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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
London Stock Exchange CEO Rolet to Leave Group by End of 2018
October 19, 2017--LSE searching for new CEO; Xavier Rolet to leave in late 2018
He had planned to retire after sale of the LSE, which failed
London Stock Exchange Group Plc's Xavier Rolet will leave by the end of next year, bringing an end to an era that has seen the shares soar despite the collapse of a $14 billion deal that would have created a European exchange powerhouse.
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Source: Bloomberg
World Bank-Europe and Central Asia Region Sees Stronger Growth, Amidst Rise in Migration
October 19, 2017--Economic growth for the Europe and Central Asia region will reach 2.2% in 2017, according to the World Bank's latest Regional Economic Update, Migration and Mobility in Europe and Central Asia. This represents the strongest growth in the region since 2011, and is 0.3 percentage points above the Bank's previous forecast in May 2017.
Growth in Europe and Central Asia comes on the back of stronger industrial production and more exports in recent months, lifting most countries in the region out of recession.
view the World Bank Europe and Central Asia Economic Update, October 2017: Migration and Mobility
Source: World Bank
Ethereum ETN Handles $10 Million in its First Week of Trading
October 19, 2017--The two ethereum ETNs on Stockholm's Nasdaq have attracted more than $10 million in assets under management (AUM) within just one week, according to a press release. Ryan Radloff, Principal at CoinShares, says:
"When the group's bitcoin ETNs-which are now at $330 million in AUM-launched in 2015, it took one year to attract the initial $10 million in AUM.
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Source: trustnodes.com
Lyxor-European Smart Beta ETF Market Trends-Q3 2017
October 19, 2017--The European Smart Beta ETF market had modest inflows of EUR555m in Q3 2017. Net New Assets at the end of the quarter stood at EUR4.0bn, meaning total Assets under Management were up 16% vs. the end of 2016 at EUR33.3bn (which includes a limited market impact of 4%).
Year-to-date, flows have been fairly constant into Value and Income generation strategies with investors hunting for yield and alternative sources of return in an environment of low yields and more positive signs on the global economy. These trends were however less obvious in Q3, with limited flows on Smart Beta overall.
Flows to Risk based ETF were modestly negative in Q3 (-EUR60M), as they are for the year so far. Despite high valuations on stock markets (especially in the US), investors have so far felt no need to protect their portfolios. Instead, outflows were focused on Europe underlyings, with volatility decreasing and less economic policy uncertainty.
Factor allocation ETFs enjoyed the bulk of the inflows in Q3 at EUR1.1bn vs. EUR719M in Q2. Momentum stood out, having gathered most of the flows with EUR438M. Value, which has gathered very strong flows throughout the year, continued to collect in Q3 albeit more slowly. Multi-Factor ETFs registered a strong rebound at EUR431M after H1 outflows.
Fundamental ETFs saw Q3 outflows of -EUR439M vs. EUR743M in Q2. Flows into income generation strategies were very weak this quarter, but outflows were mainly focused on micro-weighted strategies with -EUR513M. Europe Fundamental ETFs gathered EUR205M, but US-related counterparts had outflows of -EUR195M. This may be because eurozone equities tend to outperform US equities during periods when policy uncertainty is reduced and PMI results are higher (as a proxy for economic growth momentum).
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Source: Lyxor
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