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In Turbulent Times, European Institutions Turn to ETFs
February 28, 2019--Allocations to exchange-traded funds by institutions currently investing in ETFs increased by 50% in 2018, totaling 15% of total assets among the 127 institutional investors participating in Greenwich Associates most recent European Exchange-Traded Funds Study.
That growth was driven in large part by three key trends:
ETFs thrive in volatility: European institutions in 2018 were repositioning their portfolios for a turbulent investment environment featuring the prospect of European Central Bank (ECB) rate hikes and a host of geopolitical risks. The implementation of these changes increased demand for ETFs. Institutions say ETFs' speed of execution, single-trade diversification, liquidity, and other characteristics make them versatile tools for portfolio construction.
Index revolution: European institutions in search of low-cost beta continued shifting assets from active management to index strategies last year. As they did so, many used ETFs as their preferred vehicle for index exposures. This trend will likely continue in 2019, since institutions' allocations to index strategies still fall well short of what they consider optimal levels.
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Source: Greenwich Associates.
ESMA TRV: Political uncertainty amid growth slowdown weighs on market sentiment
February 28, 2019-EU financial markets are increasingly nervous, reflected in rising volatility, the European Securities and Markets Authority (ESMA) said today in its latest Trends, Risks, and Vulnerabilities (TRV) Report (No 1.2019).
Uncertainty related to Brexit, amid weakening growth prospects, global trade tensions, and reduced global monetary policy stimulus have contributed to market risk remaining very high.
The fourth quarter of 2018 saw increasing volatility on equity and sovereign bond markets, a decrease in equity prices, continued repricing on corporate and sovereign bond markets, and regional developments leading to localised sell-offs and increased short-selling activity.
view the ESMA Report on Trends, Risks and Vulnerabilities
Source: ESMA
Swiss fintech lists crypto bitcoin on SIX Swiss Exchange
February 28, 2019--Swiss fintech specialist Amun AG has launched the world's first physically-backed crypto Bitcoin ETP (ABTC) on SIX Swiss Exchange. This ETP gives access to the world's most popular crypto coin.
Amun Bitcoin ETP is a fully collateralised product which is denominated in US dollars and has an annual investor fee of 2.5%.
Investors can buy it in a professional and reputable jurisdiction without worrying about custody, which for the underlying component of the ETP, is handled by qualified and independent custodians and also held in cold storage.
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Source: investmenteurope.net
FCA releases updated guidance on EU departure preparations
February 28, 2019--The Financial Conduct Authority (FCA) has published updated information to help support regulated firms in finalising their preparations for as smooth a transition as possible when the UK leaves the EU.
It is urging firms to ensure they are making any necessary changes to protect customers from negative impacts of leaving the EU, whatever the outcome of negotiations-for instance, in the event of a no-deal Brexit.
Firms are also being reminded to consider what information needs to be communicated to their customers, and how this will be done in a way that is clear, fair and not misleading.
For UKbased firms, particularly those operating within the European Economic Area (EEA), the FCA information highlights the FCA's approach to changes to UK legislation, implications for cross-border data sharing, and the consequences of the loss of passporting as some of the main issues that have to be dealt with.
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Source: wired-gov.net
LSE to cut 250 jobs as it resets earnings target
February 28, 2019--The London Stock Exchange Group is to cut 250 jobs as its new chief executive David Schwimmer reset earnings targets.
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Source: FT.com
STOXX Global Electric Vehicles & Driving Technology Index licensed to BlackRock
February 28, 2019--STOXX Ltd., the operator of Deutsche Boerse Group's index business and a global provider of innovative and tradable index concepts, has licensed the STOXX(R) Global Electric Vehicles & Driving Technology Index to BlackRock to serve as an underlying for an ETF.
The index is focusing on the irreversible sustainable trend towards electric vehicles by including companies, which are involved in the manufacturing of electric and autonomous vehicles, battery suppliers for electric vehicles, and other suppliers in the electric and autonomous vehicle manufacturers' supply chain.
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Source: Stoxx
New iShares ETFs on Xetra offer access to US government bonds
February 28, 2019--Since Thursday, two new Exchange Traded Funds from iShares are tradable via Xetra and Börse Frankfurt.
The two bond ETFs give investors the opportunity to participate in the performance of US dollar-denominated government bonds issued by the US government.
Investors can choose between maturities of three to seven years and seven to ten years.
Both ETFs use a hedging strategy to minimize the exchange rate risk between the base currency of the index components and the euro.
Name: iShares USD Treasury Bond 7-10yr UCITS ETF-EUR Hedged (Dist)
Asset class: Bond ETF
ISIN: IE00BGPP6697
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Source: Deutsche Börse Group
WisdomTree unveils two roll-enhanced commodity ETPs
February 27, 2019--WisdomTree has launched two new exchange-traded commodities on the London Stock Exchange, providing exposure to baskets of commodity futures from the industrial metals and energy sectors.
The Boost Enhanced Industrial Metals ETC (META LN) and Boost Enhanced Energy ETC (BENE LN) are linked to 'optimized roll' indices embedded with a smart roll mechanism based on the S&P GSCI Dynamic Roll Indices.
The mechanism aims to enhance the roll yield compared to traditional passive commodity products by adjusting the rolling strategy based on the shape of the futures curve for each underlying commodity.
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Source: etfstrategy.com
ECB-Monetary developments in the euro area: January 2019
February 27, 2019--Annual growth rate of broad monetary aggregate M3 decreased to 3.8% in January 2019 from 4.1% in December 2018
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 6.2% in January from 6.6% in December
Annual growth rate of adjusted loans to households stood at 3.2% in January, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations decreased to 3.3% in January from 3.9% in December
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Source: ECB
European Semester Winter Package: assessing Member States' progress on economic and social priorities
February 27, 2019--In its annual assessment of the economic and social situation in the Member States, the European Commission today stresses the need to promote investment, pursue responsible fiscal policies and implement well-designed reforms.
Challenges vary significantly across countries and call for appropriate and determined policy action.
This review of country-specific challenges comes against the backdrop of a European economy that is expected to grow for the seventh consecutive year in 2019, but at a more moderate pace. Employment is at a record high and unemployment at a record low. Public finances have also improved across the board, although some countries are still facing high levels of debt. However, challenges remain. Productivity levels remain subdued, population ageing is intensifying and rapid technological change is having a significant impact on labour markets. Real household income remains below pre-crisis levels in some Member States. Youth unemployment has been significantly reduced, but is still unacceptably high in some Member States. At a time of more pronounced global uncertainty, it is crucial that EU Member States step up their action to boost productivity, improve the resilience of their economies and ensure that economic growth benefits all citizens.
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Source: European Commission
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