All articles by Cecile Sourbes.
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Special Report
Securities Services: Stuck in the shadows
Securities lending took a major hit in the 2008 crisis. For those funds that stayed the course, Cécile Sourbes finds new regulation promising more activity, but threatening to raise costs
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Features
A future for swaps?
Pension funds facing new derivative-market regulation are increasingly willing to consider alternatives to traditional swaps, according to Cécile Sourbes. But the jury is still out on interest rate swap futures
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Special Report
Securities Services: Case study: BNY Mellon strikes out on a new path
There is one idea banks traditionally stick to: the quicker you adapt to new regulatory changes, the easier you are likely to cope with them. And if you can anticipate the changes, you might even take one step ahead of your competitors. That may have been the thinking behind BNY ...
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Features
IORP: what to expect this autumn
The calm comes before the storm. Almost two months of holiday have just gone by, and the European Commission is back this month with one major task – make a legislative proposal for the revised IORP Directive.
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Special Report
Securities Services: The indefinite article
Article 47.3 of the technical standards of EMIR is about to pose challenging questions for Europe’s custody banks. Cécile Sourbes finds out why
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Special Report
Top 1000 Pension Funds: Improvement, not punishment?
Michel Barnier appeared to make a major concession when he announced a delay in the implementation of solvency requirements in the revised IORP Directive last May. But the result has arguably not been greater clarity. Cécile Sourbès outlines a number of scenarios for the future of the Directive
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Special Report
Top 1000 Pension Funds: Pressure for deeper and more thorough reforms
The government is working on new measures to overcome the growing pension deficit, which is expected to swell to €20bn by 2020, writes Cécile Sourbes
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Special Report
Top 1000 Pension Funds: Urgent public pension reforms needed
To meet EU and IMF demands to cut its public debt, Portugal is proposing to raise the pension age and cut benefits across the board, says Cécile Sourbes
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Special Report
Top 1000 Pension Funds: Reform full steam ahead
The government plans to boost company pension plans while further reforming state pensions, writes Cécile Sourbes
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Features
APG looks to swap futures to reduce costs
APG, the €336bn pensions provider and asset manager, is studying the possibility of using swap futures – a derivative instrument under development in the US – as a means of cutting the cost of initial margins in central clearing.
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Features
Directing the directive
Cécile Sourbès asks Matti Leppälä, secretary-general and chief executive of PensionsEurope, to discuss the next steps for the revised IORP Directive
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Features
Attention moves to portability
Eight years have passed since the European Commission introduced its first proposals on a Pension Portability Directive, and yet, so far, there has been no sign of this coming to fruition. Back in 2005, it introduced a proposal for a directive aiming to improve the portability of supplementary pension rights.
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Country Report
Switzerland: Smart on beta benchmarks
Swiss pension funds have mostly shied away from alternatively weighted benchmark strategies. Cécile Sourbes finds that adoption will depend on thorough analysis and transparency of data
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Features
The vain search for harmony
The European Insurance and Occupational Pensions Authority (EIOPA) dropped something of a bombshell in early April with its preliminary results for the first quantitative impact study (QIS) on the revised IORP Directive.
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NewsATP warns of regulatory risk in infrastructure investment
EUROPE – Danish pension fund says EU member states must do more to promote stable frameworks.
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Country Report
France: Paving the way for responsible investment
The Fonds de Réserve pour les Retraites has undergone a radical strategy reshape following the 2010 pension reform and volatile equity markets in 2011. And 2013 will be action-packed, writes Cécile Sourbes
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Country Report
And yet another pension reform
‘Never postpone what you can do now’ is probably one of the most common-sense rules the French endeavour to follow.
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Features
Article 47.3: Devil in the detail
Unintended consequences are coming to light with respect to the EMIR framework, which aims to push all trading in OTC derivatives through central clearing.
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NewsPension funds planning new FoHF investments – report
GLOBAL – Preqin report cites FoHFs' long-term investment horizons.
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Country Report
Belgium: Cross-border barriers
Cécile Sourbes asks what lessons can be learned from the failure of UMR to create an IORP domiciled in Belgium
