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Monday Morning Memo: Review of the European ETF Market, June 2016
July 25, 2016--Opposite to the overall fund industry in Europe and despite the increased volatility prior to the "Brexit" voting in the United Kingdom, the promoters of exchange-traded funds (ETFs) enjoyed net inflows for June.
Nevertheless, the assets under management in the European ETF industry declined during June compared to May (€455.5 bn) to €453.6 bn
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Source: Lipper
ESMA issues warning on sale of speculative products to retail investors
July 25, 2016--The European Securities and Markets Authority (ESMA) has today issued a warning about the sale of contracts for differences (CFDs), binary options and other speculative products to retail investors who are unaware of the risks associated with these products, and also highlights the regulatory action taken in relation to several Cyprus-based investment firms.
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Source: ESMA
ESMA publishes updated Q&A on CFDs and other speculative products
July 25, 2016--The European Securities and Markets Authority (ESMA) has published today an updated version of its question and answer document (Q&A) on the application of the Markets in Financial Instruments Directive (MiFID) to the marketing and sale of financial contracts for difference (CFDs) and other speculative products to retail clients (such as binary options and rolling spot forex).
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Source: ESMA
Chart: One Reason a Brexit Makes Sense
July 22, 2016--The UK escapes a swath of troubled loans and fiscal problems.
The Chart of the Week is a weekly Visual Capitalist feature on Fridays.
Economic authorities and pundits have been vocal about the potential economic consequences of a Brexit.
The Bank of England said a "Leave" vote would increase unemployment, stoke inflation, slow economic growth, and prompt consumers and businesses to delay spending. The results would be recessionary.
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Source: visualcapitalist.com
European Commission-The Economic Outlook after the UK Referendum: A First Assessment for the Euro Area and the EU
July 22, 2016--The economic outlook after the UK referendum: Commission publishes a first assessment for the euro area and the EU.
view the The Economic Outlook after the UK Referendum: A First Assessment for the Euro Area and the EU
Source: European Commission
Sell-side to up fees amid rising MiFID II compliance costs
July 21, 2016--Buy-side expected to pay increased fees to the sell-side as costs of MiFID II compliance hits profit margins.
Buy-side traders could face higher fees from sell-side institutions as the costs of complying with European regulation MiFID II puts pressures on profit margins.
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Source: thetradenews.com
SIX Swiss Exchange-ETF Quarterly Statistics: 2nd quarter 2016
July 21, 2016--This report provides detailed figures regarding the performance of SIX Swiss Exchange's ETF segment.
In the second quarter of 2016, SIX Swiss Exchange recorded an ETF trading turnover of CHF 22.3 billion, which equates to an increase of 1.3 billion relative to the same quarter in the previous year. This was revealed today in the latest edition of ETF Quarterly Statistics[pdf]. There were 236'896 ETF transactions carried out during this period. The average transaction size was CHF 96'403, corresponding to a slight decline quarter-on-quarter. At the same time, the number of transactions below CHF 10'000 in the second quarter stood at 97'375.
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Source: SIX Swiss Exchange
Solactive launches UK Domestic Index
July 21, 2016--Solactive AG is releasing the Solactive UK Domestic Index, an index tracking UK listed companies whose revenues are primarily generated within the UK.
The index targets investors who are interested in the UK domestic market. The UK is the second largest market in Europe in terms of GDP and this index enables investors to focus on a basket of companies that are less dependent on international revenues.
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Source: Solactive AG
ESMA issues Public Statement on IFRS 15
July 20, 2016--The European Securities and Markets Authority (ESMA) has today published a Public Statement which aims to promote the consistent application of International Financial Reporting Standard (IFRS) 15, Revenue from Contracts with Customers, by issuers listed on regulated markets.
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Source: ESMA
Amsterdam's Flash Boys
July 20, 2016--A day in the life of a high frequency trader at market maker Flow Traders in the Netherlands, where a cent and a nanosecond make all the difference.
"Gosh, that was so close!" Gijs le Poole pushes his chair backwards and strokes through his non-existent hair. "Nothing I can do about that. We weren’t aggressive enough."
It is June 6, 2016, 11:47 am. A German bank wanted to buy 90,000 ETFs-exchange traded funds-worth €3.9 million. Another market maker offered a better price and scooped the deal.
Here, the price difference is one cent but sometimes it's two or three. But thanks to its high number of transactions, Dutch high-frequency trading firm Flow Traders makes a lot of money.
its systems running a daily average of 120.000 trades. On a normal day, Flow Traders makes €1 million of trading income..
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Source: Handelsblatt