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Color Sample ROMANIAN MARKET3_Layout 1 4/10/19 3:11 PM Page 25 How major equities indices performed in the second month of the year p.3 Stock Exchanges World Map p.5 Dr Martin Steinbach EY Global & EMEIA IPO WORLD Leader “We anticipate IPO activity to spring into ac- Markets tion in H2 2019” Financial Markets Insights p. 07 Freely Distributed Monthly Edition ⎥ Volume II ⎥ Issue 07 ⎥ March 2019 Walter Schloss East & SE Europe MSCI 16 factors needed to make money Monthly performance reports and Quadrupling China A-shares’ in the stock market p.06 statistics from the region p.02 weighting in key indices p.03 TRADING INVESTORS SEE STOCK EXCHANGES PRECIOUS METALS IN THE SPOTLIGHT WORLD Central banks are hungry for GOLD Kyriaki I. Balkoudi Gold buying by central banks hits highest level in half a century omething big is happening in the on 2017 and in line with five-year average in Q4, to 84.1tonnes, the report said. ETF APRIL RUDIN/ THE RUDIN GROUP RUDIN/ APRIL gold market and nowhere is that demand of 4,347.5 tonnes. The biggest Net central bank gold inflows fell 67%. However, Europe was more apparent than in central demand came from jewelry which, while the only region to see net growth over the Wealth Management purchases (in tonnes) banks. In 2018, central banks flat on the 2017 figure, accounted for just year as a whole. The total supply of gold Outlook added 651.5 tonnes to their hold- over half of the total. Gains in China (3%), ●Russia + 450.9 grew marginally by 1% in 2018, up from ings, a 74% increase from the pre- ●Turkey + 153.2 vious year, according to the World Gold the US (4%) and Russia (9%) broadly off- 4,447.2t to 4,490.2t. This growth was sup- Traditional Council (WGC). Not only is this a re- set sharp losses in the Middle East, where ●Kazakhstan + 83.1 ported by similar y-o-y increases in mine markable change from 2017, but it’s also demand dropped 15% on 2017. Indian de- ●Poland + 25 production – to a new record high – and Wealth the most on record going back to 1971, mand was stable at 598 tonnes, a drop of ●India + 28.7 recycled gold. Managers and when the U.S. ended the gold standard. only 4 tonnes from the previous year. ●Mongolia + 13.3 The WGC has estimated that central Bars and coins contributed 1,090 tons in ●Colombia + 7.1 Safety in diversity Fintech Cozy Up banks now hold nearly 34,000 tons of 2018, marking a 4 percent rise from the ●Iraq + 6.5 “I don’t see any of the risks that investors gold. Among the biggest purchasers were Traditional wealth manage- previous year.Coin demand surged to ●Kyrgyz Rep. + 5.5 and central banks are worried about fad- Russia, Turkey and Kazakhstan. Other reach a five-year high of 236.4 tnnes, the ●Tajikistan + 5.1 ment players and fintech firms central banks, such as Poland’s, Hungary's ing anytime soon and I expect gold to re- second-highest on record. Demand for ●Argentina + 5 main an attractive hedge in 2019 ”Alistair are finally going to accept and India's have returned to gold after ●Jordan + 2.2 each other this year and part- long periods of absence, for diversifica- gold bars held steady at 781.6 tonnes, the Hewitt, Head of Market Intelligence at the tion purposes, fuelled by worries over fifth year in succession of holding in a ●Egypt + 1.9 World Gold Council, said in a statement. ner up according to one fi- slowing global growth and heightened firm 780-800 tonnes range. Gold used in ●Philippines + 1.6 The gold boom could be far from over yet nancial services marketing geopolitical tensions. technology climbed marginally to 334.6 ●Qatar + 1.6 with central banks expected to acquire an strategist. Incumbent firms tonnes. After healthy gains during the first ●Thailand + 1.6 additional 600 tonnes of the precious will realise they must embrace Serbia + 1.4 Supply and demand three quarters of 2018, a combination of ● metal this year, according to the consult- technology to lure millennial ●Belarus + 0.6 slowing smartphone sales, the US-China ing firm Metals Focus Ltd. Are central clients, April Rudin writes figures ●Suriname + 0.6 trade war and mounting uncertainty over banks stocking up on gold only to diver- on a blog post at the CFA In- Malaysia + 0.6 Source: IMF IFS; World Gold Council (Jan. 2017-Oct. 2018) IMF IFS; World Source: ● WGC said total gold demand in 2018 global economic growth contributed to a sify or possibly to prepare for the next ●Indonesia + 0.5 stitute. The old guard wealth reached a total of 4,345.1 tonnes, up 4% 5% decline downturn? management industry will also come to accept that lever- aging technology can free up time to work on building suc- GREAT cessful