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Trade war fears spook mutual fund investors
September 8, 2018-- Investment industry heads for one of its worst years since the financial crisis.
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The World Federation of Exchanges calls for global reform of Leverage Ratio
September 7, 2018--The World Federation of Exchanges ("WFE"), the global industry group for CCPs and exchanges, has today published its response to the four global standard-setting boards assessing the effectiveness of incentives to centrally clear over-the-counter (OTC) derivatives.
The WFE calls for prompt and concerted action internationally to address issues confirmed in the August 2018 consultation paper from 'the Committees': the Basel Committee on Banking Supervision (BCBS), the Committee on Payments and Market Infrastructures (CPMI), the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO).
DECPG Global Weekly
September 7, 2018--U.S. trade deficit widened in July; non-farm job growth rebounded, and manufacturing PMI improved in August
Euro Area GDP growth was confirmed at 0.4 percent in 18Q2; composite PMI edged up in August
Activity in Japan's services sector accelerated in August
China's Caxin PMIs weakened in August
EMDE financial markets remained under pressure
Global Trading Activity in August Solidly Outpaced the Prior-year Period
September 7, 2018--Despite the seasonal summer slowdown, global trading activity in August continued to outpace the prior-year period. Average daily volume (ADV) for Tradeweb Markets of $496 billion (bn)-across rates, credit, money markets and equities-in August 2018 increased 38.0 percent (%) year over year (YoY).
Derivatives volumes continued to grow at an accelerated rate. Tradeweb's ADV in rates derivatives rose 199.0% YoY. Growth has been driven by both greater market share of SEF interest rates swap volumes as well as continued volume growth on the MTF.
World Gold Council-Outflows in gold-backed ETFs continued in August
September 6, 2018--Holdings in global gold-backed ETFs and similar products fell by 40t to 2,353t in August-the third consecutive month-pushing assets under management (US$ AUM) down 3% relative to July
Funds listed in China had net gains as investors hedged trade risks and currency weakness. Flows in Europe were mostly flat. Global outflows were led by North American funds which lost US$1.65bn
Monday Morning Memo: Is it only about fees and expenses in the funds industry?
September 3, 2018--Fees and expenses in the mutual funds industry are a hot topic for investors and market observers around the world. In some cases discussions are going so far that one could get the impression that fees and expenses are the only criteria an investor should use when selecting a mutual fund or ETF.
These discussions have recently been fueled by media coverage of the launches of some low-cost funds by large asset management groups.
Fees and expenses, especially for actively managed funds, have been under scrutiny for a while, since a large number of actively managed funds have not beaten their benchmarks. The fact that there is no guarantee that even the best fund manager will be able to deliver future outperformance makes the selection of an actively managed fund a bet against the market. In the best case the investor will be rewarded with outperformance. Therefore, it is key for the investor to balance the odds right.
Investment World Bank to increase clarity around impact investing
September 1, 2018--The World Bank body that promotes investment in developing countries has created a definition of impact investing to try to stop organisations wrongly using the strategy's popularity for gain.
Impact investing is a $1.3tn market that has attracted many followers. The approach aims to marry social or environmental outcomes with financial returns.
'Time is on Beijing's side’: China, not Trump, will triumph in trade war, former top Chinese officials say
August 29, 2018--The real stakes are much higher than trade practices and China must gain control over core technology, economist says
China will eventually win the trade war against the United States, two senior Chinese government researchers said on Tuesday, reflecting popular thinking in Beijing that China does not need to bow to pressure from US President Donald Trump.
IMF Working Paper-Banking in a Steady State of Low Growth and Interest Rates
August 27, 2018--Summary:
A prolonged low-interest-rate environment presents a significant challenge to banks and is likely to entail major changes to their business models over the long-run. Lower returns to maturity transformation in the face of flatter yield curves and an inability to offer deposit rates significantly below zero combine to compress bank earnings in this environment.
Smaller, deposit-funded, less diversified banks are hurt most, increasing consolidation pressures and reach-for-yield incentives, presenting new financial stability challenges.To the extent that such an economic environment reflects a new, steady-state with lower equilibrium growth driven by population aging and slower productivity growth, lower credit demand is likely to drive banking toward provision of fee-based, utility services.
Vanguard nips at BlackRock's heels for fund crown
August 26, 2018--Money manager attracted $112bn of net new flows in first half while bigger rival brought in $77bn.
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