA in determining a proxy spread. The standards will be part of the Single Rulebook aimed at enhancing regulatory harmonisation in the banking sector in the European Union (EU).
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Source: EBA (European Banking Authority)
UPDATE 3-Regulators to soften rules to help revive securitisation
Basel scales back capital requirement by a third
Banks say tweak not enough to kick start market
EU insurance watchdog cuts capital charge on top rated debt
December 19, 2013--Global and European regulators have softened proposed new rules for securitisation in an attempt to kick-start a financing tool tarnished by the financial crisis.
Central bankers and policymakers view securitization, or packaging loans into bonds, as an important source of funding for the wider economy.
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Source: Reuters
DB-Synthetic Equity & Index Strategy-ETF Research - European Weekly ETF Market Review
December 18, 2013--The most recent issue of the European Weekly ETF Market Review is now available.
The report includes key statistics on the European ETF market as well as global ETF market highlights.
request report
Source: Deutsche Bank-Synthetic Equity & Index Strategy- Europe
OMX Helsinki 25 Exchange Traded Fund Receives Refunds of Swedish Withholding Taxes
December 18, 2013--Seligson & Co OMX Helsinki 25 Exchange Traded Fund invests in the companies included in the OMX Helsinki 25 equity index. Two of the companies that have been and still are included in the index, Nordea and TeliaSonera, are domiciled in Sweden. Tax has been withheld in Sweden on the dividend payments of these two companies.
Due to a change in legislation, Finnish mutual funds shall be refunded the withholding taxes on dividends which have been withheld in Sweden against the EU law.
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Source: Seligson & Co Rahastoyhtio Oyj
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