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Account of the monetary policy meeting of the Governing Council of the European Central Bank
August 23, 2018--Held in Frankfurt am Main on Wednesday and Thursday, 25-26 July 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 13-14 June 2018.
The slope of the US Treasury and German government bond yield curves, measured as the difference between the ten-year and two-year yields, had continued their flattening trend of recent months.
In particular, between April and July 2018 estimates of the term premium in the United States had fallen deeper into negative territory despite factors which should have led, in principle, to a decompression of the premium, such as the gradual balance sheet wind-down by the Federal Reserve System and expectations of an increase in the supply of US Treasury securities based on a projected rise in the US fiscal deficit.
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Source: ECB
Banking, insurance and other financial services if there's no Brexit deal
August 23, 2018--Our approach to ensuring a functioning financial services regulatory framework if the UK leaves the EU with no deal.
Details
We're proposing a new economic and regulatory arrangement with the EU. This would maintain the economic benefits of cross-border provision of the most important international financial services traded between the UK and EU countries.
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Banking, insurance and other financial services if there's no Brexit deal paper
Source: HM Treasury
IMF Working Paper-Understanding Euro Area Inflation Dynamics: Why So Low for So Long?
August 22, 2018--Summary:
Despite closing output gaps and tightening labor markets, inflation has remained low in the euro area. Based on an augmented Phillips Curve framework, we find that this phenomenon-sometimes attributed to low global inflation-has been primarily caused by a remarkable persistence of inflation, keeping it low despite the reduction in slack.
This feature is shown to be specific to the euro area (in comparison with the United States). Monetary policy needs to stay accommodative to help guide inflation back to target.
view the IMF Working Paper-Understanding Euro Area Inflation Dynamics: Why So Low for So Long?
Source: IMF
HANetf Expands Authorised Participant Network With Addition of Virtu
August 22, 2018--Virtu is a leading global ETF liquidity provider and will add depth to the HANetf Authorised
Participant network
HANetf aims to create one the most extensive liquidity networks in European ETFs to support
on-platform products
First European independent white-label ETF platform lowers barriers to market entry
HANetf, Europe's first independent, full service 'white-label' UCITS ETF platform, has confirmed the
addition of Virtu to its growing network of Authorised Participants (APs).
A leading financial technology firm, Virtu is one of the world's largest and most experienced ETF
market makers and has an extensive track record supporting the needs of ETF issuers and investors.
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Source: HANetf
State Street splits European global services leadership
August 23, 2018--The new appointments follow the promotion of Liz Nolan to chief executive officer for State Street's EMEA business in November.
State Street has announced a dual leadership structure for its European global services business, sparked by the restructuring of its senior management last year.
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Source: Thetradenews.com
ESMA defines disclosure standards under Securitisation Regulation
August 22, 2018--The European Securities and Markets Authority (ESMA) has issued today a set of draft regulatory and implementing standards (RTS/ITS) under the Securitisation Regulation, which concern the details of a securitisation to be made available by the originator, sponsor and SSPE, as well as the format and templates for doing so.
These TS contain detailed arrangements to implement the new European regulatory framework for securitisations, which is intended to promote simple, transparent and standardised (STS) securitisations.
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Source: ESMA
BlackRock names Swiss head of iShares
August 21, 2018--US funds giant BlackRock has appointed Ed Gordon as its new head of iShares and index investing for Switzerland.
Gordon, who will take up his new role in November, joins BlackRock from UBS where he has worked as head of wealth management for Israel since 2014.
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Source: funds-europe.com
Monday Morning Memo: Review of the European ETF Market, July 2018
August 20, 2018--The promoters of ETFs in Europe enjoyed net inflows for July. These inflows-in combination with a positive market environment-led to increasing assets under management in the European ETF industry. In more detail, the assets under management in the European ETF industry increased-from £662.0 bn (as of June 30, 2018) to £677.5 bn at the end of July 2018.
The increase of £15.5 bn for July was driven by the performance of the underlying markets (+£11.3 bn), while net sales contributed a positive £4.2 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 (£486.2 bn) held the majority of the assets, followed by bond funds (£159.7 bn), commodity products (£20.2 bn), “other” funds (£6.3 bn), money market funds (£3.6 bn), mixed-asset funds (£1.0 bn), and alternative UCITS products (£0.4 bn).
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Source: Detlef Glow, Thomson Reuters
UK warns of damage to EU without special deal on financial services
August 20, 2018--The UK has repeated its demands for a post-Brexit agreement on financial services to go way beyond the EU's current standard with third countries in a new government paper, warning that a 'hard Brexit' will damage the EU.
The paper published on Monday (20 August) insists that "ruletaking (from the EU) ...will simply not work for this sector"
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Source: euractiv.com
Mifid II impact on small and mid-cap brokers fuels consolidation talk
August 18, 2018--New European investment research rules trigger sharp drop in commissions.
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Source: FT.com
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