Economic and fiscal outlook: October 2018-continued

October 31, 2018--This is the OBR's October 2018 Economic and fiscal outlook
Details
This is the Office for Budget Responsibility's latest Economic and fiscal outlook. It sets out forecasts for the economy and the public finances, and an assessment of whether the Government is likely to achieve its fiscal mandate, supplementary target and welfare cap.
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Source: HM Treasury


Europe ETP News
New Vanguard ETFs on Xetra: Investment Grade Government and Corporate Bonds
February 21, 2019--Both bond ETFs include investment grade bonds with a maturity of more than one year.
Since Thursday two Vanguard ETFs are tradable via Xetra and Börse Frankfurt.
The two bond ETFs give investors access to euro-denominated government bonds within the eurozone and euro-denominated corporate bonds worldwide.
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Account of the monetary policy meeting of the Governing Council of the European Central Bank
February 21, 2019--Held in Frankfurt am Main on Wednesday and Thursday, 23-24 January 2019
1. Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœuré reviewed the latest financial market developments. In the first few weeks of 2019 volatility had remained elevated across different market segments, in particular in equity and commodity markets.
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Deutsche Borse increases transparency in ETF trading
February 21, 2019--New key indicator provides information on trading costs over the course of the trading day
Deutsche Börse is providing ETF investors with a new key indicator: The iXLM (intraday Xetra liquidity measure) provides information on how trading costs of an ETF have developed over the course of a trading day. This allows investors to deduce the period in which the trading costs of an ETF were particularly low and to take this information into account for future decisions.
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Forecasts for the UK economy: February 2019
February 20, 2019--A comparison of independent forecasts for the UK economy in February 2019.
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EBA publishes Consumer Trends Report for 2018-19
February 20, 2019--The European Banking Authority (EBA) published today its Consumer Trends Report for 2018 and 2019. The Report covers the trends and issues related to retail banking products and services that fall within the EBA's consumer protection mandate, such as mortgages, consumer credit, deposits, payment accounts, payment services and electronic money.
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STOXX expands its thematic index offering
February 20, 2019--STOXX Ltd., the operator of Deutsche Boerse Group’s index business and a global provider of innovative and tradable index concepts, has launched seven new thematic indices. They cover a broad array of themes: housing construction, industry 4.0, millennials, sharing economy, silver economy, smart cities, and smart factory.
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WisdomTree appoints director of Research Fixed Income
February 19, 2019--WisdomTree has expanded Fixed Income Research and Strategy team with the appointment of Lidia Treiber as director of Research in Europe.
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BNP Paribas launches 'socially responsible" credit ETF
February 19, 2019--The index-tracking fund looks to exclude companies based on their ESG credentials
February 19, 2019--BNP Paribas Asset Management has launched a socially responsible credit exchange-traded fund.
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Vienna Stock Exchange calculates new CEE Blue Chip Benchmark "Eastern Europe Traded Index"
February 19, 2019--With the "Eastern Europe Traded Index" (EETX) index family Vienna Stock Exchange today launches six new indices. The EETX focuses on the 40 largest blue chips of the Russian, Central, Eastern and Southeastern European markets.
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ESMA supervision to focus on data, Brexit and cybersecurity in 2019
February 19, 2019--The European Securities and Markets Authority (ESMA) has published today its 2019 Supervision Work Programme, which details the main areas of focus for the upcoming year for ESMA's supervision of Trade Repositories (TRs), Credit Rating Agencies (CRAs), and the monitoring of third-country market infrastructures such as third-country central clearing counterparties (TC-CCPs) and third-country Central Securities Depositories (TC-CSDs).
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Retail investors at risk in Brexit dual-listing tussle
February 19, 2019--Brussels does not plan to recognise London venues if UK leaves EU abruptly next month
Brussels' plan to restrict trading in shares listed both in London and elsewhere in the EU in the event of a hard Brexit will deliver a blow to retail investors, asset management groups have warned.
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Euro area investment fund statistics: fourth quarter of 2018
February 19, 2019--In the fourth quarter of 2018 the outstanding amount of shares/units issued by investment funds other than money market funds was €10,990 billion, €667 billion lower than in the third quarter of 2018.
