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Russia: Staff Concluding Statement of the 2019 Article IV Mission
May 24, 2019--Russia's growth prospects will depend on the strength of domestic policies and reforms. GDP growth in the past three years averaged 1.4 percent and is projected at a similar rate in 2019.
External support is expected to be limited, as sanctions, global political and trade uncertainty and lower oil prices have replaced the favorable external conditions that contributed to rapid growth in the 2000s boom. Thus Russia now needs to focus on domestic reforms to improve growth potential. A key building block is the credible macroeconomic framework the authorities have established since 2014, in difficult circumstances, in the form of inflation targeting, exchange rate flexibility and the fiscal rule.
view the Russia: Staff Concluding Statement of the 2019 Article IV Mission
Source: IMF
Mifid rules highlight the costs of investing
May 23, 2019--Wealth managers are now required produce fee statements for customers as part of Mifid II rules that came into effect in January 2018.
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Source: FT.com
ECB-Account of the monetary policy meeting
of the Governing Council of the European Central Bank, held in Frankfurt am Main on Wednesday and Thursday, 9-10 April 2019
May 23, 2019--1. Review of financial, economic and monetary developments and policy options
Financial market developments
The Vice-President, standing in for Mr Cœuré, reviewed the latest financial market developments.
Since the Governing Council's previous monetary policy meeting on 6-7 March 2019, global risk sentiment had improved across various market segments.Equity market indices had continued to rise, recording one of the strongest first quarter performances since the global financial crisis, while government bond prices had also increased. At the same time, foreign exchange rates had mostly remained broadly stable.
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Source: ECB
ESMA updates its Q&As regarding the Benchmark Regulation
May 23, 2019--The European Securities and Markets Authority (ESMA) has issued today an update of its Q&As on the European Benchmarks Regulation (BMR).
The new Q&As provide clarification on the following issues:
the information included in the ESMA register of administrators of benchmarks;
determination of the Member State of reference; and
the role of IOSCO principles and of external audit in the recognition of 3rd country administrators.
The purpose of this document is to promote common supervisory approaches and practices in the application of the BMR.
view the ESMA Questions and Answers On the BenchmarksRegulation (BMR)
Source: ESMA
Assets in Irish domiciled funds reach all-time high of EUR2.64 trillion
May 23, 2019--Irish Funds, the representative body for the global cross-border investment funds industry in Ireland, has reported an increase in assets in Irish domiciled funds of 9 per cent over the last quarter, to an all-time high of EUR2.64 trillion according to the latest data from the Central Bank of Ireland (CBI).
Net sales for the quarter across all funds, stood at EUR32.3 billion-of which EUR25.7 billion were into ETFs.
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Source: institutionalassetmanager.co.uk
ECB-Euro area investment fund statistics-first quarter of 2019
May 22, 2019--In the first quarter of 2019 the outstanding amount of shares/units issued by investment funds other than money market funds stood at €11,790 billion, which was €776 billion higher than in the fourth quarter of 2018.
Exchange-traded funds (ETFs) are presented separately for the first time in this press release
The outstanding amount of shares/units issued by ETFs stood at €712 billion, which was €91 billion higher than in the fourth quarter of 2018
The outstanding amount of shares/units issued by money market funds was €1,169 billion, €18 billion higher than in the fourth quarter of 2018.
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Source: ECB
JP Morgan AM launches GBP-hedged version of US Treasury ETF
May 22, 2019--JP Morgan Asset Management (JPMAM) has launched a sterling-hedged version of the JPM BetaBuilders US Treasury Bond UCITS ETF (BBTR), in response to client demand.
The JPM BetaBuilders US Treasury Bond UCITS ETF-GBP Hedged (BBTP) is listed on the London Stock Exchange with a total expense ratio (TER) of 0.10%.
BBTP will offer investors exposure to Treasury bonds across the full yield curve and will be hedged back to sterling.
BBTR was launched earlier this month with the JPM BetaBuilders EUR Govt Bond UCITS ETF (BBEG) with TERs of 0.10%.
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Source: etfstream.com
Kraneshares CSI China Internet UCITS ETF Lists on Euronext Amsterdam
May 22, 2019--The listing of KraneShares CSI China Internet UCITS EFT (Ticker: KWEB NA) in Amsterdam follows the listing on Euronext Dublin.
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Source: euronext.com
Over 27 million Euros reported lost to crypto and forex investment scams
May 21, 2019--Over £27million lost to scams involving crypto and forex investments in 2018/19
Victims lost on average over £14,600 last financial year
Reports tripled to over 1,800 from the year before
The Financial Conduct Authority (FCA) and Action Fraud (link is external) are warning the public to be wary of investment scams carried out via bogus online trading platforms.
This warning comes as cryptoassests (crypto) and forex investment scams reports more than tripled last year to over 1,800. Fraudsters promise high returns from investments in crypto and forex, with victims losing over £27 million in total in 2018/19.
How the scams work
Fraudsters often use social media to promote their 'get rich quick' online trading platforms. Posts often use fake celebrity endorsements and images of luxury items like expensive watches and cars. These then link to professional-looking websites where consumers are persuaded to invest.
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Source: fca.org.uk
Financial advice gap has widened since 2015, says report
May 21, 2019--The gulf between those in the UK with and without access to affordable financial advice has widened in the past 4yrs, according to a new study revealing that digital innovations have not been enough to help customers priced out of the market.
New digital services, known as robo-advisers, have emerged in the UK to fill that gap, but OpenMoney said that such services were not providing the personalised advice that customers need and “cannot replace the service provided by fully regulated financial advisers”.
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Source:fintech.io/