Friends 'Weekly' Newsletter

02 July 2015

ECB's EU structural financial indicators, BIS' 85th Annual Report, Greece default on IMF, break of negotiations with the Eurogroup, ESMA, IOSCO, ECB maintaining the ELA at current levels, Greek referendum & capital controls, Grexit?, the Five President's Report and more.

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  Articles from 25 June 2015 - 02 July 2015

  Banking
 
 
ECB: EU structural financial indicators - 2014
The data show that the decline in number of bank branches continues in most EU countries, that the number of employees of credit institutions in the EU has also fallen - to around 2.8 million in 2014 -, and that share of assets of five largest institutions at national level varies from 32% to 94%.
BIS: 85th Annual Report - Don't let the unthinkable become the new normal
In its 85th Annual Report, the Bank for International Settlements calls for a shift to a longer-term focus in policymaking, with the aim of restoring sustainable and balanced growth.
 
  Securities
 
 
Securities financing transactions: Council confirms agreement with EP on transparency rules
The proposed regulation will enhance financial stability by ensuring that information on so-called securities financing transactions is efficiently reported to trade repositories and investors in collective investment undertakings.
ESMA publishes the Final Report on draft technical standards on MiFID II and MiFIR
ESMA has issued its Final Report on MiFID II-MiFIR draft technical standards on authorisation, passporting, registration of third country firms and cooperation between competent authorities.
ESMA publishes guidelines for issuers performance measures
ESMA’s Final Guidelines on Alternative Performance Measures (APMs) set out the principles that issuers should follow when presenting APMs in documents which qualify as regulated information and address their labelling, calculation, presentation and comparability.
ESMA: Verena Ross speaking on regulatory outlook at CISI 2015 annual conference
The main highlights of her speech were: CMU, investor protection - both under the MiFID II framework -, the work ESMA is doing together with the other European Supervisory Authorities, and the digitalisation of financial services.
 
  Insurance
 
 
EC: Commission welcomes deal to improve consumer protection for insurance products
These new rules (revised Directive on insurance sales, known as the Insurance Distribution Directive) will improve the way insurance products are sold and will bring real benefits to consumers and retail investors.
 
  Asset Management
 
 
IOSCO consults on international standards on fees and expenses of investment funds
The report seeks to determine whether these standards are still valid or might be updated or supplemented in light of market and regulatory changes.
 
  Political
 
 
European Commission: Next steps on the "5 Presidents' Report" on completing Europe's EMU
To mark Stage 1 of the Deepening of Europe's Economic and Monetary Union (EMU), which started on 1 July 2015, the College of Commissioners had a first debate on the "Five Presidents' Report".
Remarks by Jeroen Dijsselboem following Eurogroup conference call of 1 July 2015
Eurogroup President talked with Greece's PM Alexis Tsipras and concluded that the old programme will not be extended, and that the European institutions will "simply await now the outcome of the referendum on Sunday".
Wall Street Journal: The Greek referendum documents
Greeks will be asked on 5th July to vote on a complicated question that refers to two documents hard to understand, and that many people have not seen.
ECB: ELA to Greek banks maintained at its current level
The ECB takes note of decision on Greek referendum and the non-prolongation of the EU adjustment programme, and has announced it will continue Emergency Liquidity Assistance at Friday’s (26 June 2015) level to maintain financial stability.
European Commission: EC, ECB and IMF's latest draft proposals for the Greek government
Information from the European Commission on the latest draft proposals in the context of negotiations with Greece. They were due to be presented before Greece's unilateral break of talks.
 
  Economic
 
 
ECB's Mersch: On European unity - Economic and Institutional challenges facing Europe
The speech of European Central Bank's Yves Mersch focus on implementing large-scale asset purchases, monetary policy and structural reforms, and the Five President's Report.
 

  Graham's tweets

Graham Bishop @CISI #CISI2015 Retail advisors should be knowledgeable and competent. No one can argue against that.

