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Monday Morning Memo: Review of the European ETF Market, May 2019
June 17, 2019--The promoters of ETFs in Europe enjoyed net inflows for May. Despite these, the assets under management in the European ETF industry decreased due to the negative performance of the underlying markets. In more detail, the assets under management in the European ETF industry decreased from €746.7 bn as of April 30, 2019, to €721.6 bn at the end of May.
The decrease of €25.1 bn for May was driven by the performance of the underlying markets (-€27.4 bn), while net sales contributed inflows of €2.3 bn to assets under management in the European ETF segment.
With regard to the overall number of products, it was not surprising equity funds (€494.1 bn) held the majority of assets, followed by bond funds (€196.8 bn), commodity products (€18.5 bn), alternative UCITS products (€6.8 bn), money market funds (€3.6 bn), mixed-asset funds (€1.7 bn), and "other" funds (€0.1 bn).
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Source: Refinitiv
New SPDR ETFs on Xetra: US government bonds and smart beta investment each with currency hedging
June 17, 2019--Since Monday two new Exchange Traded Funds issued by State Street Global Advisors are tradable via Xetra and Börse Frankfurt.
The SPDR S&P U.S. Dividend Aristocrats EUR Hdg UCITS ETF (Dist) allows investors to participate in the performance of US shares with high dividend payments. The Smart-Beta-ETF weights these shares based on the respective income levels and is tradable as a distributing and currency-hedged share class.
The SPDR ICE BofAML 0-5 Year EM USD Government Bond EUR Hdg UCITS ETF (Acc) offers a replica of US dollar-denominated emerging markets government bonds issued in the local US market and the Eurobond markets. The underlying index considers bonds with a fixed interest rate and a residual maturity of less than five years.
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Source: Deutsche Börse Cash Market
Ireland: Selected Issues
June 17, 2019--PERSONAL INCOME TAX REFORM: PAST AND PRESENT1
Ireland's personal income tax has undergone significant changes in the last fifteen years. From
reductions during the boom, through introduction during the crisis of an additional tax-the Universal
Social Charge that broadened the tax base and increased revenues-, to tax reductions with tax base
narrowing in the recent recovery years.
These changes resulted in a currently less efficient personal income tax system, with a high administrative burden and narrow tax base. Consideration should be given to an income tax reform, aiming at a broader tax base, reduced disincentives to work more, while preserving the overall tax yield and progressivity.
view the IMF Ireland: Selected Issues report
Source: IMF
ESMA Updates Q&A On EMIR Data Reporting
June 14, 2019--The European Securities and Markets Authority (ESMA) has issued today an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR).
The Q&As provide further clarity regarding the implementation of EMIR Refit with respect to:
Q&A OTC 3 on the calculation framework towards the clearing thresholds; and
TR Q&A 51 regarding the notifications to be made by market participants to their competent authorities to apply an intragroup exemption from reporting.
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Source: ESMA
EU tries to revive plan for financial transaction tax
June 14, 2019--European Union finance ministers have discussed on Friday a plan for a 0.2% tax on shares, which Germany sees close to be agreed, although further work remains to be done.
Plans for an EU financial transaction tax (FTT) have stumbled over the past years. After an initial proposal in 2011 was blocked by member governments, a group of states pressed ahead, while the majority of the 28 EU states backed down.
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Source: Reuters
Euro Area-IMF Staff Concluding Statement of the 2019 Article IV Mission
June 13, 2019-- The euro area is at a challenging juncture. Growth is expected to firm-up later this year but there are significant risks to this outlook. Greater structural reforms efforts at the national level would enhance the region's resilience. In the event of a sharp downturn additional policy support will be needed. While there is some progress on euro area reforms, in many cases political consensus on the path forward is missing.
The incoming European Parliament and European Commission should use the opportunity to forge a renewed consensus around strengthening the foundations of the monetary union.
Outlook and Risks
Euro area growth has slowed and inflation continues to disappoint. Growth decelerated sharply in the second half of 2018, due to a combination of slowing external demand and mostly temporary domestic factors
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Source: IMF
ESMA updates register of derivatives to be traded on-venue under MiFIR
June 13, 2019--The European Securities and Markets Authority (ESMA) has updated today the public register of those derivative contracts that are subject to the trading obligation under the Markets in Financial Instruments Regulation (MiFIR).
Today's update consists of adding to the list several UK venues where some of the classes of derivatives subject to the trading obligation are available for trading.
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Source: ESMA
Euro area securities issues statistics: April 2019
June 13, 2019--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 2.3% in April 2019, compared with 2.4% in March.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate decreased from 0.4% in March 2019 to 0.0% in April.
Debt securities
New issuance of debt securities by euro area residents totalled EUR 634.5 billion in April 2019. Redemptions amounted to EUR 650.8 billion and net redemptions to EUR 16.2 billion. The annual growth rate of outstanding debt securities issued by euro area residents was 2.3% in April 2019, compared with 2.4% in March.
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Source: ECB
New UBS ETF on Xetra: Emerging market companies with focus on sustainability
June 13, 2019--Since Thursday, a new Exchange Traded Fund from UBS Global Asset Management has been tradable via Xetra and Börse Frankfurt.
With the UBS ETF-MSCI Emerging Markets Socially Responsible UCITS ETF, investors can participate in the performance of emerging market companies that are rated high in terms of environmental, social and entrepreneurial good conduct. Companies that violate moral, religious and ethical criteria are excluded. In the benchmark index, individual shares are limited to a maximum share of 5 per cent.
Inflows into the ETF are reinvested. Name: UBS ETF-MSCI Emerging Markets Socially Responsible UCITS ETF
Asset class: Equity ETF
ISIN: LU1048313974
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Source: Deutsche Börse
New Vanguard ETF on Xetra: US corporate bond with investment grade rating
June 13, 2019--Since Thursday a new Vanguard Exchange Traded Fund is tradable via Xetra and Börse Frankfurt.
The Vanguard USD Corporate Bond UCITS ETF-(USD) offers an investment in the performance of US corporate bonds.
The underlying Bloomberg Barclays Global Aggregate Corporate-United States Dollar Index contains bonds from various sectors with a minimum maturity of one year and an investment grade rating. Inflows to the ETF are reinvested.
Name: Vanguard USD Corporate Bond UCITS ETF-(USD)
Asset class:Bond ETF
ISIN: IE00BGYWFK87
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Source: Deutsche Börse Cash Market
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