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ESMA finds improvements in regulators' supervisory practices concerning MiFID rules on fair, clear and not misleading information
May 18, 2017--The European Securities and Markets Authority (ESMA) has published a Follow-up Report on the actions undertaken by ten National Competent Authorities (NCAs) in addressing deficiencies identified in the 2014 Peer Review on MiFID Conduct of Business rules relating to fair, clear and not misleading information (2014 Review).
ESMA welcomes the efforts made by most of the ten NCAs.
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Source: ESMA
ECB-Euro Area Securities Issues Statistics: March 2017
May 16, 2017--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 1.4% in March 2017, compared with 1.3% in February.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 0.9% in March 2017, compared with 0.7% in February.
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Source: ECB
Vanguard move sparks price war for personal investors
May 16, 2017--The huge US investment firm Vanguard is launching a new service to attract personal investors in the UK.
The company specialises in offering tracker funds with very low charges.
Until now most of its business in the UK came through stockbrokers and financial advisers, only dealing directly with individuals with at least £100,000 to invest.
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Source: bbc.com
LSE May 2017 ETF & ETP Monthly Report
May 15, 2017--Listings
14 new ETFs were listed on LSE in April 2017.
There are now 905 ETFs (available as 1,388 lines through multi-currency offerings) and 450 other ETPs (available as 519 lines) on our London market.
LSE were excited to welcome, Fidelity, a first time issuer to our market. Fidelity listed 3 new smart beta ETFs on LSE. These were Fidelity's first ETF listings in Europe and first smart beta listings worldwide.
The Global Quality Income UCITS ETF was launched as a distributing share class and the US Quality Income UCITS ETF was launched as both accumulating and distributing share classes. They provide exposure to companies with attractive dividend yields, within the global and US stock markets respectively.
iShares expanded their current offering through the listing of 9 fixed income ETFs. The new listings include ETFs which track corporate, government and inflation-protected bonds and provide US, Emerging Market and Global exposure.
VanEck launched the VanEck Vectors JPM EM Local Currency Bond UCITS ETF, which tracks the performance of bonds issued in local currency by 16 emerging market governments. Bonds from Brazil, Poland, Indonesia and Mexico have the largest holdings as they have reached their maximum weighting of 10%.
DB X-Trackers launched the DBXT Global Government UCITS ETF, which offers exposure to government bonds of developed countries.
Trading Activity
Orderbook value traded for ETFs and other ETPs in April 2017 was £6.8 billion (193k trades), down by 2% compared to April 2016.
Orderbook value traded for ETFs and other ETPs YTD is £30.5 billion (895k trades), up by 2% compared to 2016.
Total on-exchange value traded for ETFs and other ETPs in April 2017 was £22.5 billion (292k trades), down by 2% compared to April 2016.
Total on-exchange value traded for ETFs and other ETPs YTD was £107 billion (1.3m trades), up by 10% compared to 2016.
Key Developments
LSE was voted "Most Proactive ETF Exchange-Europe" and "Largest Exchange for ETFs-Europe" (by Volume) at the 13th Annual Global ETF Awards® in New York in April 2017.
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Source: London Stock Exchange Group
IMF-Germany: Staff Concluding Statement of the 2017 Article IV Mission
May 15, 2017--Germany's open and innovative economy has been performing well, underpinned by prudent economic management, past structural reforms, and a well-developed social safety net.
Employment growth is strong, the unemployment rate is at a record low, growth is above potential, and the fiscal position keeps strengthening. However, despite high and rising capacity utilization and job vacancy rate, wage growth and core inflation so far remain subdued and business investment lacks momentum, while adverse demographics weigh on long-term growth prospects. The large and persistent current account surplus reflects high domestic savings and better investment opportunities abroad, as well as external factors.
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Source: IMF
New First Trust ETF launched on Xetra
May 15, 2017--Smart beta ETF provides access to US large caps.
The First Trust US Large Cap Core AlphaDEX(R) UCITS ETF has been tradable on Xetra and Börse Frankfurt since Wednesday.
It is based on the NASDAQ AlphaDEX(R) Large Cap Core Index. The aim of the index is to generate positive alpha compared to indices traditionally weighted by market capitalisation.
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Source: Deutsche Börse Cash Market
Exchange Traded Funds-Central Bank Publishes Discussion Paper
May 15, 2017--Exchange traded funds have assets in excess of US$4tn globally
Ireland is the principal domicile for European ETFs
Central Bank Discussion Paper leads an international exchange of views on ETFs
The Central Bank has today published a Discussion Paper on Exchange Traded Funds (ETFs).
Ireland is the largest European centre for Exchanged Traded Funds (ETFs), which are the fastest growing type of investment fund globally. ETFs have experienced exponential growth since they were first established in 1990 with more than US$4tn in assets globally as at the end of April 2017.
view the Discussion Paper 6-Exchange Traded Funds
Source: Central Bank of Ireland
Asset managers struggle with illiquidity trap
May 15, 2017--A wave of Brexit-related fund suspensions led to soul-searching across the industry.
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Source: FT.com
U.K.'s Labour to Impose Stamp Duty on Bonds and Derivatives
May 13, 2017--Financial institutions would lose exemption, pay lower rate
Party estimates the move would more than double revenue
Britain's Labour Party pledged to more than double what the government raises from taxes on financial transactions by extending stamp duty to cover derivatives and bonds, and removing an exemption for trading houses.
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Source: Bloomberg
Lyxor-Monthly European ETF Market Trends-April 2017
May 13, 2017--European ETF market flows slowed down substantially in April 2017.
Net New Assets (NNA) during the month amounted to EUR4.4bn, the
lowest since December 2016.
Total Assets under Management are up 11%
vs. the end of 2016, reaching EUR572bn, including a positive market impact
of 4%. European and Global equities benefited from attractive valuations
compared to the US.
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Source: Lyxor