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ESMA supervision to focus on data, Brexit and cybersecurity in 2019
February 19, 2019--The European Securities and Markets Authority (ESMA) has published today its 2019 Supervision Work Programme, which details the main areas of focus for the upcoming year for ESMA's supervision of Trade Repositories (TRs), Credit Rating Agencies (CRAs), and the monitoring of third-country market infrastructures such as third-country central clearing counterparties (TC-CCPs) and third-country Central Securities Depositories (TC-CSDs).
ESMA currently directly supervises eight TRs and 27 CRAs. It also carries responsibility for four certified CRAs and 32 TC-CCPs.
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Source: ESMA
Retail investors at risk in Brexit dual-listing tussle
February 19, 2019--Brussels does not plan to recognise London venues if UK leaves EU abruptly next month
Brussels' plan to restrict trading in shares listed both in London and elsewhere in the EU in the event of a hard Brexit will deliver a blow to retail investors, asset management groups have warned.
Ryanair, British Airways owner IAG and Unilever are among the companies that will be hit by the stipulation from Brussels that EU-based investors can only trade shares on exchanges it recognises.
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Source: FT.com
Euro area investment fund statistics: fourth quarter of 2018
February 19, 2019--In the fourth quarter of 2018 the outstanding amount of shares/units issued by investment funds other than money market funds was €10,990 billion, €667 billion lower than in the third quarter of 2018.
Investment funds other than money market funds reduced their holdings of both equity and debt securities issued by non-euro area residents and also by euro area residents.
In terms of investment funds by type, the largest transactions were recorded in bond funds, with an outflow of €36 billion, and in mixed funds, with an outflow of €20 billion in the fourth quarter of 2018.
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Source: ECB
Official Statistics: Database of forecasts for the UK economy
February 19, 2019--We've compiled independent forecasts for the UK economy since 1986. This database includes forecasts of key economic indicators from those publications
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Source: HM Treasury
Big asset managers cut research costs at higher rate
February 18, 2019--Large asset managers have been more successful than smaller rivals at controlling costs in the wake of new European rules on research...
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Source: FT.com
MiFID II research rules 'hitting sector coverage and quality'
February 18, 2019--A cut in spending on research by fund managers, caused by MiFID II rules, could be leading to poorer coverage of some sectors of the equity market, surveys of the industry have found.
Speaking to more than 500 professionals in European fund management on the impact of the updated Markets in Financial Instruments Directive (MiFID II), CFA Institute discovered almost half of those providing the research thought the quality had decreased overall.
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Source: ipe.com
ESMA to recognise three UK CCPs in the event of a no-deal Brexit
February 18, 2019--The European Securities and Markets Authority (ESMA) has today announced that in the event of a no-deal Brexit, three central counterparties (CCPs) established in the United Kingdom (UK)-LCH Limited, ICE Clear Europe Limited and LME Clear Limited-will be recognised to provide their services in the European Union (EU).
ESMA has adoped these recognition decisions in order to limit the risk of disruption in central clearing and to avoid any negative impact on the financial stability of the EU.
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Source: ESMA
Monday Morning Memo: Review of the European ETF Market, January 2018
February 17, 2019--The promoters of ETFs in Europe enjoyed net inflows for January. These inflows led, in combination with a positive performance of the underlying markets, to increased assets under management in the European ETF industry.
In more detail, the assets under management in the European ETF industry increased from €633.1 bn as of December 31, 2018, to €675.1 bn at the end of January. The increase of €42.0 bn for January was driven by the performance of the underlying markets (+€34.1 bn), while net sales contributed inflows of €7.9 bn to assets under management in the European ETF segment.
With regard to the overall number of products, it was not surprising that equity funds (€469.9 bn) held the majority of the assets, followed by bond funds (€175.6 bn), commodity products (€18.6 bn), "other" funds (€5.2 bn), money market funds (€4.3 bn), mixed-asset funds (€1.0 bn), and alternative UCITS products (€0.4 bn).
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Source: Refinitiv
LSE ETP January 2019 Monthly Report
February 15, 2019--Listings
18 new ETFs were listed in January 2019.
There are now 1,177 ETFs (available as 1,715 lines through multi-currency offerings) and 461 ETCs/ETNs (available as 554 lines) on our London market.
Ossiam launched the Ossiam World ESG Machine Learning UCITS ETF which aims to deliver the net total return of a selection of equities in global developed markets using a machine learning algorithm that ranks companies according to their ESG and financial potential based on the analysis of data.
Think ETFs launched the Think Global Real Estate UCITS ETF. The fund invests in a portfolio of equity securities with the aim of providing investment returns that closely track the GPR (Global Property Research) Global 100 Index.
Tabula launched the Tabula European iTraxx Crossover Credit UCITS ETF. The fund provides passive exposure to European high-yield credit through direct exposure to the corporate credit default swap (CDS) market. It is linked to the iTraxx European Crossover Credit Index, a new index developed by Tabula in partnership with IHS Markit.
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Source: London Stock Exchange Group (LSEG)
New Invesco-ETF on Xetra tracks MDAX index
February 15, 2019--Since Friday a new Exchange Traded Fund issued by Invesco is tradable via Xetra and Börse Frankfurt.
The Invesco MDAX UCITS ETF gives investors the opportunity to invest in the MDAX index. The benchmark index contains the 60 German mid-cap stocks, which rank behind the 30 DAX companies in terms of order book turnover and market capitalisation
These companies represent traditional industrial sectors such as media, chemicals, industry and financial services.
Name: Invesco MDAX UCITS ETF
Asset class: Equity
ISIN: IE00BHJYDV33
Ongoing charges: 0.19 per cent
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Source: Deutsche Börse Group
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