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ESMA Publishes Updated AIFMD and UCITS Q&AS
June 4, 2019--The European Securities and Markets Authority (ESMA) has published updated questions and answers documents (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD ) and the Undertakings for the Collective Investment in Transferable Securities (UCITS ) Directive.
The Q&As relate to the following:
distinction between depositary functions and mere supporting tasks that are not subject to the delegation requirements set out in the AIFMD and UCITS Directive;
delegation of safekeeping functions;
performance of depositary functions where there are branches in other Member States;
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Source: ESMA
New BNP Paribas Easy-ETF on Xetra: Global companies with a strong focus on sustainability
June 4, 2019--A new Exchange Traded Fund issued by BNP Paribas Easy has been tradable on Xetra and Börse Frankfurt since Tuesday.
The BNP PARIBAS EASY ECPI Circular Economy Leaders offers investors the opportunity to participate in the performance of the world's 50 leading companies in terms of ESG ratings and the positive contribution to sustainable economic activity.
The thematic index, which the ETF tracks, contains companies that have aligned their activities with recycling economy processes. The recycling economy is a regenerative system in which resource and energy consumption are minimized through savings, recycling and maintenance.
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Source: Deutsche Börse Cash Market
Austrian Traded Index (ATX): New free float factors for BAWAG Group and Erste Group Bank
June 4, 2019--The Vienna Stock Exchange announces new free float factors for Austrian indices, following the quarterly review of the calculation parameters. Within its leading national index ATX, the free float factor of BAWAG Group AG rises from 0.4 to 0.5, following Cerberus' sale of a large block of shares.
At Erste Group Bank AG, the free float factor will be lowered from 0.8 to 0.7 due to an increase in shares held by the foundation syndicate. The free float factor expresses how many shares of a company are distributed among the public and influences how strongly a share is weighted in the index. The maximum weight of a company in the ATX is capped at 20%, which is currently the case with Erste Group Bank AG.
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Source: Weiner Boerse
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
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