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ESMA report values EU Alternative Investment Funds at 4.9 trillion Euros
March 7, 2019--The European Securities and Markets Authority (ESMA) today published its first statistical report on European Union (EU) Alternative Investment Funds (AIF). The study finds that the EU AIF sector in 2017, as measured by Net Asset Value (NAV), amounted to €4.9tn or nearly one third of the total EU fund industry. The report is based on data from 26,378 AIFs, or 80% of the market, and will be published annually.
Sector breakdown
Funds of Funds accounted for 16% of the industry, followed by Real Estate (RE) Funds (11%), Hedge Funds (5%) and Private Equity Funds (4%). The remaining category of Other AIFs accounts for close to two-thirds of the industry (63%), which highlights potential classification issues and therefore a more detailed analysis of this category will be carried out by ESMA.
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Source: ESMA
ESMA sets out its approach to several MiFID II/MiFIR and BMR provisions under a no-deal Brexit
March 7, 2019--The European Securities and Markets Authority (ESMA) has today published a statement on its approach to the application of some key MiFID II/MiFIR and Benchmark (BMR) provisions should the United Kingdom (UK) leave the European Union (EU) under a no-deal Brexit.
ESMA's statement aims to inform stakeholders on the approach it will take in relation to these provisions. It sets out details on the following MiFID II and BMR aspects under a no-deal Brexit:
The MiFID II C(6) carve-out;
Trading obligation for derivatives;
ESMA opinions on post-trade transparency and position limits;
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Source: ESMA
BDI-Global Growth Outlook 03/2019-Growth or recession? Global economy at a crossroads
March 6, 2019--As things stand, one major bad decision would be enough to tip the balance and endanger Europe's economic growth. The federal government has no time to lose.
It should offer investment incentives for climate protection and research and launch a tax reform. Germany's economic momentum has already suffered in the last few months from the global slowdown.
view the BDI-Global Growth Outlook 03/2019-Growth or recession? Global economy at a crossroads
Source: BDI
Knorr-Bremse and Dialog Semiconductor new in MDAX
March 5, 2019--On Tuesday, Deutsche Börse announced changes to its selection indices, which will become effective on 18 March 2019. The shares of Knorr-Bremse AG will be included in the MDAX index and will replace the shares of Salzgitter AG, which will be included in the SDAX index.
The exclusion is based on the fast-exit rule. Moreover, the shares of Dialog Semiconductor Plc will be added to MDAX. They are eligible according to the fast-entry rule. The shares of Schaeffler AG will leave the MDAX index. The following changes will apply to SDAX: Salzgitter AG and Schaeffler AG will be added from MDAX. They are replacing the shares of Knorr-Bremse AG and Dialog Semiconductor Plc. New additions to SDAX will be: BayWa AG, Amadeus FiRe AG, ADVA Optical Networking SE and VARTA AG. The shares of DMG Mori AG, Medigene AG, VTG AG and Tele Columbus AG will be deleted from the index according to the fast-exit rule.
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Source: Deutsche Börse Group
National Statistics: UK official holdings of international reserves: February 2019
March 5, 2019--This release details movements in the international reserves of gold and assets held by the UK government.
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Source: HM Treasury
BOE-Key elements of the 2019 stress test
March 5, 2019--The Bank of England's 2019 annual cyclical scenario (ACS) will test the resilience of the UK banking system to deep simultaneous recessions in the UK and global economies, a financial market stress, and an independent stress of misconduct costs
view the Bank of England March 2019 Stress testing the UK banking system: key elements of the 2019 annual cyclical scenario report
Source: Bank of England
ETF group targets CDS with new short crossover credit fund
March 4, 2019--Fixed income ETF provider Tabula Investment Management has launched a new passive fund as a way to short European sub-investment grade corporate credit, in a bid to make CDS indices more accessible.
The newly-launched Tabula European iTraxx Crossover Credit Short Ucits ETF (TECS) is a directly replicating ETF, which allows investors to buy protection on high yield credits through credit default swap positions in the European iTraxx Crossover index.
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Source: citywireselector.com
European Commission-Report on the implementation of the Circular Economy Action Plan
March 4, 2019--The European Commission has released a Comprehensive report on the implementation of the Circular Economy Action Plan.
view the European Commission Report on the implementation of the Circular Economy Action Plan
Source: European Commission
Monday Morning Memo: New Fee Models May Become a Competitive Edge for Fund Promoters
March 4, 2019--The European asset management industry had a rather rough start in 2019. In regard to this, it is not surprising there is a lot of discussion around current sales trends. From my perspective, these discussions may lead in the wrong direction since sales trends are often driven by the respective market environment and, therefore, are not under the control of the fund promoters.
That said, there are topics which can make a difference between the single fund promoters and, therefore, drive sales. One of these topics is the discussion about fees and expenses. Some asset managers complain about increasing regulatory burdens and the resultant increasing costs which lead to lower profits, as not all costs can be passed on to investors. Some large and well-established asset managers have reviewed their current pricing models and, as a result, are willing to test new ones. In more detail, this means these fund promoters are about to roll out funds with a very low base fee and a performance fee, which will remunerate the value added by the asset manager if the respective funds beat their benchmark; i.e. the fund promoter will only generate a significant income if the funds deliver a value-added compared to passive products for the investor.
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Source: Refinitiv
IMF Working Papers-How Effective is Macroprudential Policy? Evidence from Lending Restriction Measures in EU Countries
March 1, 2019--Summary:
This paper assesses the effectiveness of lending restriction measures, such as loan-to-value and debt-service-to-income ratios, in affecting developments in house prices and credit. We use data on 99 lending standard restrictions implemented in 28 EU countries over 1990–2018.
The results suggest that lending restriction measures are generally effective in curbing house prices and credit. However, the impact is delayed and reaches its peak only after three years. In addition, the impact is asymmetric, with tightening measures having weaker association with target variables compared to loosening measures. The association is stronger in countries outside of euro area and for legally-binding measures and measures involving sanctions. The results have practical implications for macroprudential authorities.
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