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Basel Committee consults on derivatives-related reforms to capital adequacy framework
June 28, 2013--The Basel Committee today released two consultative papers on the treatment of derivatives-related transactions under the capital adequacy framework.
The non-internal model method for capitalising counterparty credit risk exposures outlines a proposal to improve the methodology for assessing the counterparty credit risk associated with derivative transactions. The proposal would, when finalised, replace the capital framework's existing methods - the Current Exposure Method (CEM) and the Standardised Method. It improves on the risk sensitivity of the CEM by differentiating between margined and unmargined trades. The proposed non-internal model method updates supervisory factors to reflect the level of volatilities observed over the recent stress period and provides a more meaningful recognition of netting benefits. At the same time, the proposed method is suitable for a wide variety of derivatives transactions, reduces the scope for discretion by banks and avoids undue complexity.
Citywire db X-trackers Emerging Markets Sentiment Indicator soll Hinweise auf zukunftige Kapitalflusse geben
June 27, 2013--Deutsche Asset & Wealth Management und Citywire stellen den ,,Citywire db X-trackers Emerging Markets Sentiment Indicator" (EMSI) vor. Er wird unabhängig von Citywire ermittelt,
Deutsche Asset & Wealth Management ist Sponsor des Indikators. Der ,,Citywire db X-trackers Emerging Markets Sentiment Indicator" beabsichtigt ein vorausschauender Indikator
für potentielle Kapitalflüsse in dem Segment Emerging Markets zu sein.
Es ist der erste Gradmesser dieser Art in Europa und bildet die Einschätzung von professionellen
Fondsmanagern ab, wie sie einzelne Schwellenländer und die Anlageklasse Emerging Markets insgesamt bewerten.
Er basiert auf den Ergebnissen einer von Citywire in jedem Quartal unabhängig durchgeführten Umfrage bei
101 professionellen Fondsmanagern mit Schwerpunkt Schwellenländer, die gemeinsam rund 200 Milliarden Euro verwalten.
GAM Holding plans to launch physically backed base metals ETFs
June 27, 2013--Switzerland's largest listed asset manager GAM Holding said on Thursday it will launch exchange-traded funds (ETF) for industrial metals, backed by physical aluminium, copper, nickel and zinc.
Swiss and Global, a fund manager for bank Julius Baer and part of GAM Holding, said the funds would store the four metals in warehouses registered with the London Metals Exchange (LME) in Europe, Asia and the United States.
June 2013: Economic sentiment improves markedly in both the euro area and the EU
June 27, 2013--In June the Economic Sentiment Indicator (ESI) improved markedly, continuing last month's increase.
Sentiment increased by 1.8 points in both the euro area (to 91.3) and the EU (to 92.6).
Swiss & Global Expands in Industrial Metals Funds With Trafigura
June 27, 2013--Swiss & Global Asset Management AG, manager of precious metals exchange-traded products, is expanding into physical industrial metals supplied by Trafigura Beheer BV.
The JB Industrial Metals Funds will hold aluminum, copper, nickel and zinc, according to a company statement e-mailed today. They will start this year, according to Stephan Mueller, product developer of the industrial and precious metals funds. Trafigura will sell the metal, stored by its NEMS unit, a warehouse company approved by the London Metal Exchange, he said by phone today from Zurich.
DB-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review
June 27, 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. For more detailed coverage please refer to the monthly report, issued in the first week following the end of each month.
Council sets out its position on transparency rules for investment products
June 26, 2013--The Permanent Representatives Committee agreed today, on behalf of the Council, its
position on a draft regulation aimed at improving market transparency for retail investors (11430/13).
It called on the presidency to start negotiations with the European Parliament with the aim of adopting the regulation at first reading.
The proposal forms part of a legislative package dedicated to strengthening consumer trust in financial markets. It sets out to ensure that retail investors always receive the information they need to take informed decisions.
Eurex Clearing launches next-generation risk management system
New portfolio-based risk system strengthens market safety and efficiency/ Initial coverage of equity derivatives and equity index derivatives
June 26, 2013--Eurex Clearing, Europe's leading clearing house, has launched its next-generation risk management system, Eurex Clearing Prisma, into production.
Eurex Clearing Prisma applies a portfolio methodology compared to traditional product-by-product based margining approaches. In a stepwise approach, the new system will be rolled out for all products cleared by Eurex Clearing and replace the current Risk Based Margining methodology.
IMF Working paper-Macro-Financial Implications of Corporate (De)Leveraging in the Euro Area Periphery
June 26, 2013--Summary: High corporate indebtedness can pose an important threat to the adjustment processes in some of the Euro area periphery countries, through its drag on investment as well as the possible migration of private sector losses to the sovereign balance sheet.
This paper examines the macroeconomic implications of corporate debt overhang in recent years, confirming empirical evidence in the literature on the relationship between a firm’s balance sheet position and its investment choices, especially beyond certain threshold levels. Building on an event study of past crisis experiences with corporate deleveraging, it also discusses the expected macro-financial impact of the ongoing deleveraging processes in these countries, presenting available policy options to facilitate an orderly balance-sheet adjustment and support a return to productivity and growth.
Basel Committee concludes assessment of Basel III capital regulations in Switzerland
June 25, 2013--The Basel Committee on Banking Supervision has today published a report assessing the regulations that implement the Basel capital framework in Switzerland.
The assessment team evaluated compliance of Switzerland's domestic capital rules vis-à-vis international Basel capital standards through its Regulatory Consistency Assessment Programme (RCAP). The team held technical discussions with senior officials and staff of the Swiss Financial Market Supervisory Authority (FINMA), and met with senior representatives from banks and regulatory audit firms based in Switzerland.
