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UK investors lose out with active funds
November 18, 2016--Fees levied by asset management industry weigh on returns compared with tracker funds.
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Source: FT.com
FCA-Asset management market study
November 18, 2016--Interim findings
The UK's asset management industry manages nearly £7tn of institutional and individual assets. Over three quarters of UK households with occupational or personal pensions use the services asset managers offer.
We found that price competition is weak in a number of areas of the industry. While the price of passive funds has fallen, active prices have remained stable. Despite a large number of firms operating in the market, the asset management industry has seen sustained, high profits over a number of years.
Investors are not always clear what the objectives of funds are, and fund performance is not always reported against an appropriate benchmark.
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Source: fca.org.uk
ESMA publishes MiFID II Q&As on transparency and market structure topics
November 18, 2016--The European Securities and Markets Authority (ESMA) has published two Questions and Answers (Q&A) documents regarding implementation issues relating to market structures and transparency topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
ESMA has published a new Q&A document on market structures which provides clarifications on the two...
view the Questions and Answers
On MiFID II and MiFIR market structures topics
Source: ESMA
Unscheduled adjustment in TecDAX
November 17, 2016--Adjustments to the free float and share class of AIXTRON SE to be replaced/ Changes to be effective as of 22 November 2016
On Thursday, Deutsche Börse announced an unscheduled change to TecDAX. As a result of the expected acquisition of AIXTRON SE by Grand Chip Investment GmbH, the tendered share line of AIXTRON SE (ISIN DE000A2BPYT0) in the index will be deleted and replaced with the prior AIXTRON SE share line (ISIN DE000A0WMPJ6).
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Source: Deutsche Börse
Norway: Staff Concluding Statement of an IMF Staff Visit
November 17, 2016--Recent Developments and Outlook
The economy is slowly recovering from the shock of low oil prices. After remaining largely flat last year, mainland GDP expanded at a slow pace in the first three quarters this year, aided by supportive monetary and fiscal policies.
Inflation remains above the 2.5 percent target, largely reflecting lagged effects of last year's krone depreciation on imported consumer goods prices, whereas wage growth is very modest. Unemployment is expected to peak this year- albeit still at a low level- and is mainly concentrated in oil-dependent regions as the economy continues to adjust to declining offshore demand. The krone has strengthened somewhat this year alongside the recovery in oil prices. House price inflation accelerated again recently, particularly in Oslo and surrounding areas, and household debt remains elevated at 224 percent of disposable income.
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Source: IMF
Sweden: Great Economic Performance but Mind the Debt
November 17, 2016--Swedish economy is in good shape
Rising portion of households with high debt is creating risks to economic stability
Large and regionally-interconnected banking system needs stronger supervision
The Swedish economy is in good health and growing robustly. Nevertheless, households are increasingly taking on large mortgage debts that might cause trouble, and the sheer size of the financial sector together with its central role in the region in itself calls for intensified supervision, says the IMF in its new economic and financial assessments.
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Source: IMF
IMF-United Kingdom: Fiscal Transparency Evaluation
November 16, 2016--Summary: Fiscal reporting covers the entire public sector and includes details of all stocks and flows. This places the UK at the forefront of fiscal reporting practices worldwide, as relatively few countries include the broader public sector within their reporting universe let alone provide full coverage of the public sector balance sheet.
The long delay in the publication of end of year financial statements is one area of weakness, but efforts are underway to address this.
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Source: IMF
Three new Lyxor ETFs on inflation-linked government bonds and Lyxor commodity ETF launched on Xetra
November 16, 2016--Four new exchange-listed index funds issued by Lyxor International Asset Management have been tradable on Xetra and Börse Frankfurt since Wednesday
The new Lyxor Commodities Thomson Reuters/CoreCommodity CRB EX-Agriculture TR UCITS ETF enables investors to participate in the performance of a commodity basket of industrial and precious metals and energy excluding agriculture and livestock.
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Source: Deutsche Börse Cash Market
EC-European Semester Autumn Package: Working for a stronger and more inclusive economic recovery
November 16, 2016--Commission sets EU's economic and social priorities for the year ahead, confirms the need to move towards a more positive fiscal stance for the euro area, and completes assessment of euro area Member States' Draft Budgetary Plans
The Commission today sets out its views on the EU's economic and social priorities for the year ahead, building on the guidance from President Juncker's 2016 State of the Union address and on the latest economic data from the Commission's Autumn 2016 Forecast. Today's package starts the 2017 cycle of economic governance, the so-called European Semester.
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Source: European Commission
New db X-trackers smart beta ETF on euro-zone companies tradable on Xetra
ETF tracks performance of low-volatility companies
November 15, 2016--A new db x-trackers ETF from the Deutsche Asset Management ETF product family has been available for trading on Xetra and Börse Frankfurt since Tuesday.
Name: db x-trackers MSCI EMU Minimum Volatility UCITS ETF (DR)
Asset class: equity index ETF
ISIN: IE00BDGN9Z19
Total expense ratio: 0.25 percent
Distribution policy: distributing
Benchmark: MSCI EMU Minimum Volatility (EUR) Index
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Source: Deutsche Börse Cash Market
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