ESMA to recognise the UK Central Securities Depository in the event of a no-deal Brexit-continued

March 1, 2019--The European Securities and Markets Authority (ESMA) has today announced that, in the event of a no-deal Brexit, the Central Securities Depository (CSD) established in the United Kingdom (UK)-Euroclear UK and Ireland Limited-will be recognised as a third country CSD to provide its services in the European Union (EU).
ESMA has adopted this recognition decision in order to allow the UK CSD to serve Irish securities and to avoid any negative impact on the Irish securities market. ESMA has previously communicated that its Board of Supervisors supports continued access to the UK CSD.

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Source: ESMA


Europe ETP News
ESMA Updates Q&A On EMIR Data Reporting
June 14, 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).
The Q&As provide further clarity regarding the implementation of EMIR Refit with respect to:
Q&A OTC 3 on the calculation framework towards the clearing thresholds; and
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Euro Area-IMF Staff Concluding Statement of the 2019 Article IV Mission
June 13, 2019-- The euro area is at a challenging juncture. Growth is expected to firm-up later this year but there are significant risks to this outlook. Greater structural reforms efforts at the national level would enhance the region's resilience. In the event of a sharp downturn additional policy support will be needed. While there is some progress on euro area reforms, in many cases political consensus on the path forward is missing.
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ESMA updates register of derivatives to be traded on-venue under MiFIR
June 13, 2019--The European Securities and Markets Authority (ESMA) has updated today the public register of those derivative contracts that are subject to the trading obligation under the Markets in Financial Instruments Regulation (MiFIR).
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Euro area securities issues statistics: April 2019
June 13, 2019--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 2.3% in April 2019, compared with 2.4% in March.
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New UBS ETF on Xetra: Emerging market companies with focus on sustainability
June 13, 2019--Since Thursday, a new Exchange Traded Fund from UBS Global Asset Management has been tradable via Xetra and Börse Frankfurt.
With the UBS ETF-MSCI Emerging Markets Socially Responsible UCITS ETF, investors can participate in the performance of emerging market companies that are rated high in terms of environmental, social and entrepreneurial good conduct. Companies that violate moral, religious and ethical criteria are excluded. In the benchmark index, individual shares are limited to a maximum share of 5 per cent.
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New Vanguard ETF on Xetra: US corporate bond with investment grade rating
June 13, 2019--Since Thursday a new Vanguard Exchange Traded Fund is tradable via Xetra and Börse Frankfurt.
The Vanguard USD Corporate Bond UCITS ETF-(USD) offers an investment in the performance of US corporate bonds.
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CryptoCompare Launches Exchange Benchmark in Response to Concerns Over False Volume Reporting
June 12, 2019--London-based crypto data provider CryptoCompare has launched an Exchange Benchmark product that ranks over 100 crypto spot exchanges worldwide. The news was revealed in a press release shared with Cointelegraph on June 12.
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IMF Executive Board Concludes 2019 Article IV Consultation with Norway
June 12, 2019--On June 10, 2019, the Executive Board of the International Monetary Fund (IMF) concluded its 2019 Article IV consultation [1] with Norway.
Norway's economic momentum remains strong, supported by higher oil prices, competitiveness gains stemming from the weaker krone, and a robust labor market.
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IMF Departmental Papers/Policy Papers-Trade Tensions, Global Value Chains, and Spillovers: Insights for Europe
June 12, 2019--Summary:
Europe is deeply integrated into global value chains and recent trade tensions raise the question of how European economies would be affected by the introduction of tariffs or other trade barriers.
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Norway's Economic Outlook in Seven Charts
June 12, 2019--Norway's economy has performed well over the past year, especially compared to its neighbors. It is enjoying low unemployment and a broadly neutral budget, while its economy continues to grow. Given its strong momentum, now would be the ideal time for the country to address long-term challenges, suggests the IMF in its latest assessment of the Norwegian economy.
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Ossiam lists low carbon ESG ETF on LSE
June 11, 2019--Ossiam, the affiliate of Natixis Investment Managers, has launched its US ESG Low Carbon Equity Factors Ucits ETF on the London Stock Exchange.
