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Dark Trading Could Triple in Europe Under New Market Rules
October 4, 2017--Trading volumes will flow to bank-run systematic internalizers
XTX co-CEO sees dark trading rising to 30% from 10% of market
Trading of European stocks on dark markets will probably triple as a result of the MiFID II overhaul, the opposite of what the architects of the law intended, as the new rules give some venues flexibility in how they price shares.
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Source: Bloomberg
ESMA publishes latest updates to MiFIDII/MiFIR investor protection Q&As
October 3, 2017--The European Securities and Markets Authority (ESMA) has added 12 new Q&As to its Questions and Answers (Q&A) document on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
The new Q&As cover the topics of client categorisation, post-sale reporting, recording of telephone conversations and electronic communications, best execution, and information on costs and charges.
view the Q&As on MiFID II and MiFIR investor protection topics
Source: ESMA
New EDHEC study of private infrastructure debt shows that defining 'infrastructure' correctly pays off for investors
October 3, 2017--A new paper analysing the characteristics of the EDHEC Infrastructure Institute private debt index shows that private infrastructure debt only delivers better risk-adjusted returns than corporate debt when it is narrowly and correctly defined.
The matter of defining infrastructure investment adequately for investment and regulation purposes is still a point of debate. In the case of private infrastructure debt, this EDHEC paper uses new data allowing a direct comparison between the debt of infrastructure project finance vehicles and that of corporate entities in the infrastructure sector.
view the Private Infrastructure Debt Broad Market Indices
Benchmarking Europe's Private Infrastructure Debt Market 2000-2016 report
Source: EDHEC-Risk Institute
Fidelity introduces risk-sharing fund fee in global overhaul [updated]
October 3, 2017--Fidelity International has introduced a variable management fee across its entire equity offering, which will see charges fall if funds underperform.
The group is to introduce a new range of share classes for equity funds with a reduced base annual management charge and a "variable management fee", also referred to as a "fulcrum fee", that is "symmetrically linked" to fund performance.
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Source: IP&E
First Crypto ETF is to Launch a pre-ICO before Embarking on a Full Coin Sale
October 3, 2017--First Crypto ETF is to launch a pre-ICO before embarking on a full coin sale. This is the first ETF in the crypto-currency world, with First Crypto ETF be buying 10 cryptocurrencies with high liquidity and daily trading volumes.
First Crypto ETF's portfolio will include Bitcoin, Ethereum and Litecoin as well as Zcash and Monero. Against this package, a token will be issued that can be traded on cryptocurrency exchanges worldwide.
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Source: coinidol.com
Invesco PowerShares lists preferred shares ETF in Europe
October 3, 2017--OCF of 0.50%
The ETF will be managed by Jeff Kernagis, senior portfolio manager at Invesco Powershares.
With dividends distributed quarterly, it will invest in a portfolio of US preferred shares, which although are technically equities, the shares have fixed dividends and behave more like bonds.
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Source: investmentweek.co.uk
Fidelity International reshapes cost model as active managers face rising pressure
October 3, 2017--Fidelity International, the £233.4bn asset manager, has radically overhauled its charging model by cutting ongoing fees and introducing a performance fee model, as active fund managers come under pressure to justify their charges.
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Source: FT.com
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
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