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Report sets out governance of key OTC derivatives data elements
October 9, 2019--A new report identifies key criteria, functions and bodies for the governance arrangements for a set of critical data elements for over-the-counter (OTC) derivative transactions reported to trade repositories, excluding the Unique Transaction Identifier (UTI) and the Unique Product Identifier (UPI).
The report, Governance arrangements for critical OTC derivatives data elements (other than UTI and UPI), published by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO), is a further step towards fulfilling the Group of 20's commitment to report all OTC derivatives contracts to trade repositories.
US-China trade war may cost US$700 billion by 2020 in synchronised global slowdown, new IMF chief says
October 8, 2019--Global growth rate this year is expected to slow to lowest rate in a decade, new IMF head Kristalina Georgieva says
Global corporate debt at risk of default in event of global downturn would be higher than during global financial crisis, the economist warns
The trade war between China and the United States could cost an increasingly fractured global economy about US$700 billion, or 0.8 per cent of gross domestic product, by 2020, Kristalina Georgieva said in her maiden speech as International Monetary Fund chief on Tuesday.
Bassanese Bites: On the brink
October 8, 2019--Global Markets
Last week provided further tangible signs that the trade-induced slowdown in the global economy was finally filtering through to the United States, which seemingly should make US President Trump more prepared to strike a deal with China sometime soon.
Adding to the trade angst last week was the World Trade Organisation’s decision to let the US impose tariffs on EU aircraft imports-owing to the latter's unlawful Airbus subsidies.
In my view, if these festering trade tensions are not resolved soon, a global recession-and ugly bear market-awaits us by early 2020. The stakes are now that high. The world's 4th largest economy-Germany-is now in recession, with factory orders slumping further overnight.
Global Value Chains Have Spurred Growth but Momentum Is Flagging
October 8, 2019--Report Shows Path for Developing Countries to Achieve Better Growth Outcomes
In an era of slowing trade and growth, developing countries can achieve better outcomes for their citizens through reforms that boost their participation in global value chains. These reforms can help them expand from commodity exports to basic manufacturing, while ensuring that economic benefits are shared more widely across society, a new World Bank Group report concludes
The World Development Report 2020: Trading for Development in the Age of Global Value Chains marks the World Bank Group's first trade'focused development report since the late 1980s. It finds that global value chains have powered an economic transformation ever since, allowing the poorest countries to quickly climb the development ladder. Such chains enable developing countries to specialize and grow wealthier without having to build whole industries from scratch.
DTCC Pushes Back Blockchain Project to Avoid Brexit Complications
October 4, 2019--The Depository Trust & Clearing Corporation (DTCC) has pushed back the release of its blockchain-based post-trade system for derivatives by several months, in part because of complications created by Brexit.
The official line from the U.S. central securities depository (CSD) is that the delay, which has not been previously reported, is to allow for additional testing of the revamped trade information warehouse (TIW).
Debt Stocks of Developing Countries Rose to $7.8 Trillion in 2018: World Bank International Debt Statistics
October 2, 2019--Net Debt Flows Fell 28% to $529 Billion; Debt Burdens Rising
Total external debt of low- and middle-income countries climbed 5.3 percent to $7.8 trillion last year, while net debt flows (gross disbursements minus principal payments) from external creditors tumbled 28 percent to $529 billion, the World Bank's International Debt Statistics 2020 shows.
Although on average the external debt burden of low- and middle-income countries was moderate, several countries have been on a deteriorating debt trajectory since 2009, the report indicates. The share of low- and middle-income countries with debt-to-GNI ratios below 30 percent has shrunk to 25 percent, down from 42 percent ten years ago. Similarly, the share of countries with high debt-to-export ratios has climbed.
IOSCO publishes Framework to help members enhance investor education initiatives
September 30, 2019--The Board of the International Organization of Securities Commissions today published the Core Competencies Framework on Financial Literacy to assist members, investor education providers and other stakeholders in their efforts to develop and implement investor education initiatives.
The Framework provides guidance to users on the content of investor education programs and indicates which areas could be assessed as part of an evaluation strategy.
The objective of the Framework is to better prepare investors to navigate an increasingly complex investing environment. It seeks to equip investors with core competencies that enable them to make informed decisions about how to diversify investments, reduce risk or choose suitable investments, among other things.
view The Core Competencies Framework on Financial Literacy
FTSE Russell scraps 'non-renewable energy' label
September 30, 2019--Move seen as step back in efforts to steer investment toward cleaner forms of energy.
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IOSCO reviews member efforts to deter mis-selling of complex financial products
September 26, 2019--IOSCO today published a Thematic Review report (Report) indicating that most of the participating jurisdictions have implemented the necessary rules aimed at preventing the mis-selling of complex financial products, consistent with IOSCO standards.
The Thematic Review was conducted by the IOSCO Assessment Committee (AC), with the participation of 29 IOSCO members from both developed and emerging market jurisdictions.
A Thematic Review offers a snapshot of implementation of IOSCO Principles, which enables the AC to identify gaps in implementation and examples of good practice.