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ESMA provides interim transparency calculations for MiFID II
July 3, 2017--The European Securities and Markets Authority (ESMA) has issued today an opinion with interim transparency calculations for non-equity instruments in relation to the implementation of the Markets in Financial Instruments Directive/Markets in Financial Instruments Regulation (MiFID II).
These calculations specify the transparency regime applicable to trading in secondary markets from 3 January 2018, when MiFID II will enter into force.
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Source: ESMA
ESMA sees continued decline in number of prospectus approvals
July 3, 2017--The European Securities and Markets Authority (ESMA), in its annual report on prospectus activity, has found that the number of prospectus approvals across the European Economic Area (EEA) fell by around 8.5% from 2015 to 2016, continuing the overall decreasing trend seen since the start of the financial crisis.
From the prospectuses approved, 40% were in the form of base prospectuses and 91% were drawn up as single documents as opposed to tripartite prospectuses.
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Source: ESMA
Eurex plans Q4 launch for electronic RFQ service
July 3, 2017--Eurex plans to launch a new electronic price discovery service during the fourth quarter for derivatives trading, enabling clients that arrange large blocks off-exchange to comply with best execution and transparency requirements under MiFID II.
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Source: Reuters
Turnover at Deutsche Borse's cash markets at 127.4 billion euros in June
July 3, 2017-- Order book turnover on Deutsche Börse cash markets totalled €127.4 billion in June (June 2016: €134.9 billion). Of the €127.4 billion, €116.9 billion were attributable to Xetra (June 2016: €123.9 billion).
A turnover of €3.7 billion was attributable to Börse Frankfurt (June 2016: €4.2 billion). Order book turnover on Tradegate Exchange totalled approximately €6.9 billion in June (June 2016: €6.8 billion).
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Source: Deutsche Börse Cash Market
Lyxor launches low cost smart beta income ETFs
July 3, 2017--Paris-headquartered Lyxor has launched a pair of smart beta income ETFs-the Lyxor FTSE UK Quality Low Vol Dividend (DR) Ucits ETF and the Lyxor FTSE US Quality Low Vol Dividend (DR) Ucits ETF -with a total expense ratio of 0.19%.
Lyxor claims to have lowest cost on smart beta ETFs in Europe.
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Source: investmenteurope.net
Anger builds over UK's 109bn pound closet-tracking scandal
July 2, 2017--Investors charged high fees for products that hug the index closely
The UK financial regulator has come under heavy criticism for failing to take action against asset managers that overcharged investors by selling expensive funds that promise stockpicking expertise but in reality mirror an index.
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Source: FT.com
Retail investors pay higher fund fees than large institutions
July 1, 2017--Asset managers make much higher margins from their small customers
Retail investors pay fees that are three times higher than those incurred by large institutions for comparable asset management services, according to the Financial Conduct Authority.
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Source: FT.com
ESMA provides market size calculations for MiFID II ancillary test
June 30, 2017--The European Securities and Markets Authority (ESMA) has issued an opinion helping market participants to assess whether their activities in commodity derivatives can be considered as ancillary to their main business.
Under the revised Markets in Financial Instruments Directive (MiFID II) market participants are required to measure their own activity against total market sizes in commodity derivatives.
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Source: ESMA
S&P Dow Jones Indices Europe Dashboard
June 30, 2017--In what proved to be a challenging month across the board for European markets, the S&P Europe 350(R) posted its biggest monthly decline since the U.K. voted to leave the European Union.
U.K. equities compose roughly a quarter of the S&P Europe 350; they contributed over a third to the benchmark's losses this month.
Volatility expectations increased, with the Vstoxx(R) Index climbing from 14.55 to 17.25.
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Source: mondovisione.com
EU unveils plans for pan-European pension
June 29, 2017--The European Commission has set out plans to create a 'simple and cost effective' pan-European personal pension product (PEPP)-in effect, a cross-state voluntary personal pension scheme.
The Commission said the PEPP was designed to give savers more choice when they were putting money aside for old age, and aimed to provide them with more competitive products.
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Source: professionaladviser.com
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