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Monday Morning Memo: Review of the European ETF Market, December 2016
January 16, 2017--The promoters of exchange-traded funds (ETFs) enjoyed net inflows for December. Positive market impacts in combination with net inflows led to increased assets under management in the European ETF industry (€514.5 bn) for December, up from €495.8 bn at the end of November.
The increase of €18.7 bn for December was mainly driven by the performance of the markets (+€13.8 bn), while net sales contributed €5.0 bn to the assets under management in the ETF segment.
With regard to the overall number of products, it was not surprising that equity funds (€356.4 bn) held the majority of the assets, followed by bond funds (€132.0 bn), commodity products (€15.9 bn), "other" funds (€6.5 bn), money market funds (€2.9 bn), mixed-asset funds (€0.4 bn), and alternative UCITS products (€0.4 bn).
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Source: Detlef Glow, Head of EMEA Research-Thomson Reuters Lipper
Source launches low-cost commodity ETF
January 16, 2017--Source is seeking to cater for growing investor appetite for commodities with the launch of a low-cost ETF.
The Source Bloomberg Commodity Ucits ETF tracks the Bloomberg Commodity index and claims to do so at close to half the cost of a number of competing funds, with a total cost of 0.4% per annum. This comprises an ongoing charge of 0.19% and swap fee of 0.21%.
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Source: citywire.co.uk
ESMA calls for MiFIR to apply to wider range of firms
January 13, 2017--ESMA says there could be consequences to excluding certain fund management companies from the scope of MiFIR powers.
The European Securities and Markets Authority (ESMA) has called for consistency in the application of product intervention powers under the Markets in Financial Instruments Regulation (MiFIR).
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Source: globalcustodian.com
EBA updated Risk Dashboard shows that elevated NPLs and a high cost base pose a significant profitability challenge for EU banks
January 13, 2017--The European Banking Authority (EBA) published today a periodical update of its Risk Dashboard summarising the main risks and vulnerabilities in the EU banking sector by a set of Risk Indicators in Q3 2016.
Together with the Risk Dashboard, the EBA published the results of a Risk Assessment Questionnaire, which was conducted among banks and market analysts between October and November this year.
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Source: European Banking Authority (EBA)
GF International Asset Management Launches First ETF On London Stock Exchange
January 12. 2017--First ETF to track the FTSE Global China A Inclusion Index Series
First ETF from a Chinese asset management firm based in Europe
Growing number of Chinese issuers choosing to list ETFs in London.
First ETF from a Chinese asset management firm based in Europe
Growing number of Chinese issuers choosing to list ETFs in London
Reflects growing investor demand for access to the world’s second largest economy
ESMA calls for consistent application of MiFIR product intervention powers
January 12, 2017--The European Securities and Markets Authority (ESMA) has issued today an Opinion regarding the scope of the product intervention powers under the Markets in Financial Instruments Regulation (MiFIR).
These powers can be exercised by both national competent authorities (NCAs) and ESMA from 3 January 2018.
< a href="https://www.esma.europa.eu/press-news/esma-news/esma-calls-consistent-application-mifir-product-intervention-powers" TARGET="_blank">view more
Source: ESMA
Greater Productivity, Investment in People Can Put Russia Back on Path to Sustainable and Inclusive Growth
January 12, 2017--Increased productivity and greater investment in human capital and services are essential to achieving sustainable and inclusive economic growth to benefit all of Russia's citizens, says the World Bank Group's Systematic Country Diagnostic for the Russian Federation, "Pathways to Inclusive Growth" launched today at the 2017 Gaidar Forum
The Diagnostic provides a comprehensive analysis of the economic conditions, challenges and constraints facing Russia in the short,and medium,term, identifies general causal chains related to Russia's interlinked development challenges and opportunities, and proposes a set of broad policy priorities and actions.
view the Systematic Country Diagnostic for the Russian Federation, "Pathways to Inclusive Growth" report
Source: World Bank
Euro area securities issues statistics
January 11, 2017--Euro Area Securities Issues Statistics: November 2016
The annual rate of change of the outstanding amount of debt securities issued by euro area residents was -0.1% in November 2016, compared with -0.3% in October.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 0.9% in November 2016, the same as in October.
The annual growth rate of outstanding debt securities issued by non-financial corporations increased from 6.3% in October 2016 to 7.2% in November.
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Source: ECB
Britain's finance industry drops demands for passporting after Brexit
January 11, 2017--Britain's finance industry has given up on efforts to keep full access to the European Union after Brexit and is pushing instead for a more limited trade deal that would potentially exclude some financial products.
Banks, insurers and asset managers have come to the conclusion there is no realistic chance of maintaining full passporting rights after Brexit that would allow them to sell all their services across the 28-nation bloc from Britain.
