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Monetary developments in the euro area: November 2020
January 5, 2021--Annual growth rate of broad monetary aggregate M3 increased to 11.0% in November 2020 from 10.5% in October
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 14.5% in November from 13.8% in October
Annual growth rate of adjusted loans to households stood at 3.1% in November, compared with 3.2% in October
Annual growth rate of adjusted loans to non-financial corporations stood at 6.9% in November, compared with 6.8% in October
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 increased to 11.0% in November 2020 from 10.5% in October, averaging 10.6% in the three months up to November. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, increased to 14.5% in November from 13.8% in October.
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Source: ECB
When the future changes the past: fiscal indicator revisions
January 5, 2021--The 2020 pandemic economic shock has led to reassessment of fiscal policy measures in 2018 and earlier, because of faulty measurement of unobserved output gaps and structural balances. The current period of suspension of EU fiscal rules should be used to design a better fiscal framework.
The COVID-19 pandemic and the subsequent economic distress caught everyone by surprise. In late 2019, forecasts suggested some economic growth in Europe and elsewhere in 2020, while current projections suggest a 7.4% drop in European Union GDP in 2020. No forecaster should be blamed for not foreseeing the pandemic.
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Source: bruegel.org
Publication of financial instruments reference data after the end of the Brexit transition period
January 5, 2021--The European Securities and Markets Authority (ESMA) has published today its first set of Financial Instruments Reference Data System (FIRDS) files following the end of the Brexit transition period.
The FIRDS delta files (DLTINS) published by ESMA contain information about:
Termination of all UK financial instruments: (ISIN, MIC) records for MICs in the UK and which were still active have been terminated and their termination date has been set to 31 December 2020 at 22:59:59 UTC;
Updated Relevant Competent Authority (RCA) for all financial instruments which previously had GB as RCA and which will continue to be traded in the EU.
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Source: ESMA
ETF costs: what is an OCF or TER and why is it important to know?
January 4, 2021--Regulators want fund fee disclosures to be comparable because charges erode returns
Owners of all funds, including exchange traded funds, have to pay ongoing fees just for owning them. It is important to know how much they are because research has shown that fees can significantly reduce returns over time.
This is the main reason regulators are keen for fund providers to be transparent about fees and to ensure they are comparable so investors can make informed choices about the funds they buy.
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Source: FT.com
Natixis to sell H2O stake to investment firm's management
January 4, 2021--Natixis last year said it was in talks about a "progressive and orderly unwinding" of its partnership with the London fund manager, which could include a sale of its stake.
The move could be a blow to H2O, which had relied on Natixis' huge distribution network to help bring investors into its €20 billion ($24.6 billion) of funds.
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Source: pionline.com
Euro share trading exits London to new EU hubs
January 4, 2021--The City's unfettered access to the bloc ended on New Year's Eve, meaning EU banks and asset managers must use a platform inside the bloc for euro share trading.
The Brexit deal agreed before Christmas does not cover financial market access. Hours before the exit, the UK's market regulator said it would temporarily allow UK financial firms to use venues in the bloc.
Without the intervention UK and EU participants would have been unable to trade swaps given the EU had refused to lift its own ban on trading swaps on platforms in London.
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Source: cityam.com
Brexit: UK to start talks on quick EU financial services agreement
January 3, 2021--The UK government will next week begin urgent talks to try and reach an agreement by March on the future of the UK's access to EU financial markets.
City minister John Glen and senior Treasury civil servant Katharine Braddick will lead the talks for the UK.
Boris Johnson's Brexit trade deal does not include an EU-wide arrangement for financial services, with UK firms instead having to negotiate a patchwork of individual EU nations' regulations.
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Source: cityam.com
Open access regime for exchange traded derivatives
December 30, 2020--Guidance on the open access regime for exchange traded derivatives.
Details
This guidance explains that the open access regime for exchange traded derivatives will continue to apply in the UK post-transition, and outlines that HM Treasury will review the suitability of the open access regime for exchange traded derivatives next year.
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Source: gov.uk
European ETF investors pull $7.8bn from S&P 500 funds
December 25, 2020--Data for first 11 months of year show Nasdaq 100 and ESG funds were main attraction
European ETF investors have shunned funds tracking the S&P 500, the dominant US equity benchmark this year, instead piling into the tech--heavy Nasdaq 100 and a melange of sector and "sustainable" indices.
In the six years to 2019, 59 per cent of the $91bn of net new money European exchange traded fund investors pumped into US equities went into vehicles tracking the S&P 500, according to data from Invesco.
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Source: FT.com
UK and EU strike historic post-Brexit trade deal
December 24, 2020--The United Kingdom and European Union have agreed on a trade deal ahead of the Dec. 31 deadline.
The two sides had been embroiled in intense talks since March to establish how commerce will work from January onward.
The trade agreement still has to be ratified by the U.K. and EU parliaments in the coming days.
Britain and the European Union agreed Thursday on new Brexit trading arrangements more than four years after the U.K. voted to leave the bloc, narrowly avoiding a potentially disastrous no-deal scenario.
The two sides reached a "zero tariff-zero quota deal" which will help smooth the trade of goods across the channel. It will bring relief to exporters on both sides that had been facing higher tariffs and costs had a deal not been reached.
The trade agreement still has to be ratified by the U.K. and EU parliaments in the coming days, with a vote in Westminster due Wednesday.
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Source: cnbc.com
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