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Carbon border adjustment in the United States: not easy, but not impossible either
February 11, 2021--President Biden has promised to implement a levy on carbon-intensive imports, albeit without a federal domestic carbon price. The measure faces a number of difficulties, but could feasibly be implemented. The route chosen by the US will have important implications for the EU's own plans.
Joe Biden has promised to put the United States on an "irreversible" path to achieve net-zero emissions by 2050 while creating millions of well-paying jobs. His Plan for a Clean Energy Revolution and Environmental Justice includes proposals for 100% carbon-free electricity by 2035, $1.7 trillion in green investments over the next ten years and a pledge to devote 40% of these investments to disadvantaged communities.
His plan also includes a carbon border adjustment (CBA) proposal- a pledge to "impose carbon adjustment fees or quotas on carbon-intensive goods from countries that are failing to meet their climate and environmental obligations".
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Source: bruegel.org
Exberry and Digital Asset team up with Baymarkets
February 11, 2021--Exberry and Digital Asset team up with Baymarkets to add clearing to their end-to-end digital asset exchange platform. For the first time, and with the integration of Baymarkets Clara Clearing System, market participants can register, trade and clear traditional, alternative and digital assets on one integrated platform.
Exberry (the exchange technology pioneer), Digital Asset (the creators of the open source Daml shared ledger development framework) and Baymarkets (the developer of the Clara clearing system) today announced the availability of cutting edge exchange infrastructure with central counterparty clearing functionality. This partnership will enable new digital asset marketplaces to launch on a fully-compliant, end-to-end exchange platform encompassing registry, custody, trading, matching and clearing services.
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Source: Baymarkets
Euro area securities issues statistics: December 2020
February 10, 2021-The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 7.6% in December 2020, compared with 7.5% in November.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 1.3% in December 2020, compared with 1.2% in November.
Debt securities
New issuances of debt securities by euro area residents totalled EUR 543.6 billion in December 2020. Redemptions amounted to EUR 621.7 billion and hence net redemptions to EUR 78.1 billion. The annual growth rate of outstanding debt securities issued by euro area residents was 7.6% in December 2020, compared with 7.5% in November.
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Source: ECB
Valerie Baudson Will Replace Yves Perrier as CEO of Amundi as of May 2021
February 10, 2021--Perrier has been appointed Chairman of the board of directors, taking over Xavier Musca's current position
"This change in governance will ensure a smooth transition and the continuity of Amundi's development"
The changes will take place following the next Amundi general meeting on 10 May 2021
During the presentation of its annual results, Amundi announced that Valérie Baudson will replace Yves Perrier as CEO of the company. Meanwhile, Perrier has been appointed Chairman of the board of directors.
According to Europe's biggest asset manager, this change in leadership will take place next May 10, when Perrier will formally step down. "After 14 years as head of Amundi, Yves Perrier has wished to hand over the general management responsibility".
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Source: fundssociety.com
New L&G ETF on Xetra: hydrogen companies worldwide
February 10, 2021--A new exchange traded fund issued by Legal & General Investment Management has been tradable on Xetra and Börse Frankfurt since Wednesday.
The L&G Hydrogen Economy UCITS ETF- Acc enables investors to invest in companies in the hydrogen industry worldwide. The use of hydrogen technology enables reduction of fossil fuels in the long term and thus provide an opportunity for clean and sustainable energy.
Companies along the entire value chain, from hydrogen production to hydrogen use, are considered. This includes producers and subcontractors, suppliers and distribution networks, storage units and end users, such as manufacturers of fuel cells and providers of mobility solutions based on hydrogen propulsion.
Excluded are companies with significant business activities in the areas of thermal coal or weapons, as well as those that are not in line with the principles of the UN Global Compact.
Name: L&G Hydrogen Economy UCITS ETF - Acc
Asset class: Equity ETF
ISIN: ISIE00BMYDM794
Ongoing charges: 0.49 per cent
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Source: Deutsche Börse
IMF Staff Country Report-Russian Federation: 2020 Article IV Consultation
February 9, 2021--Summary:
Russia entered the crisis with low potential growth but strong macroeconomic policy frameworks and significant buffers. Policy space allowed the authorities to mount a sizeable public health and countercyclical response to the crisis, which has helped limit the economic downturn.
Nevertheless, the crisis is likely to leave some long-term scars.
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Source: IMF
European Union cohesion project characteristics and regional economic growth
February 4, 2021--A new approach, which estimates 'unexplained economic growth', provides insights into the types of European Union cohesion projects that produce better economic results for regions.
Due to problems with existing methodologies that aim to identify the causal impact of European Union cohesion policy on economic growth, we adopted a novel methodology. We first estimated 'unexplained economic growth' by controlling for the influence of various region-specific factors, and then analysed its relationship with about two dozen characteristics specific to projects carried out in various regions in the context of EU cohesion policy.
We found that the best-performing regions have on average projects with longer durations, more inter-regional focus, lower national co-financing, more national (as opposed to regional and local) management, higher proportions of private or non-profit participants among the beneficiaries (as opposed to public-sector beneficiaries) and higher levels of funding from the Cohesion Fund. No clear patterns emerged concerning the sector of intervention.
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Source: bruegel.org
ESMA updates Q&As on MiFID II and MiFIR market structures topics
February 3, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers (Q&As) regarding market structures issues under MiFID II and MiFIR.
The Q&As provide clarification on:
The classification of DEA trades; and
Matched Principal Trading by investment firms.
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Source: ESMA
Euro zone fourth-quarter GDP falls less than expected, another fall seen in first quarter
February 2, 2021--The euro zone economy contracted less than expected in the fourth quarter of 2020 amid pandemic-induced lockdowns, initial EU estimates showed on Tuesday, but it is heading for another, probably steeper decline in the first quarter of this year.
The European Union's statistics office Eurostat said that according to its preliminary flash estimate, gross domestic product in the 19 countries sharing the euro fell by 0.7% quarter-on-quarter, for a 5.1% year-on-year decline.
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Source: reuters.com
The geopolitics of the European Green Deal
February 2, 2021--The Green Deal will redefine Europe's global policy priorities; as such, it is a foreign policy development with profound geopolitical consequences
The European Green Deal is a plan to decarbonise the EU economy by 2050, revolutionise the EU's energy system, profoundly transform the economy and inspire efforts to combat climate change.
But the plan will also have profound geopolitical repercussions. The Green Deal will affect geopolitics through its impact on the EU energy balance and global markets; on oil and gas-producing countries in the EU neighbourhood; on European energy security; and on global trade patterns, notably via the carbon border adjustment mechanism. At least some of these changes are likely to impact partner countries adversely.
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Source: bruegel.org
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