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IMF-Ireland: Fiscal Transparency Assessment
July 16, 2013--EXECUTIVE SUMMARY
For decades Ireland maintained the traditional system of government budgeting and accounting it inherited from the UK at independence in 1922.
Until the 1990s, fiscal reports confined themselves to budgetary central government (the Exchequer), covered only cash transactions and debt, and did not follow an internationally recognized classification system. Ireland’s budget documentation focused exclusively on the year ahead, excluded
own-source revenues of departments, and provided little information about the outputs or outcomes to be delivered with public resources. Fiscal forecasts provided point estimates with little discussion of alternative scenarios or fiscal risks.
Following a series of substantial, if somewhat piecemeal, improvements, Ireland is now approaching best practice in fiscal reporting and forecasting and meets the basic requirements for fiscal risk disclosure under the IMF’s Fiscal Transparency Code (Table 0.2). Since the early 1990s, European integration and the recent financial crisis have been catalysts for significant improvements in fiscal transparency in Ireland. The Maastricht Treaty reporting requirements obliged the government to begin producing fiscal statistics that cover the general government, capture some accrual flows, and are classified according to the European System of Accounts 1995 (ESA95).
view the IMF report-Ireland: Fiscal Transparency Assessment
Source: IMF
IMF-Spain: Financial Sector Reform-Third Progress Report
July 15, 2013--Spain is undertaking a major program of financial sector reform with support
from the European Stability Mechanism (ESM). On June 25, 2012, Spain requested financial assistance from the European Financial Stability Facility (EFSF) to support the ongoing
restructuring and recapitalization of its financial sector.
The reform program aims to better capitalize Spain’s banking system and reduce uncertainty regarding the strength of its balance sheets, with a view toward improving its access to funding markets; this in
turn should help ease domestic credit conditions and thereby support economic
recovery; the capitalization drive also aims to protect taxpayers by requiring weak banks to undertake private capital-raising efforts now before undercapitalization problems
expand; and
reform the frameworks for financial sector regulation, supervision, and resolution to enhance the sector's resilience and avoid a re-accumulation of risks in the future.
view the Spain: Financial Sector Reform—Third Progress Report
Source: IMF
NYSE Euronext announces new open-end Investment Funds on European markets
July 15, 2013--NYSE Euronext is pleased to announce that Hof Hoorneman has listed a total of three new open-end Investment
Funds on NYSE Euronext's NAV trading facility on 15 July 2013.
Trading Name: HH EM Fund
ISIN: NL0010514196
Symbol:HHEMF
Trading Name:HH Obligatie Fund
ISIN: NL0010514204
Symbol:HHOF
visit etpeurope@nyx.com for more info
Source: NYSE Euronext
Settlement houses team up to streamline Europe's funding market
June 15, 2013--Two long-standing rivals Euroclear and Deutsche Boerse are to work together to help improve the supply of short-term funding for banks, an important step towards a Europe-wide capital market and to boost lending.
Brussels-based Euroclear and Deutsche Boerse's Clearstream and Eurex Clearing agreed on Monday to pool their highly-rated government bonds and similar assets to create an easily accessible supply of collateral that banks use to get short-term funding in the financial markets.
view more
Source: Reuters
FESE European Equity Market Report-June 2013 Figures Results of the June 2013 ECB survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets ESMA begins detailing central clearing of OTC derivatives
EMIR introduced provisions to improve transparency, establish common rules for central counterparties (CCPs) and for trade repositories (TRs) and to reduce the risks associated with the OTC derivatives market. It provides for the obligation to centrally clear OTC derivative contracts or to apply risk mitigation techniques such as the exchange of collateral. Steven Maijoor, ESMA Chair, said:
“Our consultation is a first important step in shaping the details of how central clearing of OTC derivatives will work in the European Union. Having these trades centrally cleared and ultimately making post-trade data available to investors will increase the robustness, transparency and stability of the financial system.”
view more AMF publishes 2013 Risk and Trend Mapping for Financial Markets and Savings
Financial institutions moved ahead with efforts to adapt to a highly uncertain economic environment.
Regarding household saving, 2012 saw net outflows from life insurance and a loss of public interest in
equity funds. view the AMF-2013 Risk and Trend Mapping for Financial Markets and Savings report France wants changes to EU financial transaction tax view more Exchange-Traded Products Based on NASDAQ OMX Commodity Indexes are Introduced "The introduction of these commodity ETPs reaffirms the success of our index construction and our rules-based, objective and transparent index methodology," said John Jacobs, NASDAQ OMX EVP and Head of NASDAQ OMX Global Indexes. "BOOST ETP has again succeeded in leveraging our indexes to quickly and efficiently develop innovative products for a wide range of investors."
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July 12, 2013--The FESE European Equity Market Report June 2013 is now available.
view report
Source: FESE
July 12, 2013--The European Central Bank (ECB) is today publishing a report on the results of the June 2013 qualitative survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets (SESFOD).
The survey is conducted four times a year, covering changes in credit terms and conditions over the three-month reference periods ending in February, May, August and November.
July 12, 2013--The European Securities and Markets Authority (ESMA) has launched a Discussion Paper to prepare the regulatory technical standards (RTS) which will implement provisions of the European Markets Infrastructure Regulation (EMIR) regarding the obligation to centrally clear OTC derivatives.
The consultation is aimed at assisting ESMA in developing its approach to determining which classes of OTC derivatives need to be centrally cleared and the phase-in periods for the counterparties concerned.
Source: ESMA
July 11, 2013--On July 4, 2013 the French financial regulator, the AMF, has inventoried the main risks facing financial markets in mid-2013, more than five years after the crisis began. From this perspective, it analyses market diversity and changing trends in household savings and collective investment, along with the consequences for investor protection, financial
stability and the financing of economic activity.
The economic and financial situation remains under persistent pressures, while sovereign and banking
risks are still interacting significantly, particularly in Europe. On stock exchanges, trading volumes
continued to contract during the period under review, amid high levels of risks, especially liquidity
risk.
Source: AMF ( Autorité des marchés financiers)
July 11, 2013-France's finance minister said on Thursday that a European Commission proposal for a financial transaction tax must be improved so it can be implemented in the European Union as a whole and not discourage investors.
The tax, proposed by the EU executive as a way of making banks contribute to the cost of cleaning up after the financial crisis, resurrects an idea first conceived by U.S. economist James Tobin more than 40 years ago.
Source: Reuters
July 11, 2013--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced exchange-traded product (ETP) provider BOOST ETP will launch nine new exchange-traded products (ETPs) in the United Kingdom (UK) that are based on indexes in the NASDAQ Commodity Index FamilySM.
They are the second set of BOOST ETP products linked to the NASDAQ Commodity Index Family and the total number of BOOST's ETPs on this Family increases to 25.
Source: NASDAQ OMX
