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LSE ETP July 2018 Monthly Report
August 9, 2018--Listings
19 new ETFs were listed in July 2018, making a total of 243 new ETPs listings in 2018.
There are now 1097 ETFs (available as 1,615 lines through multi-currency offerings) and 487 ETCs/ETNs (available as 580 lines) on our London market.
On 2nd July, the iShares Physical Gold ETF (IGLN) had the highest order-book turnover on London Stock Exchange (£318mn). It traded more than any other stocks on our order-books.
HSBC launched the HSBC MSCI China A Inclusion UCITS ETF which offers exposure to Chinese A shares, something that was previously only available to Chinese citizens. This was HSBCs first ETF listing since 2014.
iShares launched 5 ETFs in July, 4 of which were fixed income. One example is the iShares Global AAA-AA Govt Bond UCITS ETF which offers exposure to an index composed of local currency bonds issued by governments of developed countries.
WisdomTree launched 2 multifactor ETFs and 2 Japanese small cap ETFs.
UBS launched 4 new ETFs, one of which is the UBS Global Gender Equality ETF which tracks the Solactive Equileap Global Gender Equality 100 Leaders Index.
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Source: London Stock Exchange Group
Legal & General to launch European ETFs by year end
August 9, 2018--More and more big-name firms are emerging to do battle for assets in Europe's booming market for exchange traded funds
Legal & General Investment Management, the UK's largest fund manager, will begin chasing money in Europe's fiercely competitive market for exchange traded funds before the end of the year.
LGIM acquired Canvas, a £2.4bn platform that helps fund managers build ETF products, last November. It said at the time that it wanted to target opportunities in Europe, where the ETF market is dominated by the likes of BlackRock's iShares, Lxyor Asset Management and Deutsche Bank's Xtrackers.
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Source: fnlondon.com
ECB Economic Bulletin-Update on economic and monetary developments
August 9, 2018--The information that has become available since the Governing Council's monetary policy meeting on 14 June indicates that the euro area economy is proceeding along a solid and broad-based growth path.[1]
Uncertainties related to global factors, notably the threat of protectionism, remain prominent, and the risk of persistent heightened financial market volatility continues to warrant monitoring. However, the risks surrounding the euro area growth outlook can still be assessed as broadly balanced.
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Source: ECB
Unscheduled free-float adjustment of Grammer AG in SDAX
August 9, 2018--Changes to be effective as of 14 August 2018
On Thursday, Deutsche Börse announced an unscheduled change to the SDAX index. Due to acquisition of Grammer AG (DE0005895403) by Jiye Auto Parts GmbH the free float of Grammer AG changed by more than 10 percentage points.
According to the Guide to the Equity Indices of Deutsche Börse AG, section 5.1.5., the company's free float will be adjusted in the index from the current 62.64 percent to 14.19 percent. These changes will become effective on 14 August 2018. The next scheduled index review is 5 September 2018.
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Source: Deutsche Börse Cash Market
Lyxor-ETF Money Monitor-July 2018-ETF flows slow as sentiment reverses
July 9, 2018-European ETF market flows slowed slightly in June, with net new assets falling to €757m from
the €1.1bn we saw in May. Sentiment reversed yet again, with fixed income ETFs attracting
most of the inflows (€1.1bn).
In contrast, equity ETFs suffered significant outflows as trade
wars, China and European issues dominated the agenda (-€739m).
What happened last month?
ETF flows dropped to €757m from €1.1bn
They remain strong, but behind last year's
record levels
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Source: Lyxor
ESMA updates validation rules under EMIR
August 9, 2018--The European Securities and Markets Authority (ESMA) has updated today its validation rules regarding the European Markets Infrastructure Regulation (EMIR) with regards to the revised technical standards on reporting under Article 9 of EMIR.
The amendments will be applicable from 5 November 2018.
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Source: ESMA
Brexit Novations Raise Questions Over EMIR, Lifecycle Events
August 9, 2018--Market participants are repapering and novating their current derivatives contracts to an EU27 subsidiary due to the ongoing uncertainty around Brexit-but are finding new issues every day.
In the absence of a third country regime (TCR) agreement, U.K. financial institutions are either novating, or considering novating derivatives books across to existing or newly-established European subsidiaries. "This may well end up as just a booking arrangement, with no longer-term implications to the City," said Edmund Parker, global head of structured derivatives at Mayer Brown.
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Source: finregalert.com
https://www.esma.europa.eu/press-news/esma-news/esma-issues-clarifications-clearing-obligation-and-trading-obligation-pension
August 8, 2018--The European Securities and Markets Authority (ESMA) has issued today an updated statement on the clearing obligation and trading obligation for pension scheme arrangements (PSAs), with the objective to avoid, to the extent possible, disruption to certain PSAs who may face potential challenges clearing their OTC derivative contracts and trading them on trading venues on 17 August 2018, when the current, and final, exemption from the clearing obligation under EMIR expires.
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Source: ESMA
ESMA updates equity derivatives, equity and equity-like instruments' transitional transparency calculations for MiFID II/ MiFIR
August 6, 2018--The European Securities and Markets Authority (ESMA) has published today an updated version of the MiFID II/MiFIR transitional transparency calculations (TTC).
The update relates to the transitional transparency calculations for:
equity derivatives (equity derivatives I ) ;
equity and equity-like instruments (TTC ); and
tick size band assessment .
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Source: ESMA
Monday Morning Memo: Is the trend toward ETFs in Europe over?
August 6, 2018--The fund ecosystem in Europe has become accustomed to new all-time highs and exceptional growth rates in the European ETF industry. But, it is not surprising that some market observers are starting to ask whether the trend toward ETFs in Europe is now over, since ETF flows have seemed to be lower over the course of first half 2018.
In addition, we have witnessed a number of mergers and acquisitions in the ETF segment over the last 12 months and a slight increase in the number of fund liquidations. Here I will shed more light on the flows, but the activities with regard to mergers and acquisitions at the fund level are clear signs for me of a maturing market and are consequently rather normal.
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Source: Detlef Glow, Thomson Reuters
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