Anja Höhl

Gerald Stadlbauer Erste Asset Management GmbH Autumn is always a time of numerous events on the capital markets. It is not without reason that, historically, October is the month with the highest volatility on the equity markets. 2024 will be no exception to history in this respect, given the sheer volume of relevant data and topics that are currently or will be occupying the markets in the coming weeks. There is the geopolitical situation: the Russia-Ukraine conflict seems far from an imminent solution and the fuse on the Middle East powder keg has recently been noticeably shortened with Iran’s entry into the conflict. The already tense situation could become even more explosive depending on the outcome of the US elections on 5 November. A second presidency of Donald Trump is unlikely to simplify the global situation. READ MORE DETAILS IN OUR NEW BLOG :) #interestrates #uselections2024 #usa #usunemployment #whitehouse #ersteassetmanagement

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Commerzbank AG partners with Tenity to launch sustainable finance Accelerator #Commerzbank has joined forces with startup incubator #Tenity to launch a joint innovation accelerator dedicated to sustainable finance. This groundbreaking program aims to foster proof-of-concepts and collaborations between startups and Commerzbank business units, promoting innovative products in areas such as biodiversity, real estate, and supplier management. The initiative is spearheaded by Commerzbank, under the guidance of Bettina Storck, Head of Group Sustainability Management. The accelerator program will be managed in collaboration with Tenity, a renowned startup incubator known for driving innovation in the fintech sector. Kai Werner, Managing Director of neosfer, Commerzbank's early-stage investor and innovation unit, also plays a pivotal role in this venture. Commerzbank's venture arm, CommerzVentures, is providing the financial muscle behind this initiative. Known for its focus on sustainability and green tech firms, CommerzVentures has already made significant investments in climate-related startups, which are thriving despite the wider downturn in fintech funding. This accelerator program is set to run from September to October 2024, culminating in a demo day at the neosfer Impact Festival on October 30, 2024, in Frankfurt. The program will provide startups with the opportunity to collaborate directly with Commerzbank business units, developing innovative solutions that address critical sustainability challenges. Bettina Storck emphasized the importance of continuous development and innovation in the sustainable transformation of the financial sector. She stated, "The sustainable transformation of the financial sector is dependent on continuous development and regular innovation. We are convinced that the Joint Innovation Accelerator will generate precisely these innovations and further advance our commitment to sustainability." Kai Werner added, "Sustainable solutions are becoming increasingly important in the financial sector. They are a key lever when it comes to the sustainable transformation of our economy. This makes it all the more important to identify new business models in this area and test them under the best possible conditions." Want to stay up to date with the market? Here my newsletter: - Linkedin: https://t.ly/s541W   - Substack: https://lnkd.in/dzfGJzmW

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#SUERFpolicybrief "#Population #Aging: A Threat to Bank Stability?" by Patrick A. Imam (International Monetary Fund / Joint Vienna Institute) and Christian Schmieder (Bank for International Settlements) As the global population ages, the banking sector faces significant transformations, impacting balance sheets, risk profiles and stability. Our analysis spanning the years 2000-2022 across advanced economies reveals a nuanced impact of aging on banking systems. While traditional lending tapers and the importance of maturity transformation diminishes, leading to a potential reduction in average risk, banks' pursuit of yield to compensate for the loss of their traditional business, through unfamiliar avenues, introduces potential tail risks. This Policy Brief explores these dynamics, emphasizing the need for proactive policy measures to navigate the challenges posed by aging populations in maintaining #bankingstability.   📄https://lnkd.in/dDW9gqtY #Aging #demographics #financialstability

