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Lipper-Monday Morning Memo: A call for more transparency in the European mutual funds industry
October 2, 2017--Even though investors and regulators want to know as many details as possible about the holdings of the mutual funds they own, the fund industry-especially in Europe-tries to hold back as much information as possible.
From my point of view, it is in the best interest of investors to see the full holdings of funds and not only the allocation at the level of sectors and regions. Investors want to be able to estimate the risk/return profile of the holdings in their portfolios. I do not say this very often, but when it comes to regulatory policies, the interest by regulators in the full holding-as expressed by the launch of the SOLVENCY II regulation-is understandable.
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Source: Detlef Glow, Head of EMEA Research-Thomson Reuters Lipper
ESMA updates its EMIR and CSDR Q&As
October 2, 2017--The European Securities and Markets Authority (ESMA) has today updated two of its guidelines regarding two pieces of post-trading regulation.
Today's updates concern Question and Answers (Q&As) regarding the European Market Infrastructure Regulation (EMIR) and the Central Securities Depostiraries Regulation (CSDR) respectively.
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Source: ESMA
Mifid II set to slash analyst jobs and shake up the economics of broker research, according to a new report
October 2, 2017--The much maligned second Markets in Financial Instruments Directive (Mifid II), which aims to make fund managers pay brokers separately for research and trading services rather than bundling costs together, is set to cause a drastic shift in the industry according to new research.
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Source: cityam.com
The trading volume on the Spanish stock market reached €42.3 billion in September, in line with 2016 2 October, 2017
October 2, 2017--Trading volume grows 25.7% from August
In the first nine months of the year trading volume totalled €493 billion
The number of equity trades in September grew 5.1% from the previous month
The trading volume in MEFF in September was up almost 10% year-on-year
New admissions on MARF in September were up 51.6% on the year.
Equities
The trading volume in September in the Spanish Stock Market came in at €42.3 billion, up 25.7% from the preceding month and a figure in line with last year's (€42.8 billion, -1.3%). The trading volume for the first nine months of the year totalled €493 billion, down 4% from the same period in 2016.Equities.
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Source: BME (Bolsas y Mercados Españoles
Goldman Sachs Investment Unit to Pay for Research Under MiFID II
October 2, 2017--Goldman Sachs Asset Management has joined the list of firms planning to absorb the cost of third-party research after the new European Union MiFID II regulations come into force in January.
GSAM, which oversees more than $1 trillion, intends to pay for the analysis used by its European investment management teams from January 2018, the unit said in a statement. The firm didn't disclose the cost of the decision.
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Source: Bloomberg
New market data feed provides access to all Irish Stock Exchange order book equity data
October 2, 2017-Deutsche Börse is offering the new market data feed CEF ultra+ Irish Stock Exchange Order by Order from October 2017.
The ultrafast high-performance data feed enables access to the entire visible Irish Stock Exchange order book and provides clients with comprehensive market data on all ISE-listed equity and ETF instruments traded. The launch extends the Irish Stock Exchange's market data product offering under its existing strategic partnership.
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Source: Deutsche Börse Group
Turnover at Deutsche Borse's cash markets at 117.7 billion euros in September
October 2, 2017--Order book turnover on Deutsche Börse cash markets totalled €117.7 billion in September (September 2016: €109.1 billion). Of the €117.7 billion, €107.3 billion were attributable to Xetra (September 2016: €100.8 billion) and €3.4 billion to Börse Frankfurt (September 2016: €3.3 billion).
Order book turnover on Deutsche Börse cash markets totalled €117.7 billion in September (September 2016: €109.1 billion). Of the €117.7 billion, €107.3 billion were attributable to Xetra (September 2016: €100.8 billion) and €3.4 billion to Börse Frankfurt (September 2016: €3.3 billion). Order book turnover on Tradegate Exchange totalled €7.0 billion (September 2016: €5.0 billion). The average daily turnover on Xetra stood at €5.1 billion (September 2016: 4.6 million). Viewed by transactions, a total of 17.3 million trades were executed on Xetra in September (September 2016: 20.0 million). Broken down by asset classes, cash market turnover in equities reached about €105.0 billion. Turnover in ETFs/ETCs/ETNs amounted to €11.2 billion. Turnover in bonds was €0.39 billion, in structured products €1.0 billion and in funds €0.13 billion.
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Source: Deutsche Börse Group
Key figures SIX Swiss Exchange: September 2017
October 2, 2017--Trading turnover in the year to date: CHF 1.021.7 trillion (+7.1% year-on-year)
Number of trades 38,319,606 (+7.7% year-on-year)
Average daily trading turnover of CHF 5.4 billion in the year to date
Change to regulations brings SMI(R) into line with UCITS directives
Trading activity on SIX Swiss Exchange continues to grow significantly. Turnover on the trading platforms in
the year to date is up 7.1% year-on-year to CHF 1.021.7 trillion. This increase has also been reflected in the
number of trades, which have risen by 7.7% versus the corresponding period last year to a total of
38,319,606. These figures have increased even though there were two additional trading days over the first
nine months of last year. This means that turnover averaged CHF 5.4 billion per trading day in the first nine
months of 2017. The year to date figures for the preceding months were also up on last year, so this trend
was maintained in September.
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Source: SIX Swiss Exchange
ESMA updates Q&A on MAR
September 29, 2017--The European Securities and Markets Authority (ESMA) has updated its Questions & Answers (Q&A) document regarding the implementation of the Market Abuse Regulation (MAR).
The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of MAR and its implementing measures. Today's Q&As include a new detailed answer on the obligations of the issuers in the particular case of delayed inside information that then loses its price sensitivity feature during the delay period.
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Source: ESMA
ESMA updates Q&As on the Benchmarks Regulation
September 29, 2017--The European Securities and Markets Authority (ESMA) has published updated Questions and Answers (Q&As) regarding the implementation of the Benchmarks Regulation (BMR).
The Q&A include four new answers regarding the following topics of the BMR:
Scope of the BMR: (i) Application of the BMR to EU and third country central banks; (ii) Exemption on single reference price.
Definitions of the BMR: (i) "family of benchmarks", (ii) "use of a benchmark"
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Source: ESMA
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