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-ESMA updates Q&As on MiFID II and MiFIR investor protection and intermediaries
July 12, 2018-The European Securities and Markets Authority (ESMA) has updated its Questions and Answers (Q&A) document on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
The European Securities and Markets Authority (ESMA) has updated its Questions and Answers (Q&A) document on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
The new Q&As are on the topics of inducements (research) and provision of investment services by third country firms. The overall MiFID II Q&A provide clarifications on the following topics:
Best execution;
Suitability and appropriateness;
Recording of telephone conversations and electronic communications;
Post-sale reporting;
Record keeping;
Investment advice on an independent basis;
Inducements (research);
Information on charges and costs;
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ESMA CONSULTS ON THE CLEARING OBLIGATION UNDER EMIR view the Consultation Paper (CP) on the Clearing Obligation under EMIR
LSE ETP June 2018 Monthly Report 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. view more Euronext goes live with new cash markets trading platform view more Monday Morning Memo: Review of the European ETF Market, June 2018 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). view more Monday Morning Memo: Spotlight on the Concentration at the Promoter Level in the European ETF Industry 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. view more Swiss Stock Exchange Operator Plans to Launch Crypto Exchange view more IMF Working paper-Trend Inflation and Inflation Compensation view the IMF Working paper-Trend Inflation and Inflation Compensation If you are looking for a particuliar article and can not find it, please feel free to contact us
The Q&A provides clarification on the application of the temporary product intervention measures on clients established outside the Union and non-Union nationals.
Source: ESMA
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.
Source: ESMA
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.
Source: London Stock Exchange Group
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.
Source: thetradenews.com
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.
Source: Detlef Glow, Thomson Reuters
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).
Source: Thomson Reuters
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.
Source: bitcoinmagazine.com
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.
Source: IMF