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Official Statistics: Database of forecasts for the UK economy
February 19, 2019--We've compiled independent forecasts for the UK economy since 1986. This database includes forecasts of key economic indicators from those publications
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Big asset managers cut research costs at higher rate
February 18, 2019--Large asset managers have been more successful than smaller rivals at controlling costs in the wake of new European rules on research...
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ESMA to recognise three UK CCPs in the event of a no-deal Brexit
February 18, 2019--The European Securities and Markets Authority (ESMA) has today announced that in the event of a no-deal Brexit, three central counterparties (CCPs) established in the United Kingdom (UK)-LCH Limited, ICE Clear Europe Limited and LME Clear Limited-will be recognised to provide their services in the European Union (EU).
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Monday Morning Memo: Review of the European ETF Market, January 2018
February 17, 2019--The promoters of ETFs in Europe enjoyed net inflows for January. These inflows led, in combination with a positive performance of the underlying markets, to increased assets under management in the European ETF industry.
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LSE ETP January 2019 Monthly Report
February 15, 2019--Listings
18 new ETFs were listed in January 2019.
There are now 1,177 ETFs (available as 1,715 lines through multi-currency offerings) and 461 ETCs/ETNs (available as 554 lines) on our London market.
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New Invesco-ETF on Xetra tracks MDAX index
February 15, 2019--Since Friday a new Exchange Traded Fund issued by Invesco is tradable via Xetra and Börse Frankfurt.
The Invesco MDAX UCITS ETF gives investors the opportunity to invest in the MDAX index. The benchmark index contains the 60 German mid-cap stocks, which rank behind the 30 DAX companies in terms of order book turnover and market capitalisation
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ETF Money Monitor - January 2019
February 14, 2019-Net new assets in the European ETF market tripled to €7.6bn in January from the €2.5bn we saw in December.
Net new assets in the European ETF market tripled to €7.6bn in January from the €2.5bn we saw in December.
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Alpha launches dedicated ETF & Indexing practice and hires Marc Knowles as a Director
February 14, 2019--Alpha strengthens market offering with dedicated ETF & Indexing Practice to respond to the growing significance of index funds and ETFs and demand for consulting support from clients.
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US group heads for the cloud with latest ETF launch
February 13, 2019--First Trust Global Portfolios has launched a Ucits-compliant ETF focusing on opportunities in the cloud computing space.
The new fund, called First Trust Cloud Computing Ucits ETF, will be offered through the UK-based affiliate of US group First Trust Advisors.
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Amundi lifts earnings despite 50bn euros hit in final quarter
February 13, 2019--Europe's largest fund manager ends year flat as volatility bites
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UK funds lose $2bn in eight weeks amid Brexit deadlock
February 11, 2019--More than $2bn has been yanked from funds that invest in UK companies in just eight weeks as the political and economic fallout from Britain's departure from the European Union continues to batter investor confidence.
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Euronext Dublin beefs up European fund-listing role
February 12, 2019--Exchange's new owner has plans to expand the hub but the path is unlikely to be smooth.
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IMF Staff Country Report-The Kingdom of the Netherlands-Netherlands: Selected Issues
February 12, 2019--CORPORATE SAVING IN THE NETHERLANDS1
The Netherlands' current account (CA) surplus in percent of GDP is among the highest in the world. The non-financial corporation (NFC) net saving is the largest contributor to the CA surplus.
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Monday Morning Memo: Review of the European ETF Market-2018
February 11, 2019--The year 2018 was a tough year for the European fund industry. Despite headwinds from the markets and outflows from their actively managed peers, the promoters of ETFs in Europe enjoyed net inflows in every single month of the year 2018.
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Traders eye 'bad trade' in Swiss franc flash fall
February 11, 2019--Currency abruptly dropped early in the Asian trading day
The Swiss franc is the latest currency to have gone bump in the night.
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ESMA report finds investment product performance highly impacted by charges
January 10, 2018--The Report covers Undertakings for Collective Investment in Transferable Securities (UCITS), Alternative Investment Funds sold to retail investors (retail AIFs) and Structured Retail Products (SRPs).
