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Unscheduled free-float adjustment of VTG AG in SDAX
November 21, 201--On Wednesday, Deutsche Börse announced an unscheduled change to the SDAX index. Due to the acquisition of VTG AG (DE000VTG9999) by Warwick Holding GmbH the free float of VTG AG changed by more than 10 percentage points.
According to the Guide to the Equity Indices of Deutsche Börse AG, section 5.1.5., the company's free float will be adjusted in the index from the current 35.51 percent to 23.83 percent. These changes will become effective on 26 November 2018. The next scheduled index review is 5 December 2018.
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Source: Deutsche Börse Group
European Semester Autumn Package: Bolstering inclusive and sustainable growth
November 21, 2018--Commission sets out EU's economic and social priorities for 2019, presents Opinions on Draft Budgetary Plans and confirms the existence of particularly serious non-compliance with the Stability and Growth Pact in the case of Italy; Greece is integrated into the European Semester for the first time.
The 2019 European Semester cycle of economic and social policy coordination begins against a backdrop of sustained but less dynamic growth in a climate of high uncertainty. A lot has been achieved since 2014 but more must be done to support inclusive and sustainable growth and job creation while enhancing the resilience of Member States' economies. At EU level, this demands taking the decisions required to further strengthen the Economic and Monetary Union. At national level, there is a pressing need to use the current growth momentum to build up fiscal buffers and reduce debt. Investment and structural reforms need to focus even more on boosting productivity and growth potential.
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Source: European Commission
Official Statistics: Forecasts for the UK economy: November 2018
November 21, 2018--A comparison of independent forecasts for the UK economy in November 2018.
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Source: HM Treasury
IMF Country Report-Spain: Selected Issues
November 21, 2018--DIFFERENCES IN REGIONAL PRODUCTIVITY: WHAT IS BEHIND IT?1, 2
Recent studies of income convergence among Spanish regions suggest that the convergence has been
slow since 1980 reflecting persistent regional disparities in total factor productivity. Our empirical
analysis-employing stochastic frontier models-finds that, among other factors, differences in
regions' skills mismatch and technology absorption capacity could be behind the disparities.
A benchmarking exercise demonstrates significant potential growth benefits from policy measures that
would bring regions closer to the frontier.
A. Introduction 1. Despite improved post-crisis productivity growth, Spain's productivity is still considerably below that of advanced European peers. The latest estimates suggest that Spain's productivity gap relative to Germany is above 10 percent.
view the IMF Country Report-Spain: Selected Issues
Source: IMF
Monday Morning Memo: Review of the European ETF Market, October 2018
October 19, 2018--The promoters of ETFs in Europe enjoyed net inflows for October. Since the inflows were rather small, they couldn't offset the negative performance of the underlying markets, which led to decreased assets under management in the European ETF industry.
In more detail, the assets under management in the European ETF industry decreased from €679.6 bn as of September 30, 2018, to €657.1 bn at the end of October. The decrease of €22.4 bn for October was driven by the performance of the underlying markets (-€23.2 bn), while net sales contributed inflows of €0.7 bn to assets under management in the European ETF segment.
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Source: Detlef Glow, Head of EMEA Research, Lipper
Switzerland Approves to First Crypto Exchange Traded Product
While all eyes are still glued to the Securities and Exchange Commission in the United States to give a verdict on the first Bitcoin ETF, the Swiss regulators have just raced ahead. According to the latest updates coming from Switzerland, the main stock exchange has given a green light to the world's first exchange-traded product tracking multiple cryptocurrencies.
Swiss take the lead in the Bitcoin ETF/ETP race
As the BTC prices hit the lowest point for the year, Swiss regulators took the opportunity to bring some cheer to the market as they announced the world's first cryptocurrency-based exchange-traded product. The Amun Crypto ETP, which will start trading next week on the SIX exchange in Zurich, has been designed to track an index based on the movements of five leading cryptocurrencies.
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Source: coingape.com
ESMA updates its Q&As on MiFID II and MiFIR market structure and transparency topics
November 14, 2018--MiFID-Secondary Markets
The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers regarding market structures and transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The new Q&As provide clarification on the following topics:
Making data available free of charge 15 minutes after publication (amendment to an existing Q&A);
Obligations applicable to systematic internalisers in non-TOTV instruments;
Definition of RFQ systems;
Pre-trade transparency in RFQ systems;
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Source: ESMA
New Lyxor ETFs on Xetra: Medium and Long-Term US Government Bonds
November 14, 2018--Since Wednesday, two new Exchange Traded Funds from Lyxor International Asset Management are tradable via Xetra and the Börse Frankfurt venue.
The two new bond ETFs give investors the opportunity to participate in the performance of US government bonds.
The US dollar-denominated government bonds have a maturity between five and seven years or a minimum maturity of ten years.
Name: Lyxor Core iBoxx USD Treasuries 7-10Y (DR) UCITS ETF
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Source: Deutsche Börse Group
Amundi bolsters responsible investment range with equity and fixed income ETFs
November 12, 2018--Amundi ETF announces the expansion of its Socially Responsible
Investing (SRI) ETF range to cover both equity and fixed income asset classes.
SRI and consideration of ESG criteria have become mainstream for institutional and retail investors
worldwide.
ESG strategies now account for about a quarter of global assets under management, with close to 25% growth over the past two years.1
Amundi considers responsible investment as one of its four founding pillars.
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Source: Amundi ETF
Monday Morning Memo: Are lower fees leading to more innovation in the European ETF industry?
November 12, 2018--With net inflows of 35.5 billion euros and with not one month of net outflows over the course of 2018 so far (as of September 30), it seems the environment for ETF promoters in Europe is still positive.
Meanwhile, their active counterparts face struggles from the uncertainty in the securities markets. Some market observers would say that ETFs are also having a bad year, since the net inflows for 2018 are far below the net inflows of 2017. Even though that is correct, one needs to remember that not every year can be a record year. It is worthwhile bearing in mind that ETFs might yet enjoy higher inflows for 2018 overall than they did for 2016 or 2014 (two of the five years with the highest net inflows in history), if the current trend for fund flows continues.
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Source: Detlef Glow, Head of EMEA Research, Lipper