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30 April 2015

Friends 'Weekly' Newsletter


ECB, Banking Union, MiFID, effects of QE on pension funds, financial integration, EFAMA, Eurogroup, tax policy and more.

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Banking Securities Insurance
Asset Management Financial Services Policy Political
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  Articles from 23 April 2015 - 30 April 2015

  Banking
 
 
Financial Times: Stagnation, fines and regulation leave European banks struggling
Are European banks in terminal decline? Tough regulation on capital and pay, fines for past misdemeanours and economic stagnation in home markets have hit Europe’s biggest banks hard.
ECB: The banking union and financial integration
Danièle Nouy: "CMU can increase the resilience of the financial system by generating alternative sources of funding for the economy and reducing the dependence of the non-financial sector on bank funding, which is particularly detrimental in periods of bank deleveraging."
 
  Securities
 
 
MiFID II: Meeting of the European Securities Commission
Documents on transparency, SMEs and growth, FX contracts, investor protection (including payment for research), reasonable commercial basis and portfolio compression.
Financial Times: Centralised risk raises systemic worries over derivatives
FIA Global will call for greater transparency and disclosure from clearers for banks and broker-dealers to help identify credit and operational risks. This comes after regulators put pressure on the global market to push more swap trades into clearing houses.
 
  Insurance
 
 
Euractiv: Interview with Gabriel Bernardino
A pan-European pension markets product would help spur more cross-border economic activity and instill confidence in the single market amongst consumers, says EIOPA chairman Gabriel Bernardino.
EurActiv: Commission to put financial services, insurance under spotlight
The EU executive is set to launch a broad consultation on the state of the internal market for financial services to gauge how fragmented markets are and what can be done to encourage more cross-border activity in the insurance sector.
 
  Asset Management
 
 
EFAMA annual asset management report sees strong growth in 2014
The report focuses on the value of assets professionally managed in Europe, with a distinction between investment funds and discretionary mandate assets, across both the retail and institutional landscape.
PensionsEurope: The effects of QE on pension funds
The current low-interest rate environment and the QE policy of the ECB put severe pressure on both Defined Benefit and Defined Contribution pensions funds.
 
  Financial Services Policy
 
 
ECB: Financial integration in Europe rebounds, report finds
Financial integration in the euro area has made good progress in most market segments and increased in 2014, as measured by FINTEC. This progress can be seen across the money, bond, and banking market segments, while the picture for the equity market segment is more mixed.
 
  Political
 
 
Eurogroup meeting of 24 April 2015
Remarks by Jeroen Dijsselbloem on Greece, Cyprus, Spain, the SSM and growth and jobs in the EU.
Financial Times: US fears a European sequel to Lehman Brothers
Policy makers worry eurozone officials are too optimistic about dealing with a potential Grexit, writes Gillian Tett.
 
  Financial
 
 
European Commission: Refocusing financial integration on growth and jobs
Commissioner Hill tackled banking union, securitisation and CMU. "I expect there to be less new legislation in the future and more focus on bedding-in the reforms of recent years. Businesses need stability and regulatory certainty," he said.
 
  Economic
 
 
European Commission: The future of tax policy - A matter for society as a whole
Moscovici: "In the next few years, I will aim at advancing an agenda focused on fairness, transparency and a truly single market from a taxation point of view."
 

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