Monthly report: Clearstream sees successful year 2017
December 20, 2017--In 2017, the post-trade industry has seen a major infrastructure evolution. With completion of the European Central Bank's TARGET2-Securities (T2S) project and preparations for the Central Securities Depositories Regulation (CSD-R), some fundamental changes have been kicked off in the European post-trade market.
"2017 was about reshaping and harmonizing Europe's fragmented post-trade landscape to create a level playing field for all market participants", said Jeffrey Tessler, Deutsche Börse Group Board Member and Chairman of the Group's post-trade services provider Clearstream.
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Source: Clearstream
Online derivatives traders hit by new European rules on retail client leverage
December 18, 2017--Shares in large online derivatives trading platforms groups plummeted as much as 20 per cent on Monday morning, after European regulators announced tougher-than-feared plans to restrict the amounts retail customers can borrow to leverage their bets.
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Source: FT.com
Thomson Reuters Monday Morning Memo: Review of the European ETF Market, November 2017
December 18, 2017--The promoters of ETFs enjoyed net inflows for November. The assets under management in the European ETF industry (€627.1 bn) increased for November, up from €621.9 bn at the end of October.
The increase of €5.2 bn for November was driven by net sales (+€9.5 bn), while the performance of the underlying markets contributed a negative €4.3 bn to the assets under management in the ETF segment. With regard to the overall number of products, it was not surprising that equity funds (€445.0 bn) held the majority of the assets, followed by bond funds (€152.6 bn), commodity products (€18.3 bn), "other" funds (€6.9 bn), money market funds (€3.3 bn), mixed-asset funds (€0.6 bn), and alternative UCITS products (€0.4 bn).
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Source: Detlef Glow, Head of EMEA Research-Thomson Reuters Lipper
ESMA provides guidance on cross-border investment services and MiFID transposition
December 18, 2017--The European Securities and Markets Authority (ESMA) issued today guidance to national competent authorities (NCAs) and market participants on the topic of continuity of cross-border provision of investment services in the transition between MiFID I and MiFID II, including in the event that there is late transposition of the Directive by some Member States.
In this context, ESMA also issued guidance on the cross-border operation of regulated markets and the provision of data reporting service providers (DRSPs).
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Source: ESMA
ESMA updates its MiFID II Q&As on transparency and market structures
December 18, 2017--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers regarding transparency and market structures 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 ...
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Source: ESMA
ESMA updates its Q&As on MiFID II/MiFIR Investor Protection topics
December 18, 2017--The European Securities and Markets Authority (ESMA) has added 10 new Q&As to its Questions and Answers (Q&A) document on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
The new Q&As cover the topics of inducements, suitability, and provision of investment services and activities by third country firms.
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Source: ESMA
Bitcoin: EU approves cryptocurrency clampdown to combat terrorism financing
December 16, 2017--The European Union has agreed to implement stricter rules on exchange platforms that deal with virtual currencies, including bitcoin. The measure is part of an effort to prevent terrorist financing and money laundering.
The European Parliament and the European Council agreed to a new set of rules on Friday that target exchange platforms for bitcoin and other virtual currencies.
The new measures would require platforms that previously allowed users to remain anonymous to identify them.
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Source: Deutsche Welle
MiFID II: ESMA updates on commodity derivatives
December 15, 2017--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding commodity derivatives under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). This update relates to position limits and position reporting.
ESMA has also updated today its list of liquid commodity derivative contracts for position limit purposes.
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Source: ESMA
New active ETF by ComStage launched on Xetra
December 15, 2017--ETF invests with a focus on high-dividend shares from Germany
Another active exchange traded fund (ETF) issued by ComStage has been tradable on Xetra and Börse Frankfurt since 14 December 2017.
The ComStage Alpha Deutschland Dividende Plus UCITS ETF enables investors to participate in the performance of a dynamic portfolio of German stock corporations. The selection of German equities yielding high dividends is aimed at outperforming the broad stock market in the long term. Where necessary, positions are hedged on the futures exchange in order to protect against weak market phases.
Name: ComStage Alpha Deutschland Dividende Plus UCITS ETF
Asset class: equity index ETF
ISIN: DE000ETF7516
Ongoing charges p.a.: 0.68 percent
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Source: Deutsche Börse Cash Market
Will Russia's new fiscal rule end its oil and gas dependence?
December 15, 2017--Russia has now emerged from recession, with deepening macroeconomic stability a contributing factor. Thanks to the Russian central bank targeting inflation, the country is enjoying its lowest inflationary environment in history: annual consumer price index inflation is currently averaging a mere 4 percent-less than a third of just a few years ago.
Meanwhile, a comfortable import cover of over 16 months; high levels of international reserves (over $420 billion); and a flexible exchange-rate regime continue to help the economy navigate external shocks. Government debt to GDP is around 17 percent (the euro area's is almost 90 percent). And by the end of 2017, both the general and federal fiscal deficits are expected to be a shade above 2 percent of GDP, and decreasing in subsequent years.
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Source: World Bank
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