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FCA eyes liquidity reforms to avert replay of Woodford crisis
October 1, 2019--The UK regulator has fired the starting gun on a shake-up of investment fund liquidity rules following a number of high-profile fund suspensions-a move that could have far-reaching consequences for the future of daily traded investment funds.
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Source: FT.com
ESMA prepares for new responsibilities in 2020
October 1, 2019--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published its 2020 Work Programme (WP), setting out its priorities and areas of focus for the next 12 months in support of its mission to enhance investor protection and promote stable and orderly financial markets.
The key issue facing ESMA in 2020 is the implementation of its new mandates, and enhanced role, in areas including direct supervision, supervisory convergence, investor protection, relations with third countries, sustainability and technological innovation.
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Source: ESMA
ESMA analyses use of derivatives by UCITS equity funds
September 30, 2019--The European Securities and Markets Authority (ESMA), the EU's securities market regulator, has conducted a study on the use of derivatives by UCITS equity funds in collaboration with researchers from the Technical University of Munich (TUM).
The study, included in the latest Trends, Risks and Vulnerabilities report uses data collected under the EMIR framework, and finds that the tendency, and frequency, of these funds to trade derivatives is explained to a large extent by asset managers characteristics, such as fund family and fund family size. Over time, cash inflows as well as currency risk seem to have a significant influence, which suggests that derivatives are used for transaction costs or risk reduction purposes.
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Source: ESMA
ESMA study finds high impact of costs on performance, especially for active equity funds
September 27, 2019--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has carried out a study of the performance of active equity funds as compared to passive equity funds, ETFs and relevant benchmarks.
The study, included in the latest Trends, Risks and Vulnerabilities (TRV) report finds that actively managed funds have in past years underperformed, in net terms, both passive equity funds and equity ETFs, as well as their own benchmarks, primarily due to the large impact of ongoing costs.
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Source: ESMA
ECB-Monetary developments in the euro area: August 2019
September 26, 2019--Annual growth rate of broad monetary aggregate M3 increased to 5.7% in August 2019 from 5.1% in July (revised from 5.2%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 8.4% in August from 7.8% in July
Annual growth rate of adjusted loans to households stood at 3.4% in August, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations increased to 4.3% in August from 4.0% in July
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Source: ECB
IHS Markit Launches First Global Index for Carbon Credits
September 25, 2019--Global Carbon Index combines proprietary information and futures markets data to produce the first benchmark for the global price of carbon
IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, today announced that it has launched the IHS Markit Global Carbon Index, the first benchmark for the global price of carbon credits.
According to the IHS Markit Global Carbon Index, the global weighted average price of carbon credits is $23.65. Since the beginning of 2018, the total return potentially gained by investors in global carbon is 132 percent, index data show.
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Source: IHS Markit
Goldman Sachs enters European ETF battle
September 25, 2019--The debut marks the entry of another aggressive US group into Europe's $890bn ETF market where Vanguard, Invesco and JPMorgan are all racing against European rivals to compete with BlackRock, the world's largest ETF manager.
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Source: FT.com
Challenges ahead for the European Central Bank: Navigating in the dark?
September 25, 2019--Since the second half of 2018, signs of a slowdown have been piling up in the euro area. The ECB will face major challenges in this potentially difficult period: its main tools are nearly exhausted, the monetary union in which it operates is still incomplete, and it lacks the understanding of what the 'new normal' looks like.
The authors, therefore, urge the ECB to review its strategy and framework to be able to face these challenges.
Monetary policy must reinvent itself in the wake of the crisis. Reinvention is particularly important because the system is riddled with uncertainties and the scope for applying conventional and unconventional instruments is limited. The architecture of Economic and Monetary Union makes the challenge even greater, because alignment of preferences and policies only goes so far.
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Source: bruegel.org
Trading costs rise after Switzerland's loss of EU access rights
September 24, 2019--Price of trading shares in small and mid-cap companies has increased by a fifth, analysis shows.
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Source: FT.com
ESMA publishes study on the exposure of the EU fund industry to CLOs
September 24, 2019--Following the significant pickup in the issuance of leveraged loans and collateralised loan obligations (CLOs) in the US and EU, supervisors have expressed concerns about the potential risk to investors.
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, in a study included in the latest Trends, Risks and Vulnerabilities (TRV) report, looks at the exposure of investment funds to this market and finds that the EU fund industry's exposure remains limited at this stage at EUR 130bn (less than 1% of EU fund industry net assets).
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Source: ESMA
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