Global ETF News Older than One Year
IMF Working paper -Do Credit Shocks Matter? A Global Perspective
November 16, 2010--Summary: This paper examines the importance of credit market shocks in driving global business cycles over the period 1988:1-2009:4. We first estimate common components in various macroeconomic and financial variables of the G-7 countries.
We then evaluate the role played by credit market shocks using a series of VAR models. Our findings suggest that these shocks have been influential in driving global activity during the latest global recession. Credit shocks originating in the United States also have a significant impact on the evolution of world growth during global recessions.
view the working paper-Do Credit Shocks Matter? A Global Perspective
Source: IMF
IOSCO Publishes Final Report on Private Equity Conflicts of Interest
November 16, 2010--Executive Summary
In May 2008, IOSCO published a report identifying potential risks emerging from the private equity industry and outlining how IOSCO intended to address these risks. One of the key risks identified by this report was the potential for material conflicts of interest to exist among the parties involved in private equity sponsored transactions.
In light of this the report recommended that further work should be carried out to fully identify those conflicts of interest risks which are particular to private equity and to explore the extent to which these risks are subject to adequate methods of mitigation. This report provides a summary and the conclusions of the recommended follow-up work on conflicts of interest in private equity.
view the Final Report on Private Equity Conflicts of Interest
Source: IOSCO
SEC and CESR Members Announce Efforts to Continue Close Cooperation as National Securities Regulators Implement New Regulatory Reform Initiatives
November 16, 2010--The Securities and Exchange Commission and the Committee of European Securities Regulators (CESR) today convened a high-level meeting in Paris between SEC Chairman Mary L. Schapiro, CESR Chairman Carlos Tavares, and the chairmen of 29 CESR member regulators to discuss regulatory reform efforts in the United States and the European Union.
Securities regulators in both the U.S. and EU are currently crafting new and wide-ranging rules designed to address regulatory concerns that arose during the recent financial crisis. Today's discussions focused on a number of topics, including the regulation of over-the-counter derivatives and oversight of credit rating agencies and managers of hedge and private equity funds. The CESR and SEC chairmen also shared views regarding market structure issues, systemic risk, and issues relating to the convergence of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP).
Source: SEC.gov
Basel rules spark mitigation drives
November 15, 2010--With global reforms set to force banks to hold more capital against riskier kinds of financial assets, the world’s biggest investment banks have begun to embrace a new buzzword: mitigation.
The Basel III rules endorsed by the Group of 20 leading economies last week may be squeezing banks on multiple fronts.
Source: FT.com
October 2010 FIF Automated Trading Analysis Report – Executive Summary
Share volumes traded across Tape
A, B, and C increased 8% monthly
since September 2010 to 165
billion shares (see chart).
Share volumes in NYSE-listed
securities increased 14%
compared to September 2010 to
96 billion shares.
NASDAQ-listed securities traded
over exchange decreased 0.2%
since September 2010 to 42
billion shares
On October 15, 2010, BATS started operating its Y exchange platform.
NASDAQ launched its PSX trading platform on October 8, 2010
On July 19, 2010, Direct Edge started operating its EDGA and EDGX exchange platforms.
Source: Financial Information Forum
Twenty Developing Countries To Use Sun, Wind and Geothermal To Radically Reshape Citizens’ Energy Access
With support from the Clean Technology Fund, fourteen middle income countries -- Algeria, Egypt, Indonesia, Jordan, Kazakhstan, Mexico, Morocco, Philippines, South Africa, Thailand, Tunisia, Turkey, Ukraine, and Vietnam -- plan to radically rebalance their national energy portfolios by investing in renewables at a large scale, the CTF governing body was told in its meetings which concluded here on Friday. The CTF Committee welcomed the trend shown in the project pipeline laid out in the CTF operational report, which detailed a first round of renewables projects for a total of $2.4 billion to implement these plans, expected to finance around 4,255 megawatts with a potential to scale-up around 39,200 megawatts. view the CTF SEMI-ANNUAL OPERATIONAL REPORT
Source: World Bank
G20 Leaders endorse Financial Stability Board policy framework for addressing systemically important financial institutions
SIFIs are financial institutions whose disorderly failure, because of their size, complexity and systemic interconnectedness, would cause significant disruption to the wider financial system and economic activity.
