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ESMA clarifies treatment of packages under MiFIR's trading obligation for derivatives
March 21, 2018--The European Securities and Markets Authority (ESMA) has issued today an opinion providing further guidance on the treatment of packages under the trading obligation for derivatives which the Markets in Financial Instruments Regulation (MiFIR) introduced on 3 January 2018.
MiFID II's trading obligation for derivatives does not provide for a tailored regime for packages, which is likely to result in the divergent application of the trading obligation for derivatives in the EU. In order to ensure the consistent application of the trading obligation across the Union, ESMA decided to issue an Opinion clarifying, through a positive list, the categories of packages for which the derivative components subject to the trading obligation are always required to be traded on a trading venue.
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Source: ESMA
Price Wars Heat Up as Lyxor Launches Low Cost ETFs in Europe
March 20, 2018--A wave of price cuts on exchange-traded funds (ETFs) accelerated on Wednesday when French asset management firm Lyxor launched what it said were the lowest cost ETFs in Europe.
Lyxor, a subsidiary of Societe Generale, unveiled four new ETFs and cut the fees on twelve existing ETFs in the latest move by an ETF provider to turn up the heat on competitors in an increasingly fierce price battle.
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Source: NY Times
High risks persist for European securities markets and investors ESMA says
March 20, 2018--European securities markets, infrastructures and investors remain at risk, the European Securities and Markets Authority (ESMA) said today in its latest Trends, Risks, and Vulnerabilities (TRV) Report (No 1, 2018). ESMA also re-iterated its concerns about retail investors investing in speculative and risky products, such as virtual currencies and Initial Coin Offerings (ICOs).
The TRV, which covers the second half of 2017, finds that overall risk levels for the EU's securities markets remained stable but at high levels for most risk categories. However, February 2018 saw severe market corrections and the return of equity market volatility, confirming ESMA's prevailing concerns. On the other hand, the level of credit risk eased, from very high to high, reflecting a strengthening macroeconomic environment and higher credit ratings in several EU Member States.
view the ESMA Trends, Risks, and Vulnerabilities (TRV) Report (No 1, 2018)
Source: ESMA
LSE February 2018 ETP Monthly Report
March 19, 2018--Listings
19 new ETFs were listed on LSE in February, making a total of 26 new ETFs listings in 2018.
There are now 994 ETFs (available as 1,480 lines through multi-currency offerings) and 412 other ETPs (available as 504 lines) on our London market.
Pleased to welcome ITI Funds, an ETF brand owned by Da Vinci Capital, as a new ETF issuer on LSE who brought 2 Russian ETFs:
ITI Funds RTS Equity UCITS ETF tracks the RTS Index based on the 50 most liquid Russian equity securities of largest Russian issuers admitted to trading on the Moscow Exchange.
ITI Funds Russia-focused USD Eurobond UCITS ETF provides exposure to 25 Eurobonds of Russian issuers chosen for market size, liquidity, credit rating and seniority of debt and bond characteristics.
JP Morgan launched 3 fixed income ETFs, marking JP Morgan's first fixed income ETFs in Europe:
JP Morgan USD Ultra Short Income UCITS ETF is an actively managed ETF primarily investing in investment grade, USD denominated and short term debt securities.
JP Morgan EUR Government Bond 1-3 Year UCITS ETF provides an exposure to the performance of EUR denominated bonds that have been issued by governments of Eurozone countries with a maturity of between one and three years.
JP Morgan USD Emerging Markets Sovereign Bond UCITS ETF offers an exposure to the performance of bonds issued by the governments or quasi-government entities of emerging markets countries globally which are denominated in USD.
SSGA SPDR introduced USD and GBP hedged share classes for the recently launched SPDR Barclays Global Aggregate UCITS ETF tracking the performance of the global investment grade, fixed-rate bond markets.
