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Study: TARGET2-Securities has potential to reduce capital shortfall under Basel III rules by EUR 33 bn
T2S has potential to offer European banks 11 percent in capital savings of the OECD's projected EUR 295 bn capital shortfall in the Eurozone/ Reduced custody risk and enhanced collateral mobility materialize as additional T2S benefits/ Capital efficiency provides another good reason to start early
September 3, 2013--TARGET2-Securities (T2S) could help banks address 11 percent, or EUR 33 bn,
of the EUR 295 bn capital shortfall in the Eurozone estimated by the Organisation of Economic Co-operation and Development (OECD) as required to meet Basel III capital adequacy requirements rules designed to make banks safer.
These capital savings would be via reduced liquidity consumption, according to a study undertaken by Clearstream and PricewaterhouseCoopers (PwC) that has now been released. Additional T2S benefits identified are reduced risk in the custody chain and enhanced collateral mobility to meet other new regulatory requirements designed to make the financial services sector more robust. These benefits would be on top of the efficiency gains and cost savings associated with lower settlement fees and harmonised post-trade processes already expected from the introduction of T2S.
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Source: Clearstream
September 3, 2013--The European Securities and Market Authority (ESMA) has published its advice to the European Commission on the equivalence of the regulatory regimes for OTC derivatives clearing, central counterparties (CCPs), and trade repositories (TR) of non-EU countries with the European Markets Infrastructure Regulation (EMIR).
ESMA has assessed the equivalence of the regulatory regimes of Australia (Ref. 2013/1159), Hong Kong (Ref. 2013/1160), Japan (Ref. 2013/1158), Singapore (Ref. 2013/1161), Switzerland (Ref. 2013/1162) and the US (Ref. 2013/1157). The third-country rules were compared with EMIR requirements for central clearing, reporting, CCPs, TRs and non-financial counterparties as well as risk mitigation techniques for uncleared trades.
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Source: ESMA
Europe's emerging economies back on track
September 3, 2013--Central and eastern European countries have escaped most of the turmoil that has recently lashed emerging economies as they have been shielded by the recovery in the neighbouring eurozone.
"A number of equity markets in Emerging Europe--Poland's in particular--have proved relatively resilient during the recent emerging market sell-off," Capital Economics said in its August report.
"We think they may continue to outperform equities in other emerging market regions, even when prices begin to recover again."
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Source: EUbusiness
Former Lyxor UK head joins Deutsche Bank
September 2, 2013--Lyxor's former head of institutional exchange-traded fund sales for the UK and Ireland, Netherlands and Nordics is joining Deutsche Bank, Financial News has learnt.
The move comes just months after another former Lyxor senior executive joined the German bank.
Claus Hein will start at Deutsche Bank tomorrow in a new role as head of synthetic distribution for the UK, according to the bank.
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Source: Financila News
Societe Generale details new management structure
September 2, 2013-- France's third-largest listed bank by assets Societe Generale Monday said its restructuring plan announced in February in a bid to cut costs and boost revenue is now operating.
MAIN FACTS:
The bank's new organization now comprises three divisions: the French Retail Banking division, a new international retail banking, financial services and insurance division and a new corporate & investment banking, private banking, asset management and securities services division.
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Source: MarketWatch
Turnover at Deutsche Boerse's cash markets at 84.6 billion euros in August
September 2, 2013--Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at €84.6 billion in August (August 2012:€86.6 billion).
Of the €84.6 billion, €76.8 billion were attributable to Xetra (August 2012: €79.4 billion). €4.0 billion were attributable to the Frankfurt Stock Exchange (August 2012: €4.4 billion). Order book turnover on Tradegate Exchange* totalled approximately €3.7 billion in August (August 2012: €2.7 billion).
In equities, turnover reached €74.0 billion on Deutsche Börse's cash markets (Xetra: €68.6 billion, Frankfurt Stock Exchange: €2.0 billion, Tradegate Exchange: €3.4 billion). Turnover in bonds was €0.9 billion, and in structured products €1.2 billion. Order book turnover in ETFs/ETCs/ETNs amounted to €8.3 billion.
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Source: Deutsche Börse
Allianz fund arm cuts 150 staff in strategic overhaul
September 1, 2013--Allianz Global Investors has reduced its staff by 150 after launching a strategic overhaul to streamline its business and win new assets. The reduction brings headcount to 1,650 employees.
The German fund house said it had decided to outsource a greater number of IT, middle and back-office roles. In some cases non-investment focused staff have relocated in Allianz Group, a spokesperson for the company said.
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Source: FT.com
JPMorgan axes nine more funds in Europe
August 30, 2013--JPMorgan Asset Management cut another nine of its funds in Europe today, taking its toll for the year to 25.
The US manager also plans to axe a further eight as yet unnamed funds within the next two months.
Shareholders in the nine funds were informed of the closures this morning.
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Source: FT.com
Eurostat-Flash estimate-August 2013-Euro area annual inflation down to 1.3%
August 30, 2013--Euro area1 annual inflation2 is expected to be 1.3% in August 2013, down from 1.6% in July3, according to a flash estimate4 from Eurostat, the statistical office of the European Union.
Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in August (3.3%, compared with 3.5% in July), followed by services (1.5%, compared with 1.4% in July), non-energy industrial goods (0.3%, compared with 0.4% in July), and energy (-0.4%, compared with 1.6% in July).
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Source: EUROPA
State Street research reveals appetite for UK securities
August 29, 2013--New research from SPDR ETFs, the exchange traded funds platform of State Street Global Advisors, reveals over two thirds (69.7%) of IFAs have a positive outlook on the UK economy, and just 2.4% have a negative view.
Out of the 166 independent financial advisors polled, 40% are planning to increase their clients' exposure to UK securities over the next six months, compared to only 2.5% who intend to reduce it.
In recent weeks, there has been positive news on the UK economy including growth in GDP, increasing business and consumer confidence and improving employment figures," says Eleanor Hope-Bell, head of UK SPDR ETFs. "Given this, plus the fact that investors are feeling increasingly positive towards UK PLC, we are not surprised we have seen inflows into our UK focused ETFs."
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Source: FTSE Global Markets
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