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ESMA reminds UK-based regulated entities about timely submission of authorisation applications
July 12, 2018--The European Securities and Markets Authority (ESMA) is issuing this Public Statement in order to raise the awareness of all market participants on the importance to prepare for the possibility of no agreement in the context of the United Kingdom withdrawing from the European Union. As there is no assurance that a transition period will be agreed upon, entities need to consider the scenario where a hard Brexit would take place on 30 March 2019.
In particular, ESMA emphasises the importance of the timeline to submit requests for authorisation to the National Competent Authorities (NCAs) and ESMA for regulated entities (entities) wishing to relocate in the context of the United Kingdom withdrawing from the European Union. On 30 March 2019, firms must have a fully authorised legal entity located in the EU27 to continue providing services in the EU27.
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Source: ESMA
ESMA updates Q&As on temporary product intervention measures
July 12, 2018--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on ESMA's temporary product intervention measures on the marketing, distribution or sale of CFDs and binary options to retail clients based on Article 40 of Regulation (EU) No 600/2014 (the Markets in Financial Instruments Regulation, MiFIR).
The Q&A provides clarification on the application of the temporary product intervention measures on clients established outside the Union and non-Union nationals.
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Source: ESMA
ESMA CONSULTS ON THE CLEARING OBLIGATION UNDER EMIR
July 11, 2018--The European Securities and Markets Authority (ESMA) has today published a Consultation Paper (CP) on the Clearing Obligation under EMIR.
The CP deals with an amending draft RTS regarding the treatment of intragroup transactions with a third country group entity. ESMA's consultation seeks stakeholders' views on a proposed extension of the temporary intragroup exemption and is open for feedback until 30 August 2018.
view the Consultation Paper (CP) on the Clearing Obligation under EMIR
Source: ESMA
LSE ETP June 2018 Monthly Report
July 10, 2018--Listings
17 new ETFs were listed in June 2018, making a total of 188 new ETPs listings in 2018.
There are now 1078 ETFs (available as 1,591 lines through multi-currency offerings) and 487 ETCs/ETNs (available as 579 lines) on our London market.
Invesco launched 2 ETFs including The INVESCO MSCI Saudi Arabia UCITS ETF which offers exposure to the MSCI Saudi Arabia 20/35 Index which is made up of 35 members which combine cover 85% of the free float-adjusted market capitalisation in Saudi Arabia.
JP Morgan launched 4 ETFs which give exposure to fixed income in Europe, Great Britain and USA.
Franklin Liberty Shares launched 2 Fixed Income ETFs which give exposure to both Europe and USA.
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Source: London Stock Exchange Group
Euronext goes live with new cash markets trading platform
July 10, 2018--Optiq platform goes live providing access to trading across all asset classes on Euronext's exchanges.
Pan-European exchange Euronext has launched its new cash markets trading platform for equities, structured products, exchange-traded funds (ETFs) and fixed income.
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Source: thetradenews.com
Monday Morning Memo: Review of the European ETF Market, June 2018
July 16, 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 3, 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
Monday Morning Memo: Spotlight on the Concentration at the Promoter Level in the European ETF Industry
July 9, 2018--After the announcement on July 3, 2018, of the takeover of the Commerzbank Equities Markets and Commodities (EMC) unit by Societe Generale, some market observers are speaking about possible further consolidation in the European ETF industry.
There are also concerns that the concentration of the market is increasing further, since this takeover means that ComStage (the ETF promoter of Commerzbank) might now become integrated into Lyxor ETF (the ETF promoter of Societe Generale).
But are these fears of increasing concentration actually justified, and is the European ETF industry really in a consolidation mode?
At first look both assumptions seem to be correct, since this recent takeover means there is one fewer active promoter in the European market. But, as I have written in several market reviews, I don’t see a real consolidation. There are always new market entries into the European ETF market, and real consolidation would mean the number of ETF promoters would actually shrink over a longer period, 12 months or even longer.
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Source: Thomson Reuters
Swiss Stock Exchange Operator Plans to Launch Crypto Exchange
July 6, 2018--SIX, the firm that operates and owns the Swiss stock exchange, has announced plans to launch a fully regulated digital cryptocurrency exchange.
The firm says it plans to launch "the first market infrastructure in the world" which will "offer a fully integrated end-to-end trading" while providing a safe environment where digital assets can be issued and existing securities and non-bankable assets can be tokenized.
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Source: bitcoinmagazine.com
IMF Working paper-Trend Inflation and Inflation Compensation
July 6, 2018--Summary:
This paper incorporates market-based inflation expectations to the growing literature on trend inflation estimation, and finds that there has been a significant decline in euro area trend inflation since 2013. This finding is robust to using different measures of long-term inflation expectations in the estimation, both market-based and surveys.
That evidence: (i) supports the expansion of ECB's UMP measures since 2015; (ii) provides a metric to monitor long-term inflation expectations following their introduction, and the likelihood of a sustained return of inflation towards levels below, but close to, 2% over the medium term.
view the IMF Working paper-Trend Inflation and Inflation Compensation
Source: IMF
Two new UBS ETFs on Xetra: multifactor strategies for equities from the EMU or industrialised countries worldwide
July 5, 2018--Two exchange traded funds (ETFs) issued by UBS Global Asset Management have been tradable on Xetra and Börse Frankfurt since Thursday.
The two equity ETFs enable investors to participate in the performance of companies selected on the basis of the six risk factors of momentum, value, quality, return, volatility and size.
UBS ETF-MSCI EMU Select Factor Mix UCITS ETF (EUR) A-acc comprises small, mid and large cap companies from the European Monetary Union.
UBS (Irl) ETF plc-MSCI World Select Factor Mix UCITS ETF (USD) A-dis comprises companies from a total of 23 different industrialised countries.
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Source: Deutsche Börse Cash Market
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