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ESMA announces next steps for the selection of Consolidated Tape Providers
September 30, 2024--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is publishing additional details on the selection of Consolidated Tapes Providers (CTPs) for bonds and for shares and Exchange-Traded Funds (ETFs).
ESMA will launch the selection procedure for the CTP for bonds on Friday 3 January 2025.
This is the first working day for EU Institutions after Sunday 29 December 2024, the date set out in Article 27da(1) of MiFIR. ESMA intends to adopt a reasoned decision on the selected applicant within 6 months of the launch, i.e. by early July 2025.
In June 2025, ESMA will launch the selection procedure for the CTP for shares and ETFs with the objective to adopt a reasoned decision on the selected applicant by the end of 2025.
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Source: ESMA
Esma advisory group warns ETFs will be hit by T+1 move
September 26, 2024--Stakeholder group calls for temporary suspension of penalties for failed trades when EU moves to one-day trade settlement
Exchange traded funds will be particularly vulnerable to settlement fails when the EU moves to shorten its two-day trade settlement cycle (T+2) to T+1, an advisory group to the European regulator has warned.
The Securities Markets Stakeholder Group has called on the European Securities and Markets Authority to consider excusing the ETF industry from trade penalties, pointing out that due to the complexity of the European post-trading landscape "the move to T+1 in the EU could result in a temporary increase in settlement fails".
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Source: ft.com
LSEG looking to sell $669.50mln stake in Euroclear, Sky News reports
September 24, 2024--LSEG has hired J.P. Morgan to sell off its 4.9% interest in Euroclear
The London Stock Exchange's owner is looking to offload its stake in Belgium-based financial services company Euroclear, in a deal that could generate proceeds of about 500 million pounds ($669.50 million), Sky News reported on Tuesday.
LSEG has hired J.P. Morgan to sell off its 4.9% interest in Euroclear, according to the report.
The British exchange operator bought a minority stake in Euroclear in 2019 for 278.5 million euros ($310.75 million) to strengthen its influence over core market infrastructure.
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Source: zawya.com
UK official holdings of international reserves: September 2024
September 18, 2024--A comparison of independent forecasts for the UK economy in September 2024.
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Source: gov.uk
ESAs warn of risks from economic and geopolitical events
September 10, 2024--The three European Supervisory Authorities (EBA, EIOPA and ESMA-ESAs) today issued their Autumn 2024 Joint Committee Report on risks and vulnerabilities in the EU financial system. The Report underlines ongoing high economic and geopolitical uncertainties.
The ESAs warn national supervisors of the financial stability risks stemming from these uncertainties and call for continued vigilance from all financial market participants. For the first time, the Report also includes a cross-sectoral deep dive into credit risks in the financial sector.
The continued decline of inflation in late 2023 and early 2024 has led central banks to begin the shift towards looser monetary policy. Financial markets performed strongly in anticipation of future rate cuts and an improving macroeconomic outlook, save for the short-lived but sharp equity price dip in August. Considerable uncertainties, nonetheless, remain regarding the future path of the global economy, inflation and monetary policy and the interplay of these factors across different jurisdictions.
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Source: esma.europa.eu
Markets increasingly sensitive after strong performance in early 2024
August 29, 2024-The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, today publishes its second risk monitoring report of 2024, setting out the key risk drivers currently facing EU financial markets. External events continue to have a strong impact on the evolution of financial markets, and ESMA also sees high or very high overall risks in the markets within its remit.
Less volatile markets earlier in 2024 and a return of search-for-yield behaviour in riskier market segments suggested a general market anticipation of a 'soft landing'. However, more recent events show how markets remain very sensitive, especially to interest rate developments, deteriorating credit risk and to political and electoral news.
There remains a high risk of corrections in a context of fragile market liquidity, in equity and in other markets.
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Source: esma.europa.eu
ECB-Monetary developments in the euro area: July 2024
August 28, 2024--Annual growth rate of broad monetary aggregate M3 stood at 2.3% in July 2024, unchanged from previous month (revised from 2.2%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, was -3.1% in July, compared with -3.4% in June
Annual growth rate of adjusted loans to households increased to 0.5% in July from 0.3% in June
Annual growth rate of adjusted loans to non-financial corporations stood at 0.6% in July, compared with 0.7% in June
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 stood at 2.3% in July 2024, unchanged from the previous month, averaging 2.0% in the three months up to July. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -3.1% in July, compared with -3.4% in June. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 11.4% in July from 12.8% in June. The annual growth rate of marketable instruments (M3-M2) increased to 21.0% in July from 18.7% in June.
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Source: ECB
ECB making good progress but job not done, Lane says
August 24, 2024--The European Central Bank is making "good progress" in cutting inflation back to its 2% target but success is not yet assured, so restrictive monetary policy is still needed, ECB chief economist Philip Lane said on Saturday.
The ECB cut interest rates for the first time in June after a record string of hikes, and policymakers are widely expected to cut again on Sept. 12, taking the deposit rate to 3.5%, a level that remains high enough to put a brake on growth.
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Source: reuters.com
Robeco starts 'strategic hiring' ahead of entry into ETF market
August 23, 2024--An increasing number of active managers are entering the ETF space in Europe ahead of an expected surge in demand
Robeco is building a specialist sales team ahead of its entrance into the exchange traded funds market this year.
The Dutch fund house has advertised for a UK sales manager for ETFs, who will be based in London, and plans to hire up to five more sales specialists in continental Europe in early 2025.
The UK sales manager will be responsible for "promoting the firm's ETF products to UK clients, creating awareness of this new capability and driving sales", according to the job listing.
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Source: ft.com
ECB-Meeting of 17-18 July 2024-Account of the monetary policy meeting of the Governing Council of the European Central Bank
August 22, 2024--Held in Frankfurt am Main on Wednesday and Thursday, 17-18 July 2024
1. Review of financial, economic and monetary developments and policy options
Financial market developments
Ms Schnabel noted that since the Governing Council's previous monetary policy meeting on 5-6 June 2024, financial markets had moved in response to political news, which had caused some volatility, and in response to weaker than expected US inflation data.
The announcement of snap elections in France had dented investors' risk appetite and the rally in euro area risk asset markets. However, the resulting rise in volatility in some market segments had remained contained and short-lived, without signs of systemic stress or fragmentation. Risk premia had risen only modestly, and the euro exchange rate had recovered quickly.
Macroeconomic news had been muted, with small negative macroeconomic surprises in both the euro area and the United States. Expectations regarding ECB policy rates had remained broadly unchanged amid some volatility following the elections for the European Parliament, but had edged lower after the release of US consumer price index (CPI) data. Euro area financial conditions had also remained broadly unchanged, with continued benign market conditions. The absorption of the net issuance of government bonds had continued to proceed smoothly as investor demand remained strong.
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Source: ECB
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