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FSB releases consultation documents on measures to address systemically important financial institutions
July 19, 2011--The Financial Stability Board (FSB) and the Basel Committee on Banking Supervision are today launching a public consultation on two documents that set out proposed measures to
address the systemic and moral hazard risks posed by systemically important financial institutions (SIFIs). The measures implement the framework contained in the FSB’s
recommendations endorsed by the G20 Leaders in November 2010.
The consultative document on Effective Resolution of Systemically Important Financial Institutions (sets out a comprehensive package of proposed policy measures to improve the
capacity of authorities to resolve failing SIFIs without systemic disruption and without exposing the taxpayer to the risk of loss. The proposed measures comprise four key building blocks:
Strengthened national resolution regimes that give a designated resolution authority a broad range of powers and tools, including statutory bail-in, to resolve a financial institution that is no longer viable.
Cross-border cooperation arrangements in the form of institution-specific cooperation agreements, underpinned by national law, that will enable resolution authorities to act collectively to resolve cross-border firms in a more orderly, less costly, way.
view the consultative document-Effective Resolution of Systemically Important Financial
Institutions view the second consultative document-Global Systemically Important Banks: Assessment
Methodology and the Additional Loss Absorbency Requirement NYSE Euronext Launches Single Commodity Indices On Its NYSE Liffe Futures Contracts read German pension schemes embracing socially responsible investment read more ETF disclosure standards ‘simply not acceptable read more
Euro Area Policies: 2011 Article IV Consultation--Lessons from the European Financial Stability Framework Exercise; and Selected Issues Paper
This European Financial Stability Framework Exercise (EFFE), conducted by IMF staff, is expected to be a precursor to a Financial Sector Assessment Program (FSAP)
exercise for the EU area. It focuses on the internal consistency of the design of the new framework and on identifying outstanding issues. Assessing the functioning of the new institutions is premature given their recent setup, while issues related to the present macroeconomic scenario are being dealt with in the report on the euro area consultation discussions. read more BNY Mellon gains on European uncertainty read more Three new iShares ETFs launched on Xetra ETF name: iShares Dow Jones Europe Sustainability Screened
Asset class: equity index ETF ETF name: iShares Dow Jones Global Sustainability Screened The iShares Barclays Capital Emerging Market Local Govt Bond fund enables investors to participate in the performance of government bonds from eight emerging market countries. Only bonds denominated in the respective local currencies and with residual maturities of between two and 30 years are considered. In order to be admitted to the index, bonds must also have an outstanding volume of at least USD 750 million for Latin America, EUR 750 million for the EMEA region and JPY 87.5 billion for the Asia-Pacific region.
The iShares Dow Jones Europe Sustainability Screened and the iShares Dow Jones Global Sustainability Screened ETFs pursue the same investment objective – they select equities according to long-term economic, environmental and social criteria. They only include the top 20 percent of the 600 largest European and 2,500 largest global and sustainable companies from the Dow Jones Global Total Stock Market Index. Producers of alcohol, adult entertainment, gambling products, armaments and firearms are not represented in the index.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 838 exchange-listed index funds, making it the largest offering of all European stock exchanges. NYSE Euronext announces new ETFs -Lyxor
Source: Financial Stability Board (FSB)
July 19, 2011--NYSE Euronext today announced the extension of its range of indices into the commodity asset class with the launch of four single commodity indices based on its NYSE Liffe Milling Wheat Futures Contract and Cocoa Futures Contract respectively.
The new single commodity indices will measure the performance of a strategy which consists of investing in the most active delivery month of the relevant Futures Contract, measured by level of open interest. When the expiry date of this delivery month approaches, the investment is rolled into the next most active delivery month. The indices offer investors an easy way to track the NYSE Liffe commodity markets, and will be calculated both on an excess return basis and a total return basis.
Source: NYSE Euronext
July 19, 2011-Socially responsible investment (SRI) is on the rise in most German municipal funds and professional pension funds (Versorgungswerke), but it has failed to take off with federal and state funds, according to a study by SD-M and Allianz Global Investors
In a paper on the preliminary results of the survey – covering 150 pension organisations with more than €200bn in combined assets under managements – Axel Hesse, senior consultant at SD-M, found that roughly 60% of pension funds managing money for either certain professions (berufsständische Versorgungswerke) or for municipalities and churches in various provinces are already applying SRI criteria to their investment decisions.
Source: IP&E
July 19, 2011--Exchange traded fund providers must substantially improve their transparency and disclosure levels according to Deutsche Bank, which has called for improvements in standards across the entire mutual fund management industry.
Christos Costandinides, European head of ETF research and strategy at Deutsche Bank, said the uneven disclosure standards in the ETF industry were “simply not acceptable”.
