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First Bridge Data-ETF Global Snapshot-July 2018
July 20, 2018--Key Highlights
Our monthly 'ETF 20/20' report briefly summarizes recent Exchange Traded Fund (ETF)
trends globally. It uses data from the First Bridge ETF database that includes all global ETPs.
Global ETF assets were $T5.037 as of June 30, 2018.
On June 28, 2018 the US SEC proposed rule 6c-11 that will allow sponsors to bring
many ETFs to market more quickly, without requiring 'exemptive relief'.
Vanguard announced that it was eliminating online transaction fees for most ETFs bought and sold on its brokerage platform, including those of its competitors.
There were 20 new ETF listings in the US in June 2018, and another 76 listings outside the US.
US small cap healthcare, Internet and online retail stocks were among the best performing ETF categories this year (based on YTD total return through July 17, 2018). Turkish and Philippines equities and sugar futures were among the worst performing categories in the same time period.
US large caps ('SPY'; 1.6%) outperformed five other major asset classes in the trailing 1-month through July 18, 2018.
DECPG Global Weekly
July 20, 2018--TAKING STOCK
U.S. industrial production rebounded in June; retail sales growth remained solid; new housing construction fell
Euro Area headline inflation edged up in June
Japan's inflation was steady in June; trade surplus widened in June
China GDP growth slowed slightly in 2018Q2; industrial production and investment growth eased; retail sales rose
Crude oil prices tumbled on rising supplies
Taking Stock
U.S. industrial production rebounded in June; retail sales growth remained solid; new housing construction fell.
U.S. industrial production rose 0.6 percent (m/m, sa) in June, after contracting 0.5 percent in May (Figure 1), boosted by a rebound in manufacturing and further gains in mining output. Headline retail sales rose 0.5 percent (m/m) in June, following
an upwardly revised 1.3 percent increase in May, led by motor vehicle sales and higher gasoline prices.
Derivatives veteran and market makers combine to launch cryptocurrency reference rates
July 20, 2018--Bitcoin and Ether reference rates and indices launched by cryptocurrency liquidity providers and trueDigital Holdings.
A new set of Bitcoin and Ether reference rates and indices have been launched by trueDigital and 10 market makers including Genesis Global Trading, Circle and Hehmeyer.
Digital currency trading firm trueDigital was launched by Sunil Hirani, a capital markets veteran most recently known for founding swaps execution facility trueEx, a platform which took on some of the major players in the OTC derivatives world.
IMF-2018 External Sector Report: Tackling Global Imbalances amid Rising Trade Tensions
July 19, 2018--HIGHLIGHTS
The IMF's 2018 ESR shows that global current account balances stand at about 3¼ percent of global GDP. Of this, 40-50 percent are now deemed excessive, i.e. some countries are saving too much, and others are borrowing too much. And while global imbalances remain broadly unchanged in recent years, they have become increasingly concentrated in advanced economies.
From a global perspective, excess surpluses have been especially large and persistent in a small group of countries, most prominently in Germany and China, and to a lesser extent, in Korea, Netherlands, Sweden and Singapore. Excess deficits remain mainly in the United States and the United Kingdom, some euro area debtor countries, and a few vulnerable emerging market and developing economies (e.g. Argentina, Turkey).
This finding matters because persistent excess imbalances may become unsustainable, putting the global economy at risk and aggravating trade tensions.
view the IMF External Sector Report-Tackling Global Imbalances
amid Rising Trade Tensions
Tradeweb Sees Another Record Month and Quarter to Close Out the First Half of 2018
July 19, 2018--Global trading activity has continued to remain robust in 2018, with trading volumes on Tradeweb setting a new record in June at USD590bn ADV, a 45% increase from June 2017.
verage daily trading volume for Q2 was USD540bn, an increase of USD6bn per day compared to Q1's previous record. The increase in trading activity on the platform has been driven not only by a rise in overall market activity, but by the regulatory environment, continued electrification of markets and Tradeweb's expansion into new products and markets.
More than half of hedge funds now using AI technology
July 19, 2018--Hedge funds are using AI and machine learning for investment decisions, but only a quarter are using it for trade execution.
Over half of hedge funds are currently using artificial intelligence (AI) or machine learning technology to inform investment decisions and generate trading ideas, according to a survey.
Research services provider BarclayHedge found that hedge funds are now leaning towards AI technology for the investment process. Fifty-eight percent of hedge funds are now claiming it has been used for more than three years.
More than half of hedge funds now using AI technology
July 19, 2018--Hedge funds are using AI and machine learning for investment decisions, but only a quarter are using it for trade execution.
Over half of hedge funds are currently using artificial intelligence (AI) or machine learning technology to inform investment decisions and generate trading ideas, according to a survey.
Research services provider BarclayHedge found that hedge funds are now leaning towards AI technology for the investment process. Fifty-eight percent of hedge funds are now claiming it has been used for more than three years.
Buy-side research usage after MiFID II
July 18, 2018--Analysis of buy-side research consumption in the six months since MiFID II has revealed some interesting trends as large and medium-sized firms adapt to the new unbundling rules in the European directive.
Thomson Reuters has analyzed research readership and entitlements data from 50 large and medium-sized buy-side firms to help identify changes in usage.
The number of research providers used by buy-side firms in the UK has fallen dramatically since January, but less so in continental Europe.
In the U.S. and Asia, the decline in research providers used is far more subdued, but there is evidence to suggest that firms are adopting MiFID II research unbundling.
The buy-side research market entered a new era in January when MiFID II came into force across the EU, requiring buy-side firms to separate payments for research from trading commissions.
The Eurekahedge Report-July 2018
July 17, 2018--Highlights from this month's report
Hedge funds were down 0.34% in June with 1H 2018 returns barely hanging in the green with a flat 0.08% gain year-to-date. This would be the weakest first half performance of hedge funds on record since 2000. To contextualise, the strongest gain occurred in 1H 2009 when hedge funds gained 10.62% while the next weakest 1H performance came in 1H 2010 when managers posted gains of 0.91%.
Total hedge fund assets grew by US$8.8 billion over the past six months, which compares with a growth in total AUM of US$98.5 billion over the same period last year.
Rising US-China trade war tensions and a strengthening US dollar have spelled trouble for Asian hedge fund managers in 1H 2018. Greater China focused mandates are down 0.44%, though outperforming the Shanghai and Shenzhen composites by well over 10%. Korea mandated hedge funds are down 4.21% over the same period, ahead of the Kospi Index which is down 5.73%. Meanwhile India mandated hedge funds have struggled with losses of 5.26%, underperforming the BSE Sensex Index by 9.27% in the first half of 2018.
view the European Hedge Funds Infographic July 2018
FSB report sets out framework to monitor crypto-asset markets
July 16, 2018--The Financial Stability Board (FSB) today published a report delivered to the G20 Finance Ministers and Central Bank Governors on the work of the FSB and standard-setting bodies on crypto-assets.
For its part, the FSB has developed a framework, in collaboration with Committee on Payments and Market Infrastructures (CPMI), to monitor the financial stability implications of developments in crypto-asset markets.
The report published today sets out the metrics that the FSB will use to monitor crypto-asset markets as part of its ongoing assessment of vulnerabilities in the financial system.
While the FSB believes that crypto-assets do not pose a material risk to global financial stability at this time, it recognises the need for vigilant monitoring in light of the speed of market developments.