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New UBS ETF on Xetra: Companies worldwide
June 11, 2019--A new Exchange Traded Fund from UBS Global Asset Management has been available for trading on Xetra and Börse Frankfurt since Tuesday.
With the UBS (Irl) ETF plc-MSCI World UCITS ETF (USD) A-acc, investors have access to the stocks of the MSCI World Index, which tracks the performance of large and medium-sized companies from 23 industrialised countries.
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ESMA to address regulatory concerns over Frequent Batch Auctions
June 11, 2019--The European Securities and Markets Authority (ESMA) has today published its Final Report on Frequent batch auctions (FBAs). ESMA identified four main characteristics of FBA trading systems through its call for evidence and intends to issue supervisory guidance on pre-trade transparency and on the price determination process of FBAs.
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New EU shareholders' rights rules enter into force
June 10, 2019--The new Shareholder Rights Directive, which entered into force on Monday, addresses corporate governance shortcomings that contributed to the financial crisis, says the EU Commission.
Under the revised Directive, institutional investors and asset managers are required to be transparent about their investment and engagement policy, and to disclose how they take social and environmental impact into account.
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Monday Morning Memo: Fund Closure-The Hidden Risk of Mutual Funds
June 10, 2019--The news about the closure of the Woodford Income Fund hit the U.K. fund market quite hard-and a number of market observers made this event big news-but the reality is the closure of a fund is nothing unusual. This kind of corporate action happens frequently and is a protection mechanism which is stated in the fund prospectus.
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Modest Growth Ahead for Russia, but Opportunities to Boost Formal Employment, Says World Bank
June 10, 2019--Real GDP growth in Russia surpassed expectations in 2018, reaching 2.3 percent, mostly due to the one-off effects of energy construction. Growth forecasts of 1.2 percent in 2019 and 1.8 percent in both 2020 and 2021 reflect a more modest outlook, in line with Russia's current potential growth of about 1.5 percent, says the World Bank's latest Russia Economic Report (#41 in the series).
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New iShares ETF on Xetra: shares worldwide with currency hedging
June 7, 2019--Since Friday a new Exchange Traded Fund of iShares is tradable via Xetra and Börse Frankfurt.
The iShares Core MSCI World UCITS ETF EUR Hedged (Dist) offers an investment in the global MSCI World Index, which tracks the performance of large and medium-sized companies from 23 industrial countries. Currency fluctuations of individual stocks to the euro are minimised.
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New Active ETFs from Ossiam on Xetra: Focus on companies with low CO2 emissions
June 6, 2019--The two share classes of the Ossiam US ESG Low Carbon Equity Factors UCITS ETFs offer an actively managed ESG investment in US equities selected according to sustainability criteria. Both investment products select their components based on economic, social and environmental sustainability.
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Dramatic clamp down on peer-to-peer investing in major blow to lenders
June 6, 2019-A week after a prominent lender calls in administrators, regulators limit maximum investments in a bid to protect investors
You've seen the adverts. In fact, with the surprisingly high interest rates seemingly on offer, you'd be forgiven for doing a double take.
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European Semester 2019 Spring Package: Commission issues recommendations for Member States to advance sustainable and inclusive economic growth
June 5, 2019--The European Commission presents today the 2019 country-specific recommendations (CSRs), giving economic policy guidance to all EU Member States for the next 12 to 18 months. The Commission also recommends closing the Excessive Deficit Procedure for Spain and adopts a number of documents under the Stability and Growth Pact.
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New Franklin ETFs on Xetra: Focus on trend regions Brazil, China and Korea
June 5, 2019--Three new Franklin Templeton ETFs have been tradable on Xetra and Börse Frankfurt since Wednesday.
The new equity ETFs offer an investment in the performance of the three investment regions Brazil, China and Korea.
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National Statistics: UK official holdings of international reserves: May 2019
June 5, 2019--This release details movements in the international reserves of gold and assets held by the UK government.
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Star Manager Woodford Halts Fund's Redemptions
June 5, 2019--Suspending redemptions highlights problems of holding hard-to-sell assets when investors pull money out quickly
One of the U.K.'s best known money managers has suspended redemptions from his main £3.7 billion ($4.69 billion) fund, drawing fresh attention to the dilemma for investment firms that promise investors they can quickly cash out of funds that hold hard-to-sell assets.
