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Germany's Economic Outlook in Six Charts
July 5, 2018--Germany's economic performance has been impressive, with growth rising to 2.5 percent in 2017. The current upswing presents a golden opportunity for bolder action to address the country's medium-term challenges and shape a brighter future, said the IMF in its latest annual assessment of the economy.
1. Germany's economic momentum is expected to persist in 2018. Business investment is expected to be dynamic. With strong job growth and unemployment falling to new post-reunification lows, rising wages should provide a boost to private consumption. Higher wage growth and stronger imports would also help bring down Germany's large current account surplus, which stood at 8¼ percent of GDP in 2017.
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Source: IMF
Brexit prompts asset managers to revamp distribution strategies
July 4, 2018--Brexit prompts asset managers to revamp distribution strategies. New products likely to be launched in Luxembourg, Ireland and UK, says State Street
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Source: FT.com
Xetra-Gold has over 180 tons of gold in custody
July 4, 2018--Half-year report: Growth of six tonnes since the beginning of the year / Europe's largest gold security with physical deposit
The gold holdings of Xetra-Gold (ISIN: DE000A0S9GB0) amounted to 181.34 tonnes at the end of the first half. At the beginning of the year, they amounted to 175.04 tonnes.
he holdings always increase when investors buy Xetra-Gold units via the stock exchange. Exactly one gram of gold is deposited in the central vault for German securities in Frankfurt for each unit. The assets under management of Xetra-Gold currently amount to around 6.3 billion euros. This makes Xetra-Gold the leading gold security in Europe with a physical deposit.
Of all commodities traded on Xetra (Exchange Traded Commodities, ETC), Xetra-Gold is the security with the highest turnover. In the first half of 2018, order book turnover was 1.29 billion euros.
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Source: Deutsche Börse Cash Market
SocGen to buy Commerzbank's equity markets and commodities arm
July 3, 2018--The two banks did not disclose a price for the transaction.
Although Commerzbank said on Tuesday that its EMC division had 2017 gross revenues of 381 million euros ($443.18 million).
French bank Societe Generale said on Tuesday it will buy Commerzbank's equity markets and commodities business (EMC), strengthening its presence in areas such as derivatives, while the Frankfurt-based bank itself looks to sell off non-core assets.
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Source: CNBC
HANetf Commentary: The Case for Non- Transparent Active ETFs |Part 2
July 3, 2018--Addressing the Purists
In the previous article, HANetf looked at the potential for Active ETFs in Europe. While some ETF issuers have
launched active fixed income ETFs, the equivalent innovation in equities is being hampered by concerns about
transparency.
To address these issues and encourage the next wave of European ETF growth, HANetf proposes the introduction of non-transparent active ETFs.
Many ETF purists will be clutching their pearls at the thought. After all, we've been told for so long that ETFs are simple, transparent, index tracking funds. Isn't the very idea of a non-transparent ETF anathema against everything that ETFs are supposed to stand for?
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Source: HANetf
EBA assesses risks and opportunities from Fintech and its impact on incumbents business models
July 3, 2018--The European Banking Authority (EBA) published today the first products of its FinTech Roadmap, namely (i) a thematic report on the impact of FinTech on incumbent credit institutions' business models and (ii) a thematic report on the prudential risks and opportunities arising for institutions from FinTech.
Both reports fall under the wider context of the newly established EBA FinTech Knowledge Hub and aim to raise awareness within the supervisory community and the industry on potential prudential risks and opportunities from current and potential FinTech applications and understand the main trends that could impact incumbents' business models and pose potential challenges to their sustainability.
view the EBA Report on prudential risks and opportunities arising for institutions from FinTech
view the EBA Report on the impact of Fintech on incumbent credit institutions' business models
Source: EBA
AMF-Closet Index Funds: a contribution to the debate in Europe
July 3, 2018--The possible existence of closet index funds, is an important matter for financial regulators, including the AMF, both in terms of financial information and investor protection. Today the AMF is keen to contribute to the European debate and analysed nearly 800 French funds using a method based on fund return and market data.
It enables more funds to be examined than was previously possible, especially through a holding-based approach. This approach does not relieve the regulator of carrying out an in-depth individual analysis of the funds flagged as least active in the sample.
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Source: Deutsche Börse Cash Market
Monday Morning Memo: Market Overview-Factor-Investing ETFs
July 2, 2018--(May 31, 2018)
Factor-investing ETFs (the so-called smart beta ETFs) have been seen for a few years as one of the main drivers of future growth in the European ETF market, since they are innovative products that suit the needs of many investors.
These kinds of products get a lot of attention from market observers and are also a topic of many discussions and panels at numerous asset management conferences. But even though there is a lot of noise around factor-investing ETFs, the open question is whether investors will buy into these concepts. Here we attempt to shed light on the wider market structure of the European ETF segment and take a closer look at the assets under management in factor-investing ETFs to determine these products' relative success.
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Source: Detlef Glow, Thomson Reuters
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