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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
Ossiam hires product specialist for German-speaking countries
July 14, 2017--Ossiam, the smart beta specialist fund manager and affiliate of Natixis Global Asset Management (Natixis), has expanded its team with the appointment of Mirko Jungmann as product specialist for Austria, Switzerland and Germany.
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Source: .wealthadviser.co
DB-Synthetic Equity & Index Strategy-ETF Directory Europe
July 14, 2017--The DB-Synthetic Equity & Index Strategy-ETF Directory Europe Q2 2017 is available for viewing..
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Source: Deutsche Bank Markets Research-Europe-Synthetic Equity & Index Strategy
BlackRock launches floating rate bond ETF
July 13, 2017--BlackRock expanded its fixed income exchange traded fund (ETF) range with the launch of a floating rate bond fund, designed to protect investor portfolios against a rise in interest rates.
The iShares $ Floating Rate bond Ucits ETF (FLOT) provides exposure to US dollar denominated floating rate bonds.
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Source: investmenteurope.net
BMO launches trio of enhanced income ETFs
July 13, 2017--BMO Global Asset Management has launched what it claims to be the UKs first enhanced income exchange traded funds (ETFs) based on a covered calls strategy.
The strategies aim to generate income from selling call option contracts in addition to the dividend income received from the underlying stocks in the index.
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Source: citywireselector.com
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