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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
London to Resume Trading Swiss Shares After Losing EU Billions
February 2, 2021--About 200 Swiss stocks will be reintroduced to London venues
Move by U.K. risks complicating bid for EU equivalence
The City of London can tout a rare benefit of Brexit this week, when Swiss shares such as Novartis AG and Nestle SA are expected to be readmitted to trading in London.
The return comes after an 18-month hiatus triggered by Switzerland protecting its markets in a stand-off with the European Union. The U.K. is looking to embrace other partners after jettisoning ties with the world's biggest trading bloc.
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Source: bloomberg.com
IMF-Sweden-Staff Concluding Statement of the 2021 Article IV Mission
February 2, 2021--The Swedish economy entered the COVID-19 pandemic on a solid footing and with substantial buffers created through prudent fiscal and financial management. Although the pandemic hit the economy hard, the recession was moderated by strong support measures and structural features of the economy, which has a high share of jobs that can be performed remotely, a relatively small hospitality sector, and a large export sector.
The less stringent containment strategy at the beginning of the pandemic seems to have altered the timing of the economic fallout, which intensified towards the middle of the year. While the fiscal stance is appropriate, there is scope for additional support if the recovery or inflation expectations falter, and for recalibration of the support measures, including by adapting their design to further facilitate structural transformation. The Riksbank should also stand ready to complement fiscal support as needed. It is also important to enhance monitoring of household and private sector balance sheets in order to inform the authorities' management of the buildup of risks. Over the medium term, the strive for inclusive growth can be strengthened by advancing structural reforms and increasing growth-enhancing and green spending to meet health and demographic challenges.
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Source: IMF
ESMA finalises rules on standardised information to facilitate cross-border distribution of funds
February 1, 2021--February 1, 2021--The European Securities and Markets Authority (ESMA), the EU's securities regulator, has today published a final report on implementing technical standards (ITS) under the Regulation on cross-border distribution of funds.
The ITS focus on the publication of information by national competent authorities (NCAs) on their websites, the notification of information by NCAs to ESMA and the publication of information by ESMA on its website.
The final report and draft ITS largely reflect the original consultation proposals, focused on the information to be published on NCAs websites regarding the national rules governing marketing requirements for funds, and the regulatory fees and charges levied by NCAs in relation to fund managers' cross-border activities.
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Source: ESMA
UK looks into ETF hub launch to boost industry post-Brexit
January 29, 2021--Consultation seeks input on how to enhance UK's reputation as a location for entirely new funds
The UK government is exploring whether the country could become a hub for exchange traded fund launches as it looks for ways to boost the asset management industry outside the EU.
The UK Treasury on January 26 launched a wide-ranging industry consultation on the future shape of fund regulation in the UK.
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Source: FT.com
ESMA UPDATES EMIR Q&A'S
January 29, 2021--January 28, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers document on practical questions regarding reporting issues under the European Markets Infrastructure Regulation (EMIR).
The updated Trade Repository (TR) Q&A 3b explains how to report the direction of derivatives in specific cases that are described.
A new Q&A for Trade Repositories clarifies the steps to be taken for the due termination of derivatives when the reporting counterparty ceases to exist. It also specifies how to deal with non-terminated reports of inactive (dissolved) counterparties to ensure that accurate information is provided to the authorities.
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Source: ESMA
ESMA calls for legislative action on ESG ratings and assessment tools
January 29, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has written to the European Commission (EC) sharing its views on the main challenges in the area of ESG ratings and assessment tools. ESMA highlights the need to match the growth in demand for these products with appropriate regulatory requirements to ensure their quality and reliability.
ESMA identifies the following key points for consideration:
The market for ESG ratings and other assessment tools is currently unregulated and unsupervised. When combined with increasing regulatory demands for consideration of ESG information, there are increased risks of greenwashing, capital misallocation and products mis-selling.
There should be a common definition of ESG ratings that covers the broad spectrum of possible ESG assessments currently on offer. This will help future-proof any regulatory framework and mitigate against possible obsolescence.
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Source: ESMA
Euro area economic and financial developments by institutional sector: third quarter of 2020
January 28, 2021--Euro area net saving decreased to €534 billion in four quarters to third quarter of 2020, from €618 billion one quarter earlier
Household debt-to-income ratio at 95.7% in third quarter of 2020, up from 93.5% one year earlier
Non-financial corporations' debt-to-GDP ratio (consolidated measure) at 83.8% in third quarter of 2020, up from 79.3% one year earlier.
Total euro area economy
Euro area net saving decreased to €534 billion (5.9% of euro area net disposable income) in the four quarters to the third quarter of 2020 compared with €618 billion in the four quarters to the previous quarter.
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Source: ECB
UK pension schemes face new climate risk reporting rules
January 27, 2021--Government pushes trustees to assess environmental impact of their investment portfolios
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Source: FT.com
New Xtrackers ETFs on Xetra: Eurozone companies with a focus on sustainability and US companies with a sector focus
January 27, 2021--Since Wednesday, four new exchange traded funds issued by Xtrackers are tradable on Xetra and Börse Frankfurt.
With the Xtrackers MSCI EMU ESG UCITS ETF 1C, investors invest in medium-sized and large companies from ten industrialised nations in the Eurozone that excel in the areas of environmental, social and corporate governance performance.
In addition, these companies have a low carbon footprint compared to competitors.
For investors interested in US companies in the communications services and industrials sectors, the Xtrackers MSCI USA Communication Services UCITS ETF 1D and the Xtrackers MSCI USA Industrials UCITS ETF 1D are available. The communications services sector includes, for example, technology stocks, telecommunications providers, streaming services and film producers. The industrial sector includes manufacturers of machinery, equipment and supplies for the manufacturing sector.
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Source: Xetra
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