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ESMA publishes guidance on performance fees in UCITS and certain AIFs
April 3, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published today its final guidance on performance fees in investment funds-applicable to Undertakings for the Collective Investment in Transferable Securities (UCITS) and certain types of Alternative Investment Funds (AIFs).
The guidelines provide comprehensive guidance to fund managers when designing performance fee models for the funds they manage, including the assessment of the consistency between the performance fee model and the fund's investment objective, policy and strategy, particularly when the fund is managed in reference to a benchmark.
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Source: ESMA
New Invesco ETF on Xetra: Short-dated US government bonds
April 3, 2020--Since Friday a new Exchange Traded Fund issued by Invesco is tradable via Xetra and Börse Frankfurt.
With the Invesco US Treasury Bond 0-1 Year UCITS ETF EUR Hdg-Acc investors can participate in the performance of US dollar-denominated fixed-interest bonds issued by the US Treasury Department.
The investment universe includes bonds with a minimum maturity of one and a maximum of twelve months. Investors are hedged against currency fluctuations and returns are reinvested.
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Source: Xetra
Sustainable Funds Weather the First Quarter Better Than Conventional Funds
April 3, 2020--These funds were helped by a focus on companies with strong ESG profiles and less exposure to energy.
Like all equity funds, sustainable equity funds suffered sudden and large losses during the first quarter of 2020 because of the coronavirus pandemic, but they held up better than conventional funds.
Seven out of 10 sustainable equity funds finished in the top halves of their Morningstar Categories, and 24 of 26 environmental, social, and governance-tilted index funds outperformed their closest conventional counterparts.
Sustainable Funds Lost Less Than Their Peer Groups
Based on a comparison of the first-quarter returns of 206 sustainable equity open-end and exchange-traded funds available in the United States with those of their respective categories, sustainable funds performed better on a relative basis.
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Source: Morningstar
ESMA updates its risk assessment in light of the COVID-19 pandemic
April 2, 2020--The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today updates its risk assessment to account for the impact of the COVID-19 pandemic.
The pandemic. in combination with existing valuation risks, has led to large equity market corrections since mid-February, driven by a sharp deterioration in the outlook for consumers, businesses and of the economic environment. Corporate bond, government bond markets and a number of investment funds show signs of stress. Market infrastructures have continued to function in an orderly manner despite significant surges in trading activity, the use of circuit breakers and increases in derivatives margins.
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Source: ESMA
Cash market trading volumes in March
April 1, 2020--Deutsche Börse's cash markets generated a turnover of €300.7 billion in March (previous year: €130.3 billion).
€259.6 billion were attributable to Xetra (previous year: €117.8 billion), bringing the average daily Xetra trading volume to €11.8 billion.
Trading volume on Börse Frankfurt was €8.4 billion (previous year: €2.9 billion) and on Tradegate Exchange €32.7 billion (previous year: €9.6 billion).
By type of asset class, equities accounted for around €256.8 billion in the entire cash market. Trading in ETFs/ETCs/ETNs generated a turnover of €39.0 billion. Turnover in bonds was €1.0 billion, in certificates €3.3 billion and in funds €0.6 billion.
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Source: Deutsche Börse Cash Market
Will the economic strategy work?
April 1, 2020--Because even thriving companies can be killed in a matter of weeks by a recession of the magnitude now confronting the world, advanced-economy governments have reacted in a remarkably similar fashion to the COVID-19 crisis. But extending liquidity lifelines to private businesses and supporting idled workers assumes a short crisis.
With the COVID-19 crisis bringing France to a halt, Insee, the French statistical institute, puts the drop in economic activity relative to normal at 35%. It reckons that the fall in household consumption is of a similar magnitude.
These numbers imply that each additional month of lockdown reduces annual GDP by three percentage points. And sectoral situations are obviously worse: business output is down 40%, manufacturing output down 50%, and some services sectors have come to a complete standstill. Ex ante estimates for Germany and the United Kingdom are similar, and, if anything, corresponding numbers may be larger in economies with a smaller public sector.
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Source: bruegel.org
The BME leadership rules in favor of the Six takeover bid unanimously
April 1, 2020--The Board of Directors of Bolsas y Mercados Españoles (BME) has unanimously approved the mandatory report on the public tender offer (OPA) of shares formulated by the Swiss group Six on all the shares of the stock market operator. This operation was already authorized by the National Securities Market Commission (CNMV) on March 25 and a day earlier by the Government.
In a document sent by the BME to the CNMV, it is stated that "all the members attended, present or represented, all the members of the board of directors and that the report has been approved with the favorable vote of all of them."
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Source: archyde.com
ESMA provides clarifications for best execution reports under MiFID II
March 31, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, is issuing a Public Statement to clarify issues regarding the publication by execution venues and firms of the general best execution reports required under RTS 27 and 28 of MiFID II, in light of the COVID-19 pandemic.
ESMA and competent authorities are aware of difficulties encountered by execution venues and firms in preparing these reports due to the COVID-19 pandemic and the related actions taken by the Member States to prevent contagion.
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Source: ESMA
Unscheduled adjustment in SDAX
March 30, 2020--Adler Real Estate AG to be deleted from index, BayWa AG to be added
On Monday, Qontigo announced an unscheduled change to the SDAX index.
Due to the takeover of Adler Real Estate AG (DE0005008007) by ADO Properties (LU1250154413) the free float of Adler Real Estate AG falls below 10 percent.
According to the Guide to the DAX Equity Indices, section 5.1.5. Adjustments in the Case of Mergers and Acquisitions, Adler Real Estate AG shares will be deleted from the SDAX index. They will be replaced by BayWa AG (DE0005194062).
These changes will become effective on 2 April 2020.
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Source: Deutsche Börse
Regulators across Europe clash over bans on short selling
March 30, 2020--Some countries prohibit bets on lower prices, while others warn bans make matters worse
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Source: FT.com
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