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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21.08.2015
The sun is shining again: European banks rebound
Abstract: After literally seven lean years, the European banking industry’s recovery from the financial crisis is now in full swing. Profits are at their highest level since 2007, revenues are growing across the board (helped by favourable currency effects) and loan losses are falling. Banks are also expanding business volumes. Capital ratios are on average substantially above Basel III requirements, though uncertainty has increased recently due to a pending further regulatory tightening (“Basel IV”).
Topics: Banking; Financial market trends; Global financial markets; International financial markets; International financial system; Key issues
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19.08.2015
Deposit insurance in the Banking Union: Options for the third pillar
Abstract: Reform of deposit guarantee schemes (DGS) in the EU has followed a gradual approach. The latest reform established common requirements on financing for national schemes but funds remain separate. The debate about the future of DGS has been revived recently, though. The five presidents' report on completing Europe's Economic and Monetary Union put DGS reform back into the larger reform discussion and identified deposit insurance as one of the areas of the Banking Union still pending completion. While joint deposit insurance may seem a rather long-term option, several short- and mid-term suggestions to complement DGS have been raised. They put an emphasis on adapting the current setup with a view to increase back-up financing capacity of individual schemes. Ideas include i) strengthening the network of DGS and possibilities for bilateral lending, ii) establishing a reinsurance scheme, iii) developing a common fiscal backstop to national DGS.
Topics: Banking; European issues; Financial market trends; Global financial markets; International financial markets; International financial system; Key issues; Supervision and regulation
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30.07.2015
Non-performing loans: Peripheral countries finally on the road to recovery
Topics: Banking; EMU; Financial market trends; Global financial markets; International financial markets; International financial system; Key issues
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28.07.2015
Blockchain – attack is probably the best form of defence
Abstract: Debate over blockchain technology is raging in many online and offline media at present. In principle, the technology constitutes a decentralised ledger system that can be coordinated via peer-to-peer (P2P) networks. Any ownership or security issues arising in connection with the decentralised transactions conducted across the ledger system are handled by P2P mechanisms as well, i.e. also without a central node. Ownership status is established via the digital exchange of cryptographic keys (public vs private), while fraudulent transactions can largely be ruled out with the help of the cryptographic 'proof of work' system. Using a proof of work, blockchain technology enables the rapid, inexpensive transfer of assets and financial products between individuals who neither know nor trust one another, without a compelling need for an intermediary to reduce existing information asymmetries.
Topics: Banking; Economic structure; Financial market trends; Global financial markets; Information technology; Innovation; Intangible assets; International financial markets; International financial system; Internet; Key issues; Macroeconomics; Media/PR & Advertising; Social values / Consumer behaviour; Socio-econ. trends; Technology and innovation; Telecommunication; Trade
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13.07.2015
Euro area money market funds: turning the corner?
Abstract: Euro area money market funds have returned to growth, according to the latest ECB data. By March 2015, they managed EUR 1,032 bn in assets, up by EUR 120 bn from a year earlier. A similar surge in assets was last seen before the financial crisis, which marked the beginning of a prolonged decline. Amazingly, the upward trend in assets occurred while money market yields hit record lows, especially for the euro. So what is really behind MMF asset growth?
Topics: Financial market trends; Global financial markets; International financial markets; International financial system
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03.07.2015
Operation “Digital transformation of the financial sector”
Abstract: The digital strategies currently unveiled by traditional banks do not go far enough and often deliver only fragmented silo solutions. With each division “doing its own thing” and adopting the silo principle that stifles innovation, many (digital) financial innovations are primarily experienced at the client front-end and are also warmly welcomed. However, the banks will not achieve resounding success using such methods.
Topics: Banking; Economic structure; Financial market trends; Global financial markets; Information technology; Innovation; Intangible assets; International financial markets; International financial system; Internet; Key issues; Macroeconomics; Media/PR & Advertising; Social values / Consumer behaviour; Socio-econ. trends; Technology and innovation; Telecommunication; Trade
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11.06.2015
European banks: Healing continues
Abstract: European banks had a successful start into 2015. Business activity improved, asset quality did so as well and profitability rose again, as the rebalancing of the industry made further progress. The ECB’s new large-scale market interventions helped strengthen sentiment in financial markets, and contributed to the continuing decline in the euro exchange rate – which on balance may have been beneficial for banks.
Topics: Banking; Financial market trends; Global financial markets; International financial markets; International financial system; Key issues
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09.06.2015
Fintech reloaded – Traditional banks as digital ecosystems: With proven walled garden strategies into the future
Abstract: The time is ripe for established banks to transform themselves into digital platform-based ecosystems. With their current digital strategies the banks will not achieve the resounding success that will enable them to hold their own in the medium to long term. Not only certain business models, distribution and communication channels, products, services and processes, but especially the ways data are handled need to be rethought and redesigned. Implementing a fundamental reform attuned to the digital age will provide the opportunity for traditional banks to learn and adopt the strengths and particularly the monetarisation strategies (walled gardens) of the successful digital ecosystems.
Topics: Banking; Economic structure; Financial market trends; Global financial markets; Information technology; Innovation; Intangible assets; International financial markets; International financial system; Internet; Key issues; Macroeconomics; Media/PR & Advertising; Social values / Consumer behaviour; Socio-econ. trends; Technology and innovation; Telecommunication; Trade
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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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