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ESMA updates its EMIR Q&A
February 4, 2016--The European Securities and Markets Authority (ESMA) has issued today an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR).
The updated Q&A includes new answers regarding CCP's default management, competent authorities' access to trade repository data and reporting of notional in position reports.
European Commission-Winter 2016 Economic Forecast: Weathering new challenges
February 4, 2016--The European economy is now entering its fourth year of recovery and growth continues at a moderate rate, driven mainly by consumption.
At the same time, much of the world economy is grappling with major challenges and risks to European growth are therefore increasing.
The Commission's winter forecast shows that the overall growth outlook has changed little since the autumn but that the risk that growth could turn out worse than forecast has risen, mainly as a result of external factors. In the euro area, growth is projected to increase to 1.7% this year from 1.6% last year, and to climb to 1.9% in 2017. EU economic growth is forecast to remain stable at 1.9% this year and rise to 2.0% next year.
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Source: European Commission
Capita Asset Services moves to automated cash and portfolio reconciliation
February 4, 2016--Capita Asset Services is working with Irish fintech start-up, Fund Recs, to automate its cash and portfolio reconciliation process.
The cloud-based software will automatically reconcile broker and custodian data to Capita's fund accounting system.
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Source: myinforms.com
ETF Barometer-January 2016
February 4, 2016--The European ETF Market started the year slowly with limited flows in January 2016. Net New Assets (NNA) during this month amounted to EUR1.9BN, 64% below the one year average of EUR5.2BN.
Total Assets under Management are down 4% vs. the end of 2015, reaching EUR432.8BN, and including a negative market impact (-4.5%). In volatile markets hammered by concerns over China, oil price evolution and Emerging Markets worries, positive flows were mainly concentrated toward European ETFs while Emerging Markets ETFs saw significant outflows...
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Source: Lyxor
National Statistics: UK official holdings of international reserves: January 2016
February 3, 2016--This monthly release shows details of movements in the UK's official holdings of international reserves, or assets.
These consist of gold, foreign currency assets and International Monetary Fund assets.
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Source: HM Treasury
EU probe into asset managers uncovers potential mis-selling
February 2, 2016--Nearly a sixth of equity funds in Europe have potentially been mis-sold to investors, according to the European markets watchdog, raising the prospect of costly legal action and fines against some of the world's largest asset managers.
The European Securities and Markets Authority began an investigation of the asset management industry in 2014 after several investor rights groups complained that funds were charging high fees for active management but simply mimicking an index.
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Source: FT.com
ESMA updates on supervisory work on closet index tracking
February 2, 2016--The European Securities and Markets Authority (ESMA) has published a Statement providing details of its work on closet index tracking funds.
Closet indexing, also known as index hugging, refers to the practice of fund managers claiming to manage portfolios actively when in reality the fund stays close to a benchmark.
ESMA is concerned the practice may harm investors as they are not receiving the service or risk/return profile they expect based on the fund's disclosure documents while potentially paying higher fees compared to those typically charged for passive management.
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Source: ESMA
Fund managers-stop charging investors extra for research
February 2, 2016--Brokers' equities reports are 'valueless' and savers shouldn't pay extra, says Daniel Godfrey
The Financial Conduct Authority reckoned £1.5bn of investors' money-over and above charges that savers had agreed to pay to investment managers-was spent on investment research in this way by UK investment managers in 2012 alone. Yet where is this expenditure disclosed to investors?
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Source: FT.com
UBS AM unveils sterling hedged alternative beta ETF range
For US and eurozone equities
February 2, 2016--UBS Asset Management has listed eight alternative beta ETFs with built-in currency hedging on the London Stock Exchange.
The new products will offer sterling-hedged exposure to systematic factor strategies such as low volatility, value, quality and yield factor tilts in US and eurozone equities
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Source: investmentweek.co.uk
Turnover at Deutsche Borse's cash markets at 133.7 billion euros in January
February 1, 2016--Order book turnover on Xetra, Börse Frankfurt and Tradegate Exchange across all asset classes stood at €133.7 billion in January (January 2015: €148.5 billion).
Of the €133.7 billion, €123.4 billion were attributable to Xetra (January 2015: €135.0 billion). The average daily turnover on Xetra stood at €6.2 billion in January (January 2015: €6.4 billion). A turnover of €4.1 billion was attributable to Börse Frankfurt (January 2015: €5.8 billion). Order book turnover on Tradegate Exchange* totalled approximately €6.2 billion in January (January 2015: €7.7 billion).
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Source: Deutsche Börse
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