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IMF Working Paper-Bank Behavior in Response to Basel III:
May 24, 2011--Summary: This paper investigates the impact of the new capital requirements introduced under the Basel III framework on bank lending rates and loan growth. Higher capital requirements, by raising banks’ marginal cost of funding, lead to higher lending rates. The data presented in the paper suggest that large banks would on average need to increase their equity-to-asset ratio by 1.3 percentage points under the Basel III framework.
GMM estimations indicate that this would lead large banks to increase their lending rates by 16 basis points, causing loan growth to decline by 1.3 percent in the long run.
The results also suggest that banks’ responses to the new regulations will vary considerably from one advanced economy to another (e.g. a relatively large impact on loan growth in Japan and Denmark and a relatively lower impact in the U.S.) depending on cross-country variations in banks’ net cost of raising equity and the elasticity of loan demand with respect to changes in loan rates.
view IMF Working paper-Bank Behavior in Response to Basel III:
A Cross-Country Analysis
FTSE4Good 10 Year Anniversary; Appointment of New FTSE4Good Policy Committee Chairman and Launch of 10 Year ESG Report
May 24, 2011--FTSE Group ("FTSE"), the award winning global index provider today announces the appointment of Sir Mark Moody-Stuart as Chairman of the FTSE4Good Policy Committee. The news follows the recent launch of the FTSE4Good Ratings service and is supported by the publication of a new report, 'FTSE4Good: 10 years of impact & investment’ following ESG (environmental, social & governance) investment over the last decade and providing exciting new analysis of global trends.
Sir Mark Moody-Stuart will assume responsibility for the committee, which oversees the globally recognised FTSE4Good Index Series. Sir Mark’s role in the FTSE4Good Policy Committee will be pivotal in the evolution of the FTSE4Good Index Series, which has provided investors with a transparent and measureable benchmark for ten years. Sir Mark brings a huge wealth of experience including having chaired the boards of two of the world’s largest companies, Royal Dutch Shell Group and Anglo American plc, and also brings ESG expertise from the board of the UN Global Compact and the Global Reporting Initiative, as well as from being the Chairman of Hermes Equity Ownership Services.
view the FTSE4Good: 10 years of impact & investment Report
OECD Launches Your Better Life Index
May 24, 2011--The OECD today unveiled a new, interactive index that will let people measure and compare their lives in a way that goes beyond traditional GDP numbers.
Called Your Better Life Index (watch video), the tool is part of a larger OECD Better Life Initiative that aims to measure well-being and progress.
The index allows citizens to compare lives across 34 countries, based on 11 dimensions -- housing, income, jobs, community, education, environment, governance, health, life satisfaction, safety, work-life balance -- giving their own weight to each of the dimensions.
“This index encapsulates the OECD at 50, pushing the boundaries of knowledge and understanding in a pioneering and innovative manner,” said OECD Secretary-General, Angel Gurría. “People around the world have wanted to go beyond GDP for some time. This index is designed for them. It has extraordinary potential to help us deliver better policies for better lives.”
Dow Jones MAY 2011 "Market's Measure" Preliminary Report-
A Monthly Report from Dow Jones Indexes on the Performance of
U.S., European, Asia and other Global Stock Market Indexes
May 24, 2011--Dow Jones Industrial Average Posts 3.35% Loss in May, European Stocks Lose 8.48%,Asia Falls 5.76% and World Equities Fall by 5.41%
Health Care Sector Posts Biggest Gain for May in U.S. & Worldwide
Oil & Gas Sector Takes the Hardest Hit for May in Europe
May 24, 2011--As of May 23, the Dow Jones Industrial Average fell 3.35% in May, closing at 12381.26. Stock market indexes in Europe, Asia and globally were down in May, according to preliminary monthly figures from global index provider, Dow Jones Indexes.
The Dow Jones Industrial Average fell 3.35% in May, closing at 12381.26. Year-to-date, the index is up 6.94%.
The Dow Jones Europe Index fell 8.48% in May to 281.84. So far this year, the index is up 4.29%.
The Dow Jones Asian Titans 50 Index fell 5.76% in May to 135.95. So far this year, the index is
down 6.70%.
The Dow Jones Global Titans 50 Index fell 5.41% in May, closing at 181.77. Year-to-date, the
index is up 2.64%.
