Research: UK official holdings of international reserves: May 2021
June 3, 2021--This release details movements in the international reserves of gold and assets held by the UK government.
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Source: gov.uk
ESMA sees a prolonged period of risk from market corrections
June 3, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its first Risk Dashboard (RD) for 2021 covering the first quarter of the year. The RD highlights that the main risk for EU financial markets remains that posed by a sudden risk reassessment, amid the general decoupling of securities prices from economic fundamentals, and is maintains its risk assessment at a very high level.
Valuations in EU financial markets for most market segments are now at or above pre-COVID-19 levels. They remain highly sensitive to events and volatility, as shown by the market movements related to Gamestop and the impact that a potentially slow roll-out of vaccines had on equity prices.
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Source: ESMA
ESMA publishes latest edition of its Newsletter
June 1, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its latest edition of the Newsletter "Spotlight on Markets".
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Source: ESMA
Bitcoin ETP takes Swiss route to UK after cautious London response
June 1, 2021--Launch underscores tensions in Britain among institutional fund managers, regulators and policymakers
London is preparing for its first listed security tracking the price of bitcoin, with a launch that uses crypto-friendly Swiss market rules to swim against a tide of regulatory scepticism about digital assets.
ETC Group, a UK provider of cryptocurrency-related instruments, has traded $5.4bn since launching its bitcoin-backed exchange-traded product on the German Stock Exchange. It is now poised to expand to the main Paris and Amsterdam markets this week.
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Source: FT.com
ESMA publishes Final Report on the MiFIDII/MiFIR obligations on market data
June 1, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its Final Report on Guidelines on the MiFIDII/MiFIR obligations on market data. The Final Report sets out guidelines on the requirements to publish market data on a reasonable commercial basis and to make market data available free of charge 15 minutes after publication.
The Guidelines, by providing clarity for market participants, will ensure better and uniform application of these MiFID II/MiFIR obligations. The guidelines apply to national competent authorities, trading venues, approved publication arrangements, consolidated tape providers and systematic internalisers.
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Source: ESMA
Monetary developments in the euro area: April 2021
May 31, 2021--Annual growth rate of broad monetary aggregate M3 decreased to 9.2% in April 2021 from 10.0% in March (revised from 10.1%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 12.3% in April from 13.6% in March.
Annual growth rate of adjusted loans to households increased to 3.8% in April from 3.3% in March
Annual growth rate of adjusted loans to non-financial corporations decreased to 3.2% in April from 5.3% in March
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 9.2% in April 2021 from 10.0% in March, averaging 10.5% in the three months up to April.
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Source: ECB
ETFs remain elusive for most European retail investors
May 28, 2021--Sharply rising popularity with private banks and wealth managers contrasts with lack of availability at retail level.
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Source: FT.com
ESMA publishes guidance on funds' marketing communications
May 27, 2021--The European Securities and Markets Authority (ESMA), the EU's securities regulator, has today published the final report on its Guidelines under the Regulation on cross-border distribution of funds. The Guidelines specify the requirements that funds' marketing communications must meet.
The purpose of the Guidelines is to clarify the requirements that funds' marketing communications must meet, which is to:
be identifiable as such;
describe the risks and rewards of purchasing units or shares of an AIF or units of a UCITS in an equally prominent manner; and
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Source: ESMA
Late to the party, London rushes to win SPAC listings
May 27, 2021--Britain is rushing out rules to make London's stock market attractive for 'blank cheque' listing vehicles as bankers ready a string of potential floats in Europe as interest in the U.S. fades.
Special purpose acquisition companies (SPACs) have been the biggest trend in global capital markets in 2020 and 2021, with investors pouring more than $300 billion into listing these shell companies before they identify and acquire a business-effectively writing a blank cheque. They offer target companies an easier, quicker listing route at a guaranteed price at a time when many IPOs have failed.
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Source: reuters.com
ESMA updates its Opinion on reporting information under the AIFMD
May 27, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has updated the Opinion Collection of information for the effective monitoring of systemic risk under Article 24(5), first sub-paragraph, of the AIFMD , in the context of AIFMD reporting.
The ESMA Opinion provides details on a set of additional information that, in ESMA view, NCAs could require AIFMs to report on a periodic basis pursuant to Article 24(5), first sub-paragraph of the AIFMD.
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Source: ESMA
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