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Monday Morning Memo: Bonds were European Investors Darlings in February
March 25, 2019--The negative trend with regard to fund flows in Europe continued in February even as the securities markets rebounded. As a consequence, February was the tenth month in a row long-term mutual funds posted net outflows after 16 consecutive months of net inflows.
Given the current interest rate environment, it was surprising that bond funds (+€7.6 bn) were the best-selling asset type in the segment of long-term mutual funds, followed by real estate funds (+€0.2 bn) and "other" funds (+€0.1 bn). All other asset types faced outflows: alternative UCITS funds (-€8.6 bn), equity funds (-€4.2 bn), mixed-asset funds (-€3.3 bn), and “other” funds (-€0.8 bn).
These fund flows added up to overall net outflows of €8.9 bn from long-term investment funds for February. ETFs contributed inflows of €14.1 bn to these flows.
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Source: Detlef Glow, Refinitiv
Flow Traders publishes its 2019 Convening Notice for the Annual General Meeting of Shareholders
March 25, 2019--Flow Traders N.V. (Euronext: FLOW) is pleased to announce that its Annual General Meeting of Shareholders (General Meeting) will take place on Wednesday, 8 May 2019 at 15.00 hours Amsterdam time at the INIT building, Jacob Bontiusplaats 9 in Amsterdam (The Netherlands).
The convening notice, agenda and other documentation relating to the General Meeting, as well as information on how to register for the General Meeting, is in English and available on our website:
www.flowtraders.com/investors
Source: FlowTraders
Britain's financial sector has gloomiest outlook since 2008 crisis: survey
March 24, 2019--Optimism about the business outlook among Britain's financial services firms has fallen at its fastest rate since the 2008 financial crisis amid concerns about Britain's exit from the European Union, a survey showed on Monday.
Business volumes among the 84 top financial firms polled have also fallen at their fastest rate since September 2012, the survey by the Confederation of British Industry and accounting firm PwC showed.
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Source: Rueters
European Council (Art. 50) conclusions. 21 March 2019
March 22, 2019--
1. The European Council takes note of the letter of Prime Minister Theresa May of 20 March 2019.
2. In response, the European Council approves the Instrument relating to the Withdrawal Agreement and the Joint Statement supplementing the Political Declaration agreed between the European Commission and the government of the United Kingdom in Strasbourg on 11 March 2019.
The European Council agrees to an extension until 22 May 2019, provided the Withdrawal Agreement is approved by the House of Commons next week. If the Withdrawal Agreement is not approved by the House of Commons next week, the European Council agrees to an extension until 12 April 2019 and expects the United Kingdom to indicate a way forward before this date for consideration by the European Council.
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Source: European Council
BlackRock to buy software firm eFront for $1.3bn
March 22, 2019--BlackRock will pay $1.3 billion in cash for French software firm eFront, an end-to-end alternative investment management software firm.
BlackRock is to buy alternative investments-focused French software provider eFront for $1.3bn.
The asset manager will combine e-Front with its Aladdin risk analytics platform...
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Source: citywireusa.com
FCA to introduce UK Benchmarks Register
March 22, 2019--The FCA continues to plan for a range of outcomes in relation to Brexit, including the UK leaving the EU without an implementation period. To prepare for this scenario, the FCA has developed a new UK Benchmarks Register.
The new Register will replace the ESMA Register for UK supervised users, and UK and third-country based benchmark administrators that want their benchmarks to be used in the UK.
The new UK Benchmarks Register will include benchmark administrators and third-country benchmarks. Benchmarks Administrators
The Benchmarks Administrators Register is a public record of all benchmark administrators that are:
authorised, registered or recognised by the FCA
outside the UK and have notified the FCA that they benefit from an equivalence decision that has been adopted by the UK.
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Source: fca.org.uk
Deutsche Boerse Xetra Annual ETF Factsheet 2018
March 22, 2019-ETF TRADING ON XETRA --Facts & figures for the year 2018 Xetra. The market.-Overview
Deutsche Börse's XTF segment for exchange-traded index funds (ETFs) was launched on 11 April 2000.
Thus, Xetra(R) was the first trading platform for ETFs in Europe and since then is the market leader in terms of listed ETFs (1,368) and trading turnover (€12.6 billion monthly average).
The market share of Xetra for the on-exchange volume of ETFs in Europe was 29 per cent in 2018.
89 percent of the exchange-traded funds turnoveri n Germany is generated on Xetra.
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Source: Deutsche Börse Group
Turkey's central bank suspends one-week repo auctions as lira slides
March 22, 2019--The Central Bank of Turkey announced on Friday it had suspended one-week repo auctions for an undefined length of time, while lira tumbled more than 4 percent against the U.S. dollar, the worst daily percentage drop since a currency crisis in last August.
The central bank has been keeping one-week repo lending rate at 24 percent since September to help arrest a slump in the lira and curb inflation. The central bank uses this base rate for monetary policy purposes and the bank's move indicates a stricter stance on liquidity.
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Source: Ahval
EU agrees Brexit 'cliff-edge' delay, with conditions
March 21, 2019--After lengthy debate at a summit in Brussels Thursday, EU leaders agreed a short Article 50 extension till 12 April, or 22 May if the UK Parliament approves Theresa May's Withdrawal Agreement next week.
If, as seems likely, the deal is not approved by the UK Parliament, the EU Council agrees to an extension until 12 April, and at the same time expects the UK to come up with a plan for the EU to consider.
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Source: EUbusiness
The shift away from Libor could threaten stability
March 21, 2019--Investors should not be too sanguine about transition from scandal-linked rate.
Global regulators are cheering a transition from Libor, the now infamous London interbank offered rate that underpins $370tn in financial...
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Source: FT.com
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