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03 September 2015

Friends 'Weekly' Newsletter


August and first days of September's highlights featured news from BIS, ECB, EBA, ECON, CPMI, IOSCO, ESMA, European Commission, FSB, EIOPA, Basel III, Solvency II, CMU, Greece, the Chinese crisis and many more.

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  Articles from 30 July 2015 - 03 September 2015

  Banking
 
 
ECB: Working Paper Series - Sovereign risk, interbank freezes, and aggregate fluctuation
This European Central Bank paper studies the interaction of sovereign default risk with the banking sector. Authors present a model with strategic default on public debt in which sovereign risk adversely affects funding conditions of banks on the interbank market.
BIS: Higher bank capital requirements and mortgage pricing - evidence from the CCB
How has the Countercyclical Capital Buffer affected mortgage pricing after Switzerland became the first country to activate this Basel III macroprudential tool? By analyzing a database with several offers per mortgage request, here's a picture of mortgage supply and demand.
EBA publishes technical advice on protected arrangements in a resolution situation
The European Banking Authority’s Opinion ensures full protection of well-established sources of refinancing such as secured debt, including securities lending and covered bonds, and of means of risk mitigation. The Opinion was issued in response to a request for advice from the European Commission.
 
  Securities
 
 
ECON: Draft report on stocktaking and challenges of the EU Financial Services Regulation
The document analyses the impact and the way forward towards a more efficient and effective EU framework for Financial Regulation and a Capital Markets Union.
CPMI-IOSCO: Harmonisation of key OTC derivatives data elements (other than UTI and UPI) – first batch
This consultative report is one part of the CPMI-IOSCO Harmonisation Group's response to the FSB mandate. It focuses on a first batch of key data elements (other than UTI and UPI) that are considered important for consistent and meaningful aggregation on a global basis.
CPMI-IOSCO publish Harmonisation of the Unique Transaction Identifier
CPMI and IOSCO published for public comment a consultative report entitled Harmonisation of the Unique Transaction Identifier. The consultative report is one part of the Harmonisation Group's response to its mandate.
FSB: Progress in implementing OTC derivatives market reforms
The report finds that implementation of OTC derivatives market reforms is well underway, with the foundational authority needed to give effect to the full range of these reforms in place in most FSB member jurisdictions.
ESMA advises Commission on implementation of CSD Regulation
ESMA has delivered the Technical Advice on the level of penalties for settlement fails, and the substantial importance of a CSD for the functioning of the securities markets and the protection of the investors in a host Member State.
 
  Insurance
 
 
Insurance Europe: Insurers on track with Solvency II implementation
Europe’s insurers are making significant progress towards implementing Solvency II by the end of this year. However, many are extremely concerned about the pressure which insurers face due to additional last minute requirements that are being imposed in the run-up to the regime coming into force.
 
  Asset Management
 
 
AIMA: Impact of Basel III on hedge funds and asset managers
AIMA announced a new survey that explores how Basel III bank capital rules impact money managers and their financing relationships.
 
  Political
 
 
Commission signs three-year ESM stability support programme for Greece
The European Commission signed the Memorandum of Understanding with Greece for a new stability support programme.
Reuters: Greece deal leaves euro intact but fragile
With Greece close to getting a new bailout, the eurozone at least looks more robust than it did. The risk is less about the exit of a peripheral state, and more about the economic rifts between core members.
Financial Times: Berlin must lead Europe towards closer union
The crisis is not just about the right level of sales taxes on islands in the Aegean, Germans’ capacity for empathy, or even the future of the euro. It is about the future of European integration itself — and of German leadership in Europe.
 
  Financial
 
 
CEP: A sovereign default regime for the euro area
By introducing a sovereign default regime in the eurozone, its member states would be once again allowed to make their own decisions regarding timing, type and scope of reforms.
 
  Economic
 
 
Forbes: How exposed Is Europe to a Chinese economic slowdown?
The huge falls in the Chinese stock market are already affecting international markets, but what could be the consequences to a still fragile European economy in the event of a serious slowdown in China?
Financial Times: Weak eurozone data underline fragile recovery
Disappointing eurozone numbers released by the European Central Bank demonstrate the fragility of the region’s recovery despite a cocktail of cheap oil, a weaker euro and mass bond-buying.
ECB: Account of the monetary policy meeting of the Governing Council
This document includes a review of financial, economic and monetary developments and policy options, as well as the Governing Council’s discussion and monetary policy decisions that took place in Frankfurt am Main on 15-16 July.
 
  Budgetary
 
 
European Council: EFSM revised to shield non-euro area countries from risk
The Council approved a regulation amending the European Financial Stabilisation Mechanism in order to protect non-euro area member states from any risk arising from financial assistance given to a euro area country.
 

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