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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
ESMA updates Q&As on Benchmarks Regulation
July 17, 2018--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) on the Benchmarks Regulation (BMR).
The updated BMR Q&As provide new answers regarding the following topics:
Whether calculation agent should be considered users of benchmarks; and
Whether a benchmark can be considered as 'regulated-data benchmark' if a third party is involved in the process of obtaining the data.
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Source: ESMA
Personal Pensions-BETTER FINANCE Releases Research Findings On Life Cycle Pensions And Once More Requests That EU Policy Makers Ensure A Real Protection Of Personal Pension Savings
July 13, 2018--BETTER FINANCE welcomes the recent opinions of the Committee on Employment and Social Affairs (EMPL) and the Committee on Internal Market and Consumer Protection (IMCO) on the proposed "PEPP"1 EU Regulation, but remains concerned regarding the recent developments at the European Parliament and Council, in particular with regards to the capital "protection" and the tax treatment of the future PEPP.
To shed some light on the debate between the capital “guarantee" at retirement and the “life cycle" approaches for the default investment option of the PEPP, BETTER FINANCE just published an independent study on life-cycle approaches2.
view the BETTER FINANCE' research study, The Dispersion of Risk Mitigation Techniques in Life Cycle Pensions
Source: Betterfinance.eu
European Commission-Summer 2018 Interim Economic Forecast: Resilient Growth amid increased uncertainty
July 12, 2018--Growth is set to remain strong in 2018 and 2019, at 2.1% this year and 2% next year in both the EU and the euro area.
However, after five consecutive quarters of vigorous expansion, the economic momentum moderated in the first half of 2018 and is now set to be 0.2 percentage points lower in both the EU and the euro area than had been projected in the spring.
Growth momentum is expected to strengthen somewhat in the second half of this year, as labour market conditions improve, household debt declines, consumer confidence remains high and monetary policy remains supportive.
view the Summer 2018 Interim Economic Forecast: Resilient growth amid increased uncertainty
Source: European Commission
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