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ESMA NEWSLETTER-N0. 21
February 26, 2021--During February, key publications have been ESMA's annual reports on waivers and deferrals for equity and non-equity instruments, the ESAs report on sustainability-related disclosures in the financial services sector (SFDR), ESMA's consultation paper and first Q&A on crowdfunding and calls for candidates to join Consultative Working Groups (CWGs).
In this month's newsletter, you can read about trading in GameStop shares and related phenomena. This is the second topic of an occasional series of articles focusing on specific areas of ESMA's work. Additionally, the newsletter contains information on next month's speaking appearances of ESMA staff, closing consultations and vacancies. A full overview of all publications in February can be found at the very end of this newsletter.
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Source: ESMA
Zero-commission trading in Europe faces scrutiny by EU markets watchdog
February 25, 2021--Esma chairman also expresses concern over 'gamification'’ of investing
The EU markets watchdog has said it will scrutinise the business models of platforms that have sprung up to offer commission-free trading after the GameStop debacle in the US.
Companies such as Trade Republic in Germany, Bux in the Netherlands, eToro in Israel and Trading 212 in the UK have attracted hundreds of thousands of customers in the EU by offering them a cheaper way to invest in the stock market.
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Source: FT.com
ETFGI reports assets invested in ETFs listed in Canada reached a new record of US$203.04 billion at the end of January 2021
February 25, 2021-- ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs/ETPs ecosystem, reports assets invested in ETFs listed in Canada reached a new record of US$203.04 billion at the end of January. ETFs listed in Canada gathered net inflows of US$2.77 billion during January which is less than the US$3.17 billion gathered in January 2020.
ETF assets in Canada have increased by 0.5% from US$202.07 billion in December 2020 to US$20.04 billion, according to ETFGI's January 2021 Canadian ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
Assets invested in ETFs listed in Canada reach a record $203.04 billion at the end of January.
ETFs listed in Canada gathered net inflows of $2.77 billion in January.
March 9th will mark the 31st anniversary of listing of the first ETF.
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Source: ETFGI
Europe's Recovery Choices Will Leave It a Year Behind the U.S.
February 25, 2021--EU's fiscal program is groundbreaking but relatively small
Intention is that the plans boost bloc's long-term potential
While the U.S. rushes toward a blockbuster fiscal stimulus package to accelerate its recovery from the coronavirus crisis, much of Europe is pootling along in the slow lane.
President Joe Biden's $1.9 trillion stimulus bill, if congressional leaders pass the full amount, would take his administration's spending in 2021 to more than three times as much as euro-area countries have planned, according to UniCredit SpA.
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Source: bloomberg.com
Monetary developments in the euro area: January 2021
February 25, 2021--Annual growth rate of broad monetary aggregate M3 stood at 12.5% in January 2021, after 12.4% in December 2020 (revised from 12.3%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 16.4% in January from 15.6% in December.
Annual growth rate of adjusted loans to households stood at 3.0% in January, compared with 3.1% in December
Annual growth rate of adjusted loans to non-financial corporations stood at 7.0% in January, compared with 7.1% in December
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 stood at 12.5% in January 2021, after 12.4% in December 2020, averaging 12.0% in the three months up to January.
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Source: ECB
HANetf recruits top industry executive Manooj Mistry
February 24, 2021--Former head of ETFs at DWS will lead product development as chief operating officer
One of the most prominent executives in the European exchange traded fund industry has joined HANetf just as the London-based investment boutique has passed the $2bn milestone for assets under management.
Manooj Mistry, a former head of ETFs and index investing at DWS, the asset management business owned by Deutsche Bank, has taken the job of chief operating officer at HANetf where he will lead product development and oversee regulatory affairs.
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Source: FT.com
New BNP Paribas Easy ETFs on Xetra: sustainable eurozone and emerging markets bonds
February 23, 2021--Three new exchange traded funds issued by BNP Paribas Easy have been tradable on Xetra and Börse Frankfurt since Tuesday.
The BNP Paribas Easy JPM ESG EMU Government Bond IG 3-5Y UCITS ETF- Acc gives investors access to fixed-income and euro-denominated eurozone government bonds with investment grade ratings. Debt instruments with a residual maturity of three to five years are considered.
The BNP Paribas Easy JPM ESG EMBI Global Diversified Composite UCITS ETF-Act gives investors access to floating-rate and fixed-rate emerging market government and quasi-sovereign bonds denominated in US dollars with a minimum residual maturity of two and a half years. In the BNP Paribas Easy JPM ESG EMBI Global Diversified Composite UCITS ETF-Acc h EUR share class, currency risks against the euro are also minimised.
All three ETFs use a sustainability filter based on data from the providers Sustainalytics and RepRisk as well as the Climate Bonds Initiative. Bonds with a high or low sustainability rating are overweighted or underweighted.
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Source: Deutsche Börse
New Amundi ETF on Xetra: global equities in line with the Paris climate agreement
February 23, 2021--A new exchange-traded fund issued by Amundi has been tradable on Xetra and Börse Frankfurt since Tuesday.
The Amundi MSCI World Climate Paris Aligned PAB UCITS ETF DR-USD (C) tracks the performance of large and medium-sized companies from 23 industrialised nations.
The companies are selected in accordance with the objectives of the Paris Climate Agreement. Companies that contribute to preventing climate change are overweighted in the index. On the other hand, companies that are exposed to risks in connection with the climate change are underweighted.
The goal is to reduce greenhouse gas emissions by 50 percent compared to the MSCI World and to decarbonise by seven per cent annually.
Companies with business activities in tobacco, thermal coal, oil and gas as well as weapons are excluded. Any dividend income is reinvested.
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Source: Deutsche Börse
Surge in ESG queries spurs ETF hiring spree at DWS
February 19, 2021--Clients need more detailed discussions to explain index differences, executive says
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Source: FT.com
Euro area investment fund statistics: fourth quarter of 2020
February 19, 2021--In fourth quarter of 2020, outstanding amount of shares/units issued by investment funds other than money market funds rose to €13,719 billion, up €855 billion on previous quarter
Net issues in quarter amounted to €222 billion, with €1,283 billion in gross issues and €1,061 billion in gross redemptions.
Outstanding amount of shares/units issued by money market funds rose to €1,416 billion, up €25 billion on previous quarter
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Source: ECB
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