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The ECB announced 'a sea change but a very gentle one'
October 26, 2017--European Central Bank cuts bond-buying programme to €30 billion per month, down from €60 billion previously.
The move had been widely expected in the markets.
Bond-buying will continue until at least September 2018, but will likely go on for longer.
Bond-buying will continue until at least September 2018, but will likely go on for longer.
President Mario Draghi says that the ECB could increase quantity of bonds it buys if the eurozone economic outlook becomes less favourable.
The European Central Bank on Thursday announced that it will further taper its bond-buying programme but extended quantitative easing until at least September 2018, as had been widely forecast prior to the decision.
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Source: Business Insider
Carsten Kengeter to step down as CEO of Deutsche Borse as of 31 December 2017
October 26, 2017--Carsten Kengeter today informed the Supervisory Board of Deutsche Börse AG (DBAG) that he would like to step down as Chief Executive Officer of DBAG effective 31 December 2017 in order to allow the company to focus on business, clients and growth, and to avoid further burdens caused by the ongoing investigation.
Carsten Kengeter said: "This decision was not easy for me since I feel very closely connected to Deutsche Börse and I still have many plans for the company. In the light of the public accusations and allegations, I am taking this step to protect Deutsche Börse in particular. I will thoroughly cooperate with the authorities until the end of the investigation. With this decision, I am paving the way for a new beginning for Deutsche Börse. Until the end of the year, I will contribute to an orderly transition. I would like to thank the Supervisory Board and the employees for the trust they have expressed in me."
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Source: Deutsche Börse Group
HSBC Worldwide Equity UCITS ETF Changes Investment Strategy
October 25, 2017--October 25, 2017--In a prospectus update HSBC ETFs,PLC filed a change to the HSBC Worldwide Equity UCITS ETF. The HSBC Worldwide Equity UCITS ETF will change investment strategy today converting into an active ETF.
The sub-fund investment strategy will move from a market capitalisation index to an active systematic multi factor equity strategy. The investment universe of the fund will remain consistent and continue investing in Developed and Emerging markets. The investment strategy will use a proprietary multi factor investment model which considers factors such as Value, Quality, Momentum, Low Risk and Size. The ETF will be renamed HSBC Multi Factor Worldwide Equity UCITS ETF.
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Source: sharesmagazine.co.uk
Value Partners launches GEM fund in Europe
October 25, 2017--Hong Kong's Value Partners has launched a global emerging market equity fund that will be distributed across Europe and the UK.
The GEM equity fund, a Dublin-domiciled Ucits fund, is an actively managed, value-oriented product that combines both quantitative and fundamental processes. It aims to achieve a consistent return of 5% on average over five years, according to a statement from the firm.
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Source: fundselectorasia.com
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
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