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ESMA publishes translations for Guidelines on performance fees in UCITS and certain types of AIFs
November 5, 2020--The European Securities and Markets Authority (ESMA) has issued today the official translations of its guidelines on performance fees in UCITS and certain types of AIFs.
National Competent Authorities (NCAs) to which these Guidelines apply must notify ESMA whether they comply or intend to comply with the Guidelines, within two months of the date of publication by ESMA of the Guidelines in all EU official languages.
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Source: ESMA
ESMA publishes its first reports on CSDR implementation
November 5, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its first two reports on the implementation of the Central Securities Depositories Regulation (CSDR) covering central securities depositories'(CSDs) cross-border services and handling of applications as well as internalised settlement.
Report on Cross-Border Services and Application Handling
The Report on cross-border services and handling of applications highlights the findings related to the provision of services by CSDs in other Member States, and considers the responses to the ESMA survey addressed to National Competent Authorities (NCAs), CSDR relevant authorities and trade associations, in June and July. The report also uses the data collected by ESMA to determine the substantial importance of a CSD for host Member States.
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Source: ESMA
UK official holdings of international reserves: October 2020
November 4, 2020--This monthly release shows details of movements in the UK's official holdings of international reserves, or assets. These consist of gold, foreign currency assets and International Monetary Fund assets.
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Source: gov.uk
UK to Allow Share Trading in EU Post-Brexit
November 4, 2020--The ESMA, on the other hand, wants to limit EEA company shares trading within the bloc.
The United Kingdom's Financial Conduct Authority (FCA) issued its guidelines on Wednesday towards the share trading obligations (STO), allowing British companies to approach European Union exchanges for share trading following the expiry of the Brexit transition period.
These guidelines from the British regulator came only over a week after its European Union counterpart released its approach towards STO post-Brexit.
The FCA highlighted that only 'mutual equivalence' would guarantee the businesses to satisfy the STO obligations in both jurisdictions. And if not, the British regulator will use the Temporary Transitional Power (TTP) to avoid disruption allowing firms to continue trading all shares on EU trading venues and systematic internalisers (SIs).
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Source: financemagnates.com
Moscow Exchange To Add ETFs And Russian-Law ETFs To After-Hours Trading Session
November 3, 2020-- Beginning 9 November 2020, ETFs and Russian-law ETFs will be admitted to after-hours equity trading on Moscow Exchange to supplement currently available Russian and foreign stocks.
Initially, 18 instruments- 15 ETFs and 3 Russian-law ETFs-will be made..
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Source: world.einnews.com
Euro area bank interest rate statistics: September 2020
November 2, 2020--Composite cost-of-borrowing indicator for new loans to corporations constant at 1.51%, with interest rate for new loans to households for house purchase broadly unchanged at 1.38%
Composite interest rate for new deposits with agreed maturity from corporations broadly unchanged at -0.18%, with interest rate for overnight deposits from corporations unchanged at 0.00%
Composite interest rate for new deposits with agreed maturity from households and the one for overnight deposits from households constant at 0.23% and at 0.02%, respectively.
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Source: ECB
Anne-Valère Amo Joins TrackInsight as Head of ETF Selection
November 2, 2020-Expands TrackInsight's institutional servicing capabilities during time of huge ETF growth TrackInsight continues hiring spree of senior talent Supports TrackInsight's global expansion...
Expands TrackInsight's institutional servicing capabilities during time of huge ETF growth
TrackInsight continues hiring spree of senior talent
Supports TrackInsight's global expansion into private wealth and advisory space with ETF-based solutions
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Source: marketscreener.com
France: Staff Concluding Statement of the 2020 Article IV Mission
Economic Outlook
November 2, 2020--France has been among the most affected countries from the COVID-19 pandemic. The authorities appropriately took stringent lock-down measures in mid-March and new infections fell sharply by end-April. New COVID cases began to creep up in July. Since mid-September, new cases have exceeded the previous peak at end-March.
While hospitalizations and fatalities have remained below previous peaks, they have also been trending upwards. In response, the government introduced a new lockdown from October 30-December 1 impacting many sectors of the economy. However, schools will remain open.
The economic impact of the pandemic has been significant, but the authorities have responded with strong and flexible support measures. France suffered one of the sharpest economic contractions among EU countries, with economic activity down by nearly 19 percent (y-on-y) in 2020Q2. The current account deteriorated significantly as exports fell faster than imports
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Source: IMF
The ECB will swallow up more debt than governments can sell next year
October 29, 2020--According to analysts who forecast the European Central Bank will buy a larger amount of debt than any new bond coming onto the market, investors will not have to contribute a single euro over the next year to finance the huge budget deficits of the eurozone governments.
The draft budget plans released by EU member states earlier this month showed that deficits are expected to remain high even as economies recover from the effects of the Covid-19 pandemic.
According to Citigroup calculations, however, the ECB's purchases will more than cover the additional cash that governments need in 2021 -even if the central bank does not increase its emergency purchase program for bonds worth EUR 1.35 billion in December as usual EUR 500 billion higher expected.
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Source: de24.news
Euro area economic and financial developments by institutional sector: second quarter of 2020
October 29, 2020--Euro area net saving decreased to €625 billion in four quarters to second quarter of 2020, from €775 billion one quarter earlier.
The household debt-to-income ratio increased to 94.9% in second quarter of 2020, from 93.4% one year earlier.
Non-financial corporations' debt-to-GDP ratio (consolidated measure) increased to 83.3% in second quarter of 2020, from 78.7% one year earlier.
Total euro area economy
Euro area net saving decreased to €625 billion (6.8% of euro area net disposable income) in the four quarters to the second quarter of 2020 compared with €775 billion in the four quarters to the previous quarter. This reflected strongly increasing net saving by households, and an even stronger decline of net saving by general government. Euro area net non-financial investment decreased to €394 billion (4.3% of net disposable income), from €565 billion, mainly due to decreased investment by non-financial corporations and households.
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Source: ECB
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