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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.
Boerse Stuttgart records February turnover of EUR 5,2 billion
March 1, 2019--Equities show significant increase in trading volume compared with January figures
Based on the order book statistics, Boerse Stuttgart generated turnover of around EUR 5.2 billion in February 2019. Securitised derivatives made up the largest share of the turnover.
The trading volume in this asset class was more than EUR 2.2 billion. Leverage products generated around EUR 1.2 billion. Investment products contributed EUR 1 billion to the total turnover.
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Source: Boerse Stuttgart
ETF growth surges on the back of European volatility, social conscience
March 1, 2019--Research from Greenwich associates finds ETF allocations grew by 50% in Europe last year, with further growth expected in 2019.
Allocations in exchange-traded funds (ETFs) by institutional firms grew by 50% in Europe last year, according to research from Greenwich Associates.
A survey of 127 institutional investors found that ETFs now account for 15% of total assets among that group, despite increased market volatility throughout Europe over the last year.
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Source: thetradenews.com
Cash markets achieve turnover of 116.0 billion euros in February
March 1, 2019--Deutsche Börse's cash markets generated a turnover of €116.0 billion in February (previous year: €158.5 billion). €104.0 billion were attributable to Xetra (previous year: €143.4 billion), bringing the average daily volume to €5.2 billion.
Trading volume on Börse Frankfurt was €2.8 billion (previous year: €4.3 billion) and on Tradegate Exchange €9.2 billion (previous year: €10.8 billion). Split by asset classes, equities amounted to €104.3 billion in the entire cash market. Trading in ETFs/ETCs/ETNs generated a turnover of €10.1 billion. Turnover in bonds was €0.4 billion, in certificates €1.0 billion and in funds €0.1 billion. The DAX share with the highest turnover on Xetra in February was Wirecard AG with €6.8 billion.
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Source: Deutsche Börse Group
State Street goes big with new global equity ETF
March 1, 2019--State Street Global Advisors is targeting 'major' global equity opportunities with the launch of a broad ETF aimed at unlocking returns from across $40 trillion-worth of investable assets.
SSGA has launched a SPDR MSCI World Ucits ETF which is available on the Xetra exchange. It will launch on the London Stock Exchange, Borsa Italiana and Euronext on 4 March and on SIX Swiss Exchange in due course.
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Source: citywireselector.com
ESMA registers DTCC Data Repository (Ireland) PLC as trade repository
March 1, 2019--The European Securities and Markets Authority (ESMA), the EU supervisor of trade repositories (TRs), has registered today DTCC Data Repository (Ireland) PLC as a TR under the European Market Infrastructure Regulation (EMIR), with effect from 1 March 2019.
DTCC Data Repository (Ireland) PLC is based in Ireland and will cover the following derivative asset classes: commodities, credit, foreign exchange, equities and interest rates.
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Source: ESMA
ESMA to recognise the UK Central Securities Depository in the event of a no-deal Brexit
March 1, 2019--The European Securities and Markets Authority (ESMA) has today announced that, in the event of a no-deal Brexit, the Central Securities Depository (CSD) established in the United Kingdom (UK)-Euroclear UK and Ireland Limited-will be recognised as a third country CSD to provide its services in the European Union (EU).
ESMA has adopted this recognition decision in order to allow the UK CSD to serve Irish securities and to avoid any negative impact on the Irish securities market. ESMA has previously communicated that its Board of Supervisors supports continued access to the UK CSD.
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Source: ESMA
MiFID II: ESMA makes available the results of the annual transparency calculations for equity and equity-like instruments
March 1, 2019--The European Securities and Markets Authority (ESMA) has today made available the results of the annual transparency calculations for equity and equity-like instruments.
ESMA has today started to make the annual transparency calculations for equity and equity-like instruments available.
Those calculations include:
the liquidity assessment as per Articles 1 to 5 of CDR 2017/567;
the determination of the most relevant market in terms of liquidity (MRM) as per Article 4 of CDR 2017/587 (RTS 1);
the determination of the average daily turnover (ADT) relevant for the determination of the pre-trade and post-trade large in scale (LIS) thresholds;
the determination of the average value of the transactions (AVT) and the related the standard market size (SMS);
the determination of the average daily number of transactions on the most relevant market in terms of liquidity relevant for the determination of the tick-size regime.
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Source: ESMA
Flow Traders publishes its 2018 Annual Report and Financial Statements
February 28, 2019--Flow Traders N.V. (Euronext: FLOW) is pleased to announce today's publication of its 2018 Annual Report and 2018 Financial Statements.
Flow Traders plans to hold its annual AGM on 8 May 2019. Other documentation for the AGM, including convening notice and proxy voting form, will be made available no later than 27 March 2019.
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Source: Flow Traders
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