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How London won the race for the renminbi
February 8, 2019--The city's charm offensive has paid off, with daily orders averaging $73bn in October
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ESMA publishes list of thresholds below which an EU prospectus is not required
February 8, 2019--The European Securities and Markets Authority (ESMA) has published today a document listing the thresholds below which an offer of securities to the public does not need a prospectus in the various Member States of the European Union (EU).
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Flow Traders reports strong finish to a record year 2018
February 8, 2019--Flow Traders N.V. (Euronext: FLOW) announces its unaudited 4Q18 results:
4Q18 ETP Value Traded was up 49% Q-o-Q to &euro273bn. This resulted in a 31% Y-o-Y increase, compared to a 34% Y-o-Y increase in market ETP Value Traded following market developments in the US
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ESMA publishes its 2019 Risk Assessment Work Programme
February 7, 2019--The European Securities and Markets Authority today publishes its Risk Assessment Work Programme , providing an overview of the analytical, research, data and statistical activities that ESMA will carry out in 2019.
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Swiss Stock Exchange SIX Plans Blockchain Platform in H2
February 7, 2019--Switzerland's top stock exchange, SIX, aims to roll out a blockchain platform to speed up trading later this year.
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New EU derivatives rules to reduce costs and regulatory burdens
February 7, 2019--The EU Parliament and states reached political agreement Tuesday on rules applying to non-financial counterparties, small financial counterparties and pension funds using financial derivative products.
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Launch of the First Polish ETF
January 7, 2019--A new WIG20TR ETF has been added to GPW's offer of financial products
The new Beta ETF is the first Polish ETF listed on GPW
Beta ETF WIG20TR, the first 100% Polish ETF in the history of the Warsaw Stock Exchange, established under Polish law, developed and managed by Polish experts, has been newly listed on GPW’s Main Market today.
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Nasdaq Copenhagen Welcomes XACT OMXC25 ETF
February 7, 2019--Nasdaq (Nasdaq: NDAQ) announced today that trading in the Xact OMXC25 ETF (UCITS ETF) commences on Nasdaq Copenhagen*. Xact C25 ETF is issued by Xact Kapitalförvaltning AB and distributed by Handelsbanken Denmark. Xact C25 ETF is traded under ISIN code SE0011452127, has the Trading Code XACTC25, and is the first ETF to be accepted for trading on the Nasdaq Copenhagen exchange.
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Winter 2019 Economic Forecast: growth moderates amid global uncertainties
February 7, 2019--The European economy is expected to grow for the seventh year in a row in 2019, with expansion forecast in every Member State. The pace of growth overall is projected to moderate compared to the high rates of recent years and the outlook is subject to large uncertainty.
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HANetf completes second oversubscribed funding round
February 6, 2019--HANetf, Europe's first independent "white-label" UCITS ETF platform, has completed its second oversubscribed funding round, bringing on a number of experienced industry figures.
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ESMA publishes supervisory briefing on the supervision of non-EU branches of EU firms
February 6, 2019--The European Securities and Markets Authority (ESMA) has today published a MiFID II supervisory briefing on the supervision of non-European Union (EU) branches of EU firms providing investment services and activities.
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ESMA SETS OUT 2019 PRIORITIES FOR SUPERVISORY CONVERGENCE
February 6, 2018--The European Securities and Markets Authority (ESMA) has published today its 2019 Supervisory Convergence Work Programme (SCWP), which sets out ESMA's work streams to promote sound, efficient and consistent supervision across the European Union (EU).
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IMF Staff Country Reports-Italy: Selected Issues
February 6, 2019--REFORMING ITALY'S SOCIAL WELFARE SYSTEM AND LOWERING TAXES ON LABOR: SOME CONSIDERATIONS2
The Italian authorities are keen to improve Italy's social welfare system. They plan to introduce a new citizenship income program, aimed at assisting the poor and facilitating their reintegration into the labor market.
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Market-maker Flow Traders names head of fixed income
February 6, 2019--Ramon Baljé joins electronic market maker in Amsterdam
Ramon Baljé joined Flow Traders earlier this month, a spokesperson confirmed.
