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ESMA updates Q&AS on MiFID II and MiFIR investor protection and intermediaries
May 29, 2019--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
The updated Q&As provides new answers on best execution and information on costs and charges.
Best execution
Reporting for venues on the 'trading mode' according to RTS 27;
Reporting for venues and firms on template fields of RTS 27 and 28 if the required content is not applicable to their activities;
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Source: ESMA
STOXX extends its suite of ESG-X indices
May 29, 2019--STOXX Ltd., the operator of Deutsche Boerse Group's index business and a global provider of innovative and tradable index concepts, has launched a series of new benchmark ESG-X indices, such as an ESG-X version of the flagship EURO STOXX 50(R) Index.
The ESG-X index concept was developed based on input from asset owners and includes a product involvement screening for controversial weapons, tobacco and thermal coal as well as a norm-based screening that follows the United Nations Global Compact principles of human and labor rights, the environment, business ethics and anti-corruption.
STOXX cooperates with the ESG data provider Sustainalytics for the screening. "In order to meet ESG investment criteria, asset owners need to look for solutions beyond the traditional market-cap-weighted index, and still create portfolios that do not diverge from standard benchmarks or incur additional costs. STOXX already addressed this issue in November with the STOXX Europe 600 ESG-X Index and has now launched a set of further benchmarks that exclude companies based on norm- and product-based screenings," said Inderpal Gujral, STOXX's Head of Product.
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Source: STOXX Ltd.
New Lyxor ETF on Xetra: Chinese A Shares
May 29, 2019--A new Exchange Traded Fund issued by Lyxor International Asset Management has been tradable on Xetra and Börse Frankfurt since Wednesday.
The Lyxor Hwabao WP MSCI China A (DR) UCITS ETF offers an investment in the performance of Chinese large and mid cap companies.
The underlying MSCI China A Index comprises Chinese A-shares, which are listed on the Shanghai and Shenzhen stock exchanges in the domestic currency Renminbi and can be traded by international investors.
The earnings of the ETF are reinvested.
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Source: Deutsche Börse Cash Market
ETFGI reports assets invested in the European ETF and ETP industry reached a record US$882.20 billion at the end of April 2019
May 29, 2019--ETFGI, a leading independent research and consultancy firm covering trends in the global ETF/ETP ecosystem, reported today that ETFs and ETPs listed in Europe gathered net inflows of US$3.95 billion in April, bringing year-to-date net inflows to US$35.54 billion.
Assets invested in the European ETF/ETP industry finished the month up 2.60%, from US$859.51 billion at the end of March to US$882.20 billion, according to ETFGI's April 2019 European ETF and ETP industry landscape insights report, an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
Assets invested in the European ETF/ETP industry reach $882.20 Bn in April 2019, the highest on record.
55th consecutive month of net inflows into ETFs/ETPs listed in Europe.
April 11th marked the 19th Anniversary of the listing of the first ETFs in Europe.
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Source: ETFGI
FESE Blueprint:'Capital Markets Union By 2024-A Vision For Europe'
May 29, 2019--Today, FESE launched its FESE Blueprint: 'Capital Markets Union by 2024- A vision for Europe' which sets out 20 Principles and Policy Recommendations on how to take the Capital Markets Union (CMU) forward.
In the context of the global challenges that the European Union (EU) is facing, it is crucial that we take a step back and reflect on how we can foster a deeper and more integrated European financial system while continuing to be open to global capital markets. Policy makers must re-double their efforts and take bold decisive steps with tangible objectives that will ensure the EU is attractive to global capital and companies, whilst maintaining transparency, integrity and investor protection.
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Source: FESE
Algebris launches new fund targeting jumps in volatility
May 28, 2019--Algebris Investments, a $12bn-in-assets hedge fund based in London, has launched a new vehicle designed to profit from a growing tide of computer-driven traders targeting volatility, which some analysts argue has made markets more turbulent.
The hedge fund group led by Davide Serra, a former professional volleyball player and Morgan Stanley banker, said the new fund would be managed by its new "head of quant strategies", Gianluca Lobefalo, another Morgan Stanley veteran who joined Algebris last autumn.
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Source: FT.com
ESMA updates its Questions and Answers on the Securitisation Regulation
May 27, 2019--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) on the Securitisation Regulation (Regulation 2017/2402).
This document provides clarification on different aspects of the templates contained in ESMA's draft technical standards on disclosure requirements.
In particular, the document clarifies how several specific fields in the templates should be completed. In addition, a new section has been added to the document with questions and answers relating ESMA's draft technical standards on notifications to ESMA of securitisations which meet the Simple Transparent and Standardised ('STS') criteria.
view the ESMA Questions and Answers On the Securitisation Regulation
Source: ESMA
Nasdaq Withdraws Offer to Acquire Shares of Oslo Bors VPS
May 27, 2019--Nasdaq AB, an indirect subsidiary of Nasdaq, Inc. (Nasdaq: NDAQ), has decided to withdraw its offer (the "Offer") to acquire all of the issued shares of Oslo BØrs VPS Holding ASA made pursuant to the offer document published on 4 February 2019 (as amended).
This decision has been made because under the current circumstances the minimum acceptance condition for completion of the Offer is incapable of being satisfied. Shareholders who previously accepted the Offer are being released from their obligations under the Offer.
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Source: Nasdaq
Monday Morning Memo: European Investors shy away from mutual funds in April
May 27, 2019--The negative fund flows trend in Europe continued in April as the securities markets showed a volatile, but positive, trend. As a consequence, April was the twelfth month in a row long-term mutual funds posted net outflows after 16 consecutive months of net inflows.
Taking the current interest rate environment into account, it was surprising that bond funds (+€7.6 bn) were once again the best-selling asset type in the segment of long-term mutual funds, followed by real estate funds (+€0.2 bn) and commodity funds (+€0.1 bn). All other asset types faced outflows: equity funds (-€21.0 bn), alternative UCITS funds (-€8.7 bn), mixed-asset funds (-€3.2 bn), and “other” funds (-€0.6 bn).
These fund flows added up to overall net outflows of €25.7 bn from long-term investment funds for April. ETFs contributed inflows of €3.7 bn to these flows.
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Source: Detlef Glow, Refinitiv
Theresa May quits: UK set for new PM by end of July
May 24, 2019--Theresa May has said she will quit as Conservative leader on 7 June, paving the way for a contest to decide a new prime minister.
In an emotional statement, she said she had done her best to deliver Brexit and it was a matter of "deep regret" that she had been unable to do so.
Mrs May said she would continue to serve as PM while a Conservative leadership contest took place. The party said it hoped a new leader could be in place by the end of July.
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Source: BBC