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BlackRock says to absorb research costs under new EU rules
September 14, 2017--BlackRock (BLK.N), the world's biggest asset manager, said on Thursday that it planned to absorb the costs of external research under new European Union rules due to go live in January 2018.
As part of the EU's Markets in Financial Instruments Directive II, or Mifid II, asset managers will have to agree a price for all research obtained from brokers.
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Source: FT.com
EDHEC-Risk Institute and AFG launch a digital outreach partnership on financial risk management as a source of performance
September 13, 2017--The French Asset Management Association (Association Française de la Gestion Financière, AFG) and EDHEC-Risk Institute have announced the creation of a new digital outreach initiative entitled "Financial Risk Management as a Source of Performance."
This partnership will aim to emphasise the importance of financial risk management as a main source of added-value in asset management, and to showcase the expertise of French asset managers in this area through a series of digital outreach projects.
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Source: EDHEC-Risk Institute
EU markets watchdog warns investors of market bubble threat
September 12, 2017--Rock-bottom interest rates and political uncertainty such as Brexit mean risks of an asset price bubble are at their highest, a European markets watchdog said on Tuesday, in an unusually strongly worded warning to investors.
In a report, the European Securities and Markets Authority (ESMA) cautioned that "market and credit risks were very high", pointing to the threat of contagion, or a spillover of problems to other parts of finance.
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Source: Reuters
Borsa Italiana: ETFstat August 2017
September 12, 2017--New Listing
2 new ETFs listed on ETFplus market
Now available 1231 instruments (787 ETFs, 313 ETCs/ETNs and 131 open-end funds)
AUM
The Asset Under Management (AUM) in Italy sets a new record: €63.95 billion (€57.42bn for ETFs, €6.31bn for ETCs/ETNs and €0.221bn for open-end funds) with a growth of 24% compared to August 2016
Trading
Total on-exchange value traded for ETFs, ETCs/ETNs and open-end funds was €6.8 billion (293.755 trades)
Open-end funds
Total on-exchange value traded YTD has increased to €146.42 million, vs €53.81 million YTD 2016
New RFQ functionality
Since its inception (Dec 2016), the functionality has helped our customers to trade almost €2,02 billion in ETFs
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Source: Borsa Italiana
Euro Area Securities Issues Statistics: July 2017
September 12, 2017--The annual growth rate of the outstanding amount of debt securities issued by euro area residents increased from 1.7% in June 2017 to 2.0% in July.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 0.8% in July 2017, compared with 0.7% in June.
Debt securities
New issuance of debt securities by euro area residents totalled EUR 629.9 billion in July 2017.
Redemptions amounted to EUR 592.9 billion and net issues to EUR 37.0 billion. The annual growth rate of outstanding debt securities issued by euro area residents increased from 1.7% in June 2017 to 2.0% in July.
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Source: ECB
LSE August 2017 ETF & ETP Monthly Report
September 12, 2017--Listings:
12 new ETFs were listed on LSE in August 2017, making a total of 89 new listings year-to-date.
There are now 923 ETFs (available as 1,402 lines through multi-currency offerings) and 451 other ETPs (available as 520 lines) on our London market.
First Trust launched the first active FX ETF in Europe on our market. The First Trust FactorFX UCITS ETF is an actively managed ETF with the aim of delivering total returns with lower correlations to broader equity and fixed income markets over the medium to long term, through its exposure to global currencies and related markets.
iShares launched 2 fixed income ETFs. iShares Global Corp Bond ETF USD Hedged and iShares $ Floating Rate Bond ETF EUR Hedged allow investors to access global and USD corporate bonds with currency hedging.
Xtrackers brought the db x-trackers MSCI World Index UCITS ETF GBP-hedged to London this month. The ETF provides investors with access to large and medium sized companies, across sectors.
Source listed an equity ETF. The Source MSCI Europe Ex-UK UCITS ETF measures equity market performance across European developed countries excluding the UK.
UBS were our most active issuer by number of new listings this month, bringing 7 equity ETFs to London. The UBS ETF MSCI USA Hedged GBP, UBS ETF MSCI EMU Hedged GBP and UBS ETF MSCI Japan Hedged GBP were listed in accumulating and distributing share classes. They provide sterling hedged exposures to US, European Monetary Union and Japanese equities, respectively. The UBS ETF Bloomberg Barclays US Liquid Corporate Interest Rate Hedged UCITS ETF aims to represent the performance of US liquid corporate debt, whilst hedging against underlying interest rate risk.
Trading Activity
Orderbook value traded for ETFs and other ETPs in August 2017 was £:7.7billion (192k trades), up by 3% compared to August 2016.
ETFs accounted for 86% of orderbook value traded and other ETPs (ETCs and ETNs) accounted for 14% in August 2017.
Orderbook value traded for ETFs and other ETPs YTD is £:62.3 billion (1.7m trades), down by 1% compared to 2016.
Total on-exchange value traded for ETFs and other ETPs in August 2017 was £:24.2 billion (289k trades), up by 1% compared to August 2016.
Total on-exchange value traded for ETFs and other ETPs YTD was £:212.3 billion (2.5m trades), up by 3% compared to 2016.
Reacting to North Korea’s missile launch, LSE’s ETP turnover hiked to £:652 million on 29th August, making it the 3rd largest day for ETP trading on LSE so far this year.
Political instability pushed LSE's ETP turnover to £:732 million on 11th August, making it our highest trading day so far this year.
view the LSE ETF & ETP August Update
Source: London Stock Exchange Group
Fund managers passing research costs to clients are 'taking a risk'
September 12, 2017--Analysts and observers anticipate pressure from clients over the minority of fund managers who have declined to absorb the cost of research
Numerous asset managers have now declared how they intend to treat research costs under new EU rules, but analysts have suggested those that pass on costs to investors could be at a disadvantage.
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Source: Financial News
Solactive announces the launch of the first Intuitive BetaTM Indices
September 12, 2017--The new Solactive Intuitive BetaTM Indices constructed around intuitive themes such as workforce efficiency, corporate longevity and value investing are being rolled out.
The Solactive Intuitive BetaTM is an innovative investment approach constituting the bedrock of a series of smart beta indices in which intuition, or gut feeling, takes a prominent role in defining the passive investment strategy.
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Source: Solactive AG
ESMA updates Q&A on MiFID II implementation
September 12, 2017--The European Securities and Markets Authority (ESMA) has published today updated Questions and Answers (Q&As) regarding the implementation of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The purpose of this document is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR in relation to market structure topics.
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Source: ESMA
ESMA sees valuation risk at highest levels due to financial weakness and geopolitical uncertainty
September 12, 2017--The European Securities and Markets Authority (ESMA)'s latest report on Trends' Risks and Vulnerabilities No. 2' 2017 (TRV) identifies high asset price valuations as the major risk for European financial markets in the second half of 2017.
The main risk drivers are uncertainties around geo-political developments, the resilience of economic growth as well as debt sustainability. Market and credit risks, as a result of geopolitical, growth and debt concerns, continued to be very high, while liquidity and contagion risks remained stable but high. The outlook on operational risk remains elevated but the outlook is now negative due to heightened concerns around cyber security.
view the ESMA Report on Trends, Risks and Vulnerabilities No.2 2017
Source: ESMA
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