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Banks told to speed up work on 'risk free' Euribor alternative
March 13, 2018--Starting in 2020, banks won't be allowed to use two interest rate benchmarks that have been discredited by allegations of fraud, a top European Union regulator said, putting pressure on the financial sector to find alternatives fast.
The Euro Interbank Offered Rate (Euribor) and Euro Overnight Index Average (Eonia) are used to calibrate monetary policy, price 180 trillion euros ($222.61 trillion) worth of derivatives and, in some countries, to determine interest rates on mortgages.
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Source: Reuters
New Xtrackers ETF on high-yield corporate bonds launched on Xetra
March 13, 2018--A new exchange traded fund (ETF) issued by Deutsche Asset Management has been tradable on Xetra and Börse Frankfurt since Tuesday.
The bond index ETF enables investors to participate in the performance of high-yield corporate bonds denominated in US dollars.
The reference index comprises bonds issued by companies rated by one of the leading rating agencies as BB- to AAA. A maximum weighting of 2 percent applies to each issuer.
Name: Xtrackers iBoxx USD Corporate Bond Yield Plus UCITS ETF (DR)
Asset class: bond index ETF
ISIN: IE00BF8J5974
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Source: Deutsche Börse Cash Market
ECB-Euro Area Securities Issues Statistics: January 2018
March 12, 2018--The annual growth rate of the outstanding amount of debt securities issued by euro area
residents was 1 .3% in January 2018, the same as in December 2017.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 1 .1% in January 2018, the same as in December 2017.
Debt securities
New issuance of debt securities by euro area residents totalled EUR 701.5 billion in January 2018.
Redemptions amounted to EUR 593.6 billion and net issues to EUR 1 07.9 billion. The annual growth rate of outstanding debt securities issued by euro area residents was 1.3% in January 2018, the same as in December 2017.
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Source: ECB
New bond index ETF on corporate bonds from emerging markets by UBS Global AM launched on Xetra
March 12, 2018--New bond index ETF on corporate bonds from emerging markets by UBS Global AM launched on Xetra
A new exchange traded fund (ETF) issued by UBS Global Asset Management has been tradable on Xetra and Börse Frankfurt since Monday.
The UBS ETF -J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to EUR) A-acc enables investors to participate in a diversified portfolio of different corporate bonds from emerging market countries with terms of one to five years. This new unit class hedges the exchange rate risk between the US dollar and the euro.
Name: UBS ETF-J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to EUR) A-acc
Asset class: bond index ETF
ISIN: LU1645386480
Ongoing charges p.a.: 0.47 percent
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Source: Deutsche Börse Cash Market
Tradeweb European Exchange-Traded Funds Update-February 2018
March 12, 2018--The following data is derived from trading activity on the Tradeweb European-listed ETF platform.
ETF total traded volume
Total traded volume executed on the Tradeweb European-listed ETF marketplace reached a record-breaking €24 billion in Februar, up 20% from January's activity.
The share of transactions processed using Tradeweb's Automated Intelligent Execution tool (AiEX) increased to 36.4%, beating January by more than seven percentage points.
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Source: Tradeweb
Neuer Rentenindex-ETF auf Unternehmensanleihen aus Schwellenlandern von UBS Global AM auf Xetra gestartet
12. Mrz 2018--Seit Montag ist ein neuer Exchange Traded Fund des Emittenten UBS Global Asset Management über Xetra und Börse Frankfurt handelbar.
Mit dem UBS ETF-J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to EUR) A-acc erhalten Anleger die Möglichkeit, in ein diversifiziertes Portfolio verschiedener Unternehmensanleihen aus Schwellenländern mit Laufzeiten von ein bis fünf Jahren zu investieren.
Mit der neuen Anteilsklasse wird das Wechselkursrisiko zwischen US-Dollar und Euro minimiert.
Name: UBS ETF-J.P. Morgan USD EM Diversified Bond 1-5 UCITS ETF (hedged to EUR) A-acc
Anlageklasse: Rentenindex-ETF
ISIN: LU1645386480
Laufende Kosten p.a.: 0,47 Prozent
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Source: Deutsche Börse Cash Market
FCA publishes discussion paper on transforming culture in financial services
March 12, 2018--The Financial Conduct Authority (FCA) has today published a discussion paper on transforming culture in financial services which presents views from academics and industry thought leaders. The paper is intended to provide a basis for stimulating further debate on transforming culture in the sector.
The paper is a set of essays that discuss what a good culture might look like, the role of regulation and regulators, how firms might go beyond incentives, and how to change behaviour for the better.
Culture and governance is a priority for the FCA and we have a strong focus on the role of the individual as well as the firm. The FCA has considered the role of leaders, incentives and capabilities, and governance of decision making.
view the FCA DP18/2: Transforming culture in financial services discussion paper
Source: fca.org.uk
Monday Morning Memo: A Brief View of Measures to Identify "Closet Trackers"
March 12, 2018--A topic widely discussed in the European fund industry is actively managed funds that seem simply to follow an index without adding value for investors, while the management company charges fees for active management-so-called closet trackers.
For me it is clear that active funds should add value to investors, either by reducing the risk attached to the market or by generating outperformance compared to their index. In this regard, I agree with the current investigations into these funds by the authorities of some European countries, since retail investors-especially-need protection.
But the point I don't agree with is how the activity of a portfolio manager should be measured. It is mainly done with the so-called active share-a ratio that measures how widely the constituents of a portfolio differ from the constituents of its respective index.
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Source: Thomson Reuters
Capital Markets Union: covered bonds, cross-border distribution of investment funds and cross-border transactions in claims and securities
March 12, 2018--How are today's proposals linked to the Capital Markets Union (CMU)?
The Capital Markets Union is one of the priorities of the Juncker Commission to strengthen Europe's economy and stimulate investments to create jobs. The CMU aims to mobilise and channel capital to all businesses in the EU, particularly small and medium enterprises (SMEs) that need resources to expand and thrive.
While the CMU will be beneficial for all EU Member States, it will particularly strengthen the Economic and Monetary Union.
Building on progress already achieved since the launch of the CMU in 2015, today's proposals will boost the cross-border market for investment funds, promote the EU market for covered bonds as a source of long-term finance and ensure greater certainty for investors when dealing in cross-border transactions of securities and claims. This will help integrate EU capital markets further by facilitating cross-border operations and increasing legal certainty for companies.
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Source: European Commission
'No deal' Brexit could cost UK, EU companies 58 billion pounds: report
March 11, 2018--Companies in Britain and the European Union face an extra 58 billion pounds ($80 billion) in annual costs if there is a no-deal Brexit, with Britain's vast financial sector set to be the worst-hit industry, according to a report on Monday.
Firms across the EU's 27 countries other than Britain will have to pay 31 billion pounds a year in tariff and non-tariff barriers if Britain leaves the bloc without a deal, the report by Oliver Wyman management consultants and law firm Clifford Chance said.
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Source: Reuters
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