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Monday Morning Memo: Review 2018-Rough Markets took their toll from the European Fund Industry
February 4, 2019--The European fund industry faced estimated net outflows of €129.2 bn in 2018 after six consecutive years with net inflows. The flows were mainly driven by the discussions about a possible trade war between the USA and China, as well as a possible return of the Euro crisis caused by developments in Italy and France, and an environment of rising interest rates in the USA.
With regard to this, it was not surprising that 2018 wasn't another record year for the European fund industry. That said, even as the general environment was negative, some fund promoter could still enjoyed significant inflows. It was also not surprising the European fund industry experienced further mergers and acquisitions on the asset manager side, as well as in the service provider segment
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Source: Detlef Glow, Head of EMEA Research, Lipper
ESMA updates Q&A on EMIR data reporting
February 4, 2019--The European Securities and Markets Authority (ESMA) has issued today an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR).
The amendments to the existing TR Q&A 34 on Contracts with no maturity date confirms that counterparties may report a derivative with Action Type "P" if the derivative is included in a position on the same day that it is reported.
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Source: ESMA
ESMA updates Q&A on MiFIR data reporting
February 4, 2019--The European Securities and Markets Authority (ESMA) has issued today an update of its Q&As on data reporting under the Market in Financial Instruments Regulation (MiFIR).
Two new Q&As provide further clarifications in relation to the requirements for submission of reference data under MiFIR relating to the following issues:
Reporting the LEI of the issuers to FIRDS in cases where the issuer of the instrument has a branch(es) that have a LEI.
Reporting maturity, expiry and termination dates to FIRDS.
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Source: ESMA
FCA publishes its second set of rules following its Asset Management Market Study
February 4, 2019--The Financial Conduct Authority (FCA) has published new rules and guidance to improve the quality of the information available to consumers about the funds they invest in.
The asset management industry plays an important role in the UK's economy. Asset managers seek returns for investors by investing in a variety of assets.
Over £1 trillion is managed for individual investors and £3 trillion on behalf of UK pension funds and other institutional investors. The FCA's asset management market study presented evidence of weak price competition in many areas of the asset management industry. This means lower returns for savers, pensioners and other investors.
The FCA has acted to tackle the issues found. In April 2018, the FCA introduced new rules to ensure fund managers act as agents of investors in their funds.
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Source: fca.org.uk
SIX Swiss Exchange ETF Market Report: ETF Market Report: 4th quarter 2018
February 1, 2019--This report provides detailed figures regarding the performance of the ETF segment of SIX.
There were more losers than winners on the financial markets in the fourth quarter. Despite the generally difficult circumstances on the financial markets, the Swiss ETF market continued to develop dynamically, as the latest ETF Market Report shows.
For example, the number of new entries rose to 58 in the fourth quarter after 37 new products in the previous quarter.
Higher turnover
Trading turnover increased by 42% quarter on quarter to CHF 25.5 billion. All asset categories saw an increase in turnover. The strongest growth was posted by the commodities asset class at 46.56%, followed by the equities asset class at 43.75%. Higher turnover also resulted in a larger number of trades.
view the SIX Swiss ETF Market Report 4. Quarter 2018
Source: Six Swiss Exchange
ESMA UPDATES ITS Q&AS ON MIFID II AND MIFIR MARKET STRUCTURE AND TRANSPARENCY TOPICS
February 1, 2019--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:
APA reports to competent authorities and ESMA; and,
Identification of high frequency trading techniques.
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Source: ESMA
The Spanish Exchange traded 41.40 euros bn in January
February 1, 2019--Growth of 6,8% in trading volume in what is the best month since October
Trading in IBEX 35 Futures increased 4.8%
Fixed Income markets trading soared 240,8%
The Spanish Exchange traded 41.40 billion euros in Equities in January, 6.8% more than in the previous month and the best month since October, although it was 18.6% lower than in January 2018. The number of trades stood at 3.6 million, up 15% from the previous month.
The trading volume in the ETF segment in January reached 203 million euros, 11.6% more than in the previous month and down 43.1% from the same month a year earlier.
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Source: Bolsa de Madrid
Cash markets achieve turnover of 123.4 billion euros in January
February 1, 2019--Deutsche Börse's cash markets generated a turnover of €123.4 billion in January (previous year: €156.5 billion).
Of the €123.4 billion, €112.3 billion were attributable to Xetra (previous year: €140.4 billion), bringing the average daily Xetra trading volume to €5.1 billion.
Trading volume on Börse Frankfurt was €2.9 billion (previous year: €4.5 billion) and on Tradegate Exchange €8.2 billion (previous year: €11.6 billion).
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Source: Deutsche Börse Group
Amundi steps up SRI push with low-cost EM ETF
February 1, 2019--Amundi ETF has boosted its SRI range with an emerging markets strategy, the firm has announced.
The Amundi Index MSCI Emerging Markets SRI-Ucits ETF has an ongoing charge of 0.25% and tracks the MSCI Emerging Markets SRI index.
It sits within the French firm's wider SRI-focused ETF offering, which includes three equity ETFs tracking the MSCI Europe SRI, MSCI USA SRI and MSCI World SRI indices.
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Source: citywireselector.com
ESMA Q&As clarify prospectus and transparency rules in case of no-deal Brexit
January 31, 2019--The European Securities and Markets Authority (ESMA) has issued today three Questions and Answers (Q&As) regarding the Prospectus Directive (PD ) and the Transparency Directive (TD ).
The Q&As clarify the application of certain provisions in these Directives in case the UK withdraws from the European Union (EU) on 29 March 2019 with no withdrawal agreement in place (no-deal Brexit). These Q&As will only apply in case of a no-deal Brexit.
The Q&As provide the following clarifications in the event of a no-deal Brexit:
When issuers of equity securities and non-equity securities below 1,000 EUR who currently have the UK as their PD home Member State choose a new home Member State, they should choose between the EU27 Member States / EEA EFTA States in which they have activities after 29 March 2019 (either offers/admissions made after the withdrawal or admissions made before the withdrawal which continue after the withdrawal).
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Source: ESMA
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