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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
Investor pressure better than divestment to boost climate projects, pension fund says
July 20, 2016--Forcing investment funds to cut their ties with fossil-fuel projects is not the best way to stimulate investment in emissions-reducing initiatives, a senior board member of one of the UK's largest pension schemes told MLex.
Donald MacDonald, the trustee director of the BT Pension Scheme, said that a preferable alternative to imposing blanket...
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Source: mlexfs-core.com
State of emergency sends Turkish lira to fresh historic low
July 20, 2016--The Turkish lira fell to a fresh historic low of 3.0970 against the dollar early on Thursday after President Tayyip Erdogan declared a three-month state of emergency following a failed military coup.
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Source: AMEInfo.com
European Commission-A European Strategy for low-emission mobility
July 20, 2016--The global shift towards low-carbon, circular economy has started and its pace is accelerating.
To ensure Europe stays competitive and will be able to respond to the increasing mobility needs of people and goods, the Commission's low-emission mobility strategy sets clear and fair guiding principles to Member States to prepare for the future. The Energy Union strategy contributes to this goal.
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Source: European Commission
IMF-Emigration and Its Economic Impact on Eastern Europe
July 20, 2016--Summary: This paper analyses the impact of large and persistent emigration from Eastern European countries over the past 25 years on these countries' growth and income convergence to advanced Europe.
While emigration has likely benefited migrants themselves, the receiving countries and the EU as a whole, its impact on sending countries' economies has been largely negative. The analysis suggests that labor outflows, particularly of skilled workers, lowered productivity growth, pushed up wages, and slowed growth and income convergence. At the same time, while remittance inflows supported financial deepening, consumption and investment in some countries, they also reduced incentives to work and led to exchange rate appreciations, eroding competiveness. The departure of the young also added to the fiscal pressures of already aging populations in Eastern Europe. The paper concludes with policy recommendations for sending countries to mitigate the negative impact of emigration on their economies, and the EU-wide initiatives that could support these efforts.
view the IMF Emigration and its Economic Impact on Eastern Europe report
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Source: IMF
Morningstar-Europe ETF Market Q2 2016 Recap
July 20, 2016--Investors favour corporate bonds and gold amid uncertainty, but equity rebounds as European-domiciled ETFs gather EUR 8 billion.
Executive Summary
The European exchange-traded-fund market netted close to EUR 8 billion of new money in the second quarter of 2016. This represented a decline from the EUR 11 billion of net inflows registered in the first quarter.
Assets under management at the end of the second quarter amounted to EUR 482.4 billion, a 4.2% increase from EUR 462.9 billion at the end of the previous period.
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Source: Morningstar
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