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BNP Paribas revives "originate to distribute" for commodities
August 22, 2013--BNP Paribas is taking part of its commodity trade book off balance sheet, in a new deal called Lighthouse Trade Finance 1, reviving the "originate to distribute" business model.
It has sold a securitisation of USD131.6m of commodity transport receivables, the first in a planned series of deals from the bank's Energy and Commodities group. The deal removes the receivables from the French bank's accounting and regulatory balance sheet, which should allow it to originate more commodity trade finance than its increasingly constrained balance sheet allows.
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Source: Reuters
HM Treasury-Forecasts for the UK economy:
August 21, 2013--This edition of the comparison contains 21 new forecasts, all of which were received between August 1st and August
14th 2013.
The tables summarise the average and range of independent forecasts for 2013 and 2014 and show
the average of this month’s new forecasts.
view the Forecasts for the UK economy: a comparison of independent forecasts
Source: HM Treasury
ECB's Weidmann warns against dangers of euro exit
August 21, 2013--European Central Bank council member and Bundesbank President Jens Weidmann warned in a magazine interview on Wednesday against the dangers of a country leaving the eurozone.
"What vexes me is how recklessly people invoke such a scenario," Weidmann told the German monthly Capital in a pre-release of an interview to be published on Thursday.
An exit from the euro would have grave consequences for the countries affected, as well as for everyone else," the German central bank chief warned.
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Source: EUbusiness
DB-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review
August 21, 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.
request report
Source: Deutsche Bank -Synthetic Equity & Index Strategy -Europe
IMF Working Paper-The Driving Force behind the Boom and Bust in Construction in Europe
August 21, 2013--Summary: This paper studies the factors behind pro-cyclical but widely varying construction shares (as a percent of GDP) across countries, with a strong focus on European countries. Using a dataset covering 48 countries (including advanced and emerging economies within and outside Europe) for 1990-2011, we find that country's geography, demographics, and economic conditions are the key determinants of a norm around which actual construction shares revolve in a simple AR(1) and error-correction process.
The empirical results show that in many European countries, construction shares overshoot relative to their norms before the recent global crisis, but they have fallen significantly since the crisis. Nevertheless, there is still room for further adjustment in construction shares in some countries which may weigh on economic recovery.
view the IMF Working Paper-The Driving Force behind the Boom and Bust in Construction in Europe
Source: IMF
ESMA publishes opinion on draft Regulatory-Technical Standards on types of AIFMs
August 20, 2013--The European Securities and Markets Authority (ESMA) submitted its formal opinion to the European Commission on 13 August, in response to the letter received on 8 July, on draft regulatory technical standards under Article 4(4) of Directive 2011/61/EU.
The opinion was issued in accordance with Article 10(1) sixth subparagraph of Regulation (EU) No 1095/2010.
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Source: ESMA
Lyxor looks to innovative strategies for global growth
August 18, 2013--One of the few women to have risen to the very top of the fund industry, Lyxor's Inès de Dinechin appears unfazed by taking on the roles of chairwoman and chief executive at the $100bn French asset management house.
But multitasking is nothing new to Ms de Dinechin who has managed to combine raising four children with a long career in investment banking, spent entirely at Lyxor's parent company Société Générale.
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Source: FT.com
Eurozone escapes recession, debt crisis clouds outlook
August 15, 2013--The Eurozone, led by Germany and France, on Wednesday finally escaped an 18-month recession which tested the single currency to the limit and imperilled global growth, but the debt crisis still clouds the outlook.
The European Commission was quick to warn that tough structural reforms, including unpopular austerity policies which many argue have helped contribute to the millions of job losses, must be pursued without let-up if the recovery is to last.
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Source: EUbusiness
Flash estimate for the second quarter of 2013 Euro area and EU27 GDP both up by 0.3% -0.7% and -0.2% respectively compared with the second quarter of 2012
August 14, 2013--GDP rose by 0.3% in both the euro area1 (EA17) and the EU271 during the second quarter of 2013, compared with the previous quarter, according to flash estimates2 published by Eurostat, the statistical office of the European Union.
In the first quarter of 2013, growth rates were -0.3% and -0.1% respectively.
Compared with the same quarter of the previous year, seasonally adjusted GDP fell by 0.7% in the euro area and by 0.2% in the EU27 in the second quarter of 2013, after -1.1% and -0.7% respectively in the previous quarter.
During the second quarter of 2013, GDP in the United States grew by 0.4% compared with the previous quarter (after +0.3% in the first quarter of 2013). Compared with the same quarter of the previous year, GDP rose by 1.4% (after +1.3% in the previous quarter).
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Source: Eurostat
Iceland Exchange Gets First Exchange Traded Fund Since 2004
August 14, 2013--The Nasdaq OMX Iceland bourse will offer its first exchange traded fund since 2004 as the nation emerges from its 2008 financial collapse.
The Landsbref Equity fund will be issued by asset-manager Landsbref hf and be based on an index of the six most-traded companies, the Reykjavik-based exchange said in a statement.
"In our rebuilding of the Icelandic market we have experienced a great increase in equity trading," Magnus Hardarson, vice president at Nasdaq OMX, said in the statement. "This new issuance of an ETF will certainly support the growth potential of the equity market."
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Source: Bloomberg
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