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ESMA issues good practices for structured retail product governance
MArch 27, 2014--The European Securities and Markets Authority (ESMA) has published an opinion on structured retail products, setting out good practices for firms when manufacturing and distributing these products.
These good practices that product providers could put in place to improve their ability to deliver on investor protection in particular focus on:
the complexity of the structured retail products they manufacture and distribute;
the nature and range of investment services and activities undertaken in the course of business; and
the type of investors they target.
ESMA expects national competent authorities to embed these good practices in their supervisory approaches to structured retail product providers.
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Source: ESMA
European Demand for U.S. Options Continues to be Strong with Usage Growing More Diversified, New Study Finds
March 27, 2014--The study, "Shifting Demand in a Changing Market Landscape", conducted by TABB Group and commissioned by OIC found European investors continue to be interested in using U.S. options while becoming more sophisticated.
The Options Industry Council (OIC) today presented the results of the study, "Shifting Demand in a Changing Market Landscape," conducted by TABB Group and commissioned by OIC. The study found European investors continue to be interested in using U.S. options while becoming more sophisticated, shown by an expansion in the use of directional and volatility strategies. There is also a greater use of sector ETFs and options on single stocks.
view the European Trading of US Listed Options 2014: Shifting Demand in a Changing Market Landscape
Source: OIC
Investment trust charges under spotlight
March 27, 2014--Investment trusts, long considered the preserve of hobbyist investors, are rising in popularity - but experts believe their "complex" charges still need to be overhauled if they are to compete in the new regulatory environment.
Although trusts predate open-ended funds- unit trusts and open-ended investment companies (oeics)- the latter have for many years been more popular with investors. Retail assets under management within over 2,000 open-ended funds total £757bn, according to the Investment Management Association. The 400 or so investment trusts manage around £112bn.
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Source: FT.com
ESMA publishes Q&A on the application of the AIFMD
March 27, 2014--The European Securities and Markets Authority (ESMA) has published a Q&A on the application of the AIFMD.
Reference 2014/296
view ESMA Q&A Application of the AIFMD
Source: ESMA
Russian Economic Report 31: Confidence Crisis Exposes Economic Weakness
March 26, 2014--Russia's economy is navigating an economic downturn with real GDP growth slowing to an estimated 1.3 percent in 2013 from 3.4 percent of 2012. The lack of more comprehensive structural reforms has led to the erosion in businesses' and consumers' confidence, which became the decisive factor for the downward revision of the World Bank's November growth projections for Russia, says the World Bank's Russian Economic Report №31 launched today in Moscow.
In the past, the lack of comprehensive structural reforms was masked by a growth model based on large investment projects, continued increases in public wages, and transfers- all fueled by sizeable oil revenues. Recent events around the Crimea crisis have compounded the lingering confidence problem into a confidence crisis and more clearly exposed the economic weakness of this growth model.
view the World Bank's Russian Economic Report No.31
view the infographic-Confidence Crisis Exposes Economic Weakness in Russia
Source: World Bank
Russian Economic Report 31: Confidence Crisis Exposes Economic Weakness
March 26, 2014--Russia's economy is navigating an economic downturn with real GDP growth slowing to an estimated 1.3 percent in 2013 from 3.4 percent of 2012. The lack of more comprehensive structural reforms has led to the erosion in businesses' and consumers' confidence, which became the decisive factor for the downward revision of the World Bank's November growth projections for Russia, says the World Bank's Russian Economic Report №31 launched today in Moscow.
In the past, the lack of comprehensive structural reforms was masked by a growth model based on large investment projects, continued increases in public wages, and transfers- all fueled by sizeable oil revenues. Recent events around the Crimea crisis have compounded the lingering confidence problem into a confidence crisis and more clearly exposed the economic weakness of this growth model.
view the World Bank's Russian Economic Report No.31
view the infographic-Confidence Crisis Exposes Economic Weakness in Russia
Source: World Bank
SPDR EURO STOXX Low Volatility ETF launched on Xetra
ETFs based on euro-zone stock corporations with low volatility
March 25, 2014--A new equity index fund from the ETF offering issued by SPDR (State Street Global Advisors) has been tradable in the XTF segment on Xetra since Tuesday.
ETF name: SPDR EURO STOXX Low Volatility UCITS ETF
Asset class: equity index ETF
ISIN: IE00BFTWP510
Total expense ratio: 0.30 percent
Distribution policy: non-distributing
Benchmark: EURO STOXX Low Risk Weighted 100 Index
The SPDR EURO STOXX Low Volatility UCITS ETF tracks the performance of 100 stock corporations with a history of low volatility.
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Source: Xetra
EDHEC-Risk's annual European ETF Survey highlights
March 21, 2014--ETF investors' positive outlook
EDHEC-Risk Institute has announced the results of the EDHEC European ETF Survey 2013, a comprehensive survey of 207 European ETF investors. The survey was conducted as part of the Amundi ETF & Indexing research chair at EDHEC-Risk Institute on "Core-Satellite and ETF Investment."
Among the key findings of the 2013 survey:
Satisfaction has remained at high levels across most asset classes. There have been increases in satisfaction for corporate bond, commodity, real estate and sector ETFs, but satisfaction rates for ETFs based on the most liquid ETF asset classes are far more consistent compared to those based on illiquid asset classes.
Product development within certain asset classes has driven increases in ETF usage, notably within the Real Estate (5.8 % increase), Hedge Fund (14.8% increase) and Infrastructure (14.8% increase) asset classes.
More than a quarter (28%) of respondents already use products tracking "smart beta" indices and more than an additional one-third of respondents (36%) are considering investing in such products in the near future.
Despite the past growth and increasing maturity of the ETF market, ETF investors are still looking to increase or at least to maintain their use of ETFs and have a more favourable outlook for their use of ETFs than for their use of alternative indexing products.
There is increasing interest among investors for development of ETFs based on alternative forms of indices, with 39% of investors interested in further development in ETFs based on smart beta indices.
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Source: EDHEC
Ossiam develops smart beta strategy for corporate bonds
March 20, 2014--Ossiam, a European provider of exchange-traded funds (ETFs), has developed a smart beta strategy for investing in corporate bonds.
The strategy will be the first risk-based credit strategy specifically designed to provide systematic long-only exposure to a liquid portfolio of investment-grade corporate bonds
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Source: etfstrategy.com
DeAWM targets UK retail market with platform push
March 20, 2014--Deutsche Asset and Wealth Management to list exchange traded funds (ETFs) and systematic Croci funds on platforms as part of UK retail expansion.
Deutsche Asset and Wealth Management (DeAWM) has embarked on a significant push into the UK retail market.
The firm had previously targeted mainly institutions and discretionary managers but is now targeting the retail space by looking to list its range on major platforms.
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Source: FT Adviser
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