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ESMA publishes a supervisory briefing on pre-trade transparency requirements in commodity derivatives
June 3, 2019--The European Securities and Markets Authority (ESMA) has today published a Supervisory Briefing to ensure compliance with the MiFIR pre-trade transparency requirements in commodity derivatives.
The Supervisory Briefing was developed after ESMA became aware that the provisions were not implemented in a consistent manner across the European Union. It aims to increase supervisory convergence among national competent authorities (NCAs), in their implementation of the requirements, and to provide a common timetable for the enforcement of the commodity derivatives pre-trade transparency regime, with the objective of ensuring a level playing field across EU trading venues.
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Source: ESMA
ESMA updates MiFID II Q&As on transparency issues
June 3, 2019--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The updated Q&As provide clarification on the following topics:
The mandatory systematic internaliser (SI) regime;
The voluntary SI regime; and,
Quoting obligation for SI in non-TOTV instruments.
Updates to obsolete Q&As
ESMA also reviewed its published Q&As on transparency issues with the objective of deleting or amending obsolete Q&As such as those addressing issues pertaining to either 3 January 2018, or the following 12 months. This concerns five Q&As:
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Source: ESMA
Boerse Stuttgart records May turnover of EUR 6,3 billion
June 3, 2019--Based on the order book statistics, Boerse Stuttgart generated turnover of around EUR 6,3 billion in May 2019 – an increase of around 13 per cent compared to the previous month. Securitised derivatives made up the largest share of the turnover.
The trading volume in this asset class was more than EUR 2.8 billion-an increase of nearly 34 per cent in comparison to April 2019. Leverage products generated around EUR 1,7 billion. Investment products contributed about EUR 1,2 billion to the total turnover.
According to the order book, trading in equities produced turnover of around EUR 1,5 billion. German equities contributed nearly EUR 1,1 billion towards this total and international equities roughly EUR 420 million.
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Source: Boerse Stuttgart
Monday Morning Memo: Is the European Investment Industry in a Crisis?
June 3, 2019--A look at the fund flows in Europe for the year 2019 so far (-€73.0 bn) reveals that the European fund industry faces another difficult year. In more detail, April 2019 marked the twelfth consecutive month with outflows from long-term mutual funds.
In aggregate, these outflows were so high that 2018 came in as the year with the highest outflows from mutual funds (-€129.2 bn) since after the financial crisis in 2008. The outflows in 2019 are already on the same level as the outflows during the euro crisis in 2011 (-€76.0 bn). That said, everybody knows that the outflows during the first four months of 2019 could be offset by strong inflows for the rest of the year so that 2019 may end up with overall inflows.
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Source: Refinitiv
London Stock Exchange Group acquires Beyond Ratings
June 3, 2019--Beyond Ratings is a highly regarded provider of Environmental, Social and Governance (ESG) data for fixed income investors
Acquisition enhances the existing ESG index, data solutions and analytics offering within LSEG's Information Services business
Complements flagship FTSE World Government Bond Index (WGBI) and The Yield Book fixed income analytics capabilities
Acquisition enables LSEG to further support clients and grow capabilities around sustainable finance and investment
London Stock Exchange Group (LSEG) today announces that it has acquired Beyond Ratings as part of its continued investment in its Information Services business, including FTSE Russell. Beyond Ratings is a highly regarded provider of Environmental, Social and Governance (ESG) data for fixed income. The acquisition will be funded from existing facilities. The terms of the transaction have not been disclosed.
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Source: London Stock Exchange Group (LSEG)
A European atlas of economic success and failure
June 3, 2019--Economic growth was diverse across EU regions, yet it is crucial to control for region-specific factors in assessing growth performance. We find that there are rather successful regions in many EU countries, suggesting that the EU can provide a good framework for growth. Yet the worst performers are more concentrated in some countries, suggesting that country-specific factors can play a major role in regional development.
Economic growth has been markedly different across EU regions. The fastest-growing regions of the EU between 2003 and 2015 were in Bulgaria, Poland, Romania, Slovakia the three Baltic countries and in the southern part of Ireland.
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Source: bruegel.org
Cash markets achieve turnover of 146.0 billion euros in May
June 3, 2019--Deutsche Börse's cash markets generated a turnover of €146.0 billion in May (previous year: €145.8 billion).
Of the €146.0 billion, €131.4 billion were attributable to Xetra (previous year: €134.1 billion), bringing the average daily Xetra trading volume to €6.0 billion.
Trading volume on Börse Frankfurt was €3.2 billion (previous year: €3.3 billion) and on Tradegate Exchange €11.4 billion (previous year: €8.3 billion).
By type of asset class, shares accounted for around €131.3 billion in the entire cash market. Trading in ETFs/ETCs/ETNs generated a turnover of €12.8 billion. Turnover in bonds was €0.4 billion, in certificates €1.2 billion and in funds €0.2 billion.
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Source: Deutsche Börse Group
The Spanish Exchange traded EURO40.13 billion in May
June 3, 2019--It represents a 18.2% decrease from April, although the number of trades increased by 4.5%
Fixed Income trading volume increased 36.7% to 29.63 billion euros year-on-year
The trading volume in Financial Derivatives increased by 9% in the first five months of the year
The Spanish Exchange traded 40.13 billion euros in Equities in May, down 18.2% from April and 22.3% * less than in the same month the previous year. The number of trades in May was 3.04 million, up 4.5% from April and down 22.7% from May last year.
The Fixed Income area has continued reporting high trading volumes. In May the trading volume reached 29.63 billion euros, up 36.7% year-on-year. The total trading volume for the first five months of the year reached 158.20 billion euros, up 78.1% from the same period last year.
France: Staff Concluding Statement of the 2019 Article IV Mission Social consensus around reform priorities is essential to ensure their success, for the benefit of all citizens and future generations. Key reform areas are as follows:
Safeguarding fiscal sustainability and bolstering public-sector efficiency: If completed and ambitiously implemented, planned civil-service, pensions, and unemployment-benefit reforms should bolster equity, incentivize work, and generate efficiency savings. Additional spending reforms are needed to ensure that the ongoing tax-burden reduction can be sustained and public debt placed on a firm downward path. view more ULTUMUS hires Mr Index-Femi Orangun view more If you are looking for a particuliar article and can not find it, please feel free to contact us
Source: BME
June 3, 2019--France's growth has slowed but remains resilient and job rich, in part reflecting important labor-market and tax reforms implemented in recent years. But external risks have risen, and France's structural challenges persist: high public and private debt, still high structural unemployment, sluggish productivity growth, and inequality of opportunity.
Building on the government's agenda, reforms must continue to address these long-term challenges and bolster resilience to shocks.
Source: IMF
June 2, 2019--ULTUMUS, the leading global provider of data creation, management and distribution services for index and ETF products, today announced the hire of industry veteran Femi Orangun to its team of index and ETF specialists.
Femi has joined the ULTUMUS team as a Solutions Architect, to assist in the development of their data platform and production of advanced tooling in conjunction with the recent alliance between ULTUMUS and Velox Financial Technology.
Source: ULTUMUS
