Global ETF News Older than One Year
IMF Working paper-Policy Analysis and Forecasting in the World Economy: A Panel Dynamic Stochastic General Equilibrium Approach
December 19, 2013--Summary: This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model encompasses an approximate linear panel dynamic stochastic general equilibrium model featuring a monetary transmission mechanism, a fiscal transmission mechanism, and extensive macrofinancial linkages, both within and across economies.
A variety of monetary policy analysis, fiscal policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated, based on a Bayesian framework for conditioning on judgment.
Source: IMF
Time for the industry to accept its just deserts
December 19, 2013--The need for savings to fund retirement is being recognised as being far greater than previously thought and represents a great opportunity for the long-term growth of the asset management industry.
But it also underlines the need for us to lead the way in setting standards of the highest integrity and professionalism.
Source: Financial News
CPSS and IOSCO issue a consultative document on the assessment methodology for the oversight expectations applicable to critical service providers
December 18, 2013--The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) have today published for public comment a consultative document on the Assessment methodology for the oversight expectations applicable to critical service providers.
The CPSS-IOSCO Principles for financial market infrastructures, published in April 2012, include an annex (Annex F) on the Oversight expectations applicable to critical service providers. The operational reliability of a financial market infrastructure (FMI) may be dependent on the continuous and adequate functioning of third-party service providers that are critical to an FMI’s operations, such as information technology and messaging providers.
Although an FMI remains ultimately responsible for its operational reliability, a regulator,supervisor or overseer of an FMI may use Annex F to establish expectations specifically targeted at critical service providers.
Source: IOSCO
State buying may explain China's gold import surge
December 18, 2013--The Chinese state could be behind a surge in bullion imports that will see China overtake India as the world's largest consumer of gold, according to one of the sector's most influential investors.
Evy Hambro, chief investment officer of BlackRock’s Natural Resources Equity team, said the investment community had been surprised by the amount of gold flowing into China given its position as the world’s biggest gold producer.
Source: FT.com
Singapore fund houses in no rush on RQFII
December 18, 2013--London getting more RQFII quota than Singapore was to be expected, says Gerard Lee,
CEO of Lion Global Investors, who has various plans for any forthcoming quota.
Source: Asian Investor
IMF Working paper-Adding China to the Global Projection Model
December 18, 2013-- Summary: We extend the Global Projection Model (GPM) to include a separate block for China. China plays an important role in shaping global economic outcomes, given its sheer size and trade integration with other key economies, its demand for commodities, and its policies.
Also, the Chinese economy has several unique features which differentiate it from the rest of emerging Asia. These features (the use of multiple monetary-policy instruments and a managed-floating exchange-rate policy) mean that a separate treatment of China allows for a better consideration of China, as well as how the rest of emerging Asia behaves.
view the IMF Working paper-Adding China to the Global Projection Model
Source: IMF
Australia to receive go-ahead for CFTC substituted compliance
December 18, 2013--Australian market will broadly be able to follow domestic rules to comply with Dodd-Frank
The Commodity Futures Trading Commission (CFTC) is set to grant Australia a positive substituted compliance determination across several key areas that will allow Australian firms to follow local rules in order to comply with the Dodd-Frank Act.
Source: Risk.net
Second report on the regulatory consistency of risk-weighted assets in the trading book issued by the Basel Committee
December 17, 2013--December 17, 2013--The Basel Committee on Banking Supervision has today published its second report on the regulatory consistency of risk-weighted assets (RWAs) for market risk in the trading book. This study is a part of its wider Regulatory Consistency Assessment Programme (RCAP), which is intended to ensure consistent implementation of the Basel III framework.
Today's report, which follows up on an initial study conducted by the Committee that was published in January 2013, extended that earlier analysis to more representative and complex trading positions. Consistent with the findings in the first report, the results show significant variation in the outputs of market risk internal models used to calculate regulatory capital. In addition, the results show that variability typically increases for more complex trading positions.
view the RCAP-Analysis of risk-weighted assets for market risk in the trading book
Source: BIS
SSgA-Global ETF Snapshot-November 2013
December 17, 2013--Highlights ETF Industry Detail
GLOBAL ETF LISTING REGION
The United States had nearly $12.5BN of inflows in the month November, increasing its year to date inflows to $163.8BN. Europe experienced inflows of $3.3BN in November, increasing its year to date inflows to $16.8BN, while APAC had outflows of $0.2BN, decreasing its year-to-date inflows to $12.5BN.
GLOBAL PERFORMANCE BY ASSET CLASS
MSCI AC World IMI increased 1.4%, while MSCI EAFE gained 0.8%. Emerging markets lost 1.5%, while Emerging Markets Small Cap dropped 1.9%. US Large Cap, Mid Cap and Small Cap markets were all positive, increasing 3.0%, 1.3% and 4.5%, respectively. The Global Aggregate fell 0.8% and the Global Treasury Ex US decreased 1.5%. The US Aggregate, the US Treasury and the US Corporate Bond markets were all slightly negative, while the US High Yield market was slightly positive in November. The US REIT market was down 5.5%. Commodities were negative, with the Dow Jones-UBS Commodity Index losing 0.8% and Gold dropping 5.4%.
Global Flows
GLOBAL ETF FLOWS BY ASSET CLASS
Global ETF inflows approached $14.3BN in November. Equity had inflows of $16.2BN. The equity inflows were driven by developed large cap equity, with $10.3BN in inflows, and developed large & mid cap equity, with $5.3BN in inflows. Commodity had outflows of $2.3BN, which were driven by outflows of $1.7BN from precious metals.
For more information, including product fact sheets and related whitepapers, visit spdrs.com.
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Source: Source:SSgA
S&P Dow Jones Indices Recaps 2013 Equity Market Performance
In Europe, Asia, and Emerging Markets; Casts an Eye Toward 2014
December 17, 2013--S&P Dow Jones Indices, one of the world's largest providers of financial market indices, has today published a review of equity market
performance and indexing trends in Europe, Asia and the emerging markets in 2013 while seeking to identify those trends and events that could impact performance in 2014.
Source: ETFIAsia.com
