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ESMA report finds investment product performance highly impacted by charges
January 10, 2019--The European Securities and Markets Authority (ESMA) today publishes its first Annual Statistical Report (Report) on the cost and performance of retail investment products.
The Report covers Undertakings for Collective Investment in Transferable Securities (UCITS), Alternative Investment Funds sold to retail investors (retail AIFs) and Structured Retail Products (SRPs).
The analysis complements ESMA's risk assessment, supervisory convergence and investor protection work, and contributes to the European Commission's project on cost and performance of investment products under the Capital Markets Union Action Plan.
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Source: ESMA
IMF-Turkey Economic Monitor: Steadying the Ship
January 10, 2019--Taking Stock
Over the past six months, Emerging Markets and Developing Economies (EMDEs) have faced headwinds from declining capital flows, slowing global trade, and commodity price volatility.
In Turkey, these factors have combined with macro imbalances, perceived policy weaknesses, and international tensions to trigger a Lira sell-off and capital outflows.
Market volatility has subsided since August and the Lira has rebounded and external imbalances have narrowed. But Turkey's external financial situation remains fragile and market perceptions of risks are high. Market volatility has also affected the real sector through high inflation, falling demand, and a big supply side correction.
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Source: IMF
Account of the monetary policy meeting of the Governing Council of the European Central Bank
January 10, 2019--Held in Frankfurt am Main on Wednesday and Thursday, 12-13 December 2018
1. Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœuré reviewed the latest financial market developments. Since the Governing Council's previous monetary policy meeting on 24-25 October 2018, there were growing signs that investors were becoming more concerned about the global growth outlook, reflecting both the weakness in recent economic data in many jurisdictions and continuing geopolitical tensions.
hese concerns had added to market volatility and likely contributed to a marked drop in global stock prices. Corporate bond spreads, both in the United States and in the euro area, had widened too, in particular for bonds with lower credit quality.
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Source: ECB
Turkey Economic Monitor: Steadying the Ship
January 10, 2019--Taking Stock
Over the past six months, Emerging Markets and Developing Economies (EMDEs) have faced headwinds from declining capital flows, slowing global trade, and commodity price volatility. In Turkey, these factors have combined with macro imbalances, perceived policy weaknesses, and international tensions to trigger a Lira sell-off and capital outflows.
Market volatility has subsided since August and the Lira has rebounded and external imbalances have narrowed. But Turkey's external financial situation remains fragile and market perceptions of risks are high. Market volatility has also affected the real sector through high inflation, falling demand, and a big supply side correction.
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Source: World Bank
EBA reports on crypto-assets
January 9, 2019--The European Banking Authority (EBA) published today the results of its assessment of the applicability and suitability of EU law to crypto-assets. Typically, crypto-asset activities do not constitute regulated services within the scope of EU banking, payments and electronic money law, and risks exist for consumers that are not addressed at the EU level.
Crypto-asset activities may also give rise to other risks, including money laundering. In light of these issues, the EBA recommends that the European Commission carry out further analysis to determine the appropriate EU-level response. The EBA also identifies a number of actions that it will take in 2019 to enhance the monitoring of financial institutions' crypto-asset activities and consumer-facing disclosure practices.
view the EBA Report on crypto assets
Source: EBA
Crypto-assets need common EU-wide approach to ensure investor protection
January 9, 2019--The European Securities and Markets Authority (ESMA) today publishes its Advice to the European Union (EU) Institutions-Commission, Council and Parliament-on initial coin offerings and crypto-assets.
The Advice clarifies the existing EU rules applicable to crypto-assets that qualify as financial instruments, and provides ESMA's position on any gaps and issues in the current EU financial regulatory framework for consideration by EU policymakers
ESMA has been working with National Competent Authorities (NCAs) on analysing the different business models of crypto-assets, the risks and potential benefits that they may introduce, and how they fit within the existing regulatory framework.
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Source: ESMA
ESMA provides standards on supervisory cooperation under the Securitisation Regulation
January 8, 2019--The European Securities and Markets Authority (ESMA) has issued today its final Regulatory Technical Standards (RTS) regarding cooperation between competent authorities (CAs) and the European Supervisory Authorities (ESAs) under Regulation (EU) 2017/2402 (the Securitisation Regulation).
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Source: ESMA
$1 Trillion Fleeing London Because of Brexit
January 7, 2019--Banks, insurers and money managers are planning to move about 800 billion pounds ($1 trillion) of assets from the U.K. to the rest of Europe as Brexit uncertainty takes its toll, according to a survey conducted by EY.
Key Insights
Consulting firm EY said its estimate may be low, because many firms haven't publicly declared the value of assets being transferred. According to another group's estimate, as much as 800 billion euros of balance-sheet assets could move to Frankfurt alone. EY said its "conservative" estimate is based on statements from 20 companies that have announced a transfer of assets out of London.
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Source: Bloomberg
Monday Morning Memo: Performance Review of Long-Term Mutual Funds Registered for Sale in Europe, Year End 2018
January 7, 2019--The year 2018 was a bumpy ride for the global securities markets as investors faced fears about a global trade war, geopolitical uncertainties and corporate scandals, as well as increasing interest rates. The resulting sluggish performance of the securities markets is also reflected in the average returns of long-term mutual funds registered for sale in Europe (-5.68%) for the year 2018.
That said, a view on the average results does hide that some funds were able to generate solid positive results, even as the respective classification average might be negative.
Real estate funds (+1.54%) had on average the best performance of all long-term mutual funds registered for sale in Europe, followed by bond funds (+1.09%), while all other asset types showed on average negative returns. Equity funds (-10.01%) showed the weakest returns, bettered by commodity funds (-8.09%) and mixed asset funds (-6.86%).
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Source: Refinitiv
Investment banks muscle in on Europe's ETF battle
January 6, 2019--Global lenders beef up staffing and technology to try to gain trading edge
Europe's exchange traded fund market has become a global battleground, with some of the largest investment banks busily honing their ETF trading capabilities.
Société Générale, Citigroup, JPMorgan, Goldman Sachs, HSBC and BNP Paribas have all hired staff and invested in new facilities to respond to institutional clients' appetite for ETFs.
