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The Joint Committee has published its Draft Regulatory Technical Standards
July 29, 2013--EBA, EIOPA and ESMA publish Regulatory Technical Standards (RTS) on the consistent application of calculation methods under the Financial Conglomerates Directive
view the •Draft Regulatory Technical Standards JC 2013/01
Source: ESMA
BNP Paribas: Asset managers are the good guys
July 28, 2013--Christian Dargnat, the newly appointed president of the European fund association, Efama, has the look of a man with the weight of the world on his shoulders.
Despite our interview taking place in sunny Monaco – not more than a short walk from Monte Carlo bay – the 47-year-old, who also doubles as chief executive of BNP Paribas Asset Management, cuts a rather forlorn-looking figure.
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Source: FT.com
Standard & Poor's European Economic Update: Different Regions, Different Issues: Growth Is Up In The U.S. As China Slows And Europe Remains Stalled
July 26, 2013--Overview:
The Federal Reserve's announced shift in U.S. monetary policy toward a tapering off of monetary stimulus hinges on a brighter economic outlook, but e're expecting conflicting growth signals in coming quarters.
Meanwhile, China is transitioning from an investment-led growth model to a consumer-led model, while
economic authorities try to rein in fast credit growth.
Europe is still stuck in recession, the longest in 40 years according to aggregate data, which is impairing investment and employment that are critical to potential growth.
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Source: Standard & Poor's
Deutsche Boerse AG publishes results for Q2/2013
Net revenue of €497.1 million/Operating costs of €234.1 million after adjustments/Adjusted earnings per share of €0.97
July 25, 2013--Deutsche Börse AG published its figures for the second quarter of 2013 on Thursday. The Group generated net revenue of €97.1 million, up 3 per cent on the first quarter of 2013.
The increase is attributable to a slight improvement in the business environment. However, net revenue was down slightly on the prior-year quarter (Q2/2012: €506.7 million) in light of the ongoing difficult capital market environment. The Group’s operating costs amounted to €234.1 million, adjusted for special items (Q2/2012: €224.0 million).
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Source: Deutsche Börse
IMF-Euro Area Policies: Selected Issues Paper
July 25, 2013--FRAGMENTATION, THE MONETARY TRANSMISSION
MECHANISM, AND MONETARY POLICY IN THE EURO AREA1
The European Central Bank (ECB) has taken a range of actions to address bank funding problems, eliminate excessive risk in sovereign markets, and safeguard monetary transmission. As a result, the
situation across the euro area financial system has improved since the summer of 2012.
But the degree of fragmentation remains high, with retail interest rates in stressed markets far above those
in the core. This has impeded the flow of credit and undermined the transmission of monetary
policy. Analysis presented here indicates that the credit channel has been broken during the crisis,
particularly in stressed markets, and that small and medium-sized Enterprises (SMEs) in hard-hit economies appear to be most affected. Given these stresses, the ECB can undertake additional targeted policy measures, including through various forms of term funding, looser collateral policies, and direct asset purchases.
view the IMF Euro Area Policies: Selected Issues Paper
Source: IMF
STOXX expands Global 3D Printing Index Family with launch of pure play index
July 24, 2013--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today introduced the STOXX Global 3D Printing Pure Play Index, which tracks "pure play" companies that are highly involved in the 3D printing sector.
“The STOXX Global 3D Printing Pure Play Index provides market participants with a transparent and rules-based barometer of leading stocks in the flourishing 3D printing sector,” said Hartmut Graf, chief executive officer, STOXX Limited. “The new index focuses solely on pure play or highly involved companies in the 3D printing business, making it truly representative of this expanding market.”
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Source: STOXX
DB-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review
July 24, 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.
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Source: Deutsche Bank -Synthetic Equity & Index Strategy -Europe
Ensuring Markets Work Well For Consumers And For Firms
UK's Financial Conduct Authority Publishes Guidance On Its Approach To Objectives
July 24, 2013--Publishing the latest guidance on how the FCA intended to deliver its statutory responsibilities, The FCA Approach To Advancing Its Objectives, Martin Wheatley focused on the objective to promote effective competition in consumers' interests.
He said markets that work well offer consumers the best chance to get the products they need at the right terms. This will also benefit those firms that place consumers at the heart of their business.
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Source: FCA.org.uk
Addressing Remuneration Requirements for the EU Fund Management Industry
July 24, 2013--Increasing regulation of remuneration is being introduced across the European Union, including the possibility of limits on the amounts of bonuses that may be paid by certain firms.
Recent European Union ("EU") legislation, including the Capital Requirements Directive and Regulation (together, "CRD IV"), proposed amendments to the EU Directive for Undertakings in Collective Investment in Transferable Securities ("UCITS") and provisions in the EU's Alternative Investment Fund Managers Directive ("AIFMD") all impose remuneration requirements on applicable institutions. The implications are significant and wide-ranging, and we summarise these below, together with some of the practical implications for alternative investment fund managers ("AIFMs") of alternative investment funds ("AIFs") and for UCITS management companies
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Source: K&L Gates
Rewiring Europe's ETP Industry
July 23, 2013--European exchange-traded products are being delisted at a record rate as the region battles with fragmented liquidity and high running costs.
During the first half of this year, 231 ETPs were delisted from European exchanges compared with 189 for the whole of 2012, according to data from consultancy ETFGI.
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Source: Wall Street Journal
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