Source: FT.com
July 19, 2011--EXECUTIVE SUMMARY
The European Union’s (EU) financial stability framework is being markedly
strengthened, with more responsibility for financial stability moving to the EU level.
Several new institutions have been operating since 1 January 2011, and progress is being
made in harmonizing regulation, supervision, deposit insurance, crisis management and resolution, in particular.
This strengthening is taking place on the heels of a severe financial crisis which is still lingering in weaknesses in the banking system interrelated with sovereign difficulties in
the euro area periphery. Constructing a new financial stability framework in the present macro-economic circumstances in the EU complicates the process and poses challenges.
Source: IMF
July 19, 2011--Bank of New York Mellon, the world’s largest custody bank by assets, reported growth in earnings for the second quarter on rising assets under management and highlighted the opportunity created by uncertainty in Europe’s banking system.
Net income for the New York-based bank rose 8 per cent to $735m from the same period last year. Revenues of $3.06bn were up 15 per cent on the year before, but BNY Mellon reported non-interest expenses up 21 per cent as the company integrated acquisitions, such as last year’s $2.31bn deal to buy PNC Financial Services’ global-investment services business, and faced significant litigation costs.
Source: FT.com
July 18, 2011--Three new ETFs issued by iShares have been tradable in Deutsche Börse’s XTF segment since Monday.
ETF name: iShares Barclays Capital Emerging Market Local Govt Bond
Asset class: bond index ETF
ISIN: DE000A1JB4Q0
Total expense ratio: 0.50 percent
Distribution policy: distributing
Benchmark: Barclays Capital Emerging Markets Local Currency Core Government Bond Index
ISIN: DE000A1JB4N7
Total expense ratio: 0.45 percent
Distribution policy: non-distributing
Benchmark: Dow Jones Sustainability Europe Index ex Alcohol, Tobacco, Gambling, Armaments & Firearms and Adult Entertainment Index
Asset class: equity index ETF
ISIN: DE000A1JB4P2
Total expense ratio: 0.60 percent
Distribution policy: non-distributing
Benchmark: Dow Jones Sustainability World Enlarged Index ex Alcohol, Tobacco, Gambling, Armaments & Firearms and Adult Entertainment Index
Source: Deutsche Börse
July 18, 2011--NYSE Euronext is pleased to announce that Lyxor has listed 2 new ETFs on NYSE Euronext's Paris market today:
|
Name |
Trading name |
ISIN |
Symbol |
Reuters RIC |
BBG Ticker |
Underlying index |
TER |
|
LYXOR ETF Thailand |
LYXOR THA |
FR0011067529 |
THA |
THA.PA |
THA FP |
SET 50 |
0,45% |
|
Name |
Trading name |
ISIN |
Symbol |
Reuters RIC |
BBG Ticker |
Underlying index |
TER |
|
LYXOR ETF MSCI Indonesia |
LYXOR INDO |
FR0011067511 |
INDO |
INDO.PA |
INDO FP |
MSCI Indonesia |
0,55% |
NYSE Euronext has now 664 listings of 573 ETFs based on more than 360 indices. So far this year, a total of 123 new listings of 97 ETFs have taken place on the NYSE Euronext European market.
Source: NYSE Euronext
Predictive Accuracy Analysis of Fitch European Fixed-Income Investor Survey
Investor Survey Offers Insight into Direction of Spreads
July 18, 2011--Summary
Fitch Ratings has undertaken an evaluation to assess the predictive power of survey data collected in its quarterly senior fixed‐income investor survey series. Focusing on expectations for credit spread movements, tests have shown that the data exhibit good predictive value, supporting the use of the survey in providing creditmarket
professionals with meaningful insight on the direction of spreads.
Using two sets of quarterly, qualitative data, Fitch applied a popular model evaluation technique (the cumulative accuracy profile (CAP) model) to quantitatively analyse the accuracy of 12‐month spread predictions relative to actual outcomes. The evaluation centred on data collected for investment‐grade
(IG), speculative‐grade (SG) and emerging‐market (EM) corporate credit asset classes, and the results were compared with asset swap spreads for relevant global credit indices.
view more
Source: Fitch Ratings
Office for Budget Responsibility: Fiscal Sustainability Report
July 18, 2011--The Office for Budget Responsibility (OBR) published its first annual Fiscal Sustainability Report (FSR) on 13 July 2011. The FSR helps to inform the public on the long-term challenges facing the UK's public finances
The Treasury published an Unaudited Summary of the Whole of Government Accounts for the year 2009-10 on 13 July 2011. The Government made available the key balance sheet analysis contained in this summary to enhance the analysis of the sustainability of the public finances in the FSR.
view the Fiscal Sustainability Report 2011
Source: HM Treasury
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