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24.05.2012
Macroprudential supervision: In search of an appropriate response to systemic risk
Abstract: Mainly as a direct response to the international financial crisis, a new policy framework is taking shape with the aim to prevent systemic risk in banking and financial markets. The new framework aims to fill a gap between monetary policy and microprudential supervision. Whether macroprudential supervision succeeds will crucially depend on how policies are implemented in practice. As the search for effective tools and policies is still ongoing, it should not be narrowed down prematurely to prudent bank capital and liquidity rules. Instead, a more holistic perspective on financial risks, including risks that stem from monetary policy and non-bank financial intermediation, is needed.
Topics: Banking; Capital markets; Capital markets policy; Exchange rates; Global financial markets; International capital markets; International financial system; Key issues - nicht mehr verwenden!; Monetary policy; Prices, inflation; Supervision and regulation
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11.05.2012
Low interest rates pressuring US bank margins
Abstract: With interest rates likely to remain at depressed levels for years to come in most developed banking markets, the focus is on the impact this may have on interest margins and banks’ net interest income. Historical data for the US shows that with a flattening of the yield curve, margins face significant pressure as long-term rates draw closer to short-term rates. This margin compression is exacerbated as funding costs approach the zero bound, while asset yields continue to fall.
Topics: Banking; Capital markets; Global financial markets; International capital markets; International financial system; Key issues - nicht mehr verwenden!; Monetary policy
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03.05.2012
Macro-prudential financial supervision and the ESRB: Underestimated potential
Abstract: The ESRB has kept a low profile in the first few months of its existence. However, this should not obscure the fact that the Board has the potential to be a very influential player. First of all, macro-prudential supervisory policy implies, by definition, the attempt to micro-manage capital allocation. Second, the ESRB is another EU institution monitoring economic policy in the EU member states. Third, macro-prudential policy might become a way to achieve regional differentiation of monetary policy and might thus play a part in the stabilisation of EMU.
Topics: Capital markets; EMU; European issues; European policy issues; Global financial markets; International financial system; Key issues - nicht mehr verwenden!; Macroeconomics; Monetary policy; Supervision and regulation
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03.05.2012
European Commission finalises OTC derivatives market reform
Abstract: Over-the-counter (OTC) derivatives are an important means to hedge risks in financial markets and are therefore key tools for companies, authorities and financial institutions in managing their exposure to risks linked with interest rates, exchange rates, commodity prices etc. Prior to the financial crisis, OTC derivatives markets were largely unregulated. In 2009, the G20 leaders agreed that all standardised OTC derivative contracts should be cleared through CCPs, that all derivative contracts should be reported to trade repositories and that non-centrally cleared contracts should be subject to higher capital requirements. In the EU, the G20 commitment is implemented by the EMIR which was finalised in February 2012 and approved by the European Parliament in March 2012.
Topics: Global financial markets; International capital markets; International financial system; Supervision and regulation
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02.05.2012
Poised for a comeback: Bank deposits
Abstract: Deposits are the most important source of funding for European banks, providing about 60% of the total. At the same time, private-sector deposits tend to be less volatile than other funding instruments. The importance of deposits is set to increase even further in the medium term because of new regulatory requirements and higher levels of risk aversion at banks. Boosting deposit volumes could enable moderate growth in bank assets and thus also an increase in lending to the private sector over the coming years. However, this would require that households hold a larger share of their savings in the form of deposits and invest a smaller proportion in insurance policies.
Topics: Banking; Capital markets; Financial market trends; Global financial markets; International capital markets; International financial system; Key issues - nicht mehr verwenden!; Macroeconomics; Supervision and regulation
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12.04.2012
Macro-prudential financial supervision in the US: The Financial Stability Oversight Council (FSOC)
Abstract: The Financial Stability Oversight Council (FSOC) is the newly created macro-prudential supervisory agency in the US, charged with safeguarding the US economy from future financial crises. It has made important strides in developing this newly defined policy field. Moving forward, the FSOC has an important responsibility to develop macro-prudential policy in coordination with international and domestic regulatory institutions. This cooperation is essential given the interconnected nature of global financial institutions and cross-border systemic risks. Eventually, macro-prudential supervisors around the world will greatly benefit from a global understanding of the global markets they are confronted with and the international distribution of financial risks. The FSOC’s work will be a key element in achieving a global perspective.
Topics: Banking; Global financial markets; International capital markets; International financial system; Key issues - nicht mehr verwenden!; Supervision and regulation
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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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