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IPE-Briefing: MiFID II-The birth of a market
July 10, 2017--As MiFID II comes into effect, asset managers and brokers must negotiate a price for sell-side investment research
Key points
MiFID II will force asset managers to pay for research.
Pricing negotiations with brokerage firms have been difficult at times.
Price discovery for fixed income research is delayed.
The way research is produced and consumed will change.
Preparations for the European Union's revised Markets in Financial Instruments Directive (MiFID II) are not going smoothly. The industry is struggling to meet one key requirement-the unbundling of investment research and transaction costs.
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Source: IP&E
Monday Morning Memo: Is there a consolidation ahead in the European ETF market?
July 10, 2017--While looking at the comments of market observers on the European ETF industry, one often comes across articles predicting wider consolidation in the European ETF market.
Even though these articles have been around for years, there has been no concurrent general consolidation taking place in the European ETF industry. While some ETFs were closed and some ETF promoters were bought by others, in general consolidation would mean there would be fewer promoters or ETFs afterward.
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Source: Detlef Glow, Head of EMEA Research-Thomson Reuters Lipper
Robots enter investment banks' trading floors
July 2017--Robots are transferring on to the trading floors of investment banks. UBS this week showcased how two synthetic intelligence techniques will help merchants carry out higher on the Swiss financial institution's futuristic new City of London workplace.
Many of the world's largest banks have for years been automating handbook, repetitive duties executed by help employees to save cash.
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Source: forexrepository.com
IMF Country Report-Russian Federation: Selected Issues
July 10, 2017--RUSSIA's NON-COMMODITY EXPORTS: WHY THE MUTED RESPONSE TO THE RECENT DEVALUATION?1
Introduction and Summary
1. An often-cited silver lining of lower commodity prices is the ensuing real depreciation and
potential to unwind the Dutch disease that commodity exporters experienced during the preceding
commodity booms.
While there is anecdotal evidence supporting the recovery of select tradable
sectors in Russia, it has yet to manifest itself in a meaningful way in macro-level data.
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Source: IMF
Lyxor Insights-Hawks everywhere you look
July 10, 2017--There was a prompt
u-turn in sentiment last week as the
prospect of global monetary normalisation took centre stage
Having happily contemplated reassuringly
weak inflation prints for a number of
weeks, investors were perturbed by more hawkish updates from the Fed and the ECB. Minutes from both meetings suggest balance sheet reduction and QE tapering threaten the status quo.
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Source: Lyxor
ESMA updates Q&A on MiFID II implementation
July 7, 2017--The European Securities and Markets Authority (ESMA) has today updated its Question and Answers (Q&As) regarding the implementation of the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The purpose of these Q&As is to promote common supervisory approaches and practices in the application of MiFID II. It provides responses to questions posed by the general public and market participants in relation to the practical application of MiFID II and MiFIR on:
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Source: ESMA
ESMA consults on the evaluation of the short-selling regulation
July 7, 2017--The European Securities and Markets Authority (ESMA) issues today a public consultation regarding its future technical advice to the European Commission (EC) on the Short-Selling Regulation (SSR).
ESMA publishes this consultation paper to seek the views of market participants on the three main elements of its advice to the EC:
the scope and functioning of the exemption for market making activities;
the procedure for imposing a short term ban on short-...
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Source: ESMA
IMF Country report-Germany: Selected Issues
July 7, 2017--THE PROFITABILITY OF GERMAN FIRMS: LOCATION VERSUS OWNERSHIP1
Over the past two decades, German
firms have expanded their production outside of Germany through mergers and acquisitions as well as greenfield investments.
Most of this foreign direct investment has taken place in Europe, including through the building of supply chains in Central Eastern and Southeastern Europe. In the context of a relatively lackluster domestic investment, persistently large corporate savings, as
well as only moderate wage growth despite a positive output gap at the current juncture, this paper addresses three simple questions: Have
foreign activities in the rest of Europe been more profitable than domestic activities? Does this
difference depend on the economic sector? Has the difference changed over the past ten years?
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Source: IMF
FCA publishes final rules to make those in the banking sector more accountable
July 7, 2017--The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have today published the final rules confirming the approach to improving individual accountability in the banking sector.
The final rules cover the Senior Managers Regime; the Certification Regime; and new Conduct Rules.
Today's publication follows joint FCA-PRA final rules on variable remuneration (e.g. bonuses) in banks, building societies, and PRA-designated investment firms, which were released in June.
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Source: fca.org.uk
db x-trackers Spanish Equity UCITS ETF (DR) launched on Xetra
July 7, 2017--ETF provides access to largest Spanish stock corporations in "distributing" and "accumulating" form
Two new equity index ETFs issued by Deutsche Asset Management have been
tradable via Xetra and Börse Frankfurt since Friday. The new ETFs enable
investors to participate in the performance of large Spanish stock
corporations. The reference index comprises 40 companies from the 60 most
frequently traded equities, selected for being the highest valued on the basis
of free float market capitalisation.
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Source: Deutsche Börse Cash Market
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