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Asset Managers to Slash Sell-Side Research After MiFID II, Survey Shows
November 20, 2017--Asset managers will source significantly less research from banks and brokers after MiFID II is implemented, the CFA Institute, a London-based industry body of investment professionals, found in a survey launched on Monday.
A wide-ranging regulatory change coming on Jan. 3, the Markets in Financial Instruments Directive II requires providers and consumers of investment research to account for it separately from execution services for the first time.
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Source: NY Times
Ultumus-Ethereum ETN cross-listed into Germany
November 20, 2017--Ethereum ETN has been cross-listed into Germany
XBT's ethereum tracking ETN (COINETH) is gaining momentum, with German brokers cross-listing it into their secondary market. COINETH is unsecured debt tracking the spot price of ethereum.
It was first listed in Stockholm earlier this year....
UK
Bank of Montreal lists products in London
Canadian banking major BMO is listing five of its smart beta ETFs in London in new currencies. They are:
BMO MSCI USA Income Leaders UCITS ETF (ZIUS), will now be offered in USD.
BMO MSCI Europe ex-UK Income Leaders UCITS ETF (ZIEU), will now be offered in EUR.
BMO MSCI Emerging Markets Income Leaders UCITS ETF (ZEMI), will now be offered in USD....
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Source: ULTUMUS-Financial Data Management
ESMA updates its EMIR Q&A
November 20, 2017--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 or updated answers regarding the reporting to trade repositories. The purpose of this document is to promote common supervisory approaches and practices in the application of EMIR.
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Source: ESMA
Banks eye synthetic securitisation to smooth IFRS 9 loan-loss volatility
November 20, 2017--New structures would help mitigate estimated 44% increase in loan-loss provisions from revised accounting framework
Dealers are putting a new twist on old-school risk transfer trades in a bid to reduce the sharp capital swings they expect to encounter under new accounting standards....
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Source: Risk.net
Euro area investment fund statistics: third quarter of 2017
November 20, 2017--In the third quarter of 2017 the outstanding amount of shares/units issued by investment funds
other than money market funds was €10,921 billion, which is €269 billion higher than in the second quarter of 2017.
Investment funds other than money market funds increased their holdings of both equity and
debt securities issued by the rest of the world. The holdings of both equity and debt securities
issued by euro area residents also increased.
Bond funds registered an inflow of €80 billion in the third quarter of 2017, while mixed funds experienced an inflow of €60 billion.
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Source: ECB
Royal Bank of Scotland to launch robo-advice under NatWest brand
November 17, 2017--Automated online service is aimed at customers who lack confidence to invest alone
Royal Bank of Scotland is launching robo-advice for more than 5m customers as banks return to the investment market after a string of fines and as regulators attempt to plug the UK's wide "advice gap".
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Source: FT.com
ESMA updates Q&A on CSDR implementation
November 17, 2017--The Securities and Markets Authority (ESMA) has published today an update of its Questions and Answers (Q&As) regarding the implementation of the Central Securities Depository Regulation (CSDR).
The CSDR Q&As provide common answers to question regarding practical issues on the implementation of the new CSDR regime. This update provides detailed answers regarding certain aspects of:
Relevant authorities;
Conduct of business rules;
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Source: ESMA
ESMA consults on calculation of derivative positions
November 17, 2017--The European Securities and Markets Authority (ESMA) has today published for public consultation future guidelines on the calculation of derivative positions by trade repositories (TRs) authorised in the European Union under the European Market Infrastructure Regulation (EMIR).
ESMA supervises the way TRs make data available to public authorities.
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Source: ESMA
New ETF Listing on Euronext-2 BNP Paibas ETFs
November 17, 2017--Euronext is pleased to announce that BNP PARIBAS EASY will list 2 new ETFs on 21/11/2017:
ISIN: LU1659681669
ETF Trading name: BNPP EASY KLDUSETF
ETF Symbol: EKUS
Venue: Euronext Paris
Underlying index: MSCI KLD 400 Social (NTR)
TER (%): 0,3
ISIN: LU1659681313
ETF Trading name: BNPP EASY EMSRIETF
ETF Symbol: EISR
Venue: Euronext Paris
Underlying index: MSCI Emerging Markets SRI (NTR)
TER (%): 0,45
Euronext now offers 786 Trackers listed on the European markets.
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Source: Euronext
IMF Working Papers-Credit Growth and Economic Recovery in Europe After the Global Financial Crisis
November 17, 2017--Summary:
This paper reviews the empirical relationships between credit growth, economic recovery, and bank profitability in Europe after the global financial crisis (GFC).
We find that the post-GFC recoveries in Europe have been weaker than previous recoveries, with the "double-dip" recessions in 2011-12 in many countries and the worldwide reach of the GFC explaining the underperformance.
Bank lending has been subdued as well, but this appears to have only held back the recovery relatively moderately. A 10 percent increase in bank credit to the private sector is associated with a rise of 0.6-1 percent in real GDP and 2-2½ percent in real private investment. These relationships have not changed significantly during and after the GFC. Loan quality, customer deposits, bank equity price index, and bank capital appear to be closely linked to bank lending. As expected, bank profitability is positively and significantly influenced by credit growth, but this relationship has weakened after the GFC.
view the IMF Working Paper-Credit Growth and Economic Recovery in Europe After the Global Financial Crisis
Source: IMF
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