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ESMA updates Q&A on MiFID II implementation
September 12, 2017--The European Securities and Markets Authority (ESMA) has published today updated Questions and Answers (Q&As) regarding the implementation of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The purpose of this document is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR in relation to market structure topics.
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Source: ESMA
ESMA sees valuation risk at highest levels due to financial weakness and geopolitical uncertainty
September 12, 2017--The European Securities and Markets Authority (ESMA)'s latest report on Trends' Risks and Vulnerabilities No. 2' 2017 (TRV) identifies high asset price valuations as the major risk for European financial markets in the second half of 2017.
The main risk drivers are uncertainties around geo-political developments, the resilience of economic growth as well as debt sustainability. Market and credit risks, as a result of geopolitical, growth and debt concerns, continued to be very high, while liquidity and contagion risks remained stable but high. The outlook on operational risk remains elevated but the outlook is now negative due to heightened concerns around cyber security.
view the ESMA Report on Trends, Risks and Vulnerabilities No.2 2017
Source: ESMA
Frankfurt certificate exchange celebrates 10th anniversary
September 12, 2017--September 12, 2017--Frankfurt's certificate exchange is now ten years old.
To mark the occasion, today's trading on the Frankfurt Stock Exchange was opened by ringing the traditional stock exchange bell. Currently more than 1.5 million listed products such as certificates and warrants can be traded in Frankfurt. Since April, investors have been able to create their own certificates with almost no restrictions using the "ZERTIfigurator" online construction kit.
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Source: Deutsche Börse Group
Flow Traders Releases August 2017 ETP Market Volumes
September 12, 2017--Flow Traders N.V. ("Flow Traders") (Euronext: FLOW), today releases the monthly ETP (Exchange Traded Products) market data for the month of August 2017. This refers to general market data only.
In August 2017, the Global ETP Assets under Management (AuM) rose to € 3,613bn versus € 3,590bn in July 2017 (Source: BlackRock ETP Landscape August 2017). The changes in FX rates continued to have an impact on the growth in Euro terms, as the AuM continued to grow in US$ terms to US$ 4,297bn in August from US$ 4,234bn in July (+1.5% month-on-month).
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Source: Flow Traders N.V.
Investment banks to clash over Mifid II rules on free research
September 11, 2017--EU legislation requires fund managers to pay directly for analyst research from 2018.
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Source: FT.com
MiFID II: ESMA publishes transitional transparency calculations for bonds and updates calculations for two other asset classes
September 11, 2017-The European Securities and Markets Authority (ESMA) has updated its transitional transparency calculations (TTC) for non-equity instruments in relation to the implementation of the Markets in Financial Instruments Directive/ Markets in Financial Instruments Regulation (MiFID II/ MiFIR).
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Source: ESMA
Clearstream and HedgePole partner on new alternative fund data service
September 11, 2017--Post-trade services provider Clearstream, which is part of Deutsche Börse Group, and HedgePole, a well-established specialist service and technology provider for hedge funds price and reference data, have entered into a cooperation agreement to provide the market with enhanced alternative fund price and reference data services.
The need to provide specific high quality and up-to-date reference data and pricing to end investors for their holdings in alternative investments, such as hedge funds and private equity, as well as key regulatory requirements for compliance and anti-money laundering purposes are a key industry issue. This has led to the evolution of specific information requirements on an individual customer level. Investors all have their own individual priorities when it comes to data requirements.
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Source: Deutsche Börse Group
Unscheduled free float adjustment for Drillisch AG in TecDAX
September 11, 2017--Changes to be effective as of 14 September 2017
On Monday, Deutsche Börse announced an unscheduled change to the TecDAX Index.
Due to the completion of the overall transaction of Drillisch AG and United Internet AG, United Internet AG's stake in Drillisch AG increased to more than 61.06 percent. Therefore, the free float of Drillisch AG changed by more than 10 percentage points.
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Source: Deutsche Börse Group
Lipper Monday Morning Memo: Should the Rules on Securities Lending in UCITS Funds Be Revised?
September 11, 2017--A topic I hear discussed frequently is securities lending as a modern management technique to increase returns of mutual funds and ETFs.
Even though I see some benefits for the markets in general and investors in specific, I think that securities lending is-under the current regulation regime-a management technique that should not be used for funds sold to retail investors. This opinion may lead to some raised eyebrows from industry participants who don't see a risk for investors coming from securities lending.
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Source: Detlef Glow, Head of EMEA Research-Thomson Reuters Lipper
New iShares bond ETF launched on Xetra
September 8, 2017--A new exchange traded fund (ETF) issued by iShares has been tradable on Xetra
and Börse Frankfurt since Friday.
The iShares USD Floating Rate Bond UCITS ETF EUR Hedged (Dist) enables
investors to participate in the performance of floating rate bonds denominated in US dollars issued by companies and quasi-government institutions around the
world. Index component criteria include an investment grade rating as well as a
minimum term of one month and maximum of five years. The ETF minimises the
exchange rate risk between the US dollar and the euro.
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