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  • SEC Charges Hedge Fund Trader In Lucrative Front-Running Scheme

    Date 02/07/2021

    The Securities and Exchange Commission today announced fraud charges against Sean Wygovsky, a trader at a major Canada-based asset management firm, in connection with a long-running and lucrative front-running scheme that Wygovsky perpetrated in the accounts of his close family members, netting more than $3.6 million in illicit gains. 

  • Moscow Exchange Trading Volumes In June 2021

    Date 02/07/2021

    In June 2021, total trading volumes across Moscow Exchange’s markets grew by 11.7% to RUB 81.5 trln (RUB 72.9 in June 2020). Unless stated otherwise, all figures below refer to performance for June 2020 and all comparisons are with the same period last year.

  • London Stock Exchange Group Investor Education Event – 2 July 2021

    Date 02/07/2021

    Click here to download the presentation.

  • BIS: Passive Funds Affect Prices: Evidence From The Most ETF-Dominated Asset Classes

    Date 02/07/2021

    Summary

    Focus

    This paper studies the size and source of exchange-traded funds' (ETFs) price impact in the most ETF-dominated asset classes: volatility (VIX) and commodities. These ETFs hold a much larger share of the underlying market compared with equities or bonds. The fraction of ETFs in the market for VIX futures often exceeds 40%, whereas it is less than 2% in the S&P 500 Index. Several episodes from the VIX market in 2018 and the oil market in 2020 showed that large ETF-induced trading can exacerbate price changes in turbulent times. To understand the risks of trading against ETFs, I propose a novel decomposition of ETF demand into three major components: calendar rebalancing, flow rebalancing and leverage rebalancing.

  • EBA Publishes Its Final Revised Guidelines On Sound Remuneration Policies

    Date 02/07/2021

    The European Banking Authority (EBA) published today its revised Guidelines on sound remuneration policies. This update takes into account the amendments introduced by the fifth Capital Requirements Directive (CRD V) in relation to institutions’ sound remuneration policies and, in particular, the requirement that remuneration policies should be gender neutral. The final Guidelines also consider supervisory practices and clarify some aspects of retention bonuses and severance pays. The revised Guidelines will apply from 31 December 2021.