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ESMA updates Benchmarks Regulation Q&As (May 2018)
May 24, 2018--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the Benchmarks Regulation (BMR).
The overall BMR Q&A provides a new answer regarding the following topic:
How prospectuses should include reference to the register of administrators and benchmarks.
The purpose of this Q&A is to promote common supervisory approaches and practices in the application of BMR. It aims at providing investors and other market participants with clarifications on the applicable requirements.
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Source: ESMA
Account of the monetary policy meeting of the Governing Council of the European Central Bank
May 25, 2018--May 24, 2018--Held in Frankfurt am Main on Wednesday and Thursday, 25-26 April
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 monetary policy meeting on 7-8 March 2018.
With regard to recent bond market developments, a gradual decline in the ten-year German government bond yield, which started in mid-February, had pushed yields back to levels not far from those observed for most of 2017.
In the week leading up to the current meeting there had been a partial reversal of this downward trend. However, yields still remained well below the levels that had been observed earlier in 2018. By contrast, the ten-year US Treasury bond yield had resisted broad downward pressure and was approaching levels around 3% for the first time in more than four years. As a result, the yield spread between ten-year German Bunds and US Treasuries was at its widest since the late 1980s.
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Source: ECB
Aquis Exchange lays the ground for London listing
May 24, 2018--Aquis Exchange, founded by City veteran Alasdair Haynes, is lining up an initial public offering that could value the trading venue at around £75m and give it the funds needed to compete with larger rivals.
London-headquartered Aquis, which launched in November 2013 and has built up a roughly 2% market share in European equity trading, is initially looking to raise around £12m, according to people familiar with the matter.
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Source: ukdaynews.biz
World Bank-Russia's Economic Recovery Continues, Modest Growth Ahead
May 23, 2018--Russia's economic recovery continues, amidst relatively high oil prices, enhanced macroeconomic stability, gradual monetary loosening, and ongoing momentum in global economic growth, says the World Bank's latest Russia Economic Report (no. 39 in the series). However, the country's growth prospects for the period 2018-20 remain modest.
Russia's growth is forecast at between 1.5% and 1.8% over the next three years. In the short-term, however, this forecast may be adjusted because of changing oil prices-which were projected to average US$ 65/bbl in 2018 and 2019, and US$ 66/bbl in 2020, but which may increase further, especially in the short-term.
view the World Bank The Russian Economy: Modest Growth Ahead report
Source: World Bank
Commission releases 2018 Convergence Report: Review of Member States' progress towards euro adoption
May 23, 2018--The 2018 Convergence Report assesses Member States' progress towards joining the euro area.
The report covers the seven non-euro area Member States that are legally committed to adopting the euro: Bulgaria, the Czech Republic, Croatia, Hungary, Poland, Romania and Sweden.
It finds that these Member States generally display considerable nominal convergence, but none of them currently meet all the formal conditions for joining the euro area.
Two of these Member States, Bulgaria and Croatia, fulfil all of the convergence criteria, except for the exchange rate criterion as they are not members of the Exchange Rate Mechanism (ERM II).
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Source: European Commission
European Semester 2018 Spring Package: Commission issues recommendations for Member States to achieve sustainable, inclusive and long-term growth
May 23, 2018--The European Commission presents today the 2018 country-specific recommendations (CSRs), setting out its economic policy guidance for Member States for the next 12 to 18 months.
Europe's economy is growing at its fastest pace in a decade, with record employment, recovering investment and improved public finances. According to the Commission's 2018 Spring forecast, growth in the next two years will slow slightly but remain robust.
The current favourable conditions should be used to make Europe's economies and societies stronger and more resilient. The country-specific recommendations proposed today build on the progress already made in recent years and aim to capitalise on the positive economic outlook to guide Member States to take further action.
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Source: European Commission
IMF-Russian Federation: Staff Concluding Statement of the 2018 Article IV Mission
May 23, 2018--The Russian economy is recovering from a two-year recession. Over the past few years, the authorities have implemented a strong macroeconomic policy framework, which has reduced uncertainty and helped weather external shocks.
However, Russia's convergence to advanced economy income levels has stalled and its weight in the global economy is shrinking. A wide range of structural issues remains unaddressed and that is where the authorities need to focus in order to accelerate growth. Last year's high-profile failure of several large private banks underscores the importance of completing the cleanup of the banking system. Those failures have expanded the state's footprint in the sector, raising questions about the adequacy of financial statements and underscoring the need to strengthen supervision further. The fiscal rule has helped to anchor the fiscal path and shield the economy from disruptive swings in oil prices.P>view more
Source: IMF
LSE April 2018 ETP Monthly Report
May 22, 2018--Listings
22 new ETFs were listed on LSE in April, making a total of 151 new ETPs listings in 2018.
There are now 1043 ETFs (available as 1,545 lines through multi-currency offerings) and 487 other ETPs (available as 579 lines) on our London market.
iShares listed the iShares US Fallen Angels High Yield Corp Bond UCITS ETF, which reflects the return of the Bloomberg Barclays US High Yield Fallen Angel 3% Capped Bond Index. iShares also added 15 new share classes to their ETF offerings.
Xtrackers introduced 3 dividend focused smart beta ETFs:
Xtrackers Morningstar US Quality Dividend UCITS ETF
Xtrackers MSCI World High Dividend Yield UCITS ETF
Xtrackers Morningstar Global Quality Dividend UCITS ETF
First Trust launched Europe's first blockchain ETF, the First Trust Indxx Innovative Transaction & Process UCITS ETF, which enables exposure to companies that are actively investing resources into products or services that use blockchain technology.
VanEck brought the VanEck Vectors Global Mining UCITS ETF which tracks the EMIX Global Mining Constrained Weights Index.
view the LSE April 2018 ETP Monthly Report
Source: London Stock Exchange Group
Flow Traders releases April 2018 ETP market statistics
May 21, 2018--Flow Traders N.V. ("Flow Traders") (Euronext: FLOW), today releases the monthly ETP (Exchange Traded Products) market statistics for April 2018. This refers to general market observations only.
In April 2018, the total Global ETP Assets under Management (AuM) rose to US$ 4,887 bn from US$ 4,825 bn in March 2018 (+1.3% month-on-month, source: BlackRock ETP Landscape April 2018).
That translates into a total Global ETP AuM in euro terms of €4,045 bn in April 2018 versus
€3,923 bn in March 2018, with an EUR/USD FX rate of 1.2082 (rate end April 2018).
The average VIX for the month of April 2018 reached 18.27 (versus 19.02 in March 2018), with an intraday low of 15.25 (versus 14.64 as a low in March 2018) and an intraday high of 23.62 (versus 24.87 in March 2018) (Source: Bloomberg).
The data presented for EMEA includes market statistics relating to off-exchange traded flows, split into flows traded Off-rderbook on exchanges and flows traded via Multilateral Trading Facilities (MTFs) like Tradeweb and Bloomberg RfQ. The data presented for EMEA excludes flows traded via Systematic Internalisers.
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Source: Flow Traders
Latest from Lyxor: Are changes afoot?
May 21, 2018--This week, dollar strength and the prospects for higher US rates weighed on US and emerging markets as well as metals. They did however provide some support to eurozone and Japanese equities. Investors now seem less concerned over the trajectory of China's economy and its possible trade war with the US.
They now expect to see a slight bounce in global growth in Q2, mainly driven by developed markets (and particularly the US) rather than emerging economies. They see oil prices, US inflation, and economic data keeping the Fed to its hiking path but other central banks to stay their hand as their economies falter.
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Source: Lyxor