Xtrackers listed the Xtrackers USD High Yield Corporate Bond UCITS ETF, which tracks the Bloomberg Barclays US High Yield Very Liquid Index.
iShares added 11 new share classes to their smart beta ETF offerings (see full list of products in the attached stats flash).
view the LSE February 2018 ETP Monthly Report Deutsche Borse plans FX expansion through launch of new clearing house view more SSGA promotes Tobin to sole head of ETF business view more
New Expat AM ETFs on Eastern and Southern European markets launched on Xetra The reference index of the Expat Czech PX UCITS ETF comprises listed Czech companies that meet certain liquidity requirements and have a market capitalisation of at least Kč www500 million, while the Expat Romania BET-BK UCITS ETF offers investment in the 25 largest and most liquid listed Romanian companies in terms of market capitalisation. view more Monday Morning Memo: Review of the European ETF Market, February 2018 With regard to the overall number of products, it was not surprising that equity funds (£463.7 bn) held the majority of the assets, followed by bond funds (£154.2 bn), commodity products (£19.4 bn), "other" funds (£6.7 bn), money market funds (£3.3 bn), mixed-asset funds (£0.7 bn), and alternative UCITS products (£0.4 bn). view more
Security Settles on Ethereum in Blockchain Post-Trade First view more German Exchange Glitch Hits Futures Volumes, Delays Big IPO view more If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
Orderbook value traded for ETPs in 2018 YTD was £21.6 billion (591k trades), up by 43% compared to same period in 2017.
Source: London Stock Exchange Group (LSE)
March 19, 2018--Deutsche Börse annual report outlined plans to launch new clearing house for foreign exchange.
Deutsche Börse has announced plans to establish a foreign exchange clearing house ahead of a possible expansion of the European Market Infrastructure Regulation (EMIR) requirements to include other asset classes such as foreign exchange (FX).
Source: thetradenews.com
Joined in 2014
March 19, 2018--State Street Global Advisors (SSGA) has promoted Rory Tobin to sole head of its global SPDR ETF business, as former co-head Nick Good is appointed to the newly-created role of chief growth and strategy-officer.
Tobin will continue to report to president and CEO of SSGA Cyrus Taraporevala and will be solely responsible for managing the firm's $725bn ETF arm.
Source: investmentweek.co.uk
March 19, 2018--ETFs offer first-time access to the largest and most liquid stock corporations from the Czech Republic and Romania
Four new exchange traded funds issued by Expat Asset Management EAD have been tradable on Xetra and Börse Frankfurt since Friday.
The Expat Czech PX UCITS ETF and the Expat Romania BET-BK UCITS ETF enable investors targeted participation for the first time in the performance of large and liquid stock corporations from the Czech Republic and Romania.
Source: Deutsche Börse Cash Market
March 19, 2018--The promoters of ETFs in Europe enjoyed net inflows for February. The assets under management in the European ETF industry (£648.3 bn) increased for February, up from £647.2 bn at the end of January 2018.
The increase of £1.1 bn for February was driven by net sales (+£10.5 bn), while the performance of the underlying markets contributed a negative £9.4 bn to the assets under management in the ETF segment.
Source: Detlef Glow, Head of EMEA Research-Thomson Reuters Lipper
March 18, 2018--In a first-of-a-kind transaction happening Friday, all it takes to switch from the old world of centralized clearing houses to the frontier of decentralized blockchains is the press of a button.
A company called Chartered Opus is issuing two separate structured notes. Both notes were created using ResonanceX, an investing platform founded by Guillaume Chatain, a former managing director at JPMorgan Chase. The first note will be settled the old-fashioned way, on Clearstream, the European clearing house.
Source: coindesk.com
March 16, 2018--$100-billion-a-day Bund market delayed by more than an hour
Xetra stocks also impacted ahead of Siemens Healthineers debut
Equity and derivatives trading was delayed on the day of a landmark stock debut in Germany due to a technical glitch, Deutsche Boerse AG said.
Trading on the Eurex derivatives platform began at 9:20 a.m. in Frankfurt, an hour and 20 minutes later than normal, disrupting options and futures including Europe's most-traded financial derivative, 10-year German government bond futures.
Source: Bloomberg
