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IMF Executive Board Concludes 2020 Article IV Consultation with United Kingdom
December 18, 2020--The UK economy entered 2020 with some challenges but also with some strengths. Key challenges included agreeing to a post-Brexit trade deal with the EU, weak productivity growth, large regional disparities in income, population aging (and its impact on pension spending), and the need to strengthen climate policies.
At the same time, the economy was operating at full employment, inflation was close to target, household and corporate debt burdens had fallen substantially since 2009, the banking system was well-capitalized and liquid, and fiscal adjustment had set debt on a declining trajectory, with fiscal space available.
The pandemic has taken a significant human and economic toll, mitigated somewhat by an aggressive policy response. An even more tragic health impact was averted by a spring lockdown, subsequent restrictions, and a second lockdown announced in early November. These health restrictions hit economic activity hard, with a sharp decline in GDP in Q2. Nonetheless, a coordinated fiscal, monetary, and financial sector policy response has helped to hold down unemployment and insolvencies. Despite a rebound as the economy re-opened in the summer, growth for 2020 will likely be around -11 percent, with core inflation below target, and the current account deficit subdued at about 2½ percent.
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Source: IMF
ESMA consults on the impact of algorithmic trading
December 18, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today launched a consultation seeking input from market participants on the impact of requirements under MiFID II/MiFIR regarding algorithmic trading, including high-frequency algorithmic trading.
The Consultation Paper covers the overall approach towards algorithmic trading, in particular:
the authorisation regime;
provisions for algorithmic and high-frequency traders; and
provisions applicable to trading venues allowing or enabling these market participants.
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Source: ESMA
Forecasts for the UK economy: December 2020
December 17, 2020--A comparison of independent forecasts for the UK economy in December 2020.
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Source: gov.uk
ESMA publishes draft technical standards under EMIR REFIT
December 17, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published a Final Report on technical standards (RTS and ITS) under the EMIR REFIT Regulation. The report covers data reporting to Trade Repositories (TRs), procedures to reconcile and validate the data, access by the relevant authorities to data and registration of the TRs.
This final report and draft RTS and ITS largely reflect the original proposals included in the consultation paper and focuses on further harmonisation of the reporting requirements as well as enhancements in the counterparties' and TRs' procedures on ensuring data quality.
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Source: ESMA
ESMA publishes final guidance to address leverage risk in the AIF sector
December 17, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its final guidance to address leverage risks in the Alternative Investment Fund (AIF) sector.
ESMA's guidelines set out common criteria in order to promote convergence in the way National Competent Authorities (NCAs):
assess the extent to which the use of leverage within the AIF sector contributes to the build-up of systemic risk in the financial system; and
design, calibrate and implement leverage limits.
The guidelines follow the 2 steps-approach introduced by IOSCO and translate this approach into the European framework. Furthermore, the guidelines provide NCAs with a set of indicators to be considered when performing their risk assessment and a set of principles that NCAs should take into account when calibrating and imposing leverage limits.
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Source: ESMA
ESMA renews its decision requiring net short position holders to report positions of 0.1% and above
December 17, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has renewed its decision to temporarily require the 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 applies from 19 December 2020 for a period of three months.
The measure applies from 19 December 2020 for a period of three months.
While overall financial markets performance registered recent improvements linked to the positive news on vaccines, the COVID-19 pandemic continues to have serious adverse effects on the EU real economy with any outlook for a future recovery remaining uncertain. A forecast from the European Commission and the information on the risk of decoupling between asset valuations and fundamentals, in ESMA’s Risk Dashboard, have been used for the economic analysis supporting the decision.
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Source: ESMA
A green industrial policy for Europe
December 17, 2020--This Blueprint examines how the European Union can develop a coherent green industrial policy that will serve the goals of the European Green Deal.
The European Green Deal aims to make Europe the first climate-neutral continent by 2050. This is not going to be an easy journey. To be successful, the European Green Deal will have to foster major shifts in the European industrial structure, including transitions from fossil fuels to renewable energy and from combustion engine cars to electric cars. Shifting economies from brown to green would be a major, historic socio-economic transformation.
view the A Green Industrial Policy For Europe
Source: bruegel.org
ESMA updates guidelines on stress tests for money market funds
December 16, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, is publishing the 2020 update of guidelines on MMF stress tests under the Money Market Funds Regulation (MMFR). The updates take account of MMFs recent experience during March 2020, particularly in relation to redemption scenarios.
The COVID-19 crisis has been challenging for MMFs. Risks have increased for MMFs and the money market instruments in which they invest. Several EU MMFs faced significant liquidity issues during the period of acute stress in March 2020.
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Source: ESMA
New Tabula ETF on Xetra: European Investment Grade Corporate Bonds with a fixed coupon
December 16, 2020--Since Wednesday, a new exchange traded fund issued by Tabula is tradable on Xetra and Börse Frankfurt.
The Tabula iTraxx IG Bond UCITS ETF (EUR)-Acc enables investors to invest in an equally weighted portfolio of liquid European and euro-denominated corporate bonds with investment grade ratings.
In addition to a minimum outstanding volume of 500 million euros, securities with a residual term of three to seven years are considered, whereby the index is weighted in accordance with an average remaining term of five years. Any coupon payments are reinvested.
Name: Tabula iTraxx IG Bond UCITS ETF (EUR) -Acc
Asset Class: Bond ETF
ISIN: IE00BKP5269
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Source: Deutsche Börse
Russia's Economy Loses Momentum Amid COVID-19 Resurgence, Says New World Bank Report
December 16, 2020--Report also assesses Russia's participation in regional and global value chains
The Russian economy contracted in quarter 2 by 8 percent and quarter 3 by 3.4 percent. This negative momentum is expected to continue in quarter 4 amidst the resurgence of the pandemic, according to the World Bank's latest Russia Economic Report (#44 in the series).
The report also says that fiscal, monetary and social policies put in place have helped contain the impact of the pandemic-induced crisis to date.
Russian economic growth is projected at -4 percent in 2020, a less severe contraction than the forecast in September. The revision reflects the better-than-anticipated economic performance in quarter 3. Consumer and business confidence is expected to improve assuming a vaccine deemed safe and effective is rolled out; this would pave the way for a gradual rebound at 2.6 and 3.0 percent in 2021 and 2022, respectively.
view the World Bank Russia Economic Report
Source: World Bank
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