Global ETF News Older than One Year
Which regions will build the Silicon Valleys of the future?
June 8, 2016--The idea of a company growing so quickly that it doubles it revenues in under two years immediately brings to mind the Silicon Valley tech giants.
Yet such growth rates are far from being the preserve of companies in the developed world. In fact, "hypergrowth" is being cultivated in many regions around the world.
Source: World Economic Forum
IMF Working Paper-Global Financial Conditions and Monetary Policy Autonomy
June 8, 2016--Summary: Is the Mundell-Fleming trilemma alive and well? International co-movement of asset prices takes place alongside synchronized business cycles, complicating the identification of financial spillovers and assessments of monetary policy autonomy.
A benchmark for interest rate comovement is to impose the null hypothesis that central banks respond only to the outlook for domestic inflation and output. We show that common approaches used to estimate interest rate spillovers tend to understate the degree of monetary autonomy enjoyed by small open economies with flexible exchange rates. We propose an empirical strategy that partials out those spillovers that are associated with impaired monetary autonomy. Using this approach, we revisit the predictions of the trilemma and find more compelling evidence that flexible exchange rates deliver monetary autonomy than prior work has suggested.
Source: IMF
Morningstar Research Examines High-Yield Bond ETFs and Questions Their Presumed Role in Market Instability
June 7, 2016--Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today released new research about the trading activity of the most heavily traded high-yield bond exchange-traded funds (ETFs) domiciled in the United States and Europe and finds evidence for the positive role of high-yield bond ETFs as a stress valve during market stress.
The paper, "High-Yield Bond ETFs-A Primer on Liquidity," offers comprehensive analysis of the high-yield bond ETF market, questions the vehicle's presumed role in market instability, and outlines the crucial differences between the ETFs' primary and secondary layers of liquidity.
view the High-Yield Bond ETFs A Primer on Liquidity
Source: Morningstar
IOSCO issues Statement on Non-GAAP Financial Measures to assist issuers in providing clear disclosure for investors
June 7, 2016--The Board of the International Organization of Securities Commissions (IOSCO) today issued the Statement on Non-GAAP Financial Measures.
The Statement is intended to assist issuers in providing clear and useful disclosure for investors and other users of financial measures other than those prescribed by Generally Accepted Accounting Principles (GAAP), and in reducing the risk that such measures are presented in a way that could be misleading. Non-GAAP financial measures can be useful to issuers and investors because they can provide additional insight into an issuer's financial performance, financial condition and/or cash flow. The use of non-GAAP financial measures also can provide issuers with flexibility in communicating useful, entity-specific information.
Source: IOSCO
Singapore to overtake UK for offshore finance
June 7, 2016--Boston Consulting Group estimates $1.7tn of offshore money will be in Singapore by 2020
Source: FT.com
China gives U.S. investment quota for first time to deepen financial ties
June 7, 2016--China will give the United States a 250 billion yuan ($38 billion) investment quota for the first time to buy Chinese stocks, bonds and other assets, officials said on Tuesday, deepening financial ties and interdependence between the world's two largest economies.
China has given such quota allocations to several countries, including the UK, France and Singapore, but this would be the biggest given to a single jurisdiction after Hong Kong.
World Bank-Global Growth Forecast Again Revised Lower to 2.4%
June 7, 2016--There are markedly different prospects for commodity exporters and importers.
China is forecast to grow at 6.7% after 6.9% last year. India's robust economic expansion is expected to hold steady at 7.6%, while Brazil and Russia are projected to remain in deeper recessions than forecast in January.
In an environment of anemic growth, the global economy faces mounting risks, including a further slowdown in major emerging markets.
The World Bank is downgrading its 2016 global growth forecast to 2.4% from the 2.9% pace projected in January. The move is due to sluggish growth in advanced economies, stubbornly low commodity prices, weak global trade, and diminishing capital flows.
view the June 2016-Global Economic Prospects-Divergences and Risks
Source: World Bank
Renewables 2016 Global Status Report
June 6, 2016--2015 was an extraordinary year for renewable energy. Renewables are now cost competitive with fossil fuels in many markets and are established around the world as mainstream sources of energy.
Cities, communities and companies are leading the rapidly expanding "100% renewable" movement, playing a vital role in advancing the global energy transition. Distributed renewable energy is advancing rapidly to close the gap between the energy haves- and have-nots.
view the Renewables 2016 Global Status Report
Source: ren21.net
ESMA and CFTC to cooperate on CCPs
June 6, 2016--The European Securities and Markets Authority (ESMA) and the US Commodity Futures Trading Commission (CFTC) have established a memorandum of understanding (MoU) under the European Market Infrastructure Regulation (EMIR).
The MoU establishes cooperation arrangements, including the exchange of information, regarding CCPs which are established in US and authorised or recognised by the CFTC and which have...
Source: ESMA
IMF-Analyzing and Managing Fiscal Risks-Best Practices
June 6, 2016--Summary: Comprehensive analysis and management of fiscal risks can help ensure sound fiscal public finances and macroeconomic stability.
This has been underscored by the global financial crisis and the more recent collapse in commodity prices, which starkly illustrate the vulnerability of public finances to risk. Indeed, over the past quarter century, governments experienced on average an adverse fiscal shock of 6 percent of GDP once every 12 years, with some of the largest stemming from financial crises.
view the
Source: IMF
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