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ESMA issues financial markets risk dashboard for third quarter of 2014
November 14, 2014--The European Securities and Markets Authority (ESMA) has today published its Risk dashboard for the third quarter of 2014. ESMA's Risk Dashboard assess the risks associated to European financial markets looking into liquidity, market, contagion and credit risks.
The Dashboard finds that in 3Q14 EU systemic stress indicators increased, after experiencing a calm 2Q14. Contagion risk augmented and liquidity and market risk remained on high levels, with potential for further increases ahead. Credit risk receded though remaining at a high level. Overall, market sentiment continued to be at odds with sluggish economic fundamentals and guarded expectations.
view the ESMA Risk Dashboard No.4
Source: ESMA
New SPDR bond index ETF launched on Xetra
ETF tracks government bonds from emerging markets
November 14, 2014--A new bond index fund from the ETF offering issued by SPDR (State Street Global Advisors) has been tradable in the XTF segment on Xetra since Friday.
ETF name: SPDR BofA Merrill Lynch 0-5 Year EM USD Government Bond UCITS ETF
Asset class: government bonds
ISIN: IE00BP46NG52
Total expense ratio: 0.42 percent
Distribution policy: distributing
Benchmark: BofA Merrill Lynch 0-5 Year EM USD Government Bond ex-144a Index
The SPDR BofA Merrill Lynch 0-5 Year EM USD Government Bond UCITS ETF enables investors to participate in the performance of USD-denominated government bonds with short maturities from emerging market countries.
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Source: Xetra
Turning down the heat on dealing commission
November 14, 2014-- As the FT reported earlier this week, ESMA is set to step back from imposing a much contested overhaul of dealing commission.
The scrutiny of commissions has been a major concern for the buy-side, in particular ESMA’s proposals to classify all but the most generally available investment research as a non-monetary benefit. This effectively implies the 'unbundling' of research from dealing commission arrangements on an EU-wide basis. Just last week Steven Maijoor used his speech on MiFID II to relay that ESMA was "carefully considering the concerns expressed by stakeholders", following strong warnings from market participants about the EU losing out in the global marketplace.
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Source: Fidessa
Euro zone grows faster than expected in third quarter
November 14, 2014--Euro zone economic growth was stronger than expected in the third quarter, preliminary data showed on Friday, as France beat market expectations and Germany steered clear of a recession.
A preliminary estimate by the European Union's statistics office Eurostat showed that the economy of the 18 countries sharing the euro expanded 0.2 percent quarter-on-quarter in the July-September period after a 0.1 percent rise in the previous three months.
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Source: Reuters
ECB's Noyer: 'no problem' buying govt bonds if needed
November 13, 2014--European Central Bank Governing Council member Christian Noyer said he saw no problem with buying government bonds if interest rates rose or if the European economy suffered new shocks that derailed inflation forecasts.
"I would see no problem if the ECB bought other assets and, if needed, government bonds if, for example, rates rose because of a tightening of monetary policy in the United States in 2015," he told French business daily Les Echos in an interview due to be published on Friday
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Source: Reuters
UBS GAM launches 0.09% US equity tracker
November 12, 2014--UBS Global Asset Management has launched a US equity tracker with an ongoing charge figure (OCF) of 9bps to compete with established product providers.
The launch of the physically replicated UBS S&P 500 Index fund for retail clients follows a soft-launch for UBS wealth management clients in September.
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Source: Investmentweek.co.uk
Russian central bank cuts growth forecasts, sees sanctions until 2017
November 10, 2014--Russia faces the prospect of three more years of sanctions and stagnation, the central bank said on Monday, honing its tactics to defend the rouble from the fallout of President Vladimir Putin's Ukraine policies and dependence on oil revenue.
In its annual monetary policy strategy document, the bank's base scenario expected just 0.3 percent economic growth in 2014, zero growth in 2015, and 0.1 percent growth in 2016, with only a modest revival, to 1.6 percent, in 2017. It had earlier forecast 0.4 percent this year, 1 percent next year and 1.9 in 2016.
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Source: Reuters
ESMA consults on revised EMIR standards on the reporting to trade repositories
November 10, 2014--The European Securities and Markets Authority (ESMA) has today published a consultation paper on the revision of the Regulatory Technical Standards (RTS) and implementing technical standards (ITS) in relation to the European Market Infrastructure Regulation (EMIR).
The ESMA RTS/ ITS deal with the obligation of counterparties' and CCP's to report to trade repositories. Since the entry into force of the RTS and ITS, ESMA has worked on ensuring their consistent application. The practical implementation of EMIR reporting showed some shortcomings and highlighted particular instances for improvements so that the EMIR reports better fulfil their objectives.
view the ESMA Consultation Paper-Review of the technical standards on reporting under Article 9 of EMIR
Source: ESMA
ETFGI's research finds ETFs/ETPs listed in Europe gathered 8.7 billion US dollars in net new assets in October 2014 and a record 56.2 billion US dollars in NNA year-to-date
November 10, 2014-ETFGI's research finds ETFs/ETPs listed in Europe gathered US$8.7 Bn in net new assets (NNA) in October 2014 and a record US$56.2 Bn in NNA year-to-date, which surpasses any full year NNA for the European-listed ETF/ETP industry.
At the end of October 2014 the European ETF/ETP industry had 2,111 ETFs/ETPs, with 6,323 listings, assets of US$459 Bn, from 51 providers listed on 26 exchanges, according to preliminary data from ETFGI’s end October 2014 Global ETF and ETP industry insights report.
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Source: ETFGI
Passive investment set to double by end of decade
November 10, 2014--Passive investment across European pension schemes will double by the end of the decade, according to Create Research.
The alpha behind alpha: rebooting the pension business models report stated the number of funds choosing a passive investment approach is currently 20 per cent; however it is expected to reach 40 per cent by 2020, moving from the periphery to the mainstream.
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Source: Europeanpensions.net
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