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Brexit spells trouble for Europe's 660tn Euros derivatives market
January 14, 2019--Reclassification of futures contracts could push up margin requirements
As investors wait for the UK's vote on the Brexit withdrawal agreement, banks and brokers have already accepted that, from March 29, Europe will be split into two distinct capital markets.
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Source: FT.com
EU approves new rules on occupational pensions
January 14, 2019--The EU agreed new rules for work pension funds Thursday, in a bid to improve the way they are governed and to enhance clarity in the information that is provided to pension savers.
The EU Parliament, Council and the Commission agreed on a proposal for a revised Directive on occupational pension funds, known as IORP2.
The Commission says the directive will improve the way pension funds are governed, make it easier for pension funds to conduct cross-border business and provide clear information to pension scheme members and beneficiaries. These rules will make it easier for pension funds to invest in long-term assets, strengthening the role they can play in the Capital Markets Union.
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Source: eubusiness.com
Monday Morning Memo: ETFs- Another Strong Year Ahead
January 14, 2019--A view on the overall fund flows in mutual funds for the year 2018 in Europe revealed it was rather a tough year for the fund industry. A more detailed view shows there were different trends driving fund flows.
The year started with net inflows in all product categories over the course of the first quarter, followed by rather sluggish inflows in mutual funds over the summer and large outflows from these products in the fourth quarter.
Conversely, ETFs enjoyed another good year with inflows in every single month of 2018. Even as some market observers saw a slowdown in the trend towards ETFs, from my point of view even compared to 2017 lower flows in 2018 are a clear commitment of investors to ETFs since it looks like ETFs have once again become the tool of choice for investors in shaky markets.
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Source: Refinitiv
New WisdomTree-ETF on Xetra with focus on artificial intelligence
January 11, 2019--Since Friday, a new Exchange Traded Fund of the issuer WisdomTree is tradable via Xetra and Börse Frankfurt.
The WisdomTree Artificial Intelligence UCITS ETF gives investors the opportunity to participate in the performance of companies that are active in the field of artificial intelligence and are classified by the Consumer Technology Association (CTA) as Enablers, Developers or Enhancers.
The Benchmark Index uses the AI Intensity Rating, which measures the perceived level of a company's exposure to the AI industry as an Enabler, Developer, or Extender. Companies in the top 15 of the CTA intensity rating in each category are included in the index. The Benchmark Index uses a modified equal weighting methodology aimed at the following weight distribution by category: Enablers 40 percent; Developers 50 percent; and Expanders 10 percent.
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Source: Deutsche Börse Group
New iShares ETF on investment grade bonds from companies with good sustainability ratings
January 11, 2019--Since Friday, a new Exchange Traded Fund of iShares is tradable via Xetra and Börse Frankfurt.
With the iShares USD Corp Bond SRI 0-3yr UCITS Hedged (Acc) ETF, investors can participate in the performance of US dollar-denominated fixed-income bonds.
These bonds are issued by companies worldwide that have a comparatively high ESG rating in their economic sector and investment grade status. The bonds have a maximum maturity of three years and must have a minimum outstanding amount of $300 million. However, companies whose products have a negative social or environmental impact are not included.
The ETF uses a hedging strategy to minimise the exchange rate risk between the base currency of the bonds and the euro.
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Source: Deutsche Börse Group
ESMA report finds investment product performance highly impacted by charges
January 10, 2019--The European Securities and Markets Authority (ESMA) today publishes its first Annual Statistical Report (Report) on the cost and performance of retail investment products.
The Report covers Undertakings for Collective Investment in Transferable Securities (UCITS), Alternative Investment Funds sold to retail investors (retail AIFs) and Structured Retail Products (SRPs).
The analysis complements ESMA's risk assessment, supervisory convergence and investor protection work, and contributes to the European Commission's project on cost and performance of investment products under the Capital Markets Union Action Plan.
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Source: ESMA
IMF-Turkey Economic Monitor: Steadying the Ship
January 10, 2019--Taking Stock
Over the past six months, Emerging Markets and Developing Economies (EMDEs) have faced headwinds from declining capital flows, slowing global trade, and commodity price volatility.
In Turkey, these factors have combined with macro imbalances, perceived policy weaknesses, and international tensions to trigger a Lira sell-off and capital outflows.
Market volatility has subsided since August and the Lira has rebounded and external imbalances have narrowed. But Turkey's external financial situation remains fragile and market perceptions of risks are high. Market volatility has also affected the real sector through high inflation, falling demand, and a big supply side correction.
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Source: IMF
Account of the monetary policy meeting of the Governing Council of the European Central Bank
January 10, 2019--Held in Frankfurt am Main on Wednesday and Thursday, 12-13 December 2018
1. Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœuré reviewed the latest financial market developments. Since the Governing Council's previous monetary policy meeting on 24-25 October 2018, there were growing signs that investors were becoming more concerned about the global growth outlook, reflecting both the weakness in recent economic data in many jurisdictions and continuing geopolitical tensions.
hese concerns had added to market volatility and likely contributed to a marked drop in global stock prices. Corporate bond spreads, both in the United States and in the euro area, had widened too, in particular for bonds with lower credit quality.
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Source: ECB
Turkey Economic Monitor: Steadying the Ship
January 10, 2019--Taking Stock
Over the past six months, Emerging Markets and Developing Economies (EMDEs) have faced headwinds from declining capital flows, slowing global trade, and commodity price volatility. In Turkey, these factors have combined with macro imbalances, perceived policy weaknesses, and international tensions to trigger a Lira sell-off and capital outflows.
Market volatility has subsided since August and the Lira has rebounded and external imbalances have narrowed. But Turkey's external financial situation remains fragile and market perceptions of risks are high. Market volatility has also affected the real sector through high inflation, falling demand, and a big supply side correction.
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Source: World Bank
EBA reports on crypto-assets
January 9, 2019--The European Banking Authority (EBA) published today the results of its assessment of the applicability and suitability of EU law to crypto-assets. Typically, crypto-asset activities do not constitute regulated services within the scope of EU banking, payments and electronic money law, and risks exist for consumers that are not addressed at the EU level.
Crypto-asset activities may also give rise to other risks, including money laundering. In light of these issues, the EBA recommends that the European Commission carry out further analysis to determine the appropriate EU-level response. The EBA also identifies a number of actions that it will take in 2019 to enhance the monitoring of financial institutions' crypto-asset activities and consumer-facing disclosure practices.
view the EBA Report on crypto assets
Source: EBA
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