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Dichotomy Between Equity ETF Flows and Conventional Fund Flows Widens in June
July 19, 2017--For the third month in four mutual fund investors were net sellers of fund assets, withdrawing a net $23.1 billion from the conventional funds business. Fixed income funds (+$20.2 billion) witnessed net inflows for June, while investors were net redeemers of stock & mixed-asset funds (-$17.6 billion) and money market funds (-$25.7 billion).
For the third month in a row Thomson Reuters Lipper's World Equity Funds macro-classification witnessed net inflows, taking in $9.9 billion for June.
For the seventeenth consecutive month authorized participants (APs) were net purchasers of ETFs, injecting $44.7 billion for June. APs injected a net $32.0 billion into stock & mixed-asset ETFs and were net purchasers of bond ETFs, injecting a net $12.7 billion.
view the June 2017 FundFlows Insight Report: Dichotomy Between Equity ETF Flows and Conventional Fund Flows Widens in June
Source: Thomson Reuters Lipper
Irish Stock Exchange launches new T7 trading technology
July 18, 2017--The Irish Stock Exchange (ISE) has gone live with Deutsche Börse's new T7 trading platform for the Irish equity market.
This new platform further enhances the performance and capacity of the ISE's equity market offering. T7 delivers synergies, which make it even easier and reduces cost for international trading firms to connect and trade equities on the ISE, due to lower development and maintenance costs for firms, which are active on T7 across multiple markets. The new system also reduces latency even further for all trading members.
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Source: Deutsche Börse Group
ESMA recommends improvements in financial information enforcement
July 18, 2017--The European Securities and Markets Authority (ESMA) has published the results of a peer review conducted into how national competent authorities (NCAs) supervise financial information (IFRS) according to the Guidelines on Enforcement of Financial Information (Guidelines).
The report identifies areas where NCAs can improve their enforcement and makes recommendations to support these improvements.
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Source: ESMA
IMF Country Report-Turkey: Fiscal Transparency Evaluation
July 18, 2017--Summary:
Turkey has made considerable strides in enhancing its fiscal transparency practices over the past decade and a half. Since first volunteering for a Fiscal Transparency ROSC1 in 2000, Turkey has substantially improved the comprehensiveness, timeliness, and reliability of publicly available fiscal information.
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Source: IMF
IMF Working paper-The Re-Emerging Privilege of Euro Area Membership
July 18, 2017--Summary:
When the euro was introduced in 1998, one objective was to create an alternative global reserve currency that would grant benefits to euro area countries similar to the U.S. dollar's "exorbitant privliege": i.e., a boost to the perceived quality of euro denominated assets that would increase demand for such assets and reduce euro area members' funding costs.
This paper uses risk perceptions as revelaed in investor surveys to extract a measure of privilege asscociated with euro membership, and traces its evolution over time.It finds that in the 2000s, euro area assets benefited indeed from a significant perceptions premium. While this premium disappeared in the wake of the euro crisis, it has recently returned, although at a reduced size. The paper also produces time-varying estimates of the weights that investors place on macro-economic fundmentals in their assessments of country risk. It finds that the weights of public debt, the current account and real growth increased considerably during the euro crisis, and that these shifts have remained in place even after the immediate financial stress subsided.
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Source: IMF
New iShares smart beta ETF on US stock corporations launched on Xetra
July17, 2017-A new exchange traded fund (ETF) issued by iShares has been tradable on Xetra and Börse Frankfurt since Monday. 17, 2017--
The equity index ETF enables investors to participate in the performance of US stock corporations with high market capitalisation and low volatility. The benchmark index comprises securities from the parent index, S&P 500, selected for their minimum volatility strategy.
The ETF minimises the exchange rate risk between the US dollar and the euro. Name: iShares Edge S&P 500 Minimum Volatility UCITS ETF EUR Hedged (Acc)
Asset class: equity index ETF
ISIN: IE00BYX8XD24
Total expense ratio: 0.25 percent
Distribution policy:
accumulating
Benchmark: S&P 500 Minimum Volatility Index
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Source: Deutsche Börse Cash Market
Monthly report: Clearstream readies for CSD-regulation
July 17, 2017--In autumn, another milestone will be met: Deutsche Börse subsidiary Clearstream will apply for new licenses to operate under the Central Securities Depositories Regulation (CSDR). CSDR obligations require Europe's CSDs to submit their application files to local regulators by 30 September 2017. Authorisations are expected to be granted from mid-May 2018 onwards.
This will be a first step to even further bolster safety and stability across Europe's capital markets in a post-financial-crisis world. As the new regulatory keystone for the sector, CSDR aims to harmonise the different rules, which apply to European CSDs in order to create an improved and level playing field for the industry, and enhance legal and operational conditions for EU-wide cross border settlement via TARGET2-Securities (T2S).
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Source: Deutsche Börse Group
Brexit Puts Financial-Trade Tax on Ice as Banks Start Moving
July 17, 2017--Governments grow wary as they try to lure firms from the U.K.
Elections in the autumn create more uncertainty over effort.
A six-year push to impose a tax on financial transactions in Europe may have run its course, with Germany and France dragging their feet as they prepare for Brexit and a redrawing of the financial map that has already begun.
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Source: Bloomberg
Procedure for reporting of circuit breakers' parameters by NCAs to ESMA
July 17, 2017--ESMA has published the Procedure for reporting of circuit breakers' parameters by NCAs to ESMA.
< href="https://www.esma.europa.eu/file/22645/download?token=38rWrPTK" TARGET="_blank">view more
Source: ESMA
Monday Morning Memo: Review of the European ETF Market-June 2017
July 17, 2017--The promoters of exchange traded funds enjoyed net inflows for June. Despite these net inflows the assets under management in the European ETF industry (€577.8 bn) decreased for June, down from €577.9 bn at the end of May.
The decrease of €0.1 bn for June was driven by market performance (-€7.8 bn), while net new sales contributed €7.7 bn to the assets under management in the ETF segment.
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Source: Detlef Glow, Head of EMEA Research-Thomson Reuters Lipper
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