FSB jurisdictions have agreed to put in place the policy framework to reduce the risks and externalities associated with domestic and global systemically important financial institutions in their jurisdictions. As the report states:
The policy framework for SIFIs should combine: a resolution framework and other measures to ensure that all financial institutions can be resolved safely, quickly and without destabilising the financial system and exposing the taxpayer to the risk of loss; a requirement that SIFIs and initially in particular global SIFIs (G-SIFIs) have higher loss absorbency capacity to reflect the greater risks that these institutions pose to the global financial system; more intensive supervisory oversight for financial institutions which may pose systemic risk; view the report-Reducing the moral hazard posed by systemically important financial institutions
Source: Financial Stability Board (FSB)
Wolin to do Europe
In Riga and Warsaw, Deputy Secretary Wolin will discuss the impact of the global financial crisis on economic reform in Eastern Europe. In London and Brussels, he will update key officials and investors on U.S. progress in the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including a major policy address hosted by the London Stock Exchange.
Source: Economic Policy Journal
Carbon Disclosure Project 2010 Water Disclosure Global Report
CDP Water Disclosure sent its first annual questionnaire to 302 of the world’s largest companies asking for information on their water use and other water-related business issues. It received a 50% response rate with 122 of these responding publicly and a further 25 companies responding on a purely voluntary basis. The information was requested on behalf of 137 institutional investors representing US$16 trillion in assets to increase transparency and accountability on water scarcity and other water related issues, and to inform the global market place on investment risks and commercial opportunities. The data will provide valuable insight into the strategies deployed by many of the largest companies in the world in relation to water use and will be used to help drive sustainability. The report, prepared by Environmental Resource Management (ERM), analyses the public responses to the questionnaire and will be officially launched at Bloomberg’s offices in London, 09:00am, Friday 12th November 2010. The report findings show that water is already impacting business operations with 96% of responding companies able to identify whether or not they are exposed to water risk and more than half of those reporting risks classifying them as current or near-term (1-5 years). 39% of companies are already experiencing detrimental impacts relating to water including disruption to operations from drought or flooding, declining water quality necessitating costly on-site pre-treatment, and increases in water prices, as well as fines and litigation relating to pollution incidents. view CDP Water Disclosure 2010 Global Report
Source: CDP
The Human Cost of Recessions: Assessing It, Reducing It-IMF position paper
As shown in the left panel of Figure 1, three-fourths of this increase in the number of unemployed people occurred in the “advanced” economies (the term
used in the WEO to denote high per capita income countries) and the remainder among emerging market economies. The unemployment rate increased by 3 percentage points in advanced countries since 2007 and by 0.25 percentage points in emerging markets (Figure 1, right panel). In contrast, in low-income countries (LIC) on the whole, unemployment fell during the Great Recession.
Source: IMF
November 15, 2010--U.S. Equities Market Share
In Sep 2010, off-exchange trading
accounted for 32% of the shares
traded in NMS Equity Securities
with an average of 33.9% in 2010.
November 15, 2010--In a significant trend to rebalance energy services toward clean technology, twenty developing countries are investing in large-scale renewables, particularly solar, wind and geothermal services, as a robust source of energy access for their citizens. Just weeks before the global climate negotiating session in Cancun, this trend away from high-emissions sources and toward clean energy sounds a positive note for real climate-smart development.
November 12, 2010--The G20 Leaders at the Seoul Summit on 11-12 November endorsed the Financial Stability Board’s (FSB) policy framework for Reducing the moral hazard of systemically important financial institutions (SIFIs), including the work processes and timelines set out in the report submitted to the Summit.
November 12, 2010--The U.S. Department of the Treasury today announced additional details for Deputy Treasury Secretary Neal Wolin’s trip to Europe. The Deputy Secretary will meet with officials in Warsaw, Poland; Riga, Latvia; London, United Kingdom; and Brussels, Belgium next week.
New Carbon Disclosure Project reveals water constraints now a boardroom issue for global corporations
CDP launches first water disclosure report on world’s largest companies
November 12, 2010-- CDP Water Disclosure, a new program from the Carbon Disclosure Project, today launches its first report on the impact of water constraints on the world’s largest corporations, clearly illustrating the significance and immediacy of water as a corporate issue.
November 11, 2010--Introduction
Recessions leave scars on the labor market; the Great Recession of 2007–09 has left gaping wounds. Over 200 million people across the globe are estimated to be unemployed at present.
Among countries with unemployment data in the IMF’s World Economic Outlook (WEO) database, there has been an increase of over 20 million unemployed people since 2007. The ILO estimates
that globally the increase is over 30 million.
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