EBA Publishes final revised guidelines on methods for calculating contributions to deposit guarantee schemes
21 February 2023
"The European Banking Authority ("EBA") published its final revised guidelines on Deposit Guarantee Schemes ("DGS") contributions. The revised guidelines further strengthen the link between the riskiness of a credit institution and how much it needs to contribute to the DGS funds that will be used to reimburse depositors in case their bank fails." For more information please press here.
Market News
Bloomberg
The world’s most painful trade is finally ending as dollar peaks
24 February 2023
"Some of the world’s top investors are betting the worst of the dollar’s rampage is over after the surge upended the global economy in ways that had few parallels in modern history. Having skyrocketed to generational highs last year — deepening poverty and turbocharging inflation from Pakistan to Ghana — the currency has now entered what some forecasters are calling the start of a multi-year decline." For more information please press here.
Financial Times
Rise of European online neobrokers draws regulatory scrutiny
24 February 2023 "Increasing numbers of European retail investors are turning to low-cost “neobroker” apps, but there are growing concerns that some could be enticed from the low-risk, long-term investments they originally sought into high-risk punts. While the growth of neobrokers was broadly welcomed in a report published last month by the European Securities and Markets Authority ("ESMA"), it also said it was closely monitoring them to “ensure protection against practices that are potentially detrimental for consumers"." For more information please press here.
Reuters
G20 finance leaders to gauge toll on global economy on Ukraine war's anniversary
24 February 2023 "Global finance leaders will tally the economic damage from Russia's war in Ukraine on Friday as they meet on the conflict's first anniversary with some voicing concerns that more sanctions on Moscow would disrupt a modest improvement in growth. The meeting of G20 finance ministers and central bank governors on the outskirts of India's Bengaluru tech hub comes amid signs that the global outlook has improved from the group's last meeting in October, when a number of G20 economies were teetering on the brink of recession amid energy and food price spikes caused by the war." For more information please press here.
Cryptocurrencies
MarketWatch
Why stocks may have more room to fall than crypto this year, according to one analyst
23 February 2023
"Bitcoin has been trading in a range between $23,500 and $25,000 for the past week, as U.S. regulators heighten their oversight of the industry, while Hong Kong is setting up a task force to achieve its goal of becoming a crypto hub. I caught up with Martin Leinweber, digital assets product strategist at MarketVector Indexes, who said he expects more downside in the U.S. equity market than in crypto this year amid macroeconomic uncertainty." For more information please press here.
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