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Shadow Banking-Addressing New Sources of Risk in the Financial Sector- European Commission
September 3, 2013--Introduction
Since the financial crisis began in 2007/2008, the European Commission has undertaken the biggest reform of financial services ever seen in Europe. The aim is to restore sustainable
health and stability to this sector by addressing the shortcomings and weaknesses highlighted by the crisis.
The Commission's approach consists of tackling all financial risks, globally and comprehensively, and ensuring that the benefits achieved by strengthening certain actors and,markets are not diminished by financial risks moving to less highly regulated sectors. Such
regulatory arbitrage would greatly undermine the impact of the reforms.
The Commission has therefore published a Green Paper on shadow banking in March 20121, with a view to gathering input on how best to tackle risks stemming from credit intermediation that involves entities and activities outside the regular banking system.
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Source: European Commission
Mark Walsh to join Credit Suisse EMEA leveraged finance & sponsors group
September 3, 2013--Mark Walsh will join Credit Suisse in November as a managing director in the EMEA leveraged finance and sponsors group, focusing on the corporate leveraged finance sector, according to sources.
He will report to Mathew Cestar and Didier Denat as co-heads of that group.
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Source: Leveragedloan.com
db x-trackers launches USD-hedged version of MSCI Japan Index UCITS ETF
September 3, 2013--A share class tracking the US dollar-hedged version of the db x-trackers MSCI Japan Index UCITS ETF is now available on the London Stock Exchange, helping to meet demand for hedged exposure to Japanese stocks.
The launch complements sterling and euro-hedged MSCI Japan exposures already available, which have been popular investments this year on the back of a rising Japanese stock market and weakening yen.
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Source: Welth Adviser
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
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