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Debt-laden Italy seizes moment to borrow more 50-year funds
July 8, 2019--Italy's Treasury has hired investment banks to help sell more of its 50-year bonds to institutional investors, seizing on improved market confidence after the government avoided European Union disciplinary action for excessive debt.
Last week, Rome persuaded the European Commission that new budget measures it had submitted would help bring its growing debt in line with EU fiscal rules.
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Source: Reuters
Monday Morning Memo: Why Asset Managers Should Have an ETF Strategy
July 8, 2019--By looking at annual flow numbers and assets under management, it is clear that exchange-traded funds (ETFs) are more than just a trend.
Some market observers are already concerned, as they expect ETFs to take over the majority of assets under management for investment vehicles in the foreseeable future. Even as this might be too optimistic, it seems like ETFs have become a threat for active managers, as more investors are considering ETFs as their investment vehicle of choice. With regard to this, all fund promoters need a strategic view on their role in the competition between ETFs and traditional mutual funds.
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Source: Refinitiv
Bitcoin Cash ETP Lists on Leading Swiss Stock Exchange
July 6, 2019--Cryptocurrency tracking instruments traded on established equity exchanges allow institutional and retail investors to gain exposure to digital assets.
Now there is a new option to invest in bitcoin cash (BCH) with an exchange traded product in one of the most advanced markets in the world. Under the ticker ABCH, bitcoin cash is the sixth Amun crypto-asset tracker listed on the Swiss stock exchange Six.
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Source: news.bitcoin.com
Kazakhstan's Astana International Exchange lists first exchange-traded fund
July 4, 2019--ITI Funds became the first provider to list an exchange-traded fund (ETF) on Kazakhstan's Astana International Exchange (AIX) on July 3.
The ITI Funds UCITS ETF SICAV (RUSB), also listed on the London Stock Exchange (LSE) and the Moscow Exchange (MOEX), was listed with quotation and settlements in US dollars.
The AIX was launched as part of the Astana International Financial Centre (AIFC). The Kazakh authorities are hoping to draw in much needed liquidity into the AIX, mainly by IPOs of Kazakhstan's largest state-owned companies.
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Source: intellinews.com
Half-year report: Xetra-Gold achieves new record for gold holdings and assets under custody
July 3, 2019--Growth of around 13 tonnes year-to-date / Europe's largest gold security with physical deposit
The gold holdings of the exchange-traded Xetra-Gold bearer bond (ISIN: DE000A0S9GB0) rose to a new record of 194.3 tonnes as of 30 June.
This is an increase of around 13 tonnes over the course of the year. At the turn of the year, 181.5 tonnes of gold were stored in the central vault for German securities in Frankfurt. This makes Xetra-Gold the leading physically deposited gold security in Europe.
Gold holdings increase whenever investors buy Xetra-Gold shares via the stock exchange. Exactly one gram of gold is deposited in the central vault for each unit certificate. After the recent strong increase in the gold price, the assets managed by Xetra-Gold currently amount to 7.7 billion euros - which is also a new all-time high.
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Source: Deutsche Börse Group
Monetary developments in the euro area: May 2019
July 1, 2019--Monetary developments in the euro area: May 2019
Annual growth rate of broad monetary aggregate M3 stood at 4.8% in May 2019, after 4.7% in April 2019
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 7.2% in May from 7.4% in April
Annual growth rate of adjusted loans to households stood at 3.3% in May, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations stood at 3.9% in May, unchanged from previous month
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 stood at 4.8% in May 2019, after 4.7% in April, averaging 4.7% in the three months up to May.
The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 7.2% in May from 7.4% in April.
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Source: ECB
Monday Morning Memo: Don't Panic About Illiquid Holdings in Mutual Funds
July 1, 2019-The closure of the Woodford Income Fund has led to wide discussion about illiquid holdings in mutual funds. As a result of this discussion, asset managers have come under pressure as investors have begun to sell positions in funds in which they have identified illiquid holdings.
Even as this reaction is in some cases understandable, the high level of outflows in some funds is surprising, since some of these funds now under pressure were quite clear about these holdings. Even if they weren't, these holdings shouldn't be a surprise to professional investors or advisors, since it is one of the duties of a fund analyst to evaluate the investment style of a fund manager and the respective risk of the portfolio to conduct an appropriate recommendation.
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Source: Refinitiv
Cash markets achieve turnover of 116.0 billion euros in June
July 1, 2019--Deutsche Börse's cash markets generated a turnover of €116.0 billion in June (previous year: €153.6 billion).
€106.3 billion were attributable to Xetra (previous year: €142.1 billion), bringing the average daily volume to €5.6 billion.
Trading volume on Börse Frankfurt was €2.3 billion (previous year: €3.4 billion) and on Tradegate Exchange €7.5 billion (previous year: €8.2 billion).
Split by asset classes, equities amounted to €102.9 billion in the entire cash market. Trading in ETFs/ETCs/ETNs generated a turnover of €11.7 billion.
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Source: Deutsche Börse Group
New Xetra EnLight service allows cleared RFQ block trading
July 1, 2019--CCP clearing reduces settlement and counterparty risks/available for all equities, ETFs and ETPs on Xetra/leading Market Makers welcome introduction
On Xetra, Europe's leading market for ETFs and German equities, a new functionality was introduced today that allows block trading outside the order book through an RFQ (Request for Quote) workflow.
The Xetra EnLight service is available for all equities, ETFs and ETPs and enables clients to leverage the full range of Deutsche Börse Group’s service offering: from trading, clearing and settlement to post-trade reporting and market data dissemination.
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Source: Deutsche Börse Group
Swiss government triggers countermeasures in EU bourse battle
June 27, 2019--Switzerland on Thursday triggered measures to counter the European Commission's refusal to extend recognition to Swiss stock markets, plunging the two sides deeper into a standoff over a stalled partnership treaty.
Starting July 1, the Swiss will forbid European Union trading venues from offering or facilitating trading in certain equity securities of companies with a registered office in Switzerland. ch.
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Source: Reuters
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