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Thomson Reuters Monday Morning Memo: Index Funds Versus ETFs-Another Battleground in the European Fund Industry?
February 12, 2018--Given that we have witnessed many headlines concerning passive investing and the popularity of ETFs, confirmed by the inflows and increasing assets under management in the European ETF industry, one could conclude that European investors like index products.
It seems European investors follow the academic research and invest in products that appear from the scientific evidence to be superior at helping them achieve their investment goals.
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Source: Thomson Reuters
Index error causes Carillion losses for ETF investors
February 11, 2018--S&P Dow Jones Indices failed to remove company from dividend-focused index
An error by the index provider S&P Dow Jones Indices led to unexpected losses for investors in a popular exchange traded fund following the collapse of Carillion, the UK's second-largest construction group.
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Source: FT.com
Brussels warns UK asset managers of post-Brexit shutout
February 11, 2018--Letter from European Commission tells fund companies to act now
Brussels has issued a stark Brexit warning to the asset management industry, telling fund companies to act now or face potential market shutout when the UK leaves the EU next March.
The European Commission wrote to asset managers last week warning them of the "legal repercussions that need to be considered" in the event of the UK departing the bloc without concluding a withdrawal agreement.
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Source: FT.com
Amundi: Results for 2017 and strategic ambitions for 2020
February 9, 2018--Amundi: Results for 2017 and strategic ambitions for 2020
2017: all targets announced at the IPO have been surpassed
Net inflows of €71bn, leading to asset under management of €1,426bn
Combined and adjusted net earnings[1] of €918m, up +14%
2020 objectives: an amplified growth and profitability momentum
Cumulated net inflows greater than or equal to €150bn
2020 net income double that of 2015:
Target accounting income greater than or equal to €1bn, adjusted net income[2] greater than or equal to €1.05bn
Full Year 2017
Business activit-High combined net inflows[3] in 2017 (+€70.6bn)
In Q4 2017: robust inflows (+€13.1bn), led by Retail and MLT assets[4]
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Source: Amundi
New Deutsche Asset Management bond index ETF launched on Xetra
February 9, 2018--A new exchange traded fund (ETF) issued by Deutsche Asset Management has been tradable on Xetra and Börse Frankfurt since 9. February. The bond index ETF enables investors to participate in the performance of fixed-rate corporate bonds denominated in US dollars.
The reference index comprises high yield bonds issued by companies in the finance, utilities and industrial sectors, fulfilling specific maturity, credit, and liquidity requirements. The bonds must be rated Ba1/BB+/BB+ or lower by a leading rating agency. Not included are security tranches pursuant to rule 144A of the US Securities Act adopted by the US Securities and Exchange Commission (SEC).
Name: db x-trackers USD High Yield Corporate Bond UCITS ETF (DR)
Asset class: bond index ETF
ISIN: IE00BDR5HM97
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Source: Deutsche Börse Cash Market
Scotland Aims to Be "at the Heart of the Future" of Blockchain Technology
February 9, 2018--Known for its kilts and bagpipes, golf courses and quality whiskey, Scotland is a country full of traditions. It is also rapidly emerging as a burgeoning hotbed for blockchain technology, known for its disruptive potential in creating innovative solutions for the world of business and commerce.
In recent months,robust activity on the part of Scotland's blockchain community has ignited a flurry of activity and a bright outlook.
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Source: bitcoinmagazine.com
FLOW TRADERS REPORTS NTI 24% GROWTH IN 4Q17, PROPOSES FINAL DIVIDEND OF 0.35 euro, STRONG START TO 2018
February 9, 2018--Flow Traders N.V. (Euronext: FLOW) today announced its 4Q17 results (unaudited), stating that:
4Q17 ETP Value Traded rose to €164bn (+1% Q-o-Q), which led to an increase in our ETP Value Traded by 7% Y-o-Y in 2017, whereas the market ETP Value Traded declined 13% Y-o-Y
4Q17 Net Trading Income (NTI) was €39.3m (+24% Q-o-Q)
4Q17 EBITDA margin was 34%, leading to an EPS of €0.17 (+43% Q-o-Q)
Flow Traders proposes final FY17 dividend of €0.35. This implies a total dividend for FY17 of €0.65, which is a 76% dividend pay-out ratio
FTEs grew 16% to 394 end 2017
Flow Traders incurred a small loss day in 4Q17
Flow Traders expects to comply with CRR capital requirements under the standardized method as of 31 March 2018
MiFID II implementation went according to plan for Flow Traders
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Source: Flow Traders N.V.
Deutsche Borse launches Scale 30 Index
February 8, 2018--Selection index comprises the 30 most liquid equities from the Scale segment
Deutsche Börse expanded its index offering by launching the Scale 30 Index on Wednesday. The selection index tracks the performance of the 30 most liquid companies listed in the SME segment Scale. Eligibility for index inclusion depends on order book turnover on Xetra and Börse Frankfurt.
Weighting of equities in the Scale 30 Index is based on market capitalisation and is adjusted quarterly. The index is calculated in real time and available in euro as a performance and price version (ISIN: DE000A2J0PW5 respective DE000A2GYJT2). The historical back-calculation dates back to 17 March 2017 at 1,000 points, meaning it would have posted a performance of over 29.3 percent to date.
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Source: Deutsche Börse Cash Market
ESMA updates its MiFID II Q&As on transparency and market structures
February 7, 2018--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers regarding transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The purpose of these Q&As is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR. They provide responses to questions posed by the general public and market participants in relation to the practical application of transparency requirements.
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Source: ESMA
ESMA publishes 2018 Supervisory Convergence Work Programme
February 7, 2018--The European Securities and Markets Authority (ESMA) has published its 2018 Supervisory Convergence Work Programme (SCWP), which details the activities and tasks it will carry out to promote sound, efficient and consistent supervision across the European Union (EU).
The SCWP 2018 sets priorities that will drive ESMA's convergence agenda in the year ahead and foster coordinated action by national securities and markets supervisors.
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Source: ESMA
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