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Shining a light on climate risks: the ECB's economy-wide climate stress test
March 18, 2021--Climate change is one of the greatest challenges facing humankind this century. If left unchecked, it is likely to result in more frequent and more severe climate events, causing widespread devastation and economic disruption.
Substantial changes in our production, consumption and living habits are required if the world is to avert catastrophic climate change. However, the changes required may themselves disrupt the economy and the financial system.
While the primary responsibility for combating climate change lies with governments, central banks can play an important contributory role. They can help ensure that the financial system is resilient to the transition to a low-carbon economy, by providing more and better information to market participants on the risks from climate change. Stress tests can be an important tool here, as they can cast a light on climate risks that currently still lurk in the darkness.
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Source: ECB
ESMA sees high risk for investors in non-regulated crypto assets
March 17, 2021--The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes its first Trends, Risks and Vulnerabilities (TRV) Report of 2021. The Report analyses the impact of COVID-19 on financial markets during the second half of 2020 and highlights the increasing credit risks linked to significant corporate and public debt overhang, as well as the risks linked with investments in non-regulated crypto-assets.
Continued high risk across financial markets
Globally, risks in markets under ESMA's remit remain very high. The significant rebound of equity markets and the valuation of debt indices which reached pre-pandemic levels, contrast with weak economic fundamentals. The main risk for European Union's (EU) financial markets is that this ongoing decoupling leads to a reversal in investor risk assessment and a sudden market correction.
Crypto-assets: ESAs remind consumers about risks
As crypto-assets, including so-called virtual currencies such as Bitcoin, continue to attract public attention, the European Supervisory Authorities (EBA, EIOPA and ESMA - together the 'ESAs') recall the continued relevance of their previous warnings.
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Source: ESMA
UBS AM debuts climate aware ETF with global exposure to large-and mid-cap
March 17, 2021--Available for flat fee of 0.19%
The UBS Climate Aware Global Developed Equity CTB UCITS ETF will mirror the firm's existing climate aware framework in an ETF wrapper, offering investors access to large- and mid-cap global equities with a "strong climate profile".
It will track the Solactive UBS Climate Aware Global Developed Equity CTB index, which has been designed to mimic UBS AM's climate aware framework, while tilting holdings towards companies with a best-in-class climate score and excluding laggards.
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Source: investmentweek.co.uk
New Lyxor ETFs on Xetra: high-yield bonds from ESG companies worldwide
March 16, 2021--Two new exchange traded funds issued by Lyxor International Asset Management have been tradable on Xetra and Börse Frankfurt since Tuesday.
With the Lyxor USD High Yield UCITS ETF-Dist, investors invest in fixed-rate, US dollar-denominated high-yield corporate bonds from developed markets that meet sustainability criteria.
The sectors considered are industrials, utilities, and financial services, as well as bonds with an outstanding volume of at least USD 300 million and a residual term of at least one year. Accruing interest payments are distributed to the investors.
Companies with significant business activities in the areas of nuclear energy, tobacco, thermal coal, alcohol, gambling, weapons, and genetically modified organisms are excluded. Furthermore, companies must not be involved in controversial activities that violate applicable norms or social standards and could lead to legal disputes. This applies, for example, to the careful handling of the company's own workforce or the sensitive data of customers, as well as sustainable and environmentally friendly production.
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Source: xetra
State Street hits ESG sweet spot with US corporate bond ETF
March 16, 2021--European-domiciled fund attracts €4.6bn net inflows in February alone
State Street Global Advisors reported billions in net inflows last month into a recently launched US credit exchange traded fund that applies an environmental, social and governance screen.
The Irish-domiciled SPDR (R) Bloomberg SASB US Corporate ESG ETF, which launched last October, had €4.6bn in net inflows in February, according to Morningstar.
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Source: ft.com
The four pillars of a digital strategy
March 16, 2021--The European Commission's digital compass attempts to build strong fundamentals. It is a start. An ambitious digital agenda however requires a strategy that is all encompassing and coherent.
On 9 March, the European Commission published a Digital Compass to help advance EU ambitions for a digital transformation by 2030.
The proposals rest on four points: 1) ensure more citizens and professionals have basic digital skills, 2) provide sustainable digital infrastructure, 3) promote the digital transformation of private businesses and public services and 4) encourage a system of cooperation between Member States to monitor and promote these goals.
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Source: bruegel.org
Polish S&P500 NTR ETF Is Newly Listed
March 16, 202--A new ETF on S&P 500 NTR, another Polish ETF on a foreign index, has been newly listed on GPW
S&P 500 is an index of 500 US large caps
It is the sixth ETF introduced on GPW by Agiofunds in co-operation with Beta Securities Poland and the second ETF to be newly listed in 2021
S&P 500 PLN Hedged BETA ETF, a Beta ETF on the index S&P 500 NTR, has been newly listed on the GPW Main List today. AgioFunds TFI is the issuer, Dom Maklerski BOS is the offering agent and market maker, and Beta Securities Poland is the co-ordinator of the initiative.
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Source: gpw.pl
New Invesco ETFs on Xetra: European companies with ESG filter
March 16, 2021--Since Tuesday, two new exchange traded funds issued by Invesco are tradable on Xetra and Börse Frankfurt.
The Invesco MSCI EMU ESG Universal Screened UCITS ETF - Acc and the Invesco MSCI Europe ex UK ESG Universal Screened UCITS ETF-Acc offer investors access to large and medium-sized companies from 10 and 14 industrialised nations in the European Economic and Monetary Union (EMU) and Europe respectively, taking sustainability criteria into account.
The Invesco MSCI Europe ex UK ESG Universal Screened UCITS ETF -Acc does not include UK companies.
Companies with significant business activities in tobacco, thermal coal, oil sands, weapons and recreational cannabis are excluded. In addition, companies that violate applicable social norms and standards are excluded. The index overweights stocks with a stable ESG profile and those that are working to improve theirs.
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Source: Deutsche Börse
ESMA to allow decision on reporting of net short position of 0.1% and above to expire
March 15, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has decided not to renew its decision to require holders of net short positions in shares traded on a European Union (EU) regulated market, to notify the relevant national competent authority (NCA) if the position reaches, exceeds or falls below 0.1% of the issued share capital. The measure, which has applied since 16 March 2020, will expire on 19 March 2021.
ESMA's view is that with GDP forecasts showing moderate optimism for recovery, volatility decreasing and the main EU stock indices close to pre-pandemic levels, the current situation in financial markets no longer resembles the emergency situation required by the Short Selling Regulation to maintain the measure.
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Source: ESMA
Deutsche Borse welcomes FlexShares as a new ETF issuer on Xetra
March 15, 2021--Quant and ESG combined: low volatility or high dividend yield
Two exchange traded funds issued by FlexShares have become tradable via Xetra and Börse Frankfurt for the first time since Monday.
With the FlexShares Developed Markets Low Volatility Climate ESG UCITS ETF-Acc and the FlexShares Developed Markets High Dividend Climate ESG UCITS ETF-Dist, investors have two actively designed ETFs with ESG filters available.
Both ETFs are based on the STOXX Global 1800 index, a globally diversified equity index from industrialised nations.
From this universe, stocks are selected that are performing in terms of profitability, management experience and cash flow. At the same time, ESG criteria are applied to take ecological, social, and corporate governance principles into account when selecting companies.
The FlexShares Developed Markets High Dividend Climate ESG UCITS ETF-Dist offers investors access to companies with a high dividend yield. In contrast, the FlexShares Developed Markets Low Volatility Climate ESG UCITS ETF- Acc focuses on companies with overall lower volatility.
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Source: Deutsche Börse
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