— Hayley Brown (@1HayleyBrown) July 1, 2015
 

@J_Dijsselbloem after call w @tsipras_eu: old programme not extended, institutions will wait for referendum #Greece http://t.co/1O72Fb0L4p

— Graham Bishop (@GrahamBishopcom) July 1, 2015
 

Greeks will vote @tsipras_eu: After #referendum was announced, better proposals were received- especially in restructuring the debt. #Greece

— Graham Bishop (@GrahamBishopcom) July 1, 2015
 

Q: Junker will deepen single currency integration.. What is impact on UK? (A: it is a huge business opp!) @GrahamBishopcom #CISI2015 @CISI

— Rebecca Doodson (@BeckieDoods) July 1, 2015
 

#CISI2015 who can complain that their investment advisor is knowledgeable and competent? #MiFID #CPD pic.twitter.com/HXf9SAbpC4

— Graham Bishop (@GrahamBishopcom) July 1, 2015
 

#Eurozone wishes for closer #Integration #Economic #Financial system, very difficult for Mr Cameron to argue to the side of that #cisi2015

— Graham Bishop (@GrahamBishopcom) July 1, 2015
 

MT: @GrahamBishopcom: John Cridland CBE @CBItweets New #Government needs to put growth at the heart of its reform @CISI #CISI2015

— The CISI (@CISI) July 1, 2015
 

"From Bogota to Brussels" @glittlejohn - we've heard from @Robert__Mazur, and next up is @GrahamBishopcom #CISI2015 @CISI

— Rebecca Doodson (@BeckieDoods) July 1, 2015
 

John Cridland CBE, Director-General @CBI New Government needs to put growth at the heart of its reform @cisi #CISI2015

— Graham Bishop (@GrahamBishopcom) July 1, 2015
 

Breaking news: Tsipras backs down on Greece’s bailout demands http://t.co/6cUifTsPoQ pic.twitter.com/SsaWOssRJG

— Financial Times (@FT) July 1, 2015
 

@CISI #CISI2015 Graham will discuss #Europe - The Big Issue

Verena Ross, @ESMAComms: Technology is changing, it brings opportunities and challenges for firms- #CISI2015 #Fintech pic.twitter.com/DS4NgBty36

— The CISI (@CISI) July 1, 2015
 

@SkyNewsBreak: Dijsselbloem says Greek govt will send new proposal tomorrow -new #Eurogroup- & that "new bailout for #Greece may be tougher"

New offer from Athens includes debt restructuring @ThomaisERT_RIK: @tsipras_eu letter to #ESM and #Eurogroup http://t.co/zAtqNOFe8Z

— Graham Bishop (@GrahamBishopcom) June 30, 2015
 

See Keynote speaker at @LipperLeaders @CISI Fund Forum @GrahamBishopcom on EU Issues ,July 14, 2015 https://t.co/yFJXzz8i5m #LFSF15

— Jake Moeller (@JakeMoeller1) June 30, 2015

 

It's unlikely that @tsipras_eu accepts: he asked for "no" @EurActiv: Juncker makes last minute offer to #Greece http://t.co/86yHyvOhi2

— Graham Bishop (@GrahamBishopcom) June 30, 2015

INSTANT ANALYSIS: @JunckerEU has just appointed himself head of the "YES" campaign in #Greferendum - & his political gloves are off #Greece

— Ryan Heath (@PoliticoRyan) June 29, 2015
 

@EU_Commission, @ecb & @IMFNews latest draft proposals for #Greece talks- never presented since #Tsipras walked out http://t.co/GiG8oNIoZO

 

absolutely correct https://t.co/l8cobDXR7O

— Graham Bishop (@GrahamBishopcom) June 29, 2015
 

Capital controls in #Greece justified but free movement needs to be restored ASAP @JHillEU: http://t.co/5By1a873iL pic.twitter.com/hdHsK7uTT1"

— Graham Bishop (@GrahamBishopcom) June 29, 2015
 

ELA to Greek banks maintained at its current level http://t.co/DYLsGCUI2g

— ECB (@ecb) June 28, 2015
 

#Eurogroup @J_DijsseIbIoem: Negotiations between the institutions and #Greece broken. Tsipras calls for a referendum. http://t.co/HjbyCzLk36

— Graham Bishop (@GrahamBishopcom) June 27, 2015
 

@eucopresident: No agreement w #Greece, #Eurogroup meets again saturday. Talks on #UK renegotiation will now start. http://t.co/W3AHLjkTKB

EXCLUSIVE: ECB holds crucial cash lifeline for #Greece unchanged as Bundesbank protests. http://t.co/Pc8TnL5usp pic.twitter.com/JgbxUrOtcr

— Reuters Business (@ReutersBiz) June 25, 2015
 

#EUCO: @EP_President speaks out on #Greece, #MigrationEU crisis, #EMU and #UKreferendum. http://t.co/6HdEAxlAKl pic.twitter.com/GjEVD93SI6

— European Parliament (@Europarl_EN) June 25, 2015

  Tag Cloud
alexis tsipras banking union ecb emu esm esma eurogroup european council greece greek referendum grexit

© Graham Bishop