relationships, accord- TRADERS William Eckhardt ing to Rudin, founder and president of the New York- ▶ One of the famous original turtle traders and a Master based Rudin Group, which “What works exclusively with finan- feels good of automated trading cial services firms and enter- prise firms who serve them. is often the f you're not familiar with William periment, set up by friend, partner and Fintech firms, meanwhile, wrong thing Eckhardt by name, perhaps you millionaire trader Richard Dennis, in will accept that at times clients to do. know him by reputation. Born in which an eclectic group of novice traders want the intimacy of a face-to- I 1955, Eckhardt began trading in were taught to trade futures with a rules- face meeting. “A robo-adviser 1974 after four years of doctoral research based trend following system ending up may be sufficient when a plan at the University of Chicago in mathe- making $100 million. Dennis called the is in place, but fintech and AI matical logic. He never finished his PhD traders "turtles" after recalling turtle have yet to replicate the in- in mathematics, but despite leaving aca- farms he had visited in Singapore and de- sights gleaned or the comfort demia prematurely for the trading pits, he ciding that he could grow traders as level achieved through one- has written academic papers on the phi- quickly and efficiently as farm-grown on-one conversations” she turtles. The experience was overwhelm- losophy of science. In 1991 Eckhardt writes. In the end, clients are launched his own systematic futures ingly successful with several of the orig- the ones who will benefit from trading firm (ETC) based in Chicago inal Turtle Traders going on to successful hybrid advice. While algo- which has produced a compound annual careers in professional trading and return of 17.35% over 20 years and money management. rithms can quickly offer port- earned 21.09% in 2010. The firm's inter- In addition to building trading systems, folio options that human national clientele includes "fund of Eckhardt has developed a science of adviser previously spent days funds", corporate, private, and institu- trading. He believes that studying the doing, adviser today can use tional investors. markets you can find some patterns that the time saved to analyse their repeat through significant periods of recommendations more criti- The Turtle Experiment time. He also believes that the correct ap- cally and offer more holistic plication of statistics and mathematical Prior to founding ETC, Eckhardt was advice. concepts is key for successful trading. Created by Ip also involved in the Turtle Trading ex- ROMANIAN MARKET3_Layout 1 4/10/19 3:11 PM Page 26 2 INSIDE THE MARKETS Issue 07 ⎥ March 2019 NZX’s debt market is off to a Egypt's government plans to offer Foreign institutional investors (FIIs) flying start in 2019. NZX will stakes in 8-10 state-owned compa- bought $2.37 billion in equity in hit the $2 billion issued mark in nies by end 2019, Minister Public February, their biggest purchase since the first three months of the Enterprise Sector Hesham Tawfik November 2017, according to data told Daily News Egypt. The last pub- compiled by the Securities and Ex- 1 year, which is the highest level 2 3 ASIA NEWS AFRICA lic offering of state-owned compa- change Board of India (Sebi). 0CEANIA WORLD for Q1 in the past decade. MARKETS nies was in 2005. INVESTMENT TRENDS SEE MARKETS BSE-Sofia and LSEG's Activist investments are on the rise ELITE sign MoU More than 900 companies were targeted with activist campaigns last Creating an agile ecosystem of prosperous SMEs in Bulgaria year, and 417 of those were outside the US, according to the Activist Investing Annual Review 2019, produced by Activist Insight in as- ulgarian Stock Exchange (BSE) and implemented under the umbrella initiative of the sociation with Schulte Roth & Zabel. The review, now in its sixth London Stock Exchange Group’s ELITE Memorandum.“We saw the enormous potential year of publication, notes that 922 companies were targeted in 2018 B programme signed a Memorandum of Un- for the Bulgarian SMEs in developing through the worldwide compared with 856 in 2017. derstanding (MoU) to create an agile ecosystem network of the LSEG ELITE program almost a Asia hit a record high in 2018, the report suggests, adding that 111 of prosperous SMEs in Bulgaria, BSE said in a year ago and we started negotiating our strategic companies in the region were approached by activists, compared press release. The MoU, officially signed by Ivan partnership. We are very glad that now it is a fact with 93 in 2017.
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