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  • LGIM Expands Its Thematic ETF Range – Launches Digital Payments ETF Tracking Solactive Index

    Date 27/05/2021

    The global adoption of smartphones and mobile internet paved the way for a universal mobile payment ecosystem coexisting alongside established ‘offline’ technologies such as physical credit cards. According to a report by GSMA, the number of registered mobile payment accounts grew by 12.7 percent globally to 1.21 billion accounts in 2020, and exceeding, for the first time, a daily transaction volume of over USD 2bn. The report expects the USD 3bn mark to be surpassed by 2022. A robust outlook for e-commerce and the adoption of digital technologies like open banking payment solutions provides the foundation for growth in the digital payment market. Legal & General Investment Management (LGIM) realized the vast potential in this development and expanded its broad thematic ETF offering with its new L&G Digital Payments UCITS ETF.

  • Trading In City Of Moscow Green Bonds Begins On Moscow Exchange

    Date 27/05/2021

    On 27 May 2021, Moscow Exchange launched trading in the first issue of City of Moscow green bonds.

  • TMX Group CEO John Mckenzie To Present At The Virtual Deutsche Bank Global Financial Services & Fintech/Info Services Conference

    Date 27/05/2021

    TMX Group CEO John McKenzie will present at the virtual Deutsche Bank Global Financial Services & Fintech/Info Services Conference on Wednesday, June 2, 2021 at 12:35 p.m. – 1:10 p.m. ET.

  • FSB Europe Group Discusses Global Vulnerabilities And Addressing Risks Related To Money Market Funds And Climate Change

    Date 27/05/2021

    The Financial Stability Board (FSB) Regional Consultative Group (RCG) for Europe held a virtual meeting yesterday to discuss global and regional macroeconomic and financial market developments, and their potential impact on European economies.

  • FESE: The Issue Of Payment For Order Flow

    Date 27/05/2021

    Payment for order flow (PFOF) has become more and more widespread over the last years and has recently gained significant attention following the GameStop short squeeze in the US and related developments like the growth of discount brokerages. A PFOF arrangement is one in which a broker systematically routes its retail order flow to a single market maker, a systematic internaliser (SI) or other execution venue in return for a payment. PFOF is however detrimental for the investor as it may increase bid-ask spreads, distort competition, and make the price formation process less transparent and efficient. Although the broker is obliged to act in the best interest of its clients, it has an economic incentive to direct order flow to the execution venue that offers the highest payment to the broker. Consequently, the best execution duty of the broker gets compromised. This conflict of interest is systematic in the retail market and FESE believes that it is currently not appropriately addressed. Whilst in some Member States PFOF is banned, such as in the Netherlands, other Member States are less strict. This creates regulatory arbitrage opportunities in the EU.