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ESMA updates its BMR Q&As
December 3, 2019--The European Securities and Markets Authority (ESMA) has issued today an update of its Question and Answers (Q&As) on the European Benchmarks Regulation (BMR).
The new Q&A's provide clarification on the following issues:
Annual review of IOSCO principles for Oil Pricing Reporting Agencies (PRAs); and
The legal representative under Article 32(3) of BMR
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Source: ESMA
Britain's cheapest ever DIY pension: Vanguard finally reveals its Sipp that charges just 15p for every 100GBP invested
December 2, 2019--Vanguard to launch new Sipp with an annual charge of 0.15% in 2020
It claims it will be the lowest-cost self-invested personal pension on the market
Vanguard apologised for delayed launch originally planned for 2017
Cut-price investing giant Vanguard has revealed details of its personal pension with a charge of just 15p for every £s;100 invested.
The launch early next year of a self invested personal pension (Sipp) by the US fund manager is highly-anticipated, as it first hoped to offer pensions shortly after bringing its DIY investing platform to the UK in 2017.
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Source: thisismoney.co.uk
Invesco revamps UK equity leadership after outflows
November 29, 2019-- Once popular products are now UK's worst selling funds group after chronic underperformance
Invesco has appointed a new executive to join under-pressure fund manager Mark Barnett as the company's UK equity business seeks to...
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Source: FT.com
Monetary developments in the euro area: October 2019
November 28, 2019--Annual growth rate of broad monetary aggregate M3 stood at 5.6% in October 2019, unchanged from previous month (revised from 5.5%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 8.4% in October from 7.9% in September.
Annual growth rate of adjusted loans to households stood at 3.5% in October, compared with 3.4% in September
Annual growth rate of adjusted loans to non-financial corporations increased to 3.8% in October from 3.6% in September
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Source: ECB
ESMA sees continued high market risk amid deteriorating economic fundamentals
November 28, 2019--The European Securities and Markets Authority (ESMA), the EU's securities regulator, today publishes its latest risk dashboard for the European Union's securities markets, covering the third quarter of 2019.
The market risks remain very high. against the background of a deteriorating growth outlook. continued uncertainty around Brexit. US-China trade tensions and geopolitical risk. Large intra-day movements confirm that markets remain sensitive to the news flow.
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Source: ESMA
Adapting to a new normal in European asset management
November 26, 2019--Structural shifts are reshaping Europe's asset-management,landscape. For individual firms, there is no single winning formula for success-but the response must be proactive and bold.
Asset-management industry economics in Western Europe have remained relatively resilient, buoyed by the short duration of periods of downside market performance and asset values remaining near the current cycle's highs.
However, the industry is clearly continuing to contend with persistent structural shifts: lower returns due to interest-rate dynamics, the shift to passive and alternative asset classes, slowing organic growth, continued fee pressure, elusive operative leverage, and aggressive competition from within and outside the industry.
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Source: mckinsey.com
IMF Working Paper-Breaking the Bank? A Probabilistic Assessment of Euro Area Bank Profitability
November 22, 2019--Summary:
This paper explores the determinants of profitability across large euro area banks using a novel approach based on conditional profitability distributions. Real GDP growth and the NPL ratio are shown to be the most reliable determinants of bank profitability.
However, the estimated conditional distributions reveal that, while higher growth would raise profits on average, a large swath of banks would most likely continue to struggle even amid a strong economic recovery. Therefore, for some banks, a determined reduction in NPLs combined with cost efficiency improvements and customized changes to their business models appears to be the most promising strategy for durably raising profitability.
view the IMF Working Paper-Breaking the Bank? A Probabilistic Assessment of Euro Area Bank Profitability
Source: IMF
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, 23-24 October 2019
November 21, 2019--1. Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœuré reviewed the latest financial market developments. Since the Governing Council's last monetary policy meeting on 11-12 September 2019, the prospect of a breakthrough in the trade negotiations between the United States and China, as well as declining fears of a "no-deal" Brexit, had helped to underpin global market sentiment.
In the euro area, the overnight index swap forward curve had shifted upwards at both the short and the long end, and it had also become notably steeper in 2021 compared with the situation in September 2019. In the United States, the effect of receding uncertainty surrounding Brexit and trade had been partially offset by changes in near-term monetary policy expectations in response to weaker economic data. The market-implied probability of a rate cut at the US Federal Reserve System's meeting on 29-30 October 2019 had increased notably over the course of October. Overall, however, bond yields on both sides of the Atlantic remained at very low levels compared with earlier in 2019.
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Source: ECB
FTGP launches factor based fixed income Ucits ETF
November 21, 2019--First Trust Global Portfolios, the affiliate of First Trust Advisors LP, has launched a fund using carry and value risk premia to generate returns from government bonds.
The First Trust Low Duration Global Government Bond Ucits ETF is described as an active product that seeks income primarily, with capital growth as a secondary objective. It is currency hedged and aims to deliver lower interest rate risk than benchmarks such as the Bloomberg Barclays Global Treasury index.
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Source: investmenteurope.net
European Central Bank ponders digital currency launch
November 21, 2019--The European Central Bank (ECB) has confirmed that it is investigating how a European public digital currency could work and whether it is desirable, with its conclusions expected next year.
The ECB's research into the feasibility of what has been dubbed a 'digital euro' comes as both nation states and the world's largest tech corporations ramp up preparations for their own digital currencies.
Progress on the feasibility of an ECB-backed digital currency could be made in the coming months, senior officials have told Reuters, cautioning that the project is a long-term one and faces a range of challenges.
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Source: globalgovernmentforum.com
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