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IMF Working paper-Macro-Financial Implications of Corporate (De)Leveraging in the Euro Area Periphery
June 26, 2013--Summary: High corporate indebtedness can pose an important threat to the adjustment processes in some of the Euro area periphery countries, through its drag on investment as well as the possible migration of private sector losses to the sovereign balance sheet.
This paper examines the macroeconomic implications of corporate debt overhang in recent years, confirming empirical evidence in the literature on the relationship between a firm’s balance sheet position and its investment choices, especially beyond certain threshold levels. Building on an event study of past crisis experiences with corporate deleveraging, it also discusses the expected macro-financial impact of the ongoing deleveraging processes in these countries, presenting available policy options to facilitate an orderly balance-sheet adjustment and support a return to productivity and growth.
view IMF Working paper-Macro-Financial Implications of Corporate (De)Leveraging in the Euro Area Periphery
Source: IMF
Basel Committee concludes assessment of Basel III capital regulations in Switzerland
June 25, 2013--The Basel Committee on Banking Supervision has today published a report assessing the regulations that implement the Basel capital framework in Switzerland.
The assessment team evaluated compliance of Switzerland's domestic capital rules vis-à-vis international Basel capital standards through its Regulatory Consistency Assessment Programme (RCAP). The team held technical discussions with senior officials and staff of the Swiss Financial Market Supervisory Authority (FINMA), and met with senior representatives from banks and regulatory audit firms based in Switzerland.
NYSE Euronext announces a new ETF on European markets
June 25, 2013--NYSE Euronext is pleased to announce that Lyxor has listed one new ETF on NYSE Euronext Paris on
25 June, 2013:
ETF Symbol: ES13
Listing date: 25/06/2013
ETF Trading name: LYXETF MTS SPA1-3
Underlying index: MTS Spain Government (1-3yr)
TER: 0.165%
NYSE Euronext now has 671 listings of 582 ETFs listed on its European markets.
Source: NYSE Euronext
ESA Board of Appeal publishes its first decision
June 24, 2013--The joint Board of Appeal of the European Supervisory Authorities (EBA, ESMA and EIOPA) has published today its decision in an appeal brought by an Estonian company against a decision of the EBA.
It concerned the question whether the suitability of the managers of a significant branch of a bank may be a matter within EU law, and not just national law. Allowing the appeal, the Board of Appeal interpreted Directive No. 2006/48/EC consistently with the EBA Guidelines on the assessment of the suitability of members of the management body and key function holders. It came to the conclusion that the “fit and proper” requirement is not restricted to the persons who direct the business of the credit institution. The matter therefore was within the EBA’s powers of investigation.
Although the appellant criticised the way in which the EBA dealt with its complaint, the Board of Appeal made it clear that it did not accept that criticism. It considered that the EBA dealt with the complaint in an appropriate manner.
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Source: ESMA
Deutsche Borse launches new brand architecture for its global IT offering
Introducing "7 Market Technology"/ T7 for trading and C7 for clearing systems/ Proven infrastructure technology available for licensing worldwide
June 24, 2013--Deutsche Börse Group launches a new brand architecture for its global IT offering. The "7 Market Technology" series branding scheme supports the Group's integrated business model and underscores the strategic IT objective to build and operate premium, innovative infrastructure.
"Licensing of our innovative infrastructure technology is one key element of our corporate growth strategy. With this new branding scheme, our IT expertise is reflected in a unique brand proposition. Deutsche Börse IT offers high-quality services throughout all phases of value creation and can contribute to the enhancement of our partners' local market infrastructure," said Hauke Stars, member of the Deutsche Börse AG Executive Board, responsible for IT and Market Data + Services.
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Source: Deutsche Börse
STOXX Global 3D Printing Tradable Index licensed to Unicredit Bank AG
June 24, 2013--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced that the recently launched STOXX Global 3D Printing Tradable Index has been licensed to HypoVereinsbank onemarkets (UniCredit Bank AG) to serve as the basis of an index certificate.
“The STOXX Global 3D Printing Tradable Index is an ideal tool for market participants who wish to participate from the performance of the booming 3D sector, while relying on the transparent and rules-based STOXX index methodology,” said Hartmut Graf, chief executive officer, STOXX Limited. “The index was specifically designed to underlie financial products such as index certificates, which was achieved by adding several screens to its methodology.”
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Source: STOXX
Markets settle but lira still weak after Fed jolt
June 21, 2013--Turkish and global markets settled down on Friday after the turbulence caused by US Federal Reserve Chairman Ben Bernanke's admission that the central bank may be done with its monetary stimulus next year.
Turkey's local currency was, however, not exempt from a lingering pressure and maintained its weak position against the US dollar on the week's final trading day.Shares traded on the Bourse İstanbul (BIST) gained slightly by around 1 percent at 73,647 points while the lira remained at 1.93 level against US dollar. The Turkish central bank's seventh foreign exchange sale in two days was not enough to take the heat off US dollar. The greenback remained overvalued against the lira.On Thursday, the Turkish lira plunged to a historic low against the US dollar. The Turkish central bank had to step in amidst an overvalued US dollar against the local currency with six consecutive forex sales on Thursday. The forex sales were valued at $350 million. Friday saw another $50 million forex sale.On Friday, the two-year benchmark bond yield rose to 8.05 percent from 7.52 late on Thursday, the highest since Oct. 18.
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Source: Today's Zaman
Fed roils lira, markets as CB scrambles to repel pressure
June 20, 2013--The Turkish lira plunged to historic lows and markets roiled on Thursday after the US Federal Reserve laid out a timetable for turning off the taps on its $85 billion-a-month bond-buying program.
The Fed's explicit signal it will stop pumping money into the world economy and data showing China’s economy slowing down swept financial markets on Thursday, sinking bonds, shares and commodities alike.Emerging markets, many of which have been primed by easy Fed money, saw some of the biggest selling as investors rushed to the exit. The lira weakened to as to much as 1.93 against the dollar on Thursday although it was firm on Wednesday after the central bank announced it was not holding a repo auction. The Turkish central bank had to step in amidst an overvalued US dollar against the local currency on Thursday.
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Source: Today's Zaman
Flash consumer confidence indicator for EU and euro area
June 20, 2013--In June 2013, the DG ECFIN flash estimate of the consumer confidence indicator improved markedly in both the euro area (-18.8 after -21.9 in May 2013) and the EU (-17.5 after -20.2 in May 2013).
NOTE: The improvements are partly driven by a significant increase in Italian data. Given a change in the sampling approach as from this month, there might be a break in the Italian series.
May 2013: Economic sentiment picks up in both the euro area and the EU
In May the Economic Sentiment Indicator (ESI) picked up again. The indicator's recovery starting in autumn last year had been interrupted by flat developments in March and deteriorations in April. May brought increases of 0.8 points in the euro area (to 89.4) and 1.1 points in the EU (to 90.8).
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Source: European Commission
European regulators seek to 'future-proof' ETF products
June 20, 2013--The European exchange-traded fund market has faced an onslaught of regulatory guidelines and consultations over the past two years.
The European Commission is now looking to create regulation that can keep pace with the future innovation of the market.
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Source: Financial News
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