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ESMA 1Q18 RISK DASHBOARD SEES COMPLEX PRODUCTS AND VOLATILITY AS KEY RISKS
June 6, 2018--The European Securities and Markets Authority (ESMA) has issued today the latest iteration of its Risk Dashboard,covering risks in the EU's securities markets for 1Q2018. ESMA's overall risk assessment remains unchanged from 4Q17 at high levels.
Consumer risks posed by complex products key concern
ESMA remains concerned about risks posed to investors, which have been mounting across a range of products. Therefore, ESMA has, following its earlier risk alert on Initial Coin Offerings (ICOs), issued a pan-EU warning to consumers regarding the risks of buying Virtual Currencies. To protect investors from undue risk-taking, ESMA also brought in a temporary prohibition of Binary Options and leverage restrictions on Contracts for Difference (CFDs) using its new product intervention powers under the Market in Financial Instruments Regulation (MiFIR).
view the ESMA Risk Dashboard No. 2 2018
Source: ESMA
Banks feel the heat as investors exit eurozone equities
June 6, 2018--Investors pull nearly $11bn from European equity ETFs in past three months.
Investors have pulled nearly $11bn out of European equity exchange traded funds in the past three months, with financials bearing the brunt of withdrawals.
During May, more than $3.7bn worth of investment left Europe equity ETFs on a net basis, with vehicles that track German, Italian and Spanish stocks seeing significant net outflows in particular.
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Source: FT.com
STOXX Research Monthly Index News May: Investors remain on edge
June 6, 2018--Investors remained on edge in May, even as an ongoing economic expansion helped the STOXX(R) Global 1800 Index post a 0.4% gain, when measured in US dollars, for the month.
The US administration again moved to limit imports, hastening concerns that a trade war is brewing -not just with China but also with other partners around the world. Some emerging markets were hit by a run on their currencies, as investors sold off markets most vulnerable to rising US interest rates. The STOXX(R) Emerging Markets 1500 Index slid 4.6% in the month.
But it was the political situation in Italy, where a government made up of euroskeptic parties was eventually formed, that wreaked real havoc as the month drew to an end-even if much of the sell-off was later undone. Investors fear a repetition of the anti-euro campaign that destabilized markets a couple of years ago. As a result, the EURO STOXX 50(R) Index led losses in May among regional indices.
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Source: STOXX
National Statistics: UK official holdings of international reserves: May 2018
June 5, 2018--This monthly release shows details of movements in the UK's official holdings of international reserves, or assets. These consist of gold, foreign currency assets and International Monetary Fund assets.
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Source: HM Treasury
Scout24, Delivery Hero and Puma to be included in MDAX
June 5, 2018--On Tuesday, Deutsche Börse announced changes to its selection indices, which will become effective on 18 June 2018. Scout24 AG, Delivery Hero AG and Puma SE will be included in the MDAX index and will replace the shares of STADA Arzneimittel AG, Krones AG and alstria office REIT-AG.
As of 13 July 2018, STADA will change from the segment Prime Standard into General Standard and therefore no longer fulfils the criteria to remain in the indices. The inclusion of Delivery Hero AG and Puma SE is based on the fast entry rule; both companies are eligible for the index inclusion due to their market capitalisation and order book turnover.
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Source: Deutsche Börse Cash Market
Boerse Stuttgart generates turnover of around EUR 6 billion in May
June 4, 2018--Trading volume in all asset classes up on previous month
According to its order book statistics, Boerse Stuttgart generated turnover of around EUR 6 billion in May 2018.
Securitised derivatives accounted for the largest share of the turnover. The trading volume in this asset class was around EUR 2.7 billion. This represents an increase of 18 percent in comparison with the previous month. Leverage products generated turnover of more than EUR 1.5 billion-an upsurge of around 9 percent on the same period of the previous year. Investment products accounted for around EUR 1.2 billion of the total turnover. This represents an increase of more than 26 percent compared with the previous month.
At Least 619 UCITS Equity Funds Found In Breach Of Key EU Disclosure Rules As Poor Enforcement Prospers In Several Key Countries
June 4, 2018--Renewed research by BETTER FINANCE finds that at least 30% of the main actively managed UCITS equity funds (those with a 'fund benchmark') still do not comply with key disclosure requirements for benchmarks as stipulated in EU Rules.
In the face of persistent poor enforcement in our view in some major fund domiciles, BETTER FINANCE sees no other way but to name the perpetrators and failing jurisdictions it identified.
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Source: Betterfinance.eu
The Sun Finally Shines on Carbon Markets
June 4, 2018--EU environmental markets have certainty--and room to grow again
It wasn't long ago many participants in the European carbon markets thought these markets were essentially done. The EU's Emission Trading Scheme was flooded with carbon credits, prices had fallen to a few euros, and the idea of a market-based solution to lower greenhouse gas emissions seemed adrift.
Today, the market is much healthier. Prices have risen by more than 160% over the past 12 months, from less than €5 per ton in April 2017 to over €13 in late April. Trading in derivatives on carbon credits, which are listed on exchanges such as ICE Futures Europe and the European Energy Exchange, has surged in recent months and the notional value of trading has jumped from roughly $5 billion a year ago to about $25 billion in the first quarter.
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Source: marketvoice.fia.org
Thomson Reuters-Monday Morning Memo: The Moment of Truth for Investors
June 4, 2018--Every now and then some market risks capitalize and lead to falling prices that hit mutual funds-and therefore their investors-with losses to their portfolios. These market events are a moment of truth for investors, since in some cases they unveil that the particular fund has been exposed to risks that might not have been anticipated by investors. One of these moments happened on Tuesday, May 29, 2018.
The spreads for Italian bonds widened when the designated prime minister resigned after he failed to build a government when his proposed finance minister was vetoed by the country's president.
With regard to their nature, these kinds of market events should be used by fund selectors and investors to validate their decisions, since they unveil whether fund managers have taken risks they shouldn't have in order to enhance the performance of their fund/funds; good performance is the main driver to generating sales for a mutual fund.
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Source: Detlef Glow, Head of EMEA Research-Thomson Reuters Lippe
Banks and brokers suffer 'dramatic' fall in commissions
June 2, 2018--Asset managers cut fees for share trading after introduction of Europe's Mifid II rules Investment banks and brokers across Europe have suffered a "dramatic" fall in the fees asset managers pay them to buy and sell shares in a sign of how the recently introduced Mifid II rules have shaken up markets.
According to research from financial technology company ITG, which looked at the trades of 172 asset managers globally, the commissions paid to brokers dropped 28 per cent in the UK ...
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Source: FT.com
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