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EBA launches 2018 EU-wide stress test exercise
January 31, 2018--The European Banking Authority (EBA) launched today its 2018 EU-wide stress test and released the macroeconomic scenarios. The adverse scenario implies a deviation of EU GDP from its baseline level by 8.3% in 2020, resulting in the most severe scenario to date.
The EBA expects to publish the results of the exercise by 2 November 2018.
Key features of the exercise
The stress test is designed to provide supervisors, banks and other market participants with a common analytical framework to consistently compare and assess the resilience of EU banks to economic shocks. For the first time, it incorporates IFRS 9 accounting standards. No pass-fail threshold has been included as the results of the exercise are designed to serve as an input to the Supervisory Review and Evaluation Process (SREP).
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Source: EBA
UK parliament committee calls for immediate publication of leaked Brexit report
January 31, 2018--Britain's government should immediately publish a leaked report about the economic costs of leaving the European Union, the lower house of parliament's Treasury Committee said Wednesday.
Earlier Wednesday the government said it would allow lawmakers to see the report "on a strictly confidential basis" if parliament voted in favor.
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Source: The Express Tribune
FESE-European Capital Markets Fact Sheet
January 30, 3028-The European Capital Markets Fact Sheet, based on FESE's monthly statistics, highlights the main developments in the European capital markets in a simple to read format.
This first edition focuses on a comparison between years 2016 and 2017 and Q3-Q4 of year 2017.
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Source: FESE (The Federation of European Securities Exchanges)
Irish Stock Exchange sale offers 'pivot towards Europe'
January 30, 2018--The Irish Stock Exchange (ISE) is pivoting to Europe after its sale to Euronext, as the bourse looks to ride out-and even benefit from-the UK's exit from the EU.
The €137m deal, excluding cash and regulatory capital, will establish Dublin as the capital markets group's hub for the listing of debt securities,...view more
Source: FT.com
Amundi ETF Trend Report
January 30, 2018--The European ETF market set a new record in 2017 with subscriptions reaching 94 bn€. Two very different trends can be observed, however, depending on the asset class: on the one hand equities, which account for nearly 70% of flows, with a fairly broad distribution of the inflows; and on the other, the bonds for which investors have focused on a few categories.
On the equity side Europe is the winner, with more than a third of the net new assets. The confirmation of the return of GDP growth and the easing of uncertainty on the future of the Eurozone were the main drivers of this movement. Global equities, the United States and emerging markets also benefited from 2017’s record flows, as they all garnered more than 10 bn€ in subscriptions.
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Source: Amundi
Task force urges eurozone rule change for common securities
January 29, 2018--Task force urges eurozone rule change for common securities. A central bank task force has said the eurozone's financial rules need to change if a mooted and politically charged "safe asset" to strengthen the single currency area's banking system is to work.
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Source: FT.com
Brexit: Council (Article 50) adopts negotiating directives on the transition period
January 29, 2018--The Council, meeting in EU27 format, adopted supplementing negotiating directives for the Brexit negotiations, which detail the EU27 position regarding a transition period.
These negotiating directives provide the Commission, as the EU negotiator, with a mandate to start discussions with the United Kingdom on this matter.
Duration of the transition period
The guidelines of the European Council (Article 50) of 15 December 2017 stated that transitional arrangements must be clearly defined and precisely limited in time. The proposed end date for the transition period in the negotiating directives is 31 December 2020.
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Source: European Council
SPDR Bloomberg Barclays Global Aggregate Bond UCITS ETF launched on Xetra
January 29, 2018--Bond index ETF invests in investment-grade fixed-income bonds worldwide
A new exchange traded fund (ETF) issued by State Street Global Advisors has been tradable on Xetra and Börse Frankfurt since Monday.
The SPDR Bloomberg Barclays Global Aggregate Bond UCITS ETF enables investors to participate in the performance of investment-grade fixed-income bonds. The reference index includes government and corporate bonds from both developed and emerging markets issuers. In addition, the ETF also invests in government-related bonds and in other securities, such as mortgage-backed bonds.
Name: SPDR Bloomberg Barclays Global Aggregate Bond UCITS ETF
Asset class: bond index ETF
ISIN: IE00B43QJJ40
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Source: Deutsche Börse Cash Market
Thomson Rueters-Monday Morning Memo: European Investors Show for 2017 an Increased Appetite for Risk-European Fund Industry Review, 2017
January 29, 2018--Looking at the headline figures, the year 2017 could be considered a good year for the European fund industry, since the assets under management (+€10.4 tr) hit an all-time high at the end of December. In addition, the European fund industry enjoyed a new record in net inflows (+€756.9 bn) over the course of 2017.
But not all funds and fund promoters benefited from the massive inflows into mutual funds over the course of 2017. In addition, the European fund industry witnessed an increasing number of mergers and acquisitions. That would not be surprising if only small companies were bought by large ones, but we also experienced, for example, the merger between Aberdeen Asset Management and Standard Life in the active space and the acquisition of Source by Invesco Powershares. This brought the rather-small European business of Powershares into the ten top European ETF promoters by assets under management
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Source: Detlef Glow, Head of EMEA Research-Thomson Reuters Lipper
HANetf appoints BNY Mellon as asset servicing provider
January 29, 2018--Europe's first independent 'white label' UCITS ETF platform offers asset managers the infrastructure to build and launch ETFs into Europe without having to establish their own full-service business
BNY Mellon, a global leader in investment management and investment services, has been appointed by HANetf, Europe's first independent 'white label' UCITS Exchange Traded Funds (ETF) platform, to provide custody, administration and trustee services. HANetf will this year launch an Irish domiciled platform available to new entrants to the ETF market.
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Source: BNY Mellon
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