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EDHEC-Risk Institute Newsletter-June Issue
June 19, 2018--FEATURE
Applying Goal-Based Investing Principles to the Retirement Problem
A major global pension crisis is threatening the two main pillars of pension systems, due to a combination of increasing demographic imbalances and decreasing economic productivity growth.
In parallel, defined-benefit arrangements, which used to be dominant among occupational pension schemes, are progressively being closed and replaced by defined-contribution arrangements for new workers. Mathematically, the retirement investing problem can be laid out as follows: maximise the probability of reaching a target level of replacement income in retirement, while securing a minimum level.
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Source: EDHEC-Risk Institute
Invesco unveils first Saudi Arabia-focused ETF in Europe
June 18, 2018--Invesco has launched Europe's first Saudi Arabia ETF, the company has announced.
The Invesco MSCI Saudi Arabia Ucits ETF, will offer investors pure passive exposure to the largest economy in the Middle East. It is available in US dollars on the London Stock Exchange.
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Source: citywireselector.com
Secret ETF Trades Revealed by MiFID Point to Market 70% Larger
June 18, 2018--Off-exchange venues traded more ETFs than exchanges did in May
Even more ETF trades remain hidden in systematic internalizers
The value of European exchange-traded funds that are changing hands is more than 70 percent greater than previously reported, one indication of the transparency that MiFID II is bringing to the opaque world of off-exchange trading.
Traders have bought and sold an average of 121 billion euros ($140 billion) of ETFs a month this year. In 2017, the monthly average stood at 71 billion euros, according to data that was compiled by Flow Traders NV, Europe's largest trader of the securities.
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Source: Bloomberg
Solactive strengthens ties with LGIM launching a new suite of equity and fixed-income ESG indices
June 18, 2018--Solactive has released the Solactive L&G ESG Index Family targeted at investors who wish to go further in integrating ESG factors into their investment strategy.
This launch is the result of collaboration between Solactive and Legal & General Investment Management (LGIM), which combines LGIM’s proprietary Environmental, Social and Governance (ESG) scoring system- with Solactive's multi-asset expertise in the development of innovative indices.
With this new launch, Solactive expands its range of ESG indices, offering exposure to each region in the Developed Markets Equity universe, including Asia-Pacific, Europe, Japan, North America, and the UK.
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Source: Solactive AG
Thomson Reuters-Monday Morning Memo: Review of the European ETF Market, May 2018
June 18, 2018--The promoters of ETFs in Europe enjoyed net inflows for May, which in combination with a generally positive market environment, led to increasing assets under management in the European ETF industry (€663.7 bn, up from €651.9 bn at the end of April 2018).
The increase of €11.8 bn for May was driven by the performance of the underlying markets (+€10.3 bn), while net sales contributed €1.5 bn to the increase in assets under management in the European ETF segment.
With regard to the overall number of products, it was not surprising that equity funds (€475.9 bn) held the majority of the assets, followed by bond funds (€155.8 bn), commodity products (€21.0 bn), "other" funds (€6.6 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
Britain's FCA to probe impact of EU asset management rules
June 18, 2018--Britain's regulator will launch an investigation into the impact of new European Union rules on the asset management industry after concerns were raised about how they affect the pricing of investment research and other issues.
The change in rules was aimed at pushing more stock trading onto regulated public exchanges, where prices are visible to all, and giving retail investors more information about potential investment returns.
The rules-the Markets in Financial Instruments Directive II (MiFID II) and the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation-for some funds, came into force in January.view more
Source: gulf-times.com
Europe's First Smart Beta China A-Shares ETF Launches
June 18, 2018--China Post Global announced today the launch of the Market Access STOXX(R) China A Minimum Variance Index UCITS ETF (ISIN LU1750178011). The new ETF implements a minimum variance approach to China's onshore stock market and is the first smart beta ETF on China to launch in Europe.
The fund will track the performance of the STOXX(R) China A 900 Minimum Variance Unconstrained AM index which selects and weights stocks listed on the Shanghai and Shenzhen stock exchanges based on their volatility and how heavily they are traded on exchange, with the aim of reducing overall index volatility.
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Source: Source: China Post Global
IMF Staff Country Reports Switzerland : Selected Issues
June 18, 2018--TAXATION OF CORPORATIONS IN SWITZERLAND1
A. Introduction
1. The Swiss government is proposing a major tax reform, primarily of the corporate income tax (CIT). On March 21, 2018, the Swiss Federal Council made a proposal to reform the CIT
(known as 'Tax Proposal 17'), after the rejection of a previous reform plan ('Corporate Tax Reform III') in a popular vote in February 2017.
It is foreseen that Parliament will decide on the reform this year.
According to the current schedule, the major part of the reform could enter into force in 2020 at the earliest.2
2. The substance and timing of the proposed reform were triggered by international developments in corporate taxation. In particular, Switzerland is committed to meet international minimum standards of the CIT set out in the G-20 OECD Base Erosion and Profit Shifting (BEPS) project, including Action item 5 on "countering harmful tax practices more effectively, taking into account transparency and substance". Existing preferential tax regimes in Switzerland no longer conform to these international standards. Further, the Council of the EU, in its December 2017 conclusions, included Switzerland in the group of cooperative countries, subject to the successful delivery of its commitments ('grey list').3
view the IMF Staff Country Reports Switzerland : Selected Issues
Source: IMF
Blackrock amends derivatives policy on retail funds
June 15, 2018--Blackrock has written to investors to announce it is expanding the use of derivatives on its Luxembourg and UK domiciled retail fund ranges.
The Blackrock Global Funds (BGF) range and the retail authorised unit trusts range may now use derivatives for investment purposes, whereas previous policy only allowed the financial instruments to be used for efficient portfolio management purposes.
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Source: portfolio-adviser.com
First Smart Beta ETF on Chinese Stock Corporations launched by Market Access on Xetra
June 15, 2018--A new exchange traded fund issued by Market Access is tradable on Xetra and Börse Frankfurt as of today.
The smart beta ETF enables investors for the first time to participate in the performance of a portfolio of Chinese stock corporations with low variance. The benchmark index contains renminbi-denominated company shares traded on the Shanghai Stock Exchange or the Shenzhen Stock Exchange (A-shares).
Selection and weighting of the index components are aimed at reducing the risk or volatility of the benchmark index. The weighting of each index component is capped at 8 per cent.
Name: Market Access Stoxx China A Minimum Variance Index UCITS ETF-EUR Share Class
Asset class: equity index ETF
ISIN: LU1750178011
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Source: Deutsche Börse Cash Market
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