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ESMA updates UCITS and AIFMD Q&As
July 23, 2018--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the application of the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS) and the Alternative Investment Fund Managers Directive (AIFMD).
The Q&A documents include new questions and answers on:
UCITS investing in other UCITS with different investment policies;
Calculation of issuer concentration limits pursuant to Article 52 of the UCITS Directive;
Reuse of assets by a UCITS depositary under
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Source: ESMA
SIX Swiss Exchange-ETF Market Report: 2nd quarter 2018
July 23, 2018--This report provides detailed figures regarding the performance of the ETF segment of SIX.
In Q2 2018, demand on the Swiss ETF market eased, as the latest ETF Market Report[pdf] shows. As a result, trading turnover fell to CHF 25.4 billion compared to the previous quarter. Following a very strong Q1, investors were more cautious, in particular with equity ETFs.
This was also reflected in the significantly lower number of trades. As a result, 253'605 ETF tickets were generated in Q2 2018, representing a decrease of 67'957 on the record Q1 level.
Compared to the same period of the previous year however, the number of ETFs trades has increased by more than 6%. The increase in lower value trades indicates increased interest on the part of private investors.
Record growth of new ETF listings
Growth in ETFs continued. Following the listing of 106 ETFs on SIX in the first quarter, the number of tradable ETFs surged by 73 in the second quarter. In the first half of 2018, 179 new ETFs found their way into trading on the Swiss stock exchange, setting a new record.
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Source: SIX Swiss Exchange
IMF Euro Area: Time to Tackle The Tough Challenges
July 19, 2018--The euro area economy is still in a good place. Growth remains strong, broad-based, and job-friendly, even if there are signs that it has peaked.
At the same time, risks are rising, including escalating trade tensions and policy complacency among euro area countries. Rebuilding fiscal buffers and addressing structural issues to improve resilience, and building support for euro area reforms is now even more urgent, says the latest economic IMF health check of the euro area.
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Source: IMF
IMF Country Report-Euro Area Policies: Selected Issues
July 19, 2018--ONG-TERM IMPACT OF BREXIT ON THE EU1
The integration of EU27 countries and the United Kingdom has strengthened over time, reflecting
shared gains from the EU's single market. Conversely, the departure of the U.K. from the EU (Brexit) will inevitably represent a loss for both sides. In this paper we use two approaches to
estimate these losses.
First, we create a multidimensional index that captures the depth and
evolution of integration between the U.K. and the rest of the EU, taking into account trade via
supply chains, financial linkages, as well as migration. We then use this index to estimate the average long-term impact of several Brexit scenarios.
Second, we use a standard multi-country and multi-sector computable general equilibrium (CGE) model to estimate country-and sectorspecific impacts from higher trade barriers between the U.K. and the rest of the EU countries. We find that the level of output of EU27 countries falls by between 0.06 and up to 1.5 percent in the long run. The range of estimates depends on whether we assume a "soft" or "hard" Brexit, or whether trade or other transmission channels are accounted for. These are likely losses that should be interpreted with caution, given the important uncertainty characterizing the empirical estimations. Moreover, there is substantial heterogeneity in the impact of higher trade barriers: countries such as Ireland, Netherlands, and Belgium are among the most affected in the simulations.
view the IMF Country Report-Euro Area Policies: Selected Issues
Source: IMF
Acreage Holdings Announces Closing of $119 Million Private Round-Largest in U.S. Cannabis History
July 19, 2018--The promoters of ETFs in Europe enjoyed net inflows for June. However, these inflows were not enough to offset the negative market impacts. As a result the assets under management in the European ETF industry decreased from €665.8 bn (as of May 31, 2018) to €660.4 bn at the end of June 2018.
The decrease of €5.4 bn for June was driven by the performance of the underlying markets (-€6.3 bn), while net sales contributed a positive €0.9 bn to the assets under management in the European ETF segment.
With regard to the overall number of products, it was not surprising that equity funds (€471.5 bn) held the majority of the assets, followed by bond funds (€156.5 bn), commodity products (€21.3 bn), "other" funds (€6.5 bn), money market funds (€3.4 bn), mixed-asset funds (€0.7 bn), and alternative UCITS products (€0.4 bn).
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Source: Detlef Glow, Thomson Reuters
New Vanguard ETF launched on Xetra: Equity ETF tracks DAX index
July 19, 2018--Since Thursday, a new exchange traded fund by Vanguard is tradable on Xetra and Börse Frankfurt.
The Vanguard DAX UCITS ETF gives investors the opportunity to invest in the performance of the 30 largest and highest-volume German companies listed in the Prime Standard of the Frankfurt Stock Exchange.
The stocks included in the DAX index represent around 80 percent of the market capitalisation of listed stock corporations in Germany.
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Source: Deutsche Börse Cash Market
Official Statistics: Forecasts for the UK economy: July 2018
July 18, 2018--Forecasts for the UK economy is a monthly comparison of independent forecasts.
Please note that this is a summary of published material reflecting the views of the forecasting organisations themselves and does not in any way provide new information on the Treasury's own views. It contains only a selection of forecasters, which is subject to review.
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Source: HM Treasury
Tradeweb European Exchange-Traded Funds Update-June 2018
July 18, 2018--The following data is derived from trading activity on the Tradeweb European-listed ETF platform.
ETF total traded volume
Activity on the Tradeweb European-listed ETF marketplace showed no signs of slowing down in June, as notional volume surpassed €23 billion for the second time on record.
The month also marked the end of the platform's second best-performing quarter since launch, with more than €62 billion executed in the April-June period.
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Source: Tradeweb
New appointment to the Management Board of Boerse Stuttgart cats GmbH
July 17, 2018--Michael Görgens will take over as member of the Management Board of Boerse Stuttgart cats GmbH on 1 August 2018.
He will succeed Rupertus Rothenhäuser, who is leaving the company at his own request to pursue a new career challenge. Michael Görgens will join Michael Jaeggi who has been a member of the board since 2017. Boerse Stuttgart GmbH acquired a majority stake in the cats off-exchange trading platform in 2014.
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Source: Boerse Stuttgart
ESMA finalises standards for the implementation of the Prospectus Regulation
July 17, 2018--The European Securities and Markets Authority (ESMA) has today issued regulatory technical standards (RTS) specifying the implementation of certain provisions in the Prospectus Regulation (PR).
ESMA's RTS cover the following areas of PR provisions:
Key financial information to be disclosed by issuers for the prospectus summary;
Data for classification of prospectuses and the practical arrangements to ensure that such data is machine readable;
Advertisements disseminated to retail investors;
Requirements to publish supplements to a prospectus;
Publication of a prospectus; and
Arrangements for the notification portal used for passporting prospectuses.
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Source: ESMA
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