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IIF/GFMA Response to FSB Discussion Paper on Resolution-related Disclosure

The Institute of International Finance (IIF) and the Global Financial Markets Association (GFMA) today submitted a joint response to the Financial Stability Board’s (FSB) discussion paper on the topic of Public Disclosures on Resolution Planning and Resolvability.

IIF Capital Flows Tracker: Modest Inflows

Portfolio flows to Emerging Markets were $24.3 bn in July. Equity and debt flows were $1.2 bn and $23.1 bn, respectively. While China equities att...

Global Macro Views: Is the Dollar Overvalued? (Part 1)

Currency tensions among advanced countries are on the rise, driven by the perception that the US Dollar could be overvalued. We now use our currency valuation framework to examine US Dollar valuation, and look today at the size and composition of the US current account. The US current account deficit is almost entirely (80%) with China. Dollar overvaluation, if it exists, is therefore mostly versus EM Asia.

IIF feedback - GLEIF Paper: Incorporating Banks into Global LEI System 2.0

Today the Institute of International Finance (IIF) submitted a response to the Global Legal Entity Identifier Foundation (GLEIF) on their preliminary draft for discussion on the Global LEI System Concept Paper: Incorporating Banks into the Global LEI System 2.0. 

GRU Podcast: The Importance of Addressing Financial Market Fragmentation

Debra Stone, Managing Director and Head of Corporate Regulatory Affairs at JPMorgan Chase and Wilson Ervin, Vice Chairman in the Group Executive Offic...

ASEAN Economic Views: Vietnam -- Navigating US-China Trade Tensions

Vietnam has further integrated into regional supply chains. It has benefited from US trade diversion away from China, and production reallocation and investment by Chinese firms. The key risk is the US changing its policy stance towards Vietnam.

Economic Views: Venezuela's Falling Inflation

Venezuela exited hyperinflation in March, … as monetary financing of deficits slowed. Lasting economic stabilization is unlikely, … ...

CEEMEA Views: Turkey - Policy Stimulus May Renew Imbalances

Geopolitical risks have declined markedly, helping the TRY to remain stable, despite growth concerns prompting the central bank to cut interest rates by 425 bps. Large external financing needs and a worsening fiscal outlook present significant challenges going forward, while further stimulus could hurt external stability following last year’s sharp correction.

CEEMEA Views: South Africa - Challenging Fiscal Outlook

Weak growth will weigh on tax revenues, leading to sizable revenue shortfalls, while the frontloading of financial support to Eskom will cause spending overruns. Taken together, the fiscal deficit will far exceed the government’s targets. This increases the risk of a rating downgrade by Moody’s to non-investment grade status.

Weekly Insight: More talk—more action?

Central banks poised for easing as clouds gather over the global growth and earnings outlook; Policy uncertainty remains a key risk with no-deal Brexit and potential U.S. FX intervention in the spotlight ; China accelerates market opening for foreign investors in a bid to stoke growth and ease trade tensions; Leveraged loan issuance is over 50% below H118 levels; lower global rates reduce the appeal of floating-rate securities; Who holds leveraged loans? Institutional investors may have significant exposure via collateralized loan obligations (CLOs)    

 

 

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