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Record year for passive funds as active fund outflows continue
January 15, 2019--The number of ETFs almost doubled in 2018.
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IMF-How Much Should You Save for Retirement?
January 15, 2019--How much you need to save for retirement depends on your country's pension system. Our new research focuses on the interaction between saving and pension systems in an aging world. We use data from 80 countries to map public (government) and private savings in countries over the next 30 years, given their aging populations and the design of pension systems.
We find that trends in private saving drive the development of national saving. Assuming unchanged policies, population aging will drive up public spending on pensions by just over 2 percentage points of GDP by 2050. But the response of households' private saving differs markedly across countries, with pension system characteristics a major factor determining how much households save. Policymakers need to understand what drives these changes in saving rates, as savings provide a form of insurance against downturns and, by financing investment, stimulate long-term economic growth.
view the IMF The Future of Saving: The Role of Pension System Design in an Aging World
Governors and Heads of Supervision endorse finalised market risk capital framework and Basel Committee work programme
January 14, 2019--At its meeting in Basel on Monday 14 January 2019, the Basel Committee's oversight body, the Group of Central Bank Governors and Heads of Supervision (GHOS), endorsed a set of revisions to the market risk framework and the Committee's strategic priorities and work programme for 2019.
The revisions to the market risk framework endorsed by the GHOS today enhance its design and calibration by:
introducing a simplified standardised approach for banks with small or non-complex trading portfolios;
clarifying the scope of exposures that are subject to market risk capital requirements;
enhancing the risk sensitivity of the standardised approach by revising the treatment of foreign exchange risk, index instruments and options;
ETF growth sputters after markets' 'rocky ride' in 2018
January 11, 2019--Popular investment products still produced second-best year of sales.
Global inflows to exchange traded funds dropped by a fifth in 2018 after the first annual decline in the US stock market since the financial crisis dented investor appetite for lowcost index-trackers.
World Gold Council-Outlook 2019: Economic trends and their impact on gold
January 10, 2019--2018 ups and downs
Gold's price seesawed in 2018 as investor interest ebbed and flowed despite steady growth in most sectors of demand.
Gold faced significant headwinds for most of the year.
The dollar strengthened, the Fed continued to hike steadily while other central banks kept policy accommodative, and the US economy was lifted by the Trump administration's tax cuts. These factors fuelled positive investor sentiment which, in turn, pushed US stock prices higher, at least until the start of October.
But as geopolitical and macroeconomic risks continued to increase, emerging market stocks pulled back. Eventually, developed market stocks followed, in a selloff led by US tech companies. This resulted in short-covering in gold with its price ending the year near US$1,280/oz (-1% y-o-y).
Industry survey highlights need for renegotiation of Libor-based contracts
January 10, 2019--A survey conducted by JCRA, an independent financial risk management consultancy, and Travers Smith LLP, a full service City law firm, has found that a large majority of firms with exposure to Libor are yet to start making preparations for its discontinuation.
With the benchmark set to be withdrawn in 2021, most of the firms surveyed have not started negotiating replacement language in their contracts that reference Libor.
ESG Data: Mainstream Consumption, Bigger Spending
January 9, 2019--While sustainability and financial investments are not necessarily connected, socially responsible investment (SRI) emerged in capital markets over the past decade and is now a permanent fixture.
A growing awareness of environmental, social and corporate issues and their potential negative financial impact has led investors to consider environmental, social and governance (ESG) factors in their investment process. Despite an inconsistency in the definition and heterogeneous regulations across the globe, the inclusion of ESG factors into the investment process is spreading beyond the once purely responsible investment sphere and is becoming a mainstream phenomenon. As a result, ESG data is increasingly in demand, and the market for it is growing fast, with numerous players entering the game.
Study: High volatility significantly limits cryptocurrencies usefulness for portfolio diversification
January 9, 2019--Neither shocks to inflation expectations nor shocks to the yield curve significantly affect cryptocurrency market activity, according to new research.
Cryptocurrencies aren't really a traditional asset class since there's no significant relationship between the returns on cryptocurrencies and returns on traditional asset classes, according to new research.
There is a marginally significant correlation between the returns on cryptocurrencies and the returns on futures contracts on both gold and WTI crude oil, but cryptocurrencies' high volatility limits its usefulness for risk diversification and hedging.
Volatility: how 'algos' changed the rhythm of the market
January 9, 2019--Critics say high-frequency trading makes markets too fickle amid rising anxiety over the global economy.
Philippe Jabre was the quintessential swashbuckling trader, slicing his way through markets first at GLG Partners and then an eponymous hedge fund he founded in 2007-at the time one of the industry's biggest-ever launches.
Hedge Funds Lost Almost 6% Last Year as Markets Roiled Managers
January 8, 2019--Equity hedge, CTA/managed futures led the declines in 2018
Funds slid 1.9% in December: Bloomberg Hedge Fund Database
Hedge funds posted a loss of 5.7 percent last year as managers struggled to capitalize on volatility and were roiled by political uncertainty.
For December, funds lost 1.9 percent, according to preliminary figures from the Bloomberg Hedge Fund Database.