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📢 FINMA continues to roll out new guidance, with their latest (04/2024) focusing on what fund managers and managers of collective investments should be thinking about for their operational risk management. After setting out various areas where FINMA has identified issues at the targeted firms, FINMA details several requirements: 📌 General risk management: FINMA wants to see Board-level involvement in setting out the principles by which the company should be managing risk, and in setting the tolerance level for each risk category. The management then takes charge of implementing the required procedures and processes, ensuring appropriately experienced staff are in place, and reporting back to the Board periodically. 📌 General operational risk management: FINMA wants to see that firms have adequate operational risk controls in place when taking into account their business model. 📌 Specific operational risks: - IT and communication: Companies should keep an inventory of the key hardware and software required for their activity, which should be used to ensure their availability, confidentiality and integrity. - Critical data: The same applies to companies’ critical data, with companies identifying the critical data which they hold and ensure their availability, confidentiality and integrity. - Cyber risks: Companies must review potential avenues for cyberattacks and put in place appropriate protective measures, including regular training for employees. They should also have plans in place for rapidly recovering from an attack, and should be aware of the reporting requirements in the case of an attack. - Business continuity: Companies should have a plan in place which can be used in a crisis, which is adapted to its activities and includes a communication strategy, and which details who should undertake which tasks. The plan should be reviewed and updated regularly, with periodic tests being performed. - Cross-border: All cross-border activities require a careful review of the risks involved to ensure that legal requirements are respected. - Outsourcing: o When outsourcing the risk and compliance functions, companies are required to oversee the external provider to ensure that they have the experience required and that the necessary operational risk management measures are being taken. o  When outsourcing other critical functions, companies should ensure that each provider is included in a register of outsourced functions, and that the choice of provider, their instruction and the ongoing controls respect the requirements in FINMA’s circular 2018/3. The providers should also be included in the overall operational risk management process. Full details can be found here (in French): https://lnkd.in/eQgzBTi8 Please reach out to Nick Morrell for any questions. #riskmanagement #gcg #welovecompliance

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🌟 The Art of Regulation in the Banking World 🌟 In a constantly evolving financial landscape, compliance with regulatory requirements is essential for the stability and security of our system. This post by our colleague Veit Gumpert highlights the challenges and strategies that banks must navigate in implementing regulations. How do you tackle the challenges of regulation? Is AI already on your radar? Let’s discuss! 💬 #Banking #Leadership #Regulation #ChangeManagement #Innovation #FutureOfFinance

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Embedded finance is more than a hype and should be on the board agenda of any financial institution: the new report of the EBA Open Finance Working Group provides guidance for EBA members to understand the fundamental mechanisms of embedded finance, grasp the opportunities it provides, identify promising embedded finance use cases and shape their own journey towards embedded finance. Learn more https://lnkd.in/eCNU_-bD #openfinance #embeddedfinance

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#3 Wirecard Scandal (2020) About the fraudster: Markus Braun was the CEO of the Wirecard. Wirecard was the payment solutions provider company incorporated in 1999 in Germany. He joined the company in 2002. After that company grew manifolds and entered banking industry in 2006. Banking License allowed the company to issue credit and debit cards to customers. At one point, company’s market cap had reached $ 28 Billion. In 2018, company joined DAX 30 (German Stock Exchange) which solidified its status in Germany’s financial ecosystem. About the Fraud: 1. They did fake transactions back and forth with countries like India to manipulate financial statements. It helped them show that company was doing more business than actual numbers. 2. Company had shown in its financial statements that it had income of € 1.9 Billion from Banks in philippines for third party payments processing services. But no such income actually existed. When it was examined, authorities could not find any such companies on specified addresses. Two of the top banks of philippines namely BPI and BDO stated that they did not have any relationship with wirecard and funds shown receivable in their names were bogus. 3. Basis falsified and manipulated financial statements, company was able to borrow $ 4 billion in form of Debt and market credit. 4. Ernst and Young (E&Y) failed to receive confirmation from the banks to verify the genuineness of the balances appearing in financial statements. Basis unqualified opinion on financial statements for numbers of years, wirecard was able to hide their fraud from public at large. Aftermath: 1. Wirecard filed for bankruptcy just 3 days after unearthing of the scandal involving false reporting of incomes of € 1.9 Billion. 2. Many german pension funds lost their money due to plunging of stock prices by more than 98% in one week of breaking out of news of alleged fraud by Wirecard. 3. E&Y faced huge criticism due to inefficiency in detecting fraud in financial statements. Many big corporations like Deutsche Telecom, Commerzbank & KFW ended their agreements with E&Y. 4. Germany brought in several reforms to strengthen surveillance on financial reporting by companies and improving confidence on german financial market. 5. Markus Braun was charged with fraud and false accounting in 2022. Learnings: 1. Government Controls need to be stringent for such large companies which involve public money. Financial regulators (SEBI etc) need to be extra vigilant for any adverse news/reports appearing against such companies. In case of Wirecard, BaFin who is germany’s financial regulator did not weigh in on reports shared by newspaper namely Financial Times in Jan’19 regarding irregularities in financial statements. 2. Responsibility of external auditors like E&Y in this case becomes very significant. Auditors opinion plays key role in drawing government assurance and attracting public money for investment which needs to be handled carefully.

