Focus topic global financial markets

Focus topic: Global financial marketsFollowing the deep crisis from 2007 until 2009 the structures and regulatory frameworks of the global financial markets have transformed as much as the business models of the financial institutions. DB Research is monitoring and participating in the debate about the impact of the new financial market regulatory regime as well as the medium-term effects of the "new normal" on financial markets in both Europe and the US. In addition, our publications illustrate the potential consequences for the players in the global financial markets, for financial products and the infrastructures on which they are based.

 

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19.03.2015
European bank performance in 2014: Not so bad
Abstract: Core revenues are getting better, loan losses are falling substantially and capital ratios have climbed to sustainable levels – European banks seem to have turned the corner in 2014, finally. Profits have more than doubled, asset growth has also resumed and banks have regained a bit of risk appetite. The outlook for 2015 is thus brighter than in most of the past few years. The still-elevated expenditure levels remain a significant drag on performance, though.
Topics: Banking; Financial market trends; Global financial markets; International financial markets; International financial system; Key issues
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12.03.2015
Liquidity is key for the central clearing of derivatives
Abstract: With more and more OTC derivative contracts shifting towards central clearing, the existing risk management and collateralisation practices are changing tremendously. Consequently, market participants’ attention has turned towards the determinants of central clearing. Our empirical analysis reveals that liquidity is the most important precondition for the central clearing of CDSs. By contrast, higher volatility reduces the likelihood of derivatives being centrally cleared. CCPs also seem to prefer reference entities with relatively robust financial characteristics.
Topics: Banking; Financial market trends; Global financial markets; International financial markets; International financial system; Key issues; Supervision and regulation
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26.02.2015
Money market funds – an economic perspective: Matching short-term investment and funding needs
Abstract: Money market funds are important financial players in Europe and the US, offering investors capital preservation and daily liquidity on the one hand, while providing short-term funding in money markets on the other. However, the European and US markets differ in their structures and economic functions: In Europe, where the market is split into two distinct segments, MMFs’ balance sheets reflect to a large degree intermediation within the financial sector and a strong investment focus on bank debt. In the US, by contrast, a homogeneous set of industry standards exists and MMFs’ business is geared more towards direct intermediation between non-financial sectors.
Topics: Banking; Financial market trends; Global financial markets; International financial markets; International financial system; Key issues; Supervision and regulation
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27.01.2015
SME-backed covered bonds: A rising star − just not yet?
Abstract: SMEs' access to finance problem constitutes a considerable impediment to the recovery in many European countries, therefore prompting calls for policy action. Among the options to spur bank lending to SMEs, covered bonds backed by SME loans are currently discussed as a potential remedy. Despite SME-covered bonds offering lucrative features for investors and issuers alike, there are significant constraints that may limit their potential to revitalise bank lending to SMEs for the time being.
Topics: Banking; Financial market trends; Global financial markets; SMEs
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19.12.2014
Deposit guarantee reform in Europe: A systemic perspective
Abstract: The financial crisis has led to substantial reforms of the system of financial regulation and supervision in Europe – not limited to but including deposit guarantee schemes (DGSs), which play a key role in consumer protection and financial stability. The most recent DGS reform follows a gradual approach, i.e. focuses on adapting existing national systems rather than replacing them. Nevertheless, new rules for bank resolution and the emerging Banking Union are considerably changing the environment DGSs operate in. Given the complexity of the new setup, cooperation between the different players in the financial safety net – including DGSs – is indispensable.
Topics: Banking; Global financial markets; International financial markets; International financial system; Key issues; Supervision and regulation
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05.12.2014
European banks: Is growth finally returning?
Abstract: 2014 is witnessing a remarkable reversal in some important European banking trends of the past few years, according to the 9-month results of the continent’s largest banks. This is not solely a positive thing: apart from improvements in core revenues and a return to balance sheet expansion, expense levels are also rising again. Is deleveraging and shrinking over, then?
Topics: Banking; Financial market trends; Global financial markets; International financial markets; International financial system; Key issues
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25.11.2014
Konzept Issue 01
Abstract: Innovation is one of the core values of Deutsche Bank. It helps us find sustainable solutions for our stakeholders and evolve our thinking about the future. This new magazine from Deutsche Bank Research represents such innovation.
Topics: EMU; Economic policy; European policy issues; Germany; Global financial markets; Key issues; Macroeconomics; Residential real estate; Sectors / commodities; Technology and innovation
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24.11.2014
The digital structural change in the financial sector
Abstract: The forces driving digital structural change are complex, and “predatory competition” is certainly an inadequate description of all the effects it is having on established sectors and structures in their entirety. That is why other aspects are making a fundamental contribution to the change. These include the exponentially rising volume of data, the penetration of web-based devices, popular familiarity with the internet, network effects and economies of scale, broadband expansion, the potential for automation and standardisation, the readiness to adapt and the flexibility of established providers, changes in demand and consumption patterns as well as stricter regulatory measures.
Topics: Banking; E-commerce; Economic structure; Financial market trends; Global financial markets; Information technology; Innovation; Intangible assets; International financial markets; International financial system; Internet; Key issues; Media/PR & Advertising; Sectors / commodities; Services; Social values / Consumer behaviour; Socio-econ. trends; Technology and innovation; Trade
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11.11.2014
Fintech – The digital (r)evolution in the financial sector: Algorithm-based banking with the human touch
Abstract: In sections of the financial industry there are many web- and data-based financial products and services that customers cannot obtain from either their bank or a similar provider. Non-bank, primarily technology-driven providers are increasingly entering the markets for less knowledge-intensive and easily standardisable financial services. Despite valuable comparative advantages that traditional banks have to offer they need to undergo a radical course of innovation therapy during the digital transformation process. To this end modern data analysis methods should be used just as routinely as a seamlessly integrated web of all distribution channels. Modern technologies and appropriate finance-specific internet services need to be implemented efficiently and above all in a timely manner. Strengthening one's own brand and identity as well as the obligation to handle client data confidentially will also help to deliver a sustained increase in customer satisfaction and loyalty.
Topics: Banking; E-commerce; Economic structure; Financial market trends; Global financial markets; Information technology; Innovation; Intangible assets; International financial markets; International financial system; Internet; Key issues; Media/PR & Advertising; Sectors / commodities; Services; Social values / Consumer behaviour; Socio-econ. trends; Technology and innovation; Trade
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22.10.2014
Presentation: Banking & regulatory trends in Europe
Topics: Banking; Financial market trends; Global financial markets; International financial markets; International financial system; Key issues; Supervision and regulation
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