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ECB publishes the Eurosystem Oversight Report 2011
April 19, 2012--The European Central Bank (ECB) has today published the Eurosystem Oversight Report 2011, which provides information on the Eurosystem's oversight policies and main oversight activities between the late summer of 2009 and the late summer of 2011. The previous and first Eurosystem Oversight Report was published in November 2009.
The report comprises four chapters and three annexes. Chapter 1 provides an update on the Eurosystem’s oversight policies and reports on EU legal initiatives that are relevant for the Eurosystem’s oversight function. It also summarises developments in oversight standards, and reports on existing and new cooperative oversight arrangements as well as on the activities performed within these arrangements. Chapter 2 presents the Eurosystem’s main oversight activities. Chapter 3 gives an outlook for future activities, which will include, in particular, a review of the Eurosystem’s oversight policies once the new principles for financial market infrastructures being developed by the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) have been finalised. Finally, Chapter 4 contains three articles, entitled “Progress in OTC derivatives market reform: a Eurosystem perspective”, “TARGET2 transactions: data and analysis” and “A survey on the role of technological service providers in retail payments in Italy and in Greece”. Annexes to the report provide details of oversight policy documents and links to Eurosystem central banks’ websites, where more information on overseen infrastructures and arrangements can be found.
view the Eurosystem Oversight Report 2011
Hedge fund assets swell to new high
April 19, 2012--The global hedge fund industry has seen its assets swell to a new high, according to the latest data from a leading hedge fund database.
Hedge funds now manage an estimated $2.13tn in assets on behalf of pension funds, governments, asset managers and high net worth individuals, Hedge Fund Research said in quarterly numbers released on Thursday.
Market volatility sparks leveraged ETF trading
April 19, 2012--Trading of leveraged exchange-traded funds soared in Europe last week after an increase in volatility produced gains for investors, pushing trading volumes up to a six-month high.
Data from European ETF provider Lyxor showed that trading of the products increased to around €2.3bn last week, up 45% on the previous week.
IMF warns against big bank deleveraging in Europe
April 18, 2012--Growing pressure on European banks to clean up their books could deeply impact economic growth in the eurozone, the International Monetary Fund warned Wednesday.
Though Europe's policymakers have taken important steps to address the public debt crisis, the pressure on banks to reduce their balance sheets could have negative consequences on output, the IMF said in its twice-yearly Global Financial Stability Report.
Pressures from the eurozone debt crisis and regulatory needs to strengthen capital cushions to regain investor trust are driving a broader effort to reduce balance sheet size, the report said.
Wen says China to 'firmly support' efforts to maintain euro
April 18, 2012--China will firmly support efforts to maintain the stability of the euro and the European economy, Premier Wen Jiabao told German Chancellor Angela Merkel Wednesday, state media said.
In a telephone conversation with Merkel on the European debt crisis, Wen said China had always had confidence in Europe's economy and the stability of the single currency, Xinhua news agency reported.
A new EDHEC-Risk survey reveals that "transparency, information and governance" tops the list of concerns for European fund management industry professionals in the area of non-financial risk management
April 17, 2012--More than 160 high-level European fund management industry professionals were surveyed by EDHEC-Risk as part of the "Risk and Regulation in the European Fund Management Industry" research chair, sponsored by CACEIS.
For the respondents to this survey, entitled "Shedding Light on Non-Financial Risks – a European Survey," the main causes of the increase in non-financial risks are firstly the growing sophistication of operations (a cause considered important by 77% of respondents), followed by the reduced capacity of some intermediaries to guarantee deposits (59%), unclear or inappropriate regulation (57%) and finally the total absence of responsibility of management companies regarding restitution (53%).
The main message from this study is that the regulatory priorities for the respondents relate to themes to which the regulator has paid less attention in recent work, notably AIFMD. For the respondents, "transparency, information and governance" are the priority for the regulation of non-financial risks, followed by the financial responsibility of the industry. On the latter point, it is important to stress the recognition that non-financial risks are largely the consequence of the fund manager’s decisions.
view the EDHEC-Risk Institute Publication Shedding Light on Non-Financial Risks-a European Survey
March 2012--Euro area annual inflation stable at 2.7%
April 17, 2012--Euro area1 annual inflation was 2.7% in March 2012, unchanged compared with February2. A year earlier the rate was 2.7%. Monthly inflation was 1.3% in March 2012.
EU3 annual inflation was 2.9% in March 2012, unchanged compared with February. A year earlier the rate was
3.1%. Monthly inflation was 1.1% in March 2012.
These figures come from Eurostat, the statistical office of the European Union.
LME Eyes Renminbi Move for Metals
April 16, 2012--The London Metal Exchange is considering offering traders the chance to settle its contracts in the Chinese renminbi, a move that could lead to its dropping sterling after 135 years.
The move, still at an early stage of discussion, would highlight the shift in power in global metals markets.
Spanish minister admits to recession
April 16, 2012--Spain's economy minister admitted that the country has probably tipped into its second recession since 2009, as government debt yields climbed back towards danger levels on Monday on concerns that Madrid will miss its strict budget deficit targets.
Official data on total economic output in the first three months of this year is not due until April 30.
However, Economy Minister Luis de Guindos said gross domestic product (GDP) was likely to have fallen a similar amount to the October-December period of 2011, when the economy shrank 0.3% quarter-on-quarter.
Credit Suisse moves to up the ante in physical ETF market
April 16, 2012--Swiss bank Credit Suisse has converted the majority of its synthetic exchange-traded funds to the physical model in an aggressive push into the physical ETF market in Europe.
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