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Mifid II promises a new era for European ETF trading
December 28, 2012--Despite the name, exchange traded funds (ETFs) are largely traded off-exchange in Europe among big institutions.
Although this might seem like a harmless paradox, most over-the-counter (OTC) trades are not reported.
As a result, investors cannot easily gain an accurate idea of secondary market liquidity and pricing, ultimately hindering the industry’s growth on the continent.
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Source: CityWire
Societe Generale Corporate & Investment Banking joins EurexOTC Clear for Interest Rate Swaps
December 27, 2012--One of the largest European banks, Societe Generale Corporate & Investment Banking, has become a clearing member of EurexOTC Clear for Interest Rate Swaps (IRS).
By joining this new CCP for OTC derivatives, Societe Generale Corporate & Investment Banking and its clients will thus be able to prepare for the start of the clearing obligation in Europe.
“As a leading Euro derivatives fixed income house, we are pleased to join the Eurex IRS Clearing platform. This move is part of the bank’s active preparation for new regulation under EMIR. Societe Generale Corporate & Investment Banking is committed to bringing liquidity and support to key IRS OTC Clearing platforms”, said Amaury d’Orsay, Global Head of Long Term Rates at Societe Generale Corporate & Investment Banking.
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Source: Eurex
IMF report-Turkey: Selected Issues
December 21, 2012--A. Introduction
1. In the aftermath of the 2008-09 global financial crisis the Turkish authorities faced a challenging environment. From late 2010, strong capital inflows led the Turkish lira (TL) to appreciate, undermining competitiveness, fueling a credit boom, adding to inflationary pressures, and increasing imports.
These developments left the economy exposed to the risk of a sudden capital flow reversal. Were the inflows to dry up—either in response to the
Turkey's imbalances or because of changes in the global risk appetite—the lira would have rapidly depreciated, adding to inflationary pressures (this time through the exchange-rate pass-through), affecting balance sheets of banks and corporates that had been borrowing in FX, and undermining overall confidence. Indeed, earlier examples of such reversals led to sharp contractions of output.2
view the IMF report-Turkey: Selected Issues
Source: IMF
IMF-France: Financial System Stability Assessment
December 21, 2012--EXECUTIVE SUMMARY
French banks have shown significant resilience during the global financial crisis, but face challenges. While their diversified structure has contributed to solid profit generation, the crisis exposed the risks posed by their size and complexity.
A permanent change in the regulatory landscape and operating environment has exposed an overreliance on wholesale
funding, and recent events in Europe are putting pressure on their regional and international activities in both retail and capital markets. Significant uncertainties remain on the resolution
of the eurozone crisis, and how it may affect the French financial system and economy.
French banks are addressing these challenges by actively seeking to restructure their balance sheets, but the process is not yet complete. They are increasing liquidity and
reducing their dependence on short-term and U.S. dollar wholesale funding, including through deleveraging abroad; reducing their cross-border presence in Europe and elsewhere;
raising solvency ratios, mainly through retained earnings and lower dividends; and
reducing activities that are dependent on short-term funding, capital intensive, and less profitable.
So far, deleveraging does not appear to have weighed on the real economy, but the future path is likely to be more challenging, particularly if the eurozone crisis intensifies.
view the IMF report-France: Financial System Stability Assessment
Source: IMF
Ring-fence needs electrification, says Banking Commission report
December 21, 2012--The Parliamentary Commission on Banking Standards has today published its first report. The report contains the Commission's consideration of the Government's draft Financial Services (Banking Reform) Bill and associated proposals which give effect to the recommendations of the Independent Commission on Banking (ICB).
Commenting on the publication of the report, the Chairman of the Parliamentary Commission on Banking Standards, Andrew Tyrie MP, said:
"Parliament took the unprecedented step of creating its own inquiry into banking standards, in the wake of the first revelations about the Libor scandal. The latest revelations of collusion, corruption and market-rigging beggar belief. It is the clearest illustration yet that a great deal more needs to be done to restore standards in banking.
The Government asked us to look at one of its main proposals for increasing financial stability – ring-fencing – as part of our work.
view the Parliamentary Commission on
Banking Standards-First Report
Source: www.parliament.uk
Trading On IMKB Futures & Options Market Started Today
December 21, 2012--Trading on İstanbul Menkul Kıymetler Borsası (İMKB) Futures & Options Market (VIOP) started today (December 21, 2012).
To begin with, futures and option contracts on the equities of Garanti Bankası (AKBNK), İş Bankası C Group (ISCTR), Akbank (AKBNK), Vakıfbank (VAKBN), Yapı Kredi Bankası (YKBNK), Türk Hava Yolları (THYAO), Ereğli Demir Çelik (EREGL), Sabancı Holding (SAHOL), Turkcell (TCELL) and Tüpraş (TUPRS) are traded on the Market.
Source: IMBK
ESMA proposes guidelines on the scope of the CRA Regulation
December 20, 2012--The European Securities and Markets Authority (ESMA) has launched a Consultation Paper on Guidelines and Recommendations on the scope of the CRA Regulation.
The draft Guidelines aim to provide clarification on certain aspects of the scope of the Credit Rating Agencies (CRA) Regulation to registered CRAs, other market participants operating on the perimeter of this sector and to national securities markets regulators.
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Source: ESMA
ESMA consults on guidelines for CCPs' interoperability arrangements
December 20, 2012--The European Securities and Markets Authority (ESMA) has published a Consultation Paper on guidelines regarding the assessment of interoperability arrangements for central counterparty clearing (CCPs). The guidelines, which relate to the European Markets Infrastructure Regulation (EMIR), clarify the obligations for national regulators on how to assess existing or new interoperability arrangements between CCPs.
CCPs enter into such agreements to allow their users to execute trades with a counterparty that has chosen another CCP. From 2013, CCPs will have to obtain authorisation under EMIR in order to do business in the European Union (EU).
ESMA’s guidelines are aimed at providing a level-playing-field for CCPs in the EU by improving the rigour and uniformity of standards applied in the assessments of CCPs’ interoperability arrangements. The guidelines define what national regulators should look at in assessing those arrangements and the aspects of the interoperable arrangements CCPs will need to focus their attention on in order to have safe and sound agreements in place.
ESMA’s draft guidance focuses on the following issues related to interoperability arrangements:
legal risk: in order to properly mitigate and manage any legal risk, all rights and obligations of the relevant CCPs, their processes and procedures should be easy to identify at any time;
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Source: ESMA
Ex-BlackRock marketing head Bower to join Invesco Perpetual
December 20, 2012--Invesco Perpetual is hiring BlackRock's David Bower to join its European marketing team, Wealth Manager understands.
Bower formerly worked at BlackRock as head of EMEA marketing, before leaving in early November.
The move comes shortly after Invesco Perpetual head of marketing Rick White was made redundant, after serving at the firm for 12 years.
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Source: CityWire
IMF Working paper-Bank Debt in Europe "Are Funding Models Broken"
December 20, 2012--Summary: The crisis in Europe has underscored the vulnerability of European bank funding models compared to international peers.
This paper studies the drivers behind this fragility and examines the future of bank funding, primarily wholesale, in Europe. We argue that cyclical and structural factors have altered the structure, cost, and composition of funding for European banks. The paper discusses the consequences of shifting funding patterns and investor preferences and presents possible policy options and bank actions to enhance European bank funding models’ robustness.
view the IMF Working paper-Bank Debt in Europe "Are Funding Models Broken"
Source: IMF
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