Global ETF News Older than One Year
ERI Scientific Beta Newsletter-July 2017
July 27, 2017--Editorial
The Merits of a "Top-Down" Approach to Multi-Factor Investing
"Top-down" approaches assemble multi-factor portfolios by combining distinct sleeves for each factor.
Generally, the "top-down" approach enables a choice of factor exposure to be reconciled with the diversification of the non-rewarded specific risk and thus to reduce it. Such is the objective of the Smart Beta 2.0 approach promoted by ERI Scientific Beta on the basis of research conducted by EDHEC-Risk Institute's research teams.
Source: ERI Scientific Beta
IOSCO Publishes Thematic Review of Client Asset Protection Recommendations
July 27, 2017--The Board of the International Organization of Securities Commissions (IOSCO) today published its Assessment Committee's Thematic Review of the Adoption of the Principles set forth in IOSCO's Report: Recommendations Regarding the Protection of Client Assets (the Principles).
The thematic review identifies the implementation progress of 38 IOSCO members from 36 jurisdictions in adopting legislation, regulation and other policies in relation to intermediaries holding client assets addressed by the Principles for the protection of client assets.
Source: IOSCO
Bitcoin Cash: Why It's Forking the Blockchain And What That Means
July 26, 2017--Bitcoin's scaling debate finally seems to be shaking out, but some users aren't happy with the results.
After a few years of debate, it was perhaps to be expected that at least some were going to come away empty-handed. Controversial scaling proposal Segwit2x tried to remedy this by joining two code change ideas-the code optimization Segregated Witness (SegWit) and a block size increase.
Source: coindesk.com
ETFGI reports assets invested in ETFs/ETPs listed globally reach a new record of US$4.168 at the end of first half of 2017
July 26, 2017--ETFGI, a leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reported today that assets invested in ETFs/ETPs listed globally reached a new record of US$4.168 trillion at the end of first half of 2017, according to ETFG's June 2017 global ETF and ETP industry insights report.
The Global ETF/ETP industry had 6,965 ETFs/ETPs, with 13,125 listings, assets of US$4.168 trillion, from 328 providers listed on 70 exchanges in 56 countries.
Source: ETFGI
ETF market becomes more efficient with Horizon/ULTUMUS partnership
July 26, 2017---ULTUMUS, the leading provider of near real-time ETF data and Horizon Software (Horizon), the award-winning provider of electronic trading solutions and algorithmic technology, today announced a partnership.
The new deal will improve ETF trading efficiencies and result in traders having a single point for analysing and executing ETF trades, allowing market makers and traders to quote and hedge trades more accurately and much faster than before.
Source: ULTUMUS-Financial Data Management
ULTUMUS-Global ETF Monitor
July 26, 2017--Europe
Amundi has launched a new Italian PIR tax ETF (ITALI) which will list in Paris in August. The 2017 Italian budget allowed Italian savers who invest in Italian companies to receive to receive a full income and capital gains tax exemption, so long as they stay invested for more than five years...
Vanguard has cross-listed its Canada tracker into Berlin (VAA2). VAA2 tracks the FTSE Canada Index, which is made up mostly of Canadian banks....
Source: ULTUMUS-Financial Data Management
First Bridge 'ETF 20/20': Exchange Traded Fund Monthly Report
July 25, 2017--Key Highlights
Our monthly 'ETF 20/20' report briefly summarizes recent Exchange Traded Fund (ETF) trends globally. It uses data from the First Bridge ETF database that includes all global ETPs.
Global ETF assets were $4.208T at the end of June 2017, a 17.3% increase from year-end 2016.
MSCI announced that beginning in June 2018, it would include China 'A' Shares in its widely followed Emerging Markets and All Country World Indices. The decision was driven by the increased accessibility of 'A' shares to international investors.
Russell conducted its annual rebalance in June, with the newly reconstituted indices taking effect after close of trading on June 23.
Guggenheim reduced the fees on the popular S&P 500 Equal Weight ETF ('RSP') from 0.4% to 0.2%.
view the First Bridge 'ETF 20/20': Exchange Traded Fund Monthly Report July 2017
Source: First Bridge Data
Nasdaq to acquire UK market surveillance startup
Sybenetix will enable the exchange group to expand its current market surveillance technology offering to service buy-side firms, Nasdaq said on Tuesday.
Source: Nasdaq.com
DECPG Global Monthly-July 2017
Global inflation has abated, reflecting subdued energy prices and low core inflation in major economies.
Following a rebound in 16Q4 and 17Q1, global trade momentum continued in 17Q2.
Capital inflows to EMDEs slowed in July, partly reflecting a rise in global bond yields.
Oil prices are fluctuating around $45/bbl, with global oil stocks close to record highs.
Special Focus: Arm's-Length Trade: A Source of Post-Crisis Trade Weakness
U.S. trade data highlight that arm's-length trade-trade between unaffiliated firms-accounts disproportionately for the post-crisis trade slowdown.
Compared to intra-firm trade, arm's-length trade depends more heavily on emerging market and developing economies (EMDEs), where output
growth has slowed sharply, and on sectors that have languished after the crisis.
Constrained access to finance, heightened policy uncertainty, and firm-level characteristics also played a role.
Source: World Bank
IMF Working paper-Central Bank Balance Sheet Policies and Spillovers to Emerging Markets
This will affect emerging market economies (EMs), especially those with a pegged exchange rate, as these EMs primarily use a single monetary policy tool, i.e., the short-term policy rate. We show that changes in policy rates and balance sheet adjustments in AEs may differ in their respective financial spillovers to pegged EMs. Thus, it will be difficult for EMs to mitigate different types of spillovers with a single monetary policy tool. In that context, we use the model to show how EMs might use additional tools-capital controls and/or macro-prudential policy-to complement their monetary policy and financial stability toolkit. We also discuss how balance sheet adjustments that affect long-term interest rates may percolate to influence short-term interest rates via financial plumbing. view the IMF Working paper-Central Bank Balance Sheet Policies and Spillovers to Emerging Markets
Source: IMF
July 25, 2017--Nasdaq Inc has agreed to acquire Sybenetix, a London-based startup that uses artificial intelligence to help compliance officers at asset management firms analyze the behavior of their traders in order to prevent market abuse.
July 25, 2017--Monthly Highlights
High-frequency data continue to suggest an ongoing recovery in global activity.
July 25, 2017--Summary:
We develop a theoretical model that shows that in the near future, the monetary policies of some key central banks in advanced economies (AEs) will have two dimensions-changes in short-term policy rates and balance sheet adjustments.
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