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Grenke AG new joiner in MDAX
June 5, 2019--On Wednesday, Deutsche Börse announced changes to its selection indices, which will become effective on 24 June 2019. The shares of Grenke AG will be included in the MDAX index and will replace the shares of Wacker Chemie AG, which will be included in the SDAX index. The exclusion is based on the fast-exit rule.
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ESMA Publishes Updated AIFMD and UCITS Q&AS
June 4, 2019--The European Securities and Markets Authority (ESMA) has published updated questions and answers documents (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD ) and the Undertakings for the Collective Investment in Transferable Securities (UCITS ) Directive.
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New BNP Paribas Easy-ETF on Xetra: Global companies with a strong focus on sustainability
June 4, 2019--A new Exchange Traded Fund issued by BNP Paribas Easy has been tradable on Xetra and Börse Frankfurt since Tuesday.
The BNP PARIBAS EASY ECPI Circular Economy Leaders offers investors the opportunity to participate in the performance of the world's 50 leading companies in terms of ESG ratings and the positive contribution to sustainable economic activity.
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Austrian Traded Index (ATX): New free float factors for BAWAG Group and Erste Group Bank
June 4, 2019--The Vienna Stock Exchange announces new free float factors for Austrian indices, following the quarterly review of the calculation parameters. Within its leading national index ATX, the free float factor of BAWAG Group AG rises from 0.4 to 0.5, following Cerberus' sale of a large block of shares.
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ESMA publishes a supervisory briefing on pre-trade transparency requirements in commodity derivatives
June 3, 2019--The European Securities and Markets Authority (ESMA) has today published a Supervisory Briefing to ensure compliance with the MiFIR pre-trade transparency requirements in commodity derivatives.
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ESMA updates MiFID II Q&As on transparency issues
June 3, 2019--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The updated Q&As provide clarification on the following topics:
The mandatory systematic internaliser (SI) regime;
The voluntary SI regime; and,
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Boerse Stuttgart records May turnover of EUR 6,3 billion
June 3, 2019--Based on the order book statistics, Boerse Stuttgart generated turnover of around EUR 6,3 billion in May 2019 – an increase of around 13 per cent compared to the previous month. Securitised derivatives made up the largest share of the turnover.
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Monday Morning Memo: Is the European Investment Industry in a Crisis?
June 3, 2019--A look at the fund flows in Europe for the year 2019 so far (-€73.0 bn) reveals that the European fund industry faces another difficult year. In more detail, April 2019 marked the twelfth consecutive month with outflows from long-term mutual funds.
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London Stock Exchange Group acquires Beyond Ratings
June 3, 2019--Beyond Ratings is a highly regarded provider of Environmental, Social and Governance (ESG) data for fixed income investors
Acquisition enhances the existing ESG index, data solutions and analytics offering within LSEG's Information Services business
Complements flagship FTSE World Government Bond Index (WGBI) and The Yield Book fixed income analytics capabilities
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A European atlas of economic success and failure
June 3, 2019--Economic growth was diverse across EU regions, yet it is crucial to control for region-specific factors in assessing growth performance. We find that there are rather successful regions in many EU countries, suggesting that the EU can provide a good framework for growth. Yet the worst performers are more concentrated in some countries, suggesting that country-specific factors can play a major role in regional development.
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Cash markets achieve turnover of 146.0 billion euros in May
June 3, 2019--Deutsche Börse's cash markets generated a turnover of €146.0 billion in May (previous year: €145.8 billion).
Of the €146.0 billion, €131.4 billion were attributable to Xetra (previous year: €134.1 billion), bringing the average daily Xetra trading volume to €6.0 billion.
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The Spanish Exchange traded EURO40.13 billion in May
June 3, 2019--It represents a 18.2% decrease from April, although the number of trades increased by 4.5%
Fixed Income trading volume increased 36.7% to 29.63 billion euros year-on-year
The trading volume in Financial Derivatives increased by 9% in the first five months of the year
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France: Staff Concluding Statement of the 2019 Article IV Mission
June 3, 2019--France's growth has slowed but remains resilient and job rich, in part reflecting important labor-market and tax reforms implemented in recent years. But external risks have risen, and France's structural challenges persist: high public and private debt, still high structural unemployment, sluggish productivity growth, and inequality of opportunity.
