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05.04.2012
European banks: 2011 results reveal strategic challenges
Topics: Banking; Financial market trends; Global financial markets
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27.03.2012
Fee vs commission: Quality of advice is not only determined by remuneration
Abstract: Remuneration drives incentives. This applies to both commission-based as well as fee-based remuneration. However, remuneration is only one of several factors which influence the quality of investment advice. Other factors are the (financial) literacy of consumers, cost transparency, handling of complex products, advisor qualification and other internal incentive systems. So quality assurance requires a holistic approach, both for the regulatory regime and for internal bank management procedures. Fee-based and commission-based models have their advantages and disadvantages, depending on the investment objective, holding period and other client preferences. For this reason, the coexistence of differing remuneration models would appear to be the most suitable way to guarantee proper provision of investment advice for all consumers.
Topics: Banking; Financial market trends; Global financial markets; International financial system; Key issues - nicht mehr verwenden!; Social values / Consumer behaviour; Supervision and regulation
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16.03.2012
Venture capital: investment boom requires effective stock markets
Abstract: The German federal government plans to promote start-up financing for young innovative companies. An investment grant for business angels as well as a further tax privileges for venture capital funds and their investors are under debate. The idea is praiseworthy, but a real investment boom also requires highly developed stock markets where innovative companies achieve high prices.
Topics: Capital markets; Capital markets policy; Econometrics; Economic policy; Economic trends; Financial market trends; Global financial markets; Information technology; Innovation; Intern. economic system; International capital markets; International financial system; Internet; Key issues - nicht mehr verwenden!; Macroeconomics; Quantitative analysis; Real econ. trends; SMEs; Socio-econ. trends; Supervision and regulation; Technology and innovation
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13.03.2012
Three-year refinancing operations: ECB kills two birds with one stone
Abstract: End-February, the ECB provided banks with EUR 530 bn of liquidity for three years via its longer-term refinancing operations (LTRO). As with the first three-year LTRO in December 2011, the provision of liquidity is designed to avert tensions over bank lending. The first three-year tender has also had an effect on European government bond markets. As mainly Italian and Spanish banks increased their exposure, yield curves for Spanish and Italian bonds shifted downwards at the short end.
Topics: Banking; Capital markets; EMU; Global financial markets; International capital markets; Key issues - nicht mehr verwenden!; Monetary policy
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07.03.2012
Five years after subprime: Lending trends in Europe and the US
Abstract: Lending trends in Europe and the US are currently diverging. Indicators point to a further slowdown in the euro area, even though a credit crunch has so far not materialised. In the US, by contrast, the outlook has considerably improved in recent quarters and loan volumes are growing again.
Topics: Banking; Capital markets; Financial market trends; Global financial markets; International capital markets; International financial system; Key issues - nicht mehr verwenden!; Macroeconomics
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28.02.2012
Tight credit, low growth: How will private equity fare in Europe?
Abstract: Macroeconomic and debt market conditions indicate restrained investment activity by PE funds this year. European PE investments in 2012 are likely to be 8 to 17% lower than our estimate for 2011 – although a lot will depend on the management of the European debt crisis. Historical evidence suggests that periods of low growth and sluggish fundraising – as seen in Europe at present – tend to make for PE vintages with strong returns. This holds even in comparison to investments in public equity as the analysis of public market equivalents illustrates. However, the overhang of uncalled capital commitments (dry powder) and potential competition from cash-rich strategic buyers might bear on this effect this time, meaning that PE performance might eventually be somewhat lower than pure historical experience would have suggested.
Topics: Capital markets; Econometrics; Financial market trends; Global financial markets; International capital markets; Key issues - nicht mehr verwenden!; Macroeconomics; Quantitative analysis; Real econ. trends
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07.12.2011
Chief Economist Thomas Mayer on the debt crisis
Abstract: “...The high debt tolerance of the past was based on an erroneous assessment of credit risks. In the private sector people thought the risks could be calculated precisely and they relied on models that were based on the complete rationality of economic actors and efficiency of the markets. Since these two assumptions are not always borne out, these models delivered flawed risk metrics.....“
Topics: Banking; Business cycle; Capital markets; Capital markets policy; Economic growth; Economic policy; EMU; European issues; European policy issues; Financial market trends; Global financial markets; International capital markets; International financial system; Key issues - nicht mehr verwenden!; Macroeconomics; Monetary policy; Prices, inflation; Supervision and regulation
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14.11.2011
OTC derivatives market: Update on current regulatory initiatives
Abstract: Derivatives have a long-standing history as financial instruments for managing financial risks stemming from changes in macroeconomic conditions. They thus represent important risk management tools for companies, authorities and financial institutions as they can be used to manage exposure to interest rate, currency, commodity price or other risks. Globally, the OTC derivatives market volume amounts to USD 600 trillion; nearly 85% of the world’s outstanding derivatives market volume is accounted for by OTC derivatives. In reaction to the financial crisis, there has been an international effort to increase stability in financial markets – including OTC derivatives markets: In 2009, G-20 leaders agreed that all standardised OTC derivative contracts should be cleared through Central Counterparties (CCPs) by the end of 2012 at the latest. The regulatory initiatives currently undertaken follow these commitment.
Topics: Banking; Financial market trends; Global financial markets; International capital markets; International financial system; Key issues - nicht mehr verwenden!; Supervision and regulation
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11.10.2011
Private Equity: Opportunities in turbulent times
Abstract: The first half of 2011 was marked by a sense of optimism in the private equity industry – especially in Germany. This confidence was borne of the strong performance of the corporate sector to date, the increasing availability of borrowing, and the cash flows earned from successful exits. However, the plunge in share prices since the beginning of August triggered a more sceptical assessment of general growth prospects. The fragile state of the economy will hit portfolio companies’ profits and make lucrative exits more difficult. However, this situation also presents opportunities. Private equity funds that are launched in economically challenging times usually generate the highest rates of return.
Topics: Banking; Capital markets; Capital markets policy; Economic policy; Emerging markets; Financial market trends; Global financial markets; IMF / World Bank; International capital markets; International financial system; Key issues - nicht mehr verwenden!; Macroeconomics; Real econ. trends; SMEs; Technology and innovation
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22.09.2011
Solvency II and Basel III: Reciprocal effects should not be ignored
Abstract: The new capital and liquidity rules for banks (Basel III) and the new capital requirements for insurance companies (Solvency II) are set to be introduced in January 2013. Since insurers are major institutional investors – in bank bonds, among other things – there may well be some reciprocal effects between these two sets of regulations when they are implemented. As a principle, Solvency II gives preferential treatment to bonds with good credit ratings and short maturities. The new Basel III liquidity requirements oblige banks to place their funding on a more stable, long-term footing. As a consequence, these institutions will have to issue more – and different – long-term bonds. At first glance, this appears to be diametrically opposed to the incentives that Solvency II creates for insurance companies. A closer look at the main types of investors in bank bonds and the various incentives that will affect the investment decisions made by insurers however reveals that there will be changes in asset allocation, but the disintegration of a whole investor base is not expected. Nonetheless, the precise nature of the reciprocal effects between Basel III and Solvency II should be examined before these rules are finally adopted.
Topics: Banking; Global financial markets; International capital markets; International financial system; Key issues - nicht mehr verwenden!; Supervision and regulation
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