ESMA updates its Q&As on MiFID II and MiFIR market structure and transparency topics
October 4, 2018--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:
Classification of derivatives on derivatives for transparency purposes;
Default liquidity status of bonds (amendment to an existing Q&A);
Scope of the pre-trade transparency waiver provided under Article 9(1)(c) of MiFIR;
Market Making activities and incentives to be provided during stressed market conditions;
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Source: ESMA
ESMA updates AIFMD Q&As
October 4, 2018--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the application Alternative Investment Fund Managers Directive (AIFMD).
ESMA has added a new Q&A clarifying the application of the AIFMD notification requirements with regard to AIFMs managing umbrella AIFs on a cross-border basis.
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Source: ESMA
ESMA updates Q&As on MiFID II and MiFIR investor protection and intermediaries
October 3, 2018--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
The Q&As on MiFID II and MiFIR investor protection and intermediaries topics provides new answers on:
Best execution-Reporting for firms using a venue's RFQ system to agree a trade; and,
Investment advice on an independent basis-Use of a 'look-through' approach.
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Source: ESMA
Passing on research costs under Mifid II is a dangerous practice
October 3, 2018--Few asset managers make their clients pay and there are significant risks in doing so.
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Source: FT.com
National Statistics: UK official holdings of international reserves: September 2018
October 3, 2018--This release details movements in the international reserves of gold and assets held by the UK government.
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Source: HM Treasury
ESMA updates market abuse Q&As
October 1, 2018-The European Securities and Markets Authority (ESMA) has updated its Questions & Answers (Q&A) document regarding the implementation of the Market Abuse Regulation (MAR).
The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of MAR and its implementing measures. Today's Q&A include an update of the Q&A on clarifying delayed disclosure of inside informationview more
Source: ESMA
Cash market turnover year to date 20 percent higher than last year
October 1, 2018--The trading volumes on the cash markets of Deutsche Börse amounted to €1.29 trillion at the end of the third quarter, an increase of 20 percent compared to the same period last year. In 2017, turnover on the trading venues Xetra, Börse Frankfurt and Tradegate Exchange stood at €1.08 trillion at the end of September.
On a monthly basis, the total trading volumes amounted to €130.6 billion in September 2018 (previous year: €117.7 billion). Of this, €120.5 billion were attributable to Xetra (previous year: €107.3 billion). The average daily turnover on Xetra therefore was €6.0 billion. Order book turnover on Börse Frankfurt totalled €2.7 billion (previous year: €3.4 billion) and on Tradegate Exchange €7.4 billion (previous year: €7.0 billion).
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Source: Deutsche Börse
Monday Morning Memo: European Fund-Flow Trends, August 2018
October 1, 2018--uropean investors pulled back further from long-term mutual funds as the market environment and general sentiment stayed negative. As a consequence August was the fourth month in a row posting net outflows from long-term mutual funds after 16 consecutive months showing net inflows.
That said, European fund promoters still enjoyed net inflows into mixed-asset funds (+€2.3 bn) and real estate funds (+€0.5 bn), while all other asset types in the segment of long-term mutual funds witnessed net outflows: bond funds (-€7.4 bn), alternative UCITS funds (-€2.5 bn), "other" funds (-€0.6 bn), and commodity funds (-€0.6 bn) as well as equity funds (-€0.4 bn).
These fund flows added up to overall net outflows of €8.7 bn from long-term investment funds for August. ETFs contributed inflows of €2.3 bn to these flows.
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Source: Detlef Glow, Head of EMEA Research, Lipper.
ESMA updates Q&A on MiFIR data reporting
September 28, 2018--The European Securities and Markets Authority (ESMA) has issued today an update of its Q&As regarding data reporting under the Market in Financial Instruments Regulation (MiFIR).
The updated Q&As document includes the following two new Q&As:
FX Swaps reporting: the Q&A includes reference data and transaction reporting scenarios where an FX swap is reported as a single stand-alone financial instrument.
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Source: ESMA
ESMA updates the Q&As on ESMA's temporary product intervention measures
September 28, 2018--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on ESMA's temporary product intervention measures on the marketing, distribution or sale of CFDs and binary options to retail clients based on Article 40 of Regulation (EU) No 600/2014 Markets in Financial Instruments Regulation (MiFIR).
The updated Q&As provide clarification on the application of the temporary product intervention measures in relation to rolling spot forex.
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Source: ESMA
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