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ULTUMUS hires Mr Index-Femi Orangun
June 2, 2019--ULTUMUS, the leading global provider of data creation, management and distribution services for index and ETF products, today announced the hire of industry veteran Femi Orangun to its team of index and ETF specialists.
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Europe leads the $31tn charge on sustainable investing
May 31, 2019--Assets flood into ETFs designed to address matters like climate change and child labour
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S7P Dow Jones Indices-Index Dashboard: Europe
May 31, 2019--Declining global growth expectations and an escalation in trade wars sent equity markets into reverse gear this month. The S&P Europe 350 dropped 5%, giving up all of April’s gains and moving into the red for Q2. It's not all bad: the European benchmark can still boast of a 12% year-to-date total return.
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GPW Launches WIGtech Index
May 30, 2019--GPW is launching WIGtech index as of 24 June 2019
The index covers high-tech companies listed on the Main Market active in biotechnology, games, IT, telecommunication, and new technologies
The index may in the future be the underlying of financial instruments including futures
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ESMA updates Q&AS on MiFID II and MiFIR investor protection and intermediaries
May 29, 2019--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
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STOXX extends its suite of ESG-X indices
May 29, 2019--STOXX Ltd., the operator of Deutsche Boerse Group's index business and a global provider of innovative and tradable index concepts, has launched a series of new benchmark ESG-X indices, such as an ESG-X version of the flagship EURO STOXX 50(R) Index.
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New Lyxor ETF on Xetra: Chinese A Shares
May 29, 2019--A new Exchange Traded Fund issued by Lyxor International Asset Management has been tradable on Xetra and Börse Frankfurt since Wednesday.
The Lyxor Hwabao WP MSCI China A (DR) UCITS ETF offers an investment in the performance of Chinese large and mid cap companies.
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ETFGI reports assets invested in the European ETF and ETP industry reached a record US$882.20 billion at the end of April 2019
May 29, 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$3.95 billion in April, bringing year-to-date net inflows to US$35.54 billion.
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FESE Blueprint:'Capital Markets Union By 2024-A Vision For Europe'
May 29, 2019--Today, FESE launched its FESE Blueprint: 'Capital Markets Union by 2024- A vision for Europe' which sets out 20 Principles and Policy Recommendations on how to take the Capital Markets Union (CMU) forward.
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Algebris launches new fund targeting jumps in volatility
May 28, 2019--Algebris Investments, a $12bn-in-assets hedge fund based in London, has launched a new vehicle designed to profit from a growing tide of computer-driven traders targeting volatility, which some analysts argue has made markets more turbulent.
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ESMA updates its Questions and Answers on the Securitisation Regulation
May 27, 2019--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) on the Securitisation Regulation (Regulation 2017/2402).
This document provides clarification on different aspects of the templates contained in ESMA's draft technical standards on disclosure requirements.
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Nasdaq Withdraws Offer to Acquire Shares of Oslo Bors VPS
May 27, 2019--Nasdaq AB, an indirect subsidiary of Nasdaq, Inc. (Nasdaq: NDAQ), has decided to withdraw its offer (the "Offer") to acquire all of the issued shares of Oslo BØrs VPS Holding ASA made pursuant to the offer document published on 4 February 2019 (as amended).
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Monday Morning Memo: European Investors shy away from mutual funds in April
May 27, 2019--The negative fund flows trend in Europe continued in April as the securities markets showed a volatile, but positive, trend. As a consequence, April was the twelfth month in a row long-term mutual funds posted net outflows after 16 consecutive months of net inflows.
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Theresa May quits: UK set for new PM by end of July
May 24, 2019--Theresa May has said she will quit as Conservative leader on 7 June, paving the way for a contest to decide a new prime minister.
In an emotional statement, she said she had done her best to deliver Brexit and it was a matter of "deep regret" that she had been unable to do so.
