Global ETF News Older than One Year
TASE and Eurex sign derivatives trading cooperation agreement
December 19, 2013--TASE, the Tel Aviv Stock Exchange, and Eurex Exchange, the international derivatives marketplace and part of Deutsche Börse Group, have signed a cooperation agreement.
Under the agreement, Eurex Exchange will list and clear index futures based on the TA-25 index, Israel's blue chip index and one of the most heavily traded regional equity indexes. Eurex's TA-25 index futures will be denominated in US dollars. The launch is planned for H1 2014.
The cooperation agreement was signed today by Ester Levanon, CEO of TASE, and Mehtap Dinc, member of the Eurex Executive Board, in Tel Aviv. Both partners will jointly promote the launch of the new Eurex index derivatives contracts.
Source: Eurex
IMF Working paper-Securitization: Lessons Learned and the Road Ahead
December 19, 2013-- Summary: This paper examines the financial stability implications arising from securitization markets, with one eye on the past and another on the future. The paper begins by deriving a number of "lessons learned" based on an examination of key industry developments in the years before the crisis.
Emphasis is placed on the various ways in which securitization markets dramatically changed shape in the years preceding the crisis, vis-á-vis their earlier (simpler) incarnation. Current impediments to securitization markets are then discussed, including a treatment of various regulatory initiatives, the operational infrastructure of securitization markets, and related official sector intervention. Finally, a broad suite of policy recommendations is presented to address the factors that either contributed to the crisis or may currently be posing obstacles to growth-supportive, sustainable securitization markets. These proposals are guided by the objective of preserving the beneficial features of securitization, while mitigating those that pose a potential risk to financial stability.
view the IMF Working paper-Securitization: Lessons Learned and the Road Ahead
Source: IMF
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