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UK official holdings of international reserves: January 2019
February 5, 2019--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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Three new Xtrackers ETFs on Xetra: Equity ETFs with a focus on Europe and companies related to Artificial Intelligence and Future Mobility worldwide
February 5, 2019--Three new Exchange Traded Funds of DWS have been available for trading on Xetra and Börse Frankfurt since Tuesday.
With the Xtrackers Artificial Intelligence & Big Data UCITS ETF-1C, investors can participate in the performance of companies from industrialised and emerging countries worldwide that are linked to artificial intelligence, data processing and data security.
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ESMA consults on liquidity stress test guidance for investment funds
February 5, 2019--The European Securities and Markets Authority (ESMA) has started today a public consultation on its draft guidance regarding liquidity stress tests of investment funds-applicable to alternative investment funds (AIFs) and Undertakings for the Collective Investment in Transferable Securities (UCITS).
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The European Union Budget, and Economic and Monetary Policy (EU Exit) Regulations 2019
February 5, 2019--This instrument revokes retained EU law relating to the EU budget, and revokes and partially restates EU law relating to economic and monetary policy, in order to address deficiencies arising from the withdrawal of the United Kingdom from the European Union.
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Investors fret about dual-listed shares under a hard Brexit
February 4, 2019--European investors are urging regulators to protect their ability to buy the London-listed shares of several major companies, including Royal Dutch Shell, Unilever and Ryanair, should the UK leave the EU abruptly at the end of next month.
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Monday Morning Memo: Review 2018-Rough Markets took their toll from the European Fund Industry
February 4, 2019--The European fund industry faced estimated net outflows of €129.2 bn in 2018 after six consecutive years with net inflows. The flows were mainly driven by the discussions about a possible trade war between the USA and China, as well as a possible return of the Euro crisis caused by developments in Italy and France, and an environment of rising interest rates in the USA.
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ESMA updates Q&A on EMIR data reporting
February 4, 2019--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).
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ESMA updates Q&A on MiFIR data reporting
February 4, 2019--The European Securities and Markets Authority (ESMA) has issued today an update of its Q&As on data reporting under the Market in Financial Instruments Regulation (MiFIR).
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FCA publishes its second set of rules following its Asset Management Market Study
February 4, 2019--The Financial Conduct Authority (FCA) has published new rules and guidance to improve the quality of the information available to consumers about the funds they invest in.
The asset management industry plays an important role in the UK's economy. Asset managers seek returns for investors by investing in a variety of assets.
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SIX Swiss Exchange ETF Market Report: ETF Market Report: 4th quarter 2018
February 1, 2019--This report provides detailed figures regarding the performance of the ETF segment of SIX.
There were more losers than winners on the financial markets in the fourth quarter. Despite the generally difficult circumstances on the financial markets, the Swiss ETF market continued to develop dynamically, as the latest ETF Market Report shows.
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ESMA UPDATES ITS Q&AS ON MIFID II AND MIFIR MARKET STRUCTURE AND TRANSPARENCY TOPICS
February 1, 2019--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers regarding market structures and transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
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The Spanish Exchange traded 41.40 euros bn in January
February 1, 2019--Growth of 6,8% in trading volume in what is the best month since October
Trading in IBEX 35 Futures increased 4.8%
Fixed Income markets trading soared 240,8%
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Cash markets achieve turnover of 123.4 billion euros in January
February 1, 2019--Deutsche Börse's cash markets generated a turnover of €123.4 billion in January (previous year: €156.5 billion).
Of the €123.4 billion, €112.3 billion were attributable to Xetra (previous year: €140.4 billion), bringing the average daily Xetra trading volume to €5.1 billion.
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Amundi steps up SRI push with low-cost EM ETF
February 1, 2019--Amundi ETF has boosted its SRI range with an emerging markets strategy, the firm has announced.
The Amundi Index MSCI Emerging Markets SRI-Ucits ETF has an ongoing charge of 0.25% and tracks the MSCI Emerging Markets SRI index.
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ESMA Q&As clarify prospectus and transparency rules in case of no-deal Brexit
January 31, 2019--The European Securities and Markets Authority (ESMA) has issued today three Questions and Answers (Q&As) regarding the Prospectus Directive (PD ) and the Transparency Directive (TD ).
