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Ultumus-Single Company Leveraged ETPs
October 25, 2017--UK
World's first single company leveraged ETPs coming to London
In a world first, new issuer Leveraged Shares is listing a vast array of ETPs that give 2x leveraged exposure to a single company-rather than an index of companies.
Leveraged ETPs have to date provided exposure only to commodities, currencies or indexes. They have never provided 2x exposure to a single company....
At the time of writing, it is unclear how these ETPs are structured. It is unclear whether they use swaps, as most leveraged and inverse products do, and if so who the counterparties providing them might be...
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Source: ULTUMUS-Financial Data Management
ESMA agrees MiFID II position limits proposed by FCA
October 24, 2017--The European Securities and Markets Authority (ESMA) has published today nine opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR).
ESMA's opinions agree nine position limits proposed by the Financial Conduct Authority (FCA). The position limits concern contracts on:
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Source: ESMA
BofA breaks ranks to take investment adviser status ahead of Mifid
October 24, 2017--Bank moves to provide research in Europe before market rules come into force.
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Source: FT.com
Fidelity readies Smart Beta ETF expansion
October 23, 2017--Fidelity International has announced that it is set to expand its Smart Beta ETF range with the launch two new income-focused funds and a restructuring of its share classes on a number of other ETFs.
The two new funds, the Fidelity Europe Quality Income UCITS ETF and the Fidelity Emerging Markets Quality Income UCITS ETF are set for roll out on November 1, the company said in a statement announcing the changes.
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Source: internationalinvestment.net
Lipper-Monday Morning Memo: European Investors Seek Returns and Diversification From International Bond Funds
October 23, 2017--European Fund-Flow Trends, September 2017
September was the ninth consecutive month showing a positive picture for long-term mutual funds. European fund promoters enjoyed net inflows into bond funds (+€13.1 bn), followed by equity funds (+€10.3 bn), mixed-asset funds (+€6.9 bn), and real estate funds (+€0.9 bn) as well as commodity funds (+€0.1 bn).
Meanwhile, alternative UCITS funds (-€0.5 bn) and "other" funds (-€1.3 bn) faced net outflows.
These fund flows added up to overall net inflows of €29.6 bn into long-term investment funds for September. ETFs contributed €6.6 bn to these inflows.
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Source: Detlef Glow, Head of EMEA Research-Thomson Reuters Lipper
Mifid asks more questions than it's meant to answer
October 20, 2017--The mystery of who coughs up for research does little to advance the cause of clarity.
Whatever you think about Xavier Rolet's extended 18-month exit as head of the London Stock Exchange, he will at least stay to oversee the transition to Mifid II -a sweeping reform of EU financial regulation designed to improve investor protection and bring more transparency to markets.
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Source: FT.com
Unscheduled adjustment in DAX
October 20, 2017--Share class of Linde AG to be replaced/ Changes to be effective as of 25 October 2017
On Friday, Deutsche Börse announced an unscheduled change to DAX. As a result of the expected merger of Linde AG and Praxair Inc.(ISIN US74005P1049), the Linde AG current share class (ISIN DE0006483001) in the index will be replaced with the tendered share class (ISIN DE000A2E4L75). These changes will become effective on 25 October 2017.
According to the Guide to the Equity Indices of Deutsche Börse, section 5.1.7 Conversion into Tendered Shares, this index change is implemented with two full trading days' notice once an acceptance threshold of at least 50 percent is reached. The number of shares and the free float factor are set to be equal to the values of the current share class.
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Source: Deutsche Börse Cash Market
ISE publishes Q3 2017 trading and listing update
October 20, 2017--Over 36,000 securities listed by over 4,000 issuers from 85 countries
Equities turnover up 4% to €73bn for first 9 months of 2017
ISEQ up 5.6% in period Jan-Sept 2017
Two new equity listings during Q3
Greencoat Renewables and Cairn Homes
-New debt listings from major issuers in North America and Asia, including first-time listing by the Republic of Iraq
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Source: Irish Stock Exchange plc (ISE)
ESMA produces first overview of EU derivative markets size
October 19, 2017--The European Securities and Markets Authority (ESMA) has produced, for the first time, data on the size of the interest rate, credit, equity, commodity and foreign exchange derivatives markets in the European Union's (EU), based on the weekly data it receives from trade repositories (TRs).
According to ESMA's initial analysis, which was performed on the data available on 24 February 2017, the size of the EU's derivatives markets across all asset classes was estimated as having a notional value of about €453 trillion and around 33 million transactions.
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Source: ESMA
Clearstream's monthly report
October 19, 2017--Brexit: Clearstream ensures stable custody services
The International Central Securities Depository (ICSD) Clearstream, which is part of Deutsche Börse Group, will continue to offer stable custody services no matter how the Brexit negotiations will evolve.
This commitment is founded in Clearstream's core task, which is to absorb differences in regulatory frameworks. The company was established in 1970 (back then under the name Cedel) by 66 of the world's major financial institutions. The objective: minimising risk of cross-border settlement.
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Source: Deutsche Börse Cash Market
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