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Survey of 33 Swiss retail banks reveals surprising insights into the future of retail banking. Get the full report: https://lnkd.in/d8xANHdg 📊 From the study 'Retail Banking 2035,' conducted in collaboration with the Universität St.Gallen (HSG) #Banking #FinancialTrends #SwissEconomy

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Still at ICC Trade Finance in Vienna #jyskebank #tradefinance #iccaustria Today we dive deeply into subjects regarding letters of credit such as transfer and back-to-back LCs and discussions about sanctions and compliance.

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📈 keeping the momentum going on the ECB Trials with a 4th successful transaction! We are excited to share that Sparkasse Dortmund, together with with DekaBank and Helaba, have successfully completed a digital registered Bond DvP Settlement in the ECB trials via the Bundesbank’s Trigger Solution and SWIAT Blockchain integration. Transaction Overview: 🔹 Sparkasse Dortmund: Issuer 🔹 Helaba Payment Agent. 🔹 DekaBank Deutsche Girozentrale Market DLT Operator, Registrar, and Investor. 🔹 Deutsche Bundesbank: Provider of Triggerchain for wholesale Payments 🔹 SWIAT: Provider of regulatory-compliant Blockchain and Registry-Software, developed interoperability mechanism linking Triggerchain to SWIAT Blockchain ⏳ The issuance was completed on the same day, with real-time and final bookings processed via the Eurosystem's TARGET system. 🔗 Link to the press release in the comments below ⬇️ SWIAT is a joint venture owned by: SC Ventures by Standard Chartered, DekaBank Deutsche Girozentrale, LBBW, Comyno #SWIATBlockchain #DLT #ECB #DigitalAssets #DigitalEuro #DvP

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Just starting and can't wait for the insights we are going to share and discuss on our yearly meeting with leaders and representatives of IIA from 11 countries of Central Eastern Europe. #IIA2024, #internalaudit

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Neues Gleichgewicht zwischen Vorschriften, digitalen Tools und Markt https://lnkd.in/dkYqRM9q   The wealth management sector has not escaped the wave of changes that have shaken the banking world in recent decades. New regulations bring additional constraints in terms of management, structure, and costs. However, the sector can rely on new opportunities offered by digital technologies to optimize operations and allocate resources more effectively. Let's also not forget that client needs and their sensitivity are evolving rapidly!   Read the full article from Jvan Zatta, Berater für die externen Vermögensverwalter, from BancaStato :  DE: https://lnkd.in/dkYqRM9q FR: https://lnkd.in/diFe6Bc6 IT: https://lnkd.in/dmjzZ4fT   More interested in our Newsletter :  https://lnkd.in/d4ieh6Um

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In the latest podcast episode of What's up, Corporate Finance? Ivo Polten, CFA was interviewed about his new role at MCF and the plans for the Munich office and our #Technology practice. Listen in now! (in German) #MergersAndAcquisitions #mcfcorporatefinance #BusinessGrowth #Leadership #spotlight

