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European Semester 2019 Spring Package: Commission issues recommendations for Member States to advance sustainable and inclusive economic growth
June 5, 2019--The European Commission presents today the 2019 country-specific recommendations (CSRs), giving economic policy guidance to all EU Member States for the next 12 to 18 months. The Commission also recommends closing the Excessive Deficit Procedure for Spain and adopts a number of documents under the Stability and Growth Pact.
The European economy is growing for the seventh consecutive year and is set to continue expanding in 2020, with all Member States' economies growing despite less favourable conditions and global uncertainties. The number of people in employment is at a record high and unemployment at a record low. At the same time, there are still significant differences between countries, regions and population groups. Against this backdrop, the Commission calls on Member States to build on the progress made in recent years.
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Source: European Commission
New Franklin ETFs on Xetra: Focus on trend regions Brazil, China and Korea
June 5, 2019--Three new Franklin Templeton ETFs have been tradable on Xetra and Börse Frankfurt since Wednesday.
The new equity ETFs offer an investment in the performance of the three investment regions Brazil, China and Korea.
Included are large and mid-cap stocks, weighted by market capitalisation. The underlying FTSE 30/18 Capped Net Tax Indices guarantee a diversified index composition by means of a maximum share weighting of up to 30 percent for the largest issuers and up to 18 percent for the other issuers. All three investments are tradable as reinvesting share classes.
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Source: Deutsche Börse Cash Market
National Statistics: UK official holdings of international reserves: May 2019
June 5, 2019--This release details movements in the international reserves of gold and assets held by the UK government.
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Source: HM Treasury
Star Manager Woodford Halts Fund's Redemptions
June 5, 2019--Suspending redemptions highlights problems of holding hard-to-sell assets when investors pull money out quickly
One of the U.K.'s best known money managers has suspended redemptions from his main £3.7 billion ($4.69 billion) fund, drawing fresh attention to the dilemma for investment firms that promise investors they can quickly cash out of funds that hold hard-to-sell assets.
Neil Woodford, who built a formidable reputation as a canny stock picker with contrarian views over more than two decades managing money for U.K.-listed Invesco, closed the gate on his Woodford Equity Income Fund on Monday. The move was made to avoid forced selling of stakes in companies to meet a flood of requests from investors to pull their money out after a run of poor performance.
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Source: Wall Street Journal
Grenke AG new joiner in MDAX
June 5, 2019--On Wednesday, Deutsche Börse announced changes to its selection indices, which will become effective on 24 June 2019. The shares of Grenke AG will be included in the MDAX index and will replace the shares of Wacker Chemie AG, which will be included in the SDAX index. The exclusion is based on the fast-exit rule.
Vossloh AG will leave the SDAX index. New addition will be Eckert & Ziegler Strahlen-und Medizintechnik AG. The fast-exit rule also applies here. The constituents of the indices DAX and TecDAX remain unchanged. The next scheduled review for the equity indices of Deutsche Börse AG is 4 September 2019.
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Source: Deutsche Börse Group
ESMA Publishes Updated AIFMD and UCITS Q&AS
June 4, 2019--The European Securities and Markets Authority (ESMA) has published updated questions and answers documents (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD ) and the Undertakings for the Collective Investment in Transferable Securities (UCITS ) Directive.
The Q&As relate to the following:
distinction between depositary functions and mere supporting tasks that are not subject to the delegation requirements set out in the AIFMD and UCITS Directive;
delegation of safekeeping functions;
performance of depositary functions where there are branches in other Member States;
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Source: ESMA
New BNP Paribas Easy-ETF on Xetra: Global companies with a strong focus on sustainability
June 4, 2019--A new Exchange Traded Fund issued by BNP Paribas Easy has been tradable on Xetra and Börse Frankfurt since Tuesday.
The BNP PARIBAS EASY ECPI Circular Economy Leaders offers investors the opportunity to participate in the performance of the world's 50 leading companies in terms of ESG ratings and the positive contribution to sustainable economic activity.
The thematic index, which the ETF tracks, contains companies that have aligned their activities with recycling economy processes. The recycling economy is a regenerative system in which resource and energy consumption are minimized through savings, recycling and maintenance.
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Source: Deutsche Börse Cash Market
Austrian Traded Index (ATX): New free float factors for BAWAG Group and Erste Group Bank
June 4, 2019--The Vienna Stock Exchange announces new free float factors for Austrian indices, following the quarterly review of the calculation parameters. Within its leading national index ATX, the free float factor of BAWAG Group AG rises from 0.4 to 0.5, following Cerberus' sale of a large block of shares.
At Erste Group Bank AG, the free float factor will be lowered from 0.8 to 0.7 due to an increase in shares held by the foundation syndicate. The free float factor expresses how many shares of a company are distributed among the public and influences how strongly a share is weighted in the index. The maximum weight of a company in the ATX is capped at 20%, which is currently the case with Erste Group Bank AG.
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Source: Weiner Boerse
ESMA publishes a supervisory briefing on pre-trade transparency requirements in commodity derivatives
June 3, 2019--The European Securities and Markets Authority (ESMA) has today published a Supervisory Briefing to ensure compliance with the MiFIR pre-trade transparency requirements in commodity derivatives.
The Supervisory Briefing was developed after ESMA became aware that the provisions were not implemented in a consistent manner across the European Union. It aims to increase supervisory convergence among national competent authorities (NCAs), in their implementation of the requirements, and to provide a common timetable for the enforcement of the commodity derivatives pre-trade transparency regime, with the objective of ensuring a level playing field across EU trading venues.
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Source: ESMA
ESMA updates MiFID II Q&As on transparency issues
June 3, 2019--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The updated Q&As provide clarification on the following topics:
The mandatory systematic internaliser (SI) regime;
The voluntary SI regime; and,
Quoting obligation for SI in non-TOTV instruments.
Updates to obsolete Q&As
ESMA also reviewed its published Q&As on transparency issues with the objective of deleting or amending obsolete Q&As such as those addressing issues pertaining to either 3 January 2018, or the following 12 months. This concerns five Q&As:
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Source: ESMA
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