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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
London Stock Exchange to buy 278.5m euro stake in Euroclear
January 30, 2019--The London Stock Exchange (LSE) has expanded its reach in Europe with an agreement today to acquire a nearly five per cent stake in clearing house Euroclear.
The LSE said today it will buy an aggregate 4.92 per cent stake in Euroclear's share capital for €278.5m (£241.9 million).
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Source: cityam.com
SocGen Plans Investment Bank Job Cuts After Trading Slump
January 30, 2019--Societe Generale SA is making a last-ditch effort to boost its performance after a trading slump threatened Chief Executive Officer Frederic Oudea's targets.
The French bank--recovering from regulatory probes that cost it billions of euros and a management reshuffle--plans to cut jobs in less profitable investment banking businesses to save at least 100 million euros ($114 million) annually, people with knowledge of the matter said.
The extent of the cuts may be made public as soon as next week, they said.
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Source: finance.yahoo.com
Amundi recruits UK ETFs head from BlackRock
French asset manager recruits from market leader to boost presence in expanding index-tracking sector
January 30, 2019--Amundi, the French asset manager, has hired BlackRock iShares' UK head of institutional sales in a push to boost its presence in the UK market.
Ashley Fagan has joined Amundi as head of ETF, indexing and smart-beta development for UK and Ireland. She will also take a role in coordinating client relationships across Amundi's ETF business, the company said in a statement.
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Source: fnlondon.com
New Invesco ETF on Xetra: Sustainable equity ETF based on ESG and Catholic principles
January 29, 2019--Since Tuesday a new Exchange Traded Fund of Invesco is tradable via Xetra and Börse Frankfurt.
The MSCI Europe ESG Leaders Catholic Principles UCITS ETF 1D enables investors to participate in the performance of European companies with a comparatively high ESG rating.
Companies whose products have negative social or environmental impacts are not considered. These include companies that are related to the weapons, alcohol, tobacco, gambling, nuclear and coal power industries, which are involved in animal testing and genetic engineering or do not comply with Catholic doctrine. That also includes companies engaged in activities such as adult entertainment, contraception, abortion, stem cells and violations of United Nations principles.
Name: MSCI Europe ESG Leaders Catholic Principles UCITS ETF 1D
Asset class: Equity ETF
ISIN: IE00BG0NY640
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Source: Deutsche Börse Group
EU's Tusk says Brexit "backstop" not renegotiable
January 29, 2019--European Council President Donald Tusk said the EU-UK divorce deal was not up for renegotiation after Britain's parliament on Tuesday voted to replace the Irish "backstop" border arrangement contained in it with unspecified "alternative arrangements".
The backstop is aimed at keeping an open border between EU-member Ireland and British-ruled Northern Ireland after Brexit but is strongly opposed by many in Prime Minister Theresa May's Conservative Party, who say it risks trapping the United Kingdom in a permanent customs union with the European Union.
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Source: Reuters
Euro area economic and financial developments by institutional sector: third quarter of 2018
January 29, 2019--Euro area net saving was broadly unchanged at €805 billion in the four quarters to the third quarter of 2018. Euro area net non-financial investment increased to €431 billion (from €406 billion previously), due to increased investments by households and non-financial corporations.
Euro area economic and financial developments by institutional sector: third quarter of 2018
Euro area net lending to the rest of the world decreased to €382 billion (from €404 billion previously) in line with the increased net non-financial investment and broadly unchanged net saving.
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Source: ECB
Monday Morning Memo: European Fund-Flow Trends, December 2018
January 28, 2019--After unexpectedly high outflows in October and November, European investors pulled further away from long-term mutual funds in December as the market environment and general sentiment remained negative. As a consequence, December was the eighth month in a row posting net outflows from long-term mutual funds after 16 consecutive months showing net inflows.
Real estate funds (+€0.5 bn) was the only asset type in the segment of long-term mutual funds with net inflows for December, while all the other asset types witnessed net outflows: bond funds (-€25.9 bn), equity funds (-€18.7 bn), alternative UCITS funds (-€12.2 bn), mixed-asset funds (-€8.7 bn), ”other” funds (-€0.5 bn), and commodity funds (-€0.1 bn).
These fund flows added up to overall net outflows of €65.6 bn from long-term investment funds for December. ETFs contributed inflows of €2.2 bn to these flows.
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Source: Detlef Glow, Head of EMEA Research, Lipper
IMF Working Paper-Reform Options for Mature Defined Benefit Pension Plans: The Case of the Netherlands
January 25, 2019--The Netherlands has been operating fully funded, defined benefit second pillar pension schemes that have consistently ranked high worldwide for delivering high replacement rates while featuring strong solidarity among members.
Yet the long-term sustainability of the Dutch pension funds has been undermined in recent years by protracted low interest rates and unfavorable demographic developments, exacerbating controversies over intergenerational transfer mechanisms within the plans. This has prompted a national debate over ways to move toward more individualization while preserving financial security at retirement for all. This paper draws on this experience, illustrated by stress testing simulations and assessed vis-à-vis solutions implemented in peer countries, to discuss the main policy trade-offs associated with the reform of mature pension systems in advanced economies.
ETFGI reports ETFs and ETPs listed in Europe gather net inflows of 3.93 billion US dollars during December 2018
January 25, 2019--ETFGI, a leading independent research and consultancy firm covering trends in the global ETF/ETP ecosystem, reported today that ETFs and ETPs listed in Europe gathered net inflows of US$3.93 billion during December, bringing 2018 net inflows to US$56.72 billion.
Assets invested in the European ETF/ETP industry finished the month down 3.22%, from US$794 billion at the end of November, to US$768 billion, according to ETFGI's December 2018 European ETF and ETP industry landscape insights report, an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
December 2018 marked the 51st consecutive month of net inflows.
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Source: ETFGI
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