Gold: the bubble's popping will be nasty
May 23, 2011-The following news flash will only be controversial to a small, eccentric but vocal slice of the gold investing world: the bullion that backs wildly popular gold exchange-traded funds is real.
Ditto for what governments claim to hold. There is no vast conspiracy. What is more, the leading gold ETFs are well designed and have proved resilient even in volatile times.
Investors shun emerging markets risk
May 23, 2011--Europe’s fund industry endured its worst quarter for two years in the first three months of 2011 as unrest in the Middle East and North Africa and the devastating Japanese earthquake and tsunami sapped investor confidence.
Net inflows into “long-only” funds (ie stripping out money market funds) fell to just €40.1bn ($57.1bn) in the first quarter, down sharply on the €68.9bn in the previous three months and the weakest tally since the first quarter of 2009, according to data from Lipper FMI
China growth and eurozone debt woes batter risk assets
May 23, 2011--Markets are enduring a classic “risk off” session as traders are rattled by evidence of slowing growth in China and, particularly, the debilitating eurozone fiscal crisis.
The FTSE All-World equity index is down 1.7 per cent and industrial commodities are sliding. Wall Street is starting a fourth consecutive week of declines as the S&P 500 dropped 1.2 per cent and the FTSE Eurofirst 300 fell 1.7 per cent. Miners, financials and technology groups suffered selling.
ETFS Precious Metals Weekly: Gold Speculative Longs Clear Out
Gold price supported by deepening sovereign debt concerns.
Futures position clear out sparks first signs of bargain-hunting in silver.
Lonmin labor strike highlights ongoing PGM supply vulnerabilities.
May 23, 2011--Gold speculative long positions fall back to early 2011 levels. COMEX positioning data shows gold speculative long positions have dropped back to
early 2011 levels, indicating a good portion of the recent froth in the gold
market has cleared. This follows the recent clear-out of long silver positions.
Sovereign debt concerns returned to the fore last week as Fitch
downgraded Greece’s long term debt rating to B+, S&P issued a downgrade
warning on Italy’s debt, and Spain’s political leaders were punished at the
polls. Weaker than expected global activity indicators added to investor
concerns about the durability of the global recovery.
Platinum and palladium prices hurt by weak growth data, though labor strikes in South Africa highlight longer-term supply difficulties in the world’s largest platinum producing country.
Gold price supported by deepening sovereign debt concerns. In addition to Fitch and S&P’s European debt downgrades last week, the defeat of Spain’s incumbent political party in local elections highlights the difficulty government’s face in implementing the fiscal austerity in the face of high unemployment. US budget negotiations will likely thrust the US government debt picture into the spotlight this week. The US Treasury has warned Congress that it must raise the US government’s $14.3 trillion debt ceiling by August to avoid government debt defaults.
visit www.etfsecurities.com for more info.
Joint Associations Committee Releases Combined Principles for Retail Structured Products
May 23, 2011--The Joint Associations Committee on Retail Structured Products is pleased to announce it is reaffirming the set of principles for managing the provider-distributor relationship (PD Principles) in retail structured products and the principles for managing the distributor-individual investor relationship (DI Principles), originally published in July 2007 and July 2008 respectively.
The Principles were drafted with the intent of achieving fair treatment for individual investors and clarifying the respective roles and responsibilities of the various parties involved in the creation and distribution process. The years since 2008 have seen increased recognition by governments and regulators of the importance of a vibrant and well-functioning retail structured products market.
A combination of demographic trends and the impact of the financial crisis have resulted in a greater onus on individuals to take responsibility for their long-term financial planning and, in particular, to make private financial provision for their retirement. Retail structured products will play a key role in meeting such increased investment demand. However, the financial crisis has also impaired investor confidence. Such considerations have led to regulatory initiatives designed to improve investor protection in multiple jurisdictions.
view the Joint Associations Committee -Combined Principles For Retail Structured Products
Big exchange mergers stopped in their tracks
May 20, 2011--With stunning speed, the week saw the unravelling of two large exchange mergers, casting a cloud over the wave of consolidation that has swept the business since October last year.
First, London Stock Exchange's attempt to forge an all-share merger with TMX Group, operator of the Toronto and Montreal bourses, was stopped in its tracks by a rival C$3.6bn bid from a consortium of Canadian banks and pension funds.