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Brexit: Leaving the EU threatens fund passport
July 3, 2016--Britain's historic vote to leave the EU threatens to disrupt fund sales by UK managers across Europe, curtailing future asset growth and damaging profits.
Some lawyers and analysts fear that the City will be damaged by the loss of "passporting" privileges that allow UK financial institutions to access the EU single market without restrictions.
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Source: FT.com
Eurex: Trading statistics June 2016
Highest monthly trading volumes in 2016
July 1, 2016--In June 2016, the international derivatives market Eurex, part of Deutsche Börse Group, recorded an average daily volume of 9.4 million contracts (June 2015: 8.6 million), an increase of around 10 percent.
In total, 207.7 million contracts were traded at Eurex in June. On 14 June, daily volume recorded an annual high with more than 17 million contracts.
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Source: Eurex
Turnover at Deutsche Boerse's cash markets at 134.9 billion euros in June
July 1, 2016--Order book turnover on Xetra, Börse Frankfurt and Tradegate Exchange across all asset classes stood at €134.9 billion in June (June 2015: €149.3 billion).
Of the €134.9 billion, €123.9 billion were attributable to Xetra (June 2015: €140.1 billion). The average daily turnover on Xetra stood at €5.6 billion in June (June 2015: €6.4 billion).
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Source: Deutsche Börse Cash Market:
The Spanish Stock Exchange traded euro65.8 bn. in June, up 36.2% from May. The number of trades grows 51%
July 1, 2016--MONTHLY TRADING STATEMENTS FOR BME MARKETS
The equity trading volume in the first six months of the year totaled €389.7 billion
The number of trades in June reached 6 million, up 51% from May and up 10.7% from the same month a year earlier
On 24 June the number of trades recorded was the second highest in the history of the stock market
In June trading in Index Futures increased 36.1% year-on-year
In June new issues on the Corporate Debt market reached €15.7, up 60.3% from the same period a year earlier.
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Source: Bolsas y Mercados Españoles (BME)
Draft EU Budget 2017: Commission proposes a budget focused on priorities -growth, jobs and a solid response to the refugee crisis
June 30, 2016--Draft EU Budget 2017: Commission proposes a budget focused on priorities-growth, jobs and a solid response to the refugee crisis
The Commission has today proposed the 2017 draft EU Budget of €134.9 billion in payments focusing on the two main policy priorities for Europe: supporting the ongoing recovery of the European economy and addressing the security and humanitarian challenges in our neighbourhood. Increased funding will go to investments in growth, jobs and competitiveness in the European Union as well as to securing the necessary resources to protect the external borders of the EU, to reinforce security inside and outside the Union, to provide support for the reception and integration of refugees, and to address the root causes of migration in the countries of origin and transit.
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Source: Europa
ESMA identifies scope for greater EU harmonisation in prospectuses approval
June 30, 2016--The European Securities and Markets Authority (ESMA) has today published a peer review on the efficiency and effectiveness of European Union (EU) national securities markets regulators' approval of prospectuses, the disclosure documents prepared by issuers when they want to market their securities to EU investors.
Overall, ESMA found that, while national regulators were in general sufficiently resourced and approved prospectuses within legal deadlines, there were differences in national practices which would benefit from greater convergence.
view the Peer Review Report on Prospectus Approval Process
Source: ESMA
Amundi details post Brexit situation
June 30, 2016--Vincent Mortier, Deputy CIO, Global Head of Multi-Asset Amundi and Pascal Blanqué, CIO, Global Head of Institutional Division Amundi have issued a joint statement on the situation post Brexit.
They write that a few days after the surprise vote in the UK, uncertainty remains high and that they believe it won't ease anytime soon given the complexity of the subjects to be dealt with.
Policy paper: Post implementation review of the UK's implementation of the UCITS IV Directive
June 30, 2016--This post implementation review sets out the government's views on the effectiveness of the UK's transposition of the Recast Undertakings for Collective Investments in Transferable Securities (UCITS IV) Directive 2009/65/EC.
It explores the extent to which the regulation is achieving its objectives, the impacts that have resulted from the regulation and whether there have been any unintended consequences.
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Source: HM Treasury
Infographic-Brexit Fever Spreads: Austria and Holland are Next Up to Leave EU
June 30, 2016--Europe's got a fever,and the only prescription is...more referendums.
Eurasia Group, a geopolitical risk consultancy, shared this map today after analyzing EU countries for the potential of further Brexit-like events:
view infographic
Source: visualcapitalist.com
IMF-Germany:Financial Sector Assessment Program-Fund Management: Regulation, Supervision and Systemic Risk Monitoring-Technical Notes
June 29, 2016--Summary: The sector is the third-largest in Europe, as measured by all managed assets, and comprises a broad range of management companies and funds. Full account is taken of the requirements set out in EU legislation and the standards and principles developed by IOSCO, with some adjustments to reflect the specificities of the German market and priorities of the main supervisor of the sector, BaFin.
Bafin is seen as a well-respected and authoritative body which understands the asset management industry well and supervises it in a firm but fair manner. BaFin is sufficiently well-resourced that it can maintain close contact with asset managers and depositaries. This contact could be intensified even further through a program of more frequent on-site inspections.
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Source: IMF
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