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DB-Synthetic Equity & Index Strategy-European Monthly-ETF Market Review-Highest inflows into Fixed Income ETFs since July 2016
July 11, 2017--Data in this report is as of 30 Jun 2017.
European ETP Monthly Highlights (Assets & Flows):
Assets:
European ETPs AUM decreased by €1.5bn on MoM basis and
ended the month at €605bn.
Flows:cEuropean-domiciled ETPs registered inflows of +€8.7bn during last
month where year-to-date flows have reached +€57bn.
New Product Launches-6 New products
European market witnessed 6 new products launched in June which were all Equity ETFs. Investment Themes for the Month
Marginal outflows from European equity (standard indices) following negative market returns in June (-€95mn). EM saw significant inflows (+ €1.1bn). Country wise, US (+€635mn), Japan (+€391mn) benefited while Germany saw outflows (-€763mn).
Smart Beta segment recorded inflows of +€1bn. Factor (+€505mn), Thematic (+€198mn), Dividend (+€186mn) and ESG (+€146mn) ETFs were the segments that benefitted. Factor flows were distributed across Low Vol, Value and Multi-Factor strategies.
Sector-wise, Industrials (+€210mn) benefitted while Financials (-€261mn) and Healthcare (-€154mn) saw redemptions.
Currency Hedged (+€560mn) equity ETFs had a strong showing which was largely centered around EUR hedged products.
Robust Fixed Income inflows (+€4.2bn) mainly into EM Bonds and EUR Corporates.
Gold (+€264mn) and Crude Oil (+€282mn) contributed most of the overall commodity flows (+€431mn).
US listed ETFs with exposure to European equities drew +$3.9bn. Turnover: MoM turnover decreased by 10% The total turnover activity into European ETPs increased by 10% (€68.5bn) compared to the previous month’s total (€76.3bn).
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Source: Deutsche Bank Markets Research-Europe-Synthetic Equity & Index Strategy
Lyxor AM unveils two new short-dated high yield ETFs
July 11, 2017--Lyxor Asset Management has launched 1-3 year short-dated US dollar and euro high yield ETFs to help investors defend against rising interest rates, the company has announced.
The latest launches-known as the Lyxor BofAML $ Short Term High Yield Bond Ucits ETF and Lyxor BofAML € Short Term High Yield Bond Ucits ETF-have a low duration making them less sensitive to interest rate changes than other bonds.
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Source: citywireselector.com
Unscheduled adjustment in MDAX
July 11, 2017--On Wednesday, Deutsche Börse announced an unscheduled change to the MDAX index.
Following the spin-off of METRO Wholesale & Food Specialist AG from METRO AG, an adjustment of MDAX is required. On 13 July, METRO Wholesale & Food Specialist AG will therefore be included in MDAX for one day. This adjustment ensures the trackability of the index for investors. The MDAX Index will accordingly be calculated on a basis of one additional company for one day.
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Source: Deutsche Börse Cash Market
ESMA issues final standards for publication of derivatives data
July 10, 2017--The European Securities and Markets Authority (ESMA) has today issued final regulatory technical standards (RTS) regarding the aggregation and publication of derivatives data by trade repositories (TRs).
ESMA's RTS define the operational standards for aggregation and comparison of aggregate position data across TRs, which is important to assess risks associated to those markets.
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Source: ESMA
ESMA consults on guidelines regarding internalised settlement reporting
July 10, 2017--The European Securities and Markets Authority (ESMA) has opened today a public consultation on future guidelines further detailing the implementation of internalised settlement reporting under the Central Securities Depositories Regulation (CSDR).
Internalised settlement refers to transactions, which are settled outside securities settlement systems operated by central securities depositories (CSDs). Internalised settlement can happen at different levels of a securities holding chain-global custodians, sub-custodians, etc.and has to...
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Source: ESMA
IPE-Briefing: MiFID II-The birth of a market
July 10, 2017--As MiFID II comes into effect, asset managers and brokers must negotiate a price for sell-side investment research
Key points
MiFID II will force asset managers to pay for research.
Pricing negotiations with brokerage firms have been difficult at times.
Price discovery for fixed income research is delayed.
The way research is produced and consumed will change.
Preparations for the European Union's revised Markets in Financial Instruments Directive (MiFID II) are not going smoothly. The industry is struggling to meet one key requirement-the unbundling of investment research and transaction costs.
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Source: IP&E
Monday Morning Memo: Is there a consolidation ahead in the European ETF market?
July 10, 2017--While looking at the comments of market observers on the European ETF industry, one often comes across articles predicting wider consolidation in the European ETF market.
Even though these articles have been around for years, there has been no concurrent general consolidation taking place in the European ETF industry. While some ETFs were closed and some ETF promoters were bought by others, in general consolidation would mean there would be fewer promoters or ETFs afterward.
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Source: Detlef Glow, Head of EMEA Research-Thomson Reuters Lipper
Robots enter investment banks' trading floors
July 2017--Robots are transferring on to the trading floors of investment banks. UBS this week showcased how two synthetic intelligence techniques will help merchants carry out higher on the Swiss financial institution's futuristic new City of London workplace.
Many of the world's largest banks have for years been automating handbook, repetitive duties executed by help employees to save cash.
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Source: forexrepository.com
IMF Country Report-Russian Federation: Selected Issues
July 10, 2017--RUSSIA's NON-COMMODITY EXPORTS: WHY THE MUTED RESPONSE TO THE RECENT DEVALUATION?1
Introduction and Summary
1. An often-cited silver lining of lower commodity prices is the ensuing real depreciation and
potential to unwind the Dutch disease that commodity exporters experienced during the preceding
commodity booms.
While there is anecdotal evidence supporting the recovery of select tradable
sectors in Russia, it has yet to manifest itself in a meaningful way in macro-level data.
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Source: IMF
Lyxor Insights-Hawks everywhere you look
July 10, 2017--There was a prompt
u-turn in sentiment last week as the
prospect of global monetary normalisation took centre stage
Having happily contemplated reassuringly
weak inflation prints for a number of
weeks, investors were perturbed by more hawkish updates from the Fed and the ECB. Minutes from both meetings suggest balance sheet reduction and QE tapering threaten the status quo.
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Source: Lyxor