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Russia: Staff Concluding Statement of the 2019 Article IV Mission
May 24, 2019--Russia's growth prospects will depend on the strength of domestic policies and reforms. GDP growth in the past three years averaged 1.4 percent and is projected at a similar rate in 2019.
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Mifid rules highlight the costs of investing
May 23, 2019--Wealth managers are now required produce fee statements for customers as part of Mifid II rules that came into effect in January 2018.
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ECB-Account of the monetary policy meeting
of the Governing Council of the European Central Bank, held in Frankfurt am Main on Wednesday and Thursday, 9-10 April 2019
May 23, 2019--1. Review of financial, economic and monetary developments and policy options
Financial market developments
The Vice-President, standing in for Mr Cœuré, reviewed the latest financial market developments.
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ESMA updates its Q&As regarding the Benchmark Regulation
May 23, 2019--The European Securities and Markets Authority (ESMA) has issued today an update of its Q&As on the European Benchmarks Regulation (BMR).
The new Q&As provide clarification on the following issues:
the information included in the ESMA register of administrators of benchmarks;
determination of the Member State of reference; and
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Assets in Irish domiciled funds reach all-time high of EUR2.64 trillion
May 23, 2019--Irish Funds, the representative body for the global cross-border investment funds industry in Ireland, has reported an increase in assets in Irish domiciled funds of 9 per cent over the last quarter, to an all-time high of EUR2.64 trillion according to the latest data from the Central Bank of Ireland (CBI).
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ECB-Euro area investment fund statistics-first quarter of 2019
May 22, 2019--In the first quarter of 2019 the outstanding amount of shares/units issued by investment funds other than money market funds stood at €11,790 billion, which was €776 billion higher than in the fourth quarter of 2018.
Exchange-traded funds (ETFs) are presented separately for the first time in this press release
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JP Morgan AM launches GBP-hedged version of US Treasury ETF
May 22, 2019--JP Morgan Asset Management (JPMAM) has launched a sterling-hedged version of the JPM BetaBuilders US Treasury Bond UCITS ETF (BBTR), in response to client demand.
The JPM BetaBuilders US Treasury Bond UCITS ETF-GBP Hedged (BBTP) is listed on the London Stock Exchange with a total expense ratio (TER) of 0.10%.
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Kraneshares CSI China Internet UCITS ETF Lists on Euronext Amsterdam
May 22, 2019--The listing of KraneShares CSI China Internet UCITS EFT (Ticker: KWEB NA) in Amsterdam follows the listing on Euronext Dublin.
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Over 27 million Euros reported lost to crypto and forex investment scams
May 21, 2019--Over £27million lost to scams involving crypto and forex investments in 2018/19
Victims lost on average over £14,600 last financial year
Reports tripled to over 1,800 from the year before
The Financial Conduct Authority (FCA) and Action Fraud (link is external) are warning the public to be wary of investment scams carried out via bogus online trading platforms.
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Financial advice gap has widened since 2015, says report
May 21, 2019--The gulf between those in the UK with and without access to affordable financial advice has widened in the past 4yrs, according to a new study revealing that digital innovations have not been enough to help customers priced out of the market.
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ATX index offering expanded with new short indices
May 21, 2019--The Vienna Stock Exchange starts today the calculation of new Short Indices on the leading index ATX, Austrian Traded Index. The new indices with a leverage of -12 and -15 are based on the ATX Total Return. The benchmark takes into account the dividend payments of its index members.
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The latest European growth-rate estimates
May 20, 2019--The quarterly growth rate of the euro area in Q1 2018 was 0.4% (1.5% annualized), considerably higher than the low growth rates of the previous two quarters. This blog reviews the reaction to the release of these numbers and the discussion they have triggered about the euro area's economic challenges.
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Monday Morning Memo: Multi-Asset is Dead-Long Live Multi-Asset!
May 20, 2019--May 20, 2019--Multi-asset funds have been a hot topic for European investors since the aftermath of the 2008 financial crisis because there were some funds that showed very limited losses despite the rough market environment. Investor interest reached even higher after the euro crisis in 2011 as a number of funds continued to show quite a stable performance pattern.
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