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EBA issues recommendations for sound prudential regime for investment firms
December 14, 2015--The European Banking Authority (EBA) published today its report in response to the European Commission's call for advice on the suitability of certain aspects of the prudential regime for investment firms.
This report, done in consultation with the European Securities Market Authority (ESMA), presents the EBA's findings and lists a series of recommendations aiming to provide a more proportionate and less complex prudential regime for investment firms, based on appropriate risk sensitivity parameters.
view Report on Investment firms-response to the Commission's call for advice as of December 2014
Source: European Banking Authority (EBA)
EU rules demand transparent research fees
December 14, 2015--Asset managers will be forced to be transparent about how much of a client's money goes on buying broker research, under tough new European Union standards aimed at tackling conflicts of interest.
Draft plans from Brussels, seen by the Financial Times, would require asset managers to separate out how much they spend on research into companies from their fees for executing share trades.
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Source: FT.com
ESMA-Report on investment firms
December 14, 2015--The European Securities and Market Authority (ESMA) has cooperated with the European Banking Authority (EBA) in the development of an EBA report on investment firms.
This report is issued in response to a call for advice by the European Commission on the prudential requirements applicable to investment firms addressed to EBA in December 2014.
view the Report on investment firms
Source: ESMA
Irish regulator launches fund fee probe
December 13, 2015--The largest ever investigation in Europe into the fees asset managers charge investors will begin next year amid widespread accusations of overcharging within the fund management industry.
The financial watchdog in Ireland, which oversees more than 6,000 funds, including 3,725 mutual funds, is to examine whether the investment products offer "value for money".
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Source: FT.com
IMF-United Kingdom-2015 Article IV Consultation Concluding Statement of the Mission
December 11, 2015--Outlook and Risks
1. The UK's recent economic performance has been strong, and considerable progress has been achieved in addressing underlying vulnerabilities. Growth has exceeded that of the other major advanced economies, the unemployment rate has fallen substantially, employment has reached an historic high, the fiscal deficit has been reduced, and financial sector resilience has increased.
2. Steady growth looks likely to continue over the next few years, and inflation should gradually return to target. After a period of robust private domestic demand-driven growth, matched by steady increases in employment, the economy now looks to be running near capacity. Investment has contributed to domestic demand growth, and recent increases in productivity give cause for cautious optimism about growth in real incomes. As labor market slack is used up, the mission expects growth to slow slightly in 2016 and to average around 2¼ percent over the medium term. Inflation is expected to revert to target gradually, as effects from commodity price falls and sterling appreciation dissipate and wages increase.
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Source: IMF
Winthrop-Investment Perspective - Eurozone 2016 Economic & Capital Market Outlook
December 11, 2015--Six years after the financial crisis, the Eurozone continues to face major challenges in restoring economic growth. Our
investment thesis has been that the structural problems facing the European Union are real impediments to sustained
economic growth and until they are addressed, sustained growth is elusive.
While that does not mean that there are
not investment opportunities in Europe, it does mean that as one of three major capital markets in the world, investors need to be careful. For 2016 we expect lower oil prices and quantitative easing will help support GDP growth. In spite of the improvement in our near term outlook, we expect economic growth will still be limited to 1.5% on average through 2018.
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Source: Winthrop Capital Management
Draft implementing technical standards under MiFID II
December 11, 2015--Summary
The European Securities and Markets Authority (ESMA) is required by Directive 2014/65/EU and Regulation (EU) No 600/2014 (MiFID II and MiFIR) to develop a multitude of Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS).
With this report ESMA publishes its final proposals for a total of 8 draft technical standards.
view the Final Report
Draft implementing technical standards under MiFID II
Source: ESMA
Counting the cost of EU regulation for commodity firms
December 11, 2015--European officials may back a one-year delay to January 2018 for introducing landmark reform of EU financial markets.
The European Commission said a delay is needed as regulators are not ready for an original January 2017 start for the Markets in Financial Instruments Directive (MiFID II).
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Source: Reuters
Vanguard moves into smart beta with actively managed factor ETFs
December 10, 2015--Vanguard, the world's second largest exchange-traded fund provider, has expanded its low-cost ETF range with the launch of its first active ETFs on the London Stock Exchange.
The funds are designed to provide broad, globally diversified equity exposure with tilts to investment factors including value, momentum, volatility and liquidity.
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Source: etfstrategy.co.uk
DB-Synthetic Equity & Index Strategy-Europe-European Monthly-ETF Market Review
Strong Equity Inflows where Foreign
Equities Benefit
Data in this report is as of 30th November 2015
December 10, 2015--European ETP Highlights
As of the end of November 2015, Global ETPs assets stood at $2.9 trillion with European ETP assets at $505bn (€478bn). European ETPs continued its positive trend and ended the month with net inflows of +€3.1bn in November (+€6.2bn in the prev. month and +€65bn YTD). Equity ETFs led the charge with notable inflows of +€2.5bn followed by Fixed Income ETFs (+€0.5bn) and Commodity ETPs (+€0.2bn). Global ETPs flows totalled +$25.7bn for November taking YTD total to over +$300bn.
This was led by US ETPs recording +$26bn in monthly inflows with YTD flows nearing +$200bn.
November saw significant number of new launches and 2 new providers
During November, European ETP market welcomed 48 new launches and 2 new Providers (BMO Global Asset Management and Sun Global Investments). The majority of the new launches were by ETF Securities (24 launches) introducing leveraged products on commodities and currencies.
US, Japan and Global focused ETFs benefitted from inflows, Broad European equities experienced net outflows
Majority of the inflows into equity ETFs in Europe were channeled into equities outside of Europe. US equities in particular were favoured by European investors where we observed inflows of +€0.6bn during November. Japan equities and global benchmarks such as MSCI World also benefitted. Our analysis suggests that both segments received net inflows of +€0.4bn each. However, in November, the broad European equities segment had a reversal where we observed monthly outflows of -€0.3bn.
Real Estate and Dividend ETFs drew interest in November
Sector wise, during November, we found that European investors showed interest in real estate (+€0.4bn) and dividend ETFs (+€0.3bn). The low interest rates environment has lead investors into higher-yielding products such as dividend ETFs which has accumulated +€2bn YTD.
Corporate Bonds registered inflows while Sovereign lags
Within fixed income, corporate bonds led the flows attracting +€1.7bn over the last month (+€13.1bn YTD) while sovereign bonds reversed the previous month’s trend and recorded outflows of -€1.3bn in November (+€2bn in October & +€8.7bn YTD).
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Source: Deutsche Bank Markets Research-Europe-Synthetic Equity & Index Strategy
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