In finance there are many investment styles. The ones best known are from quantitative studies by Fama & French in the 90'ies. They initially focused on the factors: Capital size and Value, to which were later added Volatility, Momentum and Quality. The value...
An unintended consequence of MiFIR A side effect of the MiFID2/MiFIR regulation is that major investment research houses have been given an unwelcome reality check. It appears that their research is essentially worthless. Pre-MiFID2/MiFIR large financial institutions...
Much like the piece of paper you find in any pack of medicine, the KIID documents were meant to be something that the investors could read before investing in order to check that the investment fund in question would suit their needs. They were meant as a document to...
Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments as amended by the Directive 2016/1034/EU of the European Parliament and of the Council of 23 June 2016 and Regulation (EU) No 600/2014 of the European...
Banks and other institutions often perform the role of distributors of investment products. Nobody inside the business is in doubt how it works: Roughly half of the income generated by a fund is kept by the provider, and half is kept by the distributor as the price...
Swing pricing is a mechanism protecting the interests of long-term investors in fund vehicles against the trading activities of short-term investors. To counter the dilution effect on the fund’s assets of trading activity by the few, and protect the interests of the...
Apparently we are in for a new round of Chicken. The Greek government during the weekend presented its wish list (or demands, if you like) to the rest of the Euro-zone. A two year extension of the deadline for bringing down the budget deficit, a stop for the plan to...
We have witnessed a strong increase in the regulation of the financial sector in general and especially in asset management and private banking. So much so that companies have gone out of business instead of catching up. Indeed, some of the changes are challenging....
Luxembourg has truly positioned itself as Europe’s premier location for fund domiciliation. Some 30,000 fund structures are domiciled in the Grand-Duchy. It is characterised by a no-nonsense regulator, a wide selection of company forms to match eg. UK and US legal...
We have witnessed a strong increase in the regulation of the financial sector in general and especially in asset management and private banking. So much so that companies have gone out of business instead of catching up. Indeed, some of the changes are challenging....