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Germany to switch 9bn euro in federal pension money to EU climate index
May 6, 2021--Some €9bn of German federal pension assets are due to be reallocated to equity indices aligned with the EU Climate Transition Benchmark (CTB) as part of the government's sustainable finance strategy, it was announced yesterday.
S&P Dow Jones Indices said it had been chosen by the government to develop the index, which would be used for four federal civil service funds.
The EU CTB is one of two types of climate benchmarks for which the EU has developed minimum standards. The other is the EU Paris-Aligned Benchmark (PAB).
The CTB requires a lower baseline reduction of greenhouse gas intensity relative to the market-weighted investable universe than the PAB. Another difference is that a CTB-compliant benchmark does not have to exclude fossil fuels based on certain thresholds.
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Source: ipe.com
New VanEck ETF on Xetra: digital assets
May 6, 2021--A new exchange-traded fund issued by VanEck Vectors has been tradable on Xetra and Börse Frankfurt since Thursday.
With the VanEck Vectors Digital Assets Equity UCITS ETF, investors participate in the performance of companies that generate at least 50 per cent of their revenues directly or indirectly from digital assets.
These include operators of crypto exchanges or mining companies, as well as companies that provide hardware and services to the crypto industry, such as semiconductor manufacturers and payment service providers. In addition, companies that hold a significant amount of digital assets may be included in the Index.
The index always comprises at least 25 securities and limits the weighting of a company to a maximum of eight per cent. Semiconductor stocks and payment service providers are weighted with a maximum of 4.5 percent.
Europe's largest bank plans joint attack on major U.S. clearing house
May 3, 2021--More than 30 of Europe's largest banks and credit card processors are trying to create huge payments that can break the US-dominated "oligopoly."
The Brussels-based venture, which currently employs 40 payment professionals, will be able to use pan-Europe for online and in-store payments, consumer invoice payments and cash withdrawals by September. You need to create a blueprint for your payment service. ATM.
"The idea is to build a European payment champion who can take on PayPal, Mastercard, Visa, Google and Apple," said Joachim Schmalzl, chair of the European Payment Initiative (EPI).
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Source: londonnewstime.com
Amundi bets on ETF growth with Lyxor acquisition
May 3, 2021--Firm to move to second place in Europe behind BlackRock
Amundi's acquisition of Lyxor Asset Management marks a significant moment in Europe's exchange-traded funds industry, with a potential European champion finally emerging and also once again highlighting the importance of scale in the passive business.
Last month, Paris-based money manager Amundi announced it had entered exclusive negotiations to acquire Paris-based Lyxor in an almost $1 billion deal.
Amundi - with €1.76 trillion ($2.07 trillion) in assets under management as of March 31 vs. Lyxor's €124 billion- highlighted the ETF angle of the deal: Lyxor's European ETFs AUM was €77 billion as of Dec. 31, the third-largest player in Europe, while Amundi's was about €66 billion, putting it in fifth place. As of March 31, Amundi's AUM had grown to €77 billion.
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Source: pionline.com
UK financial advisers still shun ETFs, data show
April 30, 2021--Platform charges and difficulties of buying fractional shares mean index-tracking mutual funds continue to dominate
The UK financial advisory market continues to elude exchange traded funds, new data show, as platforms lack the functionality to cheaply add them to popular model portfolios.
While intermediaries have increased their allocations to passive funds, ETFs are struggling to gain traction with financial advisers in the UK.
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Source: FT.com
U.S.-based Cboe to launch Amsterdam derivatives trading in September
April 29, 2021--Chicago-based Cboe said on Thursday it would launch its delayed equity derivatives trading hub in Amsterdam in September, the latest move by financial markets to base their European footprint in the Dutch capital after Brexit.
Cboe, already one of the biggest pan-European share trading platforms with operations in London and Amsterdam, said ABN AMRO Clearing, Goldman Sachs and Morgan Stanley had signed up to participate.
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Source: reuters.com
Euro area economic and financial developments by institutional sector: fourth quarter of 2020
April 29, 2021- Euro area net saving decreased to €508 billion in four quarters to fourth quarter of 2020, from €549 billion one quarter earlier
Household debt-to-income ratio increased to 96.3% in fourth quarter of 2020 from 93.8% one year earlier
Non-financial corporations' debt-to-GDP ratio (consolidated measure) at 84.0% in fourth quarter of 2020, up from 76.8% one year earlier
Total euro area economy
Euro area net saving decreased to €508 billion (5.6% of euro area net disposable income) in 2020 compared with €549 billion in the four quarters to the previous quarter. Euro area net non-financial investment decreased to €274 billion (3.0% of net disposable income), due to decreased investment by non-financial corporations, and to a lesser extent households, while net investment by financial corporations and government slightly increased.
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Source: ECB
Monetary developments in the euro area: March 2021
April 29, 2021--Annual growth rate of broad monetary aggregate M3 decreased to 10.1% in March 2021 from 12.2% in February (revised from 12.3%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 13.6% in March from 16.4% in February
Annual growth rate of adjusted loans to households increased to 3.3% in March from 3.0% in February
Annual growth rate of adjusted loans to non-financial corporations decreased to 5.3% in March from 7.0% in February
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 10.1% in March 2021 from 12.2% in February, averaging 11.6% in the three months up to March. 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, decreased to 13.6% in March from 16.4% in February.
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Source: ECB
Setting Europe's economic recovery in motion: a first look at national plans
April 29, 2021--Plans for spending European Union recovery funds submitted by the four largest EU countries reflect rather different priorities. So far, only Italy is interested in borrowing from the EU.
European Union countries are starting to set out how they plan to spend money from Next Generation EU (NGEU), the EU's landmark instrument for recovery from the coronavirus pandemic.
In late April, countries began submitting their recovery and resilience plans. A first quick analysis shows that the plans of the four largest EU countries, France, Germany, Italy and Spain, reflect rather different priorities, even if all meet the minimum expenditure benchmarks of 37% for climate and 20% for digitalisation.
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Source: bruegel.org
Confronting the risks: corporate debt in the wake of the pandemic
April 28, 2021--As European economies emerge from lockdowns, it is becoming clearer that corporate debt has reached critical levels. A new French scheme, in which the state guarantees portfolios of subordinated debt, shows how financial support could be targeted better.
ublicly guaranteed credit and moratoria have been the main instruments used by governments to support companies during the pandemic. By the end of 2020, €318 billion in loans was subject to moratoria according to the European Banking Authority, with the bulk of suspensions then expiring in the first quarter of this year. There has also been substantial use of public credit guarantees, with Italy and Spain among the most active users of this instrument. Additional credit of 8% and 9% of GDP respectively was created in these two countries by end-2020, in part backed up by the European Investment Bank's €25 billion European Guarantee Fund.
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Source: bruegel.org
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