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Monday Morning Memo: European Fund-Flow Trends, July 2018
August 27, 2018--European investors pulled back further from long-term mutual funds as the market environment and general sentiment stayed negative. As a consequence, July was the third month posting net outflows from long-term mutual funds after 16 consecutive months showing net inflows.
That said, European fund promoters still enjoyed net inflows into mixed-asset funds (+€1.1 bn) and real estate funds (+€0.7 bn), while all the other asset types in the segment of long-term mutual funds witnessed net outflows. Bond funds (-€0.7 bn), “other” funds (-€1.0 bn), commodity funds (-€1.1 bn), and alternative UCITS funds (-€1.9 bn) as well as equity funds (-€2.1 bn) suffered net outflows.
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Source: Detlef Glow, Thomson Reuters
New WisdomTree ETF on Xetra tracks CoCo bonds of European financial institutions
August 24, 2018---Since Friday, a new Exchange Traded Fund of the issuer WisdomTree is tradable on Xetra and the Frankfurt Stock Exchange.
The new bond ETF gives investors the opportunity to participate in the performance of CoCo bonds denominated in euros, US dollars or pounds sterling (conditional mandatory convertible bonds) issued by European financial institutions.
CoCo bonds, abbreviation for 'Contingent Convertible Bonds', are long-term, subordinated bonds, usually with a fixed coupon, which are converted from debt into equity upon the occurrence of events specified in the bond terms.
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Source: Deutsche Börse Cash Market
Green and Sustainable Finance Cluster Germany releases baseline report-Mobilising the finance sector for climate protection and sustainable investment
August 24, 2018--On Friday, in Frankfurt, the Green and Sustainable Finance Cluster Germany issued its baseline report presenting an inventory of sustainability activities at the financial centre of
Frankfurt/Main.
The report is the first publication from this cluster, created in spring 2018 in
a merger between the Green Finance Cluster Frankfurt of the Hessian Ministry of Economics
and the Accelerating Sustainable Finance Initiative of Deutsche Börse. The cluster's objective is to further mobilise the finance sector for climate protection and sustainable investment.
is to further mobilise the finance sector for climate protection and sustainable investment.
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Source: Green and Sustainable Finance Cluster Germany
Robo advisers fail to beat market benchmark
August 24, 2018--Low-cost investment services underperform UK tracking funds
Low-cost robo advice companies billed as investment services for the masses have failed to deliver market-beating returns over the last year according to new research, and investors in the lowest-risk portfolios would have been better off in a cash Isa.
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Source: FT.com
ESMA to renew prohibition on binary options for a further three months
August 24, 2018--The European Securities and Markets Authority (ESMA) has agreed to renew the prohibition of the marketing, distribution or sale of binary options to retail clients, in effect since 2 July, from 2 October 2018 for a further three-month period.
ESMA has also agreed on the exclusion of a limited number of products from the scope of the measure.
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Source: ESMA
Account of the monetary policy meeting of the Governing Council of the European Central Bank
August 23, 2018--Held in Frankfurt am Main on Wednesday and Thursday, 25-26 July 2018
1. Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœuré reviewed the latest financial market developments since the Governing Council's previous monetary policy meeting on 13-14 June 2018.
The slope of the US Treasury and German government bond yield curves, measured as the difference between the ten-year and two-year yields, had continued their flattening trend of recent months.
In particular, between April and July 2018 estimates of the term premium in the United States had fallen deeper into negative territory despite factors which should have led, in principle, to a decompression of the premium, such as the gradual balance sheet wind-down by the Federal Reserve System and expectations of an increase in the supply of US Treasury securities based on a projected rise in the US fiscal deficit.
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Source: ECB
Banking, insurance and other financial services if there's no Brexit deal
August 23, 2018--Our approach to ensuring a functioning financial services regulatory framework if the UK leaves the EU with no deal.
Details
We're proposing a new economic and regulatory arrangement with the EU. This would maintain the economic benefits of cross-border provision of the most important international financial services traded between the UK and EU countries.
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Banking, insurance and other financial services if there's no Brexit deal paper
Source: HM Treasury
IMF Working Paper-Understanding Euro Area Inflation Dynamics: Why So Low for So Long?
August 22, 2018--Summary:
Despite closing output gaps and tightening labor markets, inflation has remained low in the euro area. Based on an augmented Phillips Curve framework, we find that this phenomenon-sometimes attributed to low global inflation-has been primarily caused by a remarkable persistence of inflation, keeping it low despite the reduction in slack.
This feature is shown to be specific to the euro area (in comparison with the United States). Monetary policy needs to stay accommodative to help guide inflation back to target.
view the IMF Working Paper-Understanding Euro Area Inflation Dynamics: Why So Low for So Long?
Source: IMF
HANetf Expands Authorised Participant Network With Addition of Virtu
August 22, 2018--Virtu is a leading global ETF liquidity provider and will add depth to the HANetf Authorised
Participant network
HANetf aims to create one the most extensive liquidity networks in European ETFs to support
on-platform products
First European independent white-label ETF platform lowers barriers to market entry
HANetf, Europe's first independent, full service 'white-label' UCITS ETF platform, has confirmed the
addition of Virtu to its growing network of Authorised Participants (APs).
A leading financial technology firm, Virtu is one of the world's largest and most experienced ETF
market makers and has an extensive track record supporting the needs of ETF issuers and investors.
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Source: HANetf
State Street splits European global services leadership
August 23, 2018--The new appointments follow the promotion of Liz Nolan to chief executive officer for State Street's EMEA business in November.
State Street has announced a dual leadership structure for its European global services business, sparked by the restructuring of its senior management last year.
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Source: Thetradenews.com
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