Monday Morning Memo: Review of the European ETF Market, February 2018-continued

March 19, 2018--The promoters of ETFs in Europe enjoyed net inflows for February. The assets under management in the European ETF industry (£648.3 bn) increased for February, up from £647.2 bn at the end of January 2018.
The increase of £1.1 bn for February was driven by net sales (+£10.5 bn), while the performance of the underlying markets contributed a negative £9.4 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 (£463.7 bn) held the majority of the assets, followed by bond funds (£154.2 bn), commodity products (£19.4 bn), "other" funds (£6.7 bn), money market funds (£3.3 bn), mixed-asset funds (£0.7 bn), and alternative UCITS products (£0.4 bn).

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Source: Detlef Glow, Head of EMEA Research-Thomson Reuters Lipper


Europe ETP News
ESMA agrees to limit the application of tick sizes to systematic internalisers quotes for shares and depositary receipts
September 21, 2018--The European Securities and Markets Authority (ESMA) has published today its opinion on proposed amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1).
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What drives the use of CDS by EU investment funds?
September 20, 2018--The European Securities and Markets Authority (ESMA), in a study carried out on data reported under EMIR, finds that funds that are part of a large group are more likely to use credit default swaps (CDS).
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Forecasts for the UK economy: September 2018
September 19, 2018--Forecasts for the UK economy is a monthly comparison of independent forecasts.
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IMF United Kingdom: Staff Concluding Statement of the 2018 Article IV Mission
September 17, 2018--Outlook and Risks
Despite strong policy frameworks and implementation, growth has moderated since the European Union referendum in June 2016. Uncertainty over the terms of the EU withdrawal has weighed on private sector activity. Above-target inflation following the sharp post-referendum sterling depreciation has slowed real income and consumption growth.
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Theresa May just warned of a 'no-deal Brexit.' Here are some of the doomsday scenarios.
September 17, 2018--When it was built a quarter-century ago, the Eurotunnel was hailed as an engineering marvel. The game-changing undersea rail link between Britain and the European continent helped spark our global age of frictionless, "just-in-time" trade and manufacturing.
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Mifid II prompts 'huge change' in research marketplace
September 17, 2018--Fund managers spend substantially less if they absorb cost of broker notes
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Ireland rebuffs calls to relax rules on exchange traded funds
September 14, 2018--Regulator's stance will stall industry efforts to develop more active ETFs.
Ireland's central bank has rebuffed calls for a relaxation of the rules relating to exchange traded funds that would have made it easier for investment managers to launch actively managed ETFs.
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New iShares ETF on Xetra tracks Nasdaq-100 index with hedging of exchange rate risk
September 13, 2018--September 12, 2018--Since Wednesday a new Exchange Traded Fund of the issuer iShares is tradable on Xetra and Frankfurt Stock Exchange.
The iShares NASDAQ 100 UCITS ETF EUR Hedged (Acc) gives investors the opportunity to participate in the performance of the 100 largest NASDAQ-listed equity companies that are not part of the financial sector.
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ESMA finds high level of diversity in national markets for structured retail products
September 13, 2018--The European Securities and Markets Authority (ESMA) has carried out a study of the EU market in structured retail products, from an investor protection perspective.
The research breaks down the EU market geographically into national retail markets and found a high degree of heterogeneity in the types of product sold.
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New J.P. Morgan ETFs on Xetra
September 13, 2018--Since Thursday, two new Exchange Traded Funds from the issuer J.P. Morgan Asset Management have been tradable via Xetra and the Frankfurt Stock Exchange.
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Portugal: Recovery and Risks
September 13, 2018--Portugal has turned the page on its 2010-13 crisis and is now enjoying a job-rich economic recovery, driven by investment and exports, says the IMF in its latest annual assessment of the country's economy.
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IMF Staff Country Reports-Russian Federation: Selected Issues
September 12, 2018--THE STATE'S FOOTPRINT IN THE ECONOMY1
The Russian State leaves a deep footprint in the economy. The state's size was around 33 percent of GDP in 2016, but close to 40 percent for the formal sector.
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IMF Staff Country Reports-Portugal : Selected Issues
September 12, 2018--FINANCIAL CONDITIONS AND GROWTH AT RISK IN PORTUGAL1
A. Introduction
1. The macro-finance literature and recent experience provide compelling evidence that financial imbalances grow in good times, creating downside risks to economic growth.
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Neuberger Berman hires European bond team from BNP Paribas AM
September 11, 2018--Neuberger Berman has hired a six-strong team of European fixed income investment professionals from BNP Paribas Asset Management.
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Deutsche Boerse widens its market data offering to include FX markets
September 10, 2018--Deutsche Börse and 360T, Deutsche Börse Group's FX unit, to serve FX markets with independent streaming swap market data
Deutsche Börse Market Data + Services and Deutsche Börse foreign-exchange (FX) trading venue 360T are launching a product offering covering FX spot market as well as FX swap market data.
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Asset managers' hunt for index trackers drives M&A
September 9, 2018--Scarcity of targets in the sector is pushing up valuations
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New UBS ETF on Xetra tracks emerging market government bonds denominated in US dollars and local currencies
September 7, 2108--Since Friday, an Exchange Traded Fund of the issuer UBS Global Asset Management has been tradable via Xetra and the Frankfurt Stock Exchange.
The new bond ETF gives investors the opportunity to participate in the performance of government bonds issued by emerging markets denominated in their local currency or in US dollars.
