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ESMA consults on product governance guidelines to safeguard investors
October 5, 2016--The European Securities and Markets Authority (ESMA) has opened a consultation on product governance guidelines under the Markets in Financial Instruments Directive (MiFID II) regarding the target market assessment by manufacturers and distributors of financial products.
The requirements on product governance were introduced under MiFID II to enhance investor protection by regulating all stages of the life-cycle of products or services in order to ensure that firms which manufacture and distribute financial instruments and structured deposits act in the...
view the Consultation Paper on Draft guidelines on MiFID II product governance requirements
Source: ESMA
Source and Rothschild team up for ETF launch
October 4, 2016--Source and Rothschild have teamed up to launch a low volatility US exchanged traded fund (ETF).
Source RBIS Equal Risk Equity US Ucits ETF has been launched through Rothschild & Co Group Risk-Based Investment Solutions.
The fund targets a broad US equity exposure with lower volatility, tracking 25o US stocks with the lowest risk based on their volatility.
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Source: citywire.co.uk
Eurex monthly report
October 4, 2016--Investment behaviour of the buy side shapes the product offering of exchanges
Eurex MSCI segment reaches 1 million contracts of open interest
The investment behaviour of the buy side is undergoing structural changes. Passive products like Exchange Traded Funds (ETF) are gaining momentum.
This changes the investment behaviour on the derivatives markets and increasingly shapes the product offering of exchanges.
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Source: Eurex
Turnover at Deutsche Borse's cash markets at 109.1 billion euros in September
September 4, 2016--Order book turnover on Xetra, Börse Frankfurt and Tradegate Exchange across all asset classes stood at €109.1 billion in September (September 2015: €142.3 billion).
Of the €109.1 billion, €100.8 billion were attributable to Xetra (September 2015: €133.9 billion). The average daily turnover on Xetra stood at €4.6 billion in September (September 2015: €6.1 billion).
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Source: Deutsche Börse
ESMA reports on shadow banking, leverage and pro-cyclicality
October 4, 2016--The European Securities and Markets Authority (ESMA) has issued today a report on securities financing transactions (SFTs), leverage and pro-cyclicality in the EU's financial markets
ESMA's report assesses whether the use of SFTs leads to the build-up of leverage which is not yet addressed by existing regulation, how to tackle such build-up, and whether there is a need to take further measures to reduce its pro-cyclicality.
view the ESMA Report on securities financing transactions and leverage in the EU
Source: ESMA
ESMA issues Q&As on the implementation of the double volume cap under MiFID II
October 3, 2016--The European Securities and Markets Authority (ESMA) has issued today a Question and Answers (Q&A) document regarding the implementation of the double volume cap under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
MiFID II introduces a so-called "double" volume cap mechanism which limits the use of reference price waivers and negotiated price waivers under the new transparency regime of MIFID II.
view the Questions and Answers On MiFID II and MiFIR transparency topics
Source: ESMA
ESMA consults on consolidated tape for non-equity products
October 3, 2016--The European Securities and Markets Authority (ESMA) has issued today a consultation paper on its draft regulatory technical standards (RTS) regarding the creation of a consolidated tape for non-equity instruments which is required under the Markets in Financial Instruments Directive (MiFID II).
The new MiFID II framework, which covers equity-like and non-equity instruments traded on trading venues, introduces provisions for establishing a central source of post-trade prices or consolidated tape.
view the consultation paper
Source: ESMA
Complex ETFs taking ground from active managers
October 3, 2016--Investors are increasingly viewing low-cost smart beta ETFs as an alternative to more costly actively managed funds, according to a survey by Brown Brothers Harriman.
Almost half-49%-of the 180 European investors surveyed thought these vehicles could replace actively managed funds, with just 21% disagreeing. The rest gave no opinion.
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Source: Financial News
Concerns Rise Over Asset Safety
October 3, 2016--SIX Securities Services, which operates Switzerland's financial market infrastructure, published research last week which found that two-thirds of financial institutions are concerned that agent banks have both custody and investment business lines.
"An inability to separate these two business activities introduce a potentially high level of risk with regard to asset safety," added SIX.
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Source: marketsmedia.com
Chart: The Aftermath of the Brexit Vote
September 30, 2016--It's been 3 months, and no signs of doom or gloom.
The Chart of the Week is a weekly Visual Capitalist feature on Fridays.
For the first half of the year, we were warned early and often by authorities that the Brexit vote could be a calamity for the ages.
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Source: visualcapitalist.com