The Q&As clarify the application of certain provisions in these Directives in case the UK withdraws from the European Union (EU) on 29 March 2019 with no withdrawal agreement in place (no-deal Brexit). These Q&As will only apply in case of a no-deal Brexit.
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London Stock Exchange to buy 278.5m euro stake in Euroclear
January 30, 2019--The London Stock Exchange (LSE) has expanded its reach in Europe with an agreement today to acquire a nearly five per cent stake in clearing house Euroclear.
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SocGen Plans Investment Bank Job Cuts After Trading Slump
January 30, 2019--Societe Generale SA is making a last-ditch effort to boost its performance after a trading slump threatened Chief Executive Officer Frederic Oudea's targets.
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Amundi recruits UK ETFs head from BlackRock
French asset manager recruits from market leader to boost presence in expanding index-tracking sector January 30, 2019--Amundi, the French asset manager, has hired BlackRock iShares' UK head of institutional sales in a push to boost its presence in the UK market.
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New Invesco ETF on Xetra: Sustainable equity ETF based on ESG and Catholic principles
January 29, 2019--Since Tuesday a new Exchange Traded Fund of Invesco is tradable via Xetra and Börse Frankfurt.
The MSCI Europe ESG Leaders Catholic Principles UCITS ETF 1D enables investors to participate in the performance of European companies with a comparatively high ESG rating.
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EU's Tusk says Brexit "backstop" not renegotiable
January 29, 2019--European Council President Donald Tusk said the EU-UK divorce deal was not up for renegotiation after Britain's parliament on Tuesday voted to replace the Irish "backstop" border arrangement contained in it with unspecified "alternative arrangements".
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Euro area economic and financial developments by institutional sector: third quarter of 2018
January 29, 2019--Euro area net saving was broadly unchanged at €805 billion in the four quarters to the third quarter of 2018. Euro area net non-financial investment increased to €431 billion (from €406 billion previously), due to increased investments by households and non-financial corporations.
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Monday Morning Memo: European Fund-Flow Trends, December 2018
January 28, 2019--After unexpectedly high outflows in October and November, European investors pulled further away from long-term mutual funds in December as the market environment and general sentiment remained negative. As a consequence, December was the eighth month in a row posting net outflows from long-term mutual funds after 16 consecutive months showing net inflows.
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IMF Working Paper-Reform Options for Mature Defined Benefit Pension Plans: The Case of the Netherlands
January 25, 2019--The Netherlands has been operating fully funded, defined benefit second pillar pension schemes that have consistently ranked high worldwide for delivering high replacement rates while featuring strong solidarity among members.
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ETFGI reports ETFs and ETPs listed in Europe gather net inflows of 3.93 billion US dollars during December 2018
January 25, 2019--ETFGI, a leading independent research and consultancy firm covering trends in the global ETF/ETP ecosystem, reported today that ETFs and ETPs listed in Europe gathered net inflows of US$3.93 billion during December, bringing 2018 net inflows to US$56.72 billion.
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LSE ETP December 2018 Monthly Report
January 25, 2019--Listings
12 new ETFs were listed in December 2018, bringing a total of 323 new ETP listings in 2018-all time record.
There are now 1,161 ETFs (available as 1,689 lines through multi-currency offerings) and 461 ETCs/ETNs (available as 554 lines) on our London market.
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Investors grapple with Europe's darkening economy
January 24, 2019--Slowing data could weigh on euro but offers hope for bonds
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European Authorities remain mostly blind when it comes to the Past Performance and Costs of Long-term Savings Products, despite first reports ever released
January 24, 2019--Long-term retail savings are the only EU consumer products for which consumers and Public Supervisors not only don't have a clue as to their future performance, but they don't even know what their past performance has been.
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Lyxor-2018 ETF flows analysis and expectations for 2019
January 23, 2019--Last year proved challenging for investors, bookended as it was by an early market "melt-up" and an even more dramatic late meltdown. It began and ended in chaos amid mounting economic and political uncertainty on both sides of the Atlantic. Nearly all asset classes closed in negative territory.
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Lyxor launches eurozone government bond ETF
January 23, 2019--Lyxor launches eurozone government bond ETF. French asset manager Lyxor has launched a eurozone government ETF to complete its range of passive funds.
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