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IMF Working paper-Fiscal Consolidation in the Euro Area: How Much Can Structural Reforms Ease the Pain?
October 16, 2013--Summary: The IMF's Global Integrated Monetary and Fiscal model (GIMF) is used to examine the scope for structural reforms in the euro area to offset the negative impact of fiscal consolidation required to put public debt back on a sustainable path.
The results suggest that structural reforms in core countries could quite reasonably be expected to offset the near term negative impact on activity arising from the required fiscal consolidation that uses a plausible mix of instruments to achieve the permanent improvement in the deficit. However, for the periphery, where the required consolidation is roughly twice as large as that required in the core, the results suggest that it would take several years before structural reforms could return the level of output back to its pre-consolidation path.
Euro area annual inflation down to 1.1%
October 16, 2013--Euro area(1) annual inflation was 1.1% in September 2013(2), down from 1.3% in August. A year earlier the rate was 2.6%. Monthly inflation was 0.5% in September 2013.
European Union3 annual inflation was 1.3% in September 2013, down from 1.5% in August. A year earlier the rate was 2.7%. Monthly inflation was 0.4% in September 2013.
These figures come from Eurostat, the statistical office of the European Union.
In September 2013, the lowest annual rates were observed in Bulgaria (-1.3%), Greece (-1.0%) and Latvia.
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Source: Eurostat
BATS Chi-x Europe Launches Suite Of Pan-European Trade Reporting Services "BXTR"
BXTR Provides a Transparent, Low-Cost Pan-European Service For On-and Off-Exchange Trade Reporting
October 16, 2013--BATS Chi-X Europe, a pan-European Recognised Investment Exchange, today announced the rollout of BXTR, a suite of on-and-off Exchange Trade Reporting Services, which offers the pan-European trading community a comprehensive solution to report trades with the option to centrally clear and multi-laterally settle their off order book trades.
Mark Hemsley, CEO of BATS Chi-X Europe, said: "As the industry looks ahead to the implementation of new reporting requirements with MiFID II, we see pan-European reporting services as a natural extension of our business. With BXTR we now offer one-stop, full-service trade reporting solutions, which will enable our customers to lower their costs and improve efficiencies in several areas, including settlement netting of trades that are off book."
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Source: BATS Chi-X Europe
DB-Synthetic Equity & Index Strategy-ETF Research - European Weekly ETF Market Review
October 16, 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 our monthly report, issued in the first week following the end of each month.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Europe
Banks cut holdings in Markit
October 16, 2013--Goldman Sachs, JP Morgan, Royal Bank of Scotland and Commerzbank were among the biggest selling stakeholders in London-based financial data provider Markit over the past year.
Though the total number of Markit shares in issue increased over the past year, by 1.75 million, the number of shares held by investment banks decreased, according to Companies House filings this week. The proportion of shares held by banks fell from 71% to 51%, according to the filing dated 11 June 2013. Markit last disclosed its full shareholder list on May 21, 2012.
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Source: Financial News
Dutch, French regulators vie for control of Euronext-sources
October 15, 2013--With IntercontinentalExchange's more than $10 billion (6.2 billion pounds) takeover of NYSE Euronext expected to close early next month,regulators in the Netherlands and France are scrambling to prevent Euronext from once more falling into foreign hands, according to several sources familiar with the situation.
ICE had committed to spinning off Euronext, the operator of stock exchanges in Paris, Amsterdam, Lisbon and Brussels, to secure regulatory approval for the NYSE Euronext deal. But some rivals have expressed an interest in buying the pan-European exchange operator instead.
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Source: Reuters
Boost-Trade Idea of the Week
Looming fiscal cliff, broken safe havens. Here is why to hedge.
October 15, 2013--Summary
Extending the debt ceiling deadline by weeks does not remove uncertainty and keeps the hedge trade alive. A prolonged political dysfunction in the US could portent a diminishing risk appetite, undermining equities
Ahead of 17 October's debt ceiling deadline, the path of equities may be volatile and directionless. Q3 earnings may give an excuse to sell rather than a reason to buy equities
Sentiment on safe haven asset classes has soured. Redemptions from ETFs and money market funds holding US Treasuries could gain momentum and keep yields elevated
Until the US Treasury actually defaults, any budget deal struck in congress is likely to be disinflationary, preventing gold from gaining traction. Weakness of gold may persist
Investors who share this view may consider hedging their long equity positions and shorting precious metals through Boost's short ETPs
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Source: Boost
Legal & General considers moving into ETFs
October 14, 2013--Legal & General is reviewing a move into the $2 trillion exchange-traded fund sector, which would bring the UK insurer into a competitive market dominated by BlackRock's iShares.
Nick Hodges, head of index fund distribution at Legal & General Investment Management, confirmed the initiative, saying: "Developments in the retail market have encouraged our review."
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Source: Financial News
Northern Trust beefs up depositary services
October 14, 2013--Northern Trust has expanded its depositary services in a bid to help fund managers meet new Alternative Investment Fund Managers Directive (AIFMD) requirements. The firm will now offer depositary services across multiple fund types, asset classes, fund locations and investment strategies in the United Kingdom and The Netherlands, in addition to its existing services in Ireland, Luxembourg and the Channel Islands.
Five new senior positions have been created with John Cargill named as head of depositary services, EMEA, where he is responsible for managing a team of specialists located across Northern Trust's European offices.
"We are pleased to expand our depositary services capabilities to all our fund manager clients across Europe," says Toby Glaysher, head of Global Fund Services. "Our AIFMD pan-European depositary capabilities are designed to provide the best in class services for our clients-enabling them to comply and take full advantage of the new regulatory landscape."
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Source: FTSE Global Markets
Borsa Italiana: ETF Stat: September 2013
October 14, 2013--The ETF Stat Report September 2013 of the Borsa Italiana is now available.
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Source: Borsa Italiana
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