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New ETF Listing on Euronext-
September 7, 2018--Euronext is pleased to announce that Amundi Asset Management will list 1 new ETF on 11/09/2018:
ISIN: LU1861132840
ETF Trading name:AMUNDI STOXX GL AI
ETF Symbol: GOAI
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Volatility spikes underline fragilities and risks to EU securities markets and investors
September 6, 2018--European Union (EU) securities markets, infrastructures and investors face new risks in the form of high volatility, the European Securities and Markets Authority (ESMA) said today in its latest Trends, Risks, and Vulnerabilities (TRV) Report (No 2, 2018).
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Asset managers 'have something to hide' from pension trustees
September 6, 2018--Millions of savers may be paying more than the charge cap, MPs told
Some asset managers will refuse a request by pension trustees to hand over data on the charges they levy pension savers because "they have something to hide", a parliamentary committee has been told.
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BNP Paribas Asset Management Strengthens ETF And Index Solutions Sales Team In Germany
September 6, 2018--BNP Paribas Asset Management ('BNPP AM') announces the continued expansion of its ETF[1] and Index Solutions team in Germany with the appointment of Florian Schoeps as ETF and Index Solutions Sales Trader.
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Wirecard AG to be included in DAX-new composition for TecDAX, MDAX and SDAX
September 5, 2018--Deutsche Börse applies new index rules/Changes to be effective as of 24 September 2018
On Wednesday, Deutsche Börse announced changes to its equity indices, which will become effective as of 24 September 2018.
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ESAs report finds automation in financial advice slowly growing but scale of market remains limited
September 5, 2018--The three European Supervisory Authorities (ESAs)-EBA, EIOPA and ESMA-today published the results of their monitoring exercise on automation in financial advice.
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UK official holdings of international reserves: August 2018
September 5, 2018--This release details movements in the international reserves of gold and assets held by the UK government.
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SIX gains another high-profile ETF provider
September 5, 2018--As of today, 5 smart beta ETF issued by Fidelity International trade on the Swiss stock exchange for the first time.
The new listings by Fidelity International take the number of ETF providers available via SIX to a new high of 25, and the number of ETFs to a record of 1'394.
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Connections Beyond Trade Crucial for Economic Growth in Europe and Central Asia
September 5, 2018--International connectivity through trade, investment, migration, communications, and transport is critical to economic development in Europe and Central Asia. These connections work together to help firms become more productive through knowledge and technology transfers, says a new World Bank report, Critical Connections: Promoting Economic Growth and Resilience in Europe and Central Asia.
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iSTOXX Europe ESG Climate Awareness Select 50 Index licensed to Morgan Stanley
September 4, 2018--STOXX Ltd., the operator of Deutsche Börse Group's index business and a global provider of innovative and tradable index concepts, has licensed the iSTOXX Europe ESG Climate Awareness Select 50 Index to Morgan Stanley for the issuance of structured products.
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Deutsche Bank Is Said to Be Removed From Euro Stoxx 50 Index
September 4, 2018--Years of losses and strategic drift have cost Deutsche Bank AG a seat among Europe's elite companies.
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Boerse Stuttgart records August turnover in excess of EUR 5.8 billion
September 3, 2018--Equities, securitised derivatives and ETPs units all show increase in trading volume compared with July figures
Based on the order book statistics, Boerse Stuttgart generated turnover of more than EUR 5.8 billion in August 2018.
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Cash markets achieve turnover of EUR130 billion in August
September 3, 2018--Trading volume 11.8 percent higher year-on-year
Deutsche Börse cash markets achieved a turnover of €130 billion in August (2017: €116.2 billion). This corresponds to a year-on-year increase of 11.8 percent.
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The Spanish Exchange traded 32.6euro billion in August
September 3, 2018--MONTHLY TRADING STATEMENTS FOR BME MARKETS
The Spanish Exchange traded €32.6 billion in Equities in August, in line with volume traded on August 2017. The number of trades in August reached 2.9 million.
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Eurex strengthens asset class focus
August 31, 2018--In an update to its organisational set-up, Eurex, one of the world's leading derivatives markets and part of Deutsche Börse Group, enhances its asset class focus by combining the sales and product design functions for equity index and for fixed income derivatives, respectively.
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New ETF Listing on Euronext-SPDR US CONS DIS
August 29, 2018--Euronext is pleased to announce that SSgA SPDR ETFs Europe II Plc will list 1 new ETF on 31/08/2018:
ISIN: IE00BWBXM278
ETF Trading name: SPDR US CONS DIS
ETF Symbol: SXLY
Venue: Euronext Amsterdam
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Carbon price hits decade high in boost for cleaner fuels
August 28, 2018--EU's creation of a reserve to mop up surplus credits has helped drive level higher
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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.
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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.
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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.
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Robo advisers fail to beat market benchmark
August 24, 2018--Low-cost investment services underperform UK tracking funds
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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.
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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 C&?oelig;ur&?eacute; 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.
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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.
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