Translation of "Wertpapierkäufe" in English

But it is important to remember that asset purchases are not an end in themselves.

The limits on the asset purchases have to be clarified.

The central banks are also scaling back their bond buying volumes.

In 2014 no purchases of securities occurred (2013: EUR 18k).

As a result, there is no risk of portfolio outflows resulting from the Fed’s tapering of its monthly asset purchases.

The Federal Reserve has raised rates four times in the current cycle and is already unwinding its asset holdings.

The ECB should finally announce a strategy and a time schedule for tapering off the massive bond purchases.

If we were to judge that the economy is in need of further stimulus, one option could be to extend the ECB’s outright asset purchases to other asset classes.

Moreover, the European Central Bank and the Bank of Japan would need to tighten monetary policy – including accelerating the taper of their large-scale asset purchases – faster than markets expect.

Central banks’ unconventional monetary policies – namely, zero interest rates and massive asset purchases – were put in place in the depths of the 2008-2009 financial crisis.

So it had to invent a new tool: liquidity injections from its balance sheet through unprecedented asset purchases.

Whereas Council Directive 86/566/EEC (4) has extended, with effect from 28 February 1987, the obligation to liberalize capital movements to include all operations involving the acquisition of securities and operations involving the admission to the capital market of negotiable securities and of those which are in the process of being introduced onto a stock exchange;

Notwithstanding the muted geopolitical risks, we are underweight European fixed income overall – across sovereigns and credit on account of ECB interest rate and asset purchase policies.

Unless external conditions deteriorate substantially, the Bank of Japan (BoJ) will maintain its current strategy of silently tapering asset purchases.

This is also changing: the Fed ended its asset purchases in 2013, and last year started reducing its bond holdings.

In conjunction with revising down its 2013 Italian GDP forecast from -1.5% to -1.8%, the IMF has publicly urged the ECB to embark upon direct asset purchases.

Assuming that all contemplated purchases of securities in the market and exercise of options to purchase units of the Corporation are made by Pacific Road it is expected that Pacific Road will ultimately become a control person in the Corporation within the meaning of the TSXV rules and applicable securities laws.

More recently we’ve seen the Bank of England join the party, where 3 of the 9 members of the MPC voted for additional asset purchases despite forecasting that inflation is likely to remain above the 2% target for the next two years.

As a considerable proportion of Eurosystem asset purchases are settled via such commercial banks, there is constant growth in credit institutions' deposits with the Bundesbank as well as the Bundesbank 's TARGET2 claims on the ECB .

When the asset purchases began, the forward guidance was expanded to include a pledge that the net purchases would continue until a certain point in time or beyond, if necessary.

Un-sterilised asset purchases have been a major policy tool in most of the developed world over the past few years but next month (as the Fed ends theirs, incidentally) the ECB will make its first foray into QE proper by embarking on an asset backed security (ABS) purchase programme.

Since 2009, large-scale purchases of securities have also been used by the FOMC in an attempt to improve economic conditions and support financial recovery by lowering long-term interest rates.

The Fed reiterated that the economy and labour market have to be strong enough before in contemplates reducing asset purchases going forward.

To every depot account, there is generally a settlement account in which e.g. the dividends are credited and through which all other securities purchases are settled too.

For example, an investment manager bearing an international equity portfolio needs to purchase and sell several pairs of foreign currencies to pay for foreign securities purchases.