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𝐌𝐚𝐧𝐚𝐠𝐞 𝐘𝐨𝐮𝐫 𝐋𝐨𝐚𝐧, 𝐅𝐂 𝐋𝐨𝐚𝐧, 𝐚𝐧𝐝 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐂𝐨𝐬𝐭 𝐰𝐢𝐭𝐡 𝐇𝐞𝐝𝐠𝐞𝐧𝐢𝐮𝐬: 𝐂𝐨𝐦𝐩𝐥𝐢𝐦𝐞𝐧𝐭𝐚𝐫𝐲 𝐈𝐧𝐯𝐢𝐭𝐚𝐭𝐢𝐨𝐧 Join us on 𝐖𝐞𝐝𝐧𝐞𝐬𝐝𝐚𝐲, 3𝐫𝐝 𝐉𝐮𝐥𝐲 2024, at 3:30 PM IST for the "Manage your Loan and Interest Cost with Hedgenius" session. The session will cover: - Outlook on INR interest rate - Outlook on USD, EUR interest rates - Ensuring correct rates on your loans - Lowering interest costs with foreign currency loans - Low-cost hedging strategies for ECB - Cost reduction on Rupee loan with fixed-float OIS curve - Loan cost reduction on working capital - Bond vs Loan vs ECB - Refinancing your current loan/debt - Exploring exotic structures to reduce interest costs This session is complimentary for you. If you are interested in joining, please contact us directly at +91 9674933723, email us at [email protected], or visit our website at QuantArt Market Solutions. 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦 𝐘𝐨𝐮𝐫 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 𝐰𝐢𝐭𝐡 𝐇𝐞𝐝𝐠𝐞𝐧𝐢𝐮𝐬: Interested in applying these advanced insights? Discover how Hedgenius can help you achieve unparalleled success in your financial endeavors. Contact us today to learn more! To know more about Hedgenius visit app.quantartmarket.com. #Hedgenius #InterestRates #LoanManagement #CostReduction #TreasuryManagement #Finance #QuantArtMarketSolutions

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🇦🇹 And just like that... the Austrian economy's recovery has come to an end. According to the WIFO Austria's first flash estimate, the #Austrian #economy stagnated in the second quarter of 2024. 👛 The cautious, consumption-driven recovery that had started in the first quarter of 2024 was extremely short-lived only. Apparently, consumers barely showed any signs of spring fever, at least none that would have resulted in any extraordinary spending mood. Private #consumption was down on the previous quarter and weighed on economic growth in 2Q. 🏭 However, #headwinds came from many directions in the past three months, with #industry and the #construction sector also still weighing on the Austrian economy. 🔜 Order books are still thinning out by the month and businesses remain rather pessimistic about the future, leaving the short-term outlook rather bleak. On a more positive note, however, #tourism is expected to boost economic activity somewhat in the second half of the year. On the other hand, #structural challenges remain and will slow down any recovery this year.

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EBA publishes draft Stresstest methodology for the 2025 European Banking Authority (EBA) #Stresstest Last Friday, the EBA published a draft version of the methodological note, template guidance and templates for the 2025 banking sector stresstest. Major changes as compared to the 2023 exercise include: - Inclusion of CRR3 rules for REA calculation - Further streamlined approach to stress Net Interest Income (NII) - Additional proportionality Want to know more? - read our latest PwC blog post: https://lnkd.in/eam29pen Martin Neisen Dirk Stemmer Ciaran Cunningham

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The finalization of CRD6 includes requirements for the management of ESG risks and impacts. Read our summary here:

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📊 # China's financial markets are embracing ESG! According to a new Bloomberg survey of over 150 Chinese market participants from banking, insurance, securities and technology, hashtag #ESG is playing an increasingly important role in investment strategies. 🌱📈

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🇦🇹 Cautious, consumption-driven recovery of the Austrian economy According to WIFO Austria's first flash estimates, the #Austrian economy grew by 0.2% in the first quarter of 2024. Following three consecutive quarters of shrinking or stagnating activity, the Austrian economy grew in the first three months of 2024 as private #consumption recovered. Activity was particularly strong in retail, transport, accommodation and hospitality, probably also driven by this year's strong winter #tourism season 🎿. The number of overnight stays so far (November-March) was 5.5% higher than last year, also thanks to early Easter. 🏭 #Industry and the #construction sector, however, are still weighing on the Austrian economy, and looking at order book levels and companies' confidence, there is little hope of a quick improvement. 🔜 Looking ahead, with industry still suffering, weak demand from abroad weighing on Austria's #exports, still high #inflation and a variety of structural challenges ahead, the Austrian economy will certainly not stage a strong rebound this year.

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