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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
Freedom Finance ETNs are listed on AIX
December 24, 2020--Astana International Exchange ("AIX", "Exchange") in cooperation with Freedom Finance JSC ("Freedom Finance") is pleased to announce the listing of new exchange-traded notes -Freedom Finance IPO Fund Exchange Traded Notes ("ETNs", "Notes") linked to the performance of its Fund of Initial Public Offerings.
These Notes are issued by a Special Purpose Company ("SPC")-Fund of Initial Public Offerings SPC Limited, whose sole assets are units in a closed-end unit investment fund of financial instruments "Fund of Initial Public Offerings" and cash. The notes will be traded on AIX with Freedom Finance JSC acting as an investment adviser (to the SPC) and a Market Maker, providing easy access and liquidity for investors.
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Source: aix.kz
ESMA Newsletter- No. 19
December 22, 220--Welcome to the 19th edition of ESMA's newsletter.
Before the Christmas holidays, or even during them, you may want to check out our key publications related to Brexit and ESG including the recognition of EUI as third-country CSD, the Derivatives Trading Obligation (DTO) and the ESEF XBRL Taxonomy files.
We have also, launched a call for expression of interest for our Financial Innovation Standing Committee's CWG and our Chair, Steven Maijoor, delivered an important keynote speech on sustainability reporting at the French Ministry of the Economy, Finance and Recovery .
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Source: ESMA
ESMA issues 2020 report on accepted market practices under MAR
December 22, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its annual report on the application of accepted market practices (AMPs) in accordance with the Market Abuse Regulation (MAR).
ESMA's Report covers the second semester of 2019 and the first semester of 2020, including the last outstanding AMP established under the Market Abuse Directive, terminated over the reporting period.
The Report includes ESMA's views on the application of AMPs.
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Source: ESMA
G-7 Fundamental Elements of Cyber Exercise Programmes
December 22, 2020--The finance sector is increasingly reliant on information technology services. To prepare for disruption to these services, it is important that finance sector entities regularly exercise their cyber incident response and recovery plans.
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Source: gov.uk
ESMA updates Q&A on costs and charges
December 22, 2020--The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today updated its Questions and Answers on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
The Q&As on MiFID II and MiFIR investor protection and intermediaries' topics includes one new Q&As on 'Information on costs and charges' that aim to give guidance on how firms can present ex-post costs and charges information to clients in a fair, clear and not misleading manner.
In particular, the information should be presented:
1.through a standalone document (which could still be sent together with other periodic documents to clients); or
2.within a document of wider content, provided that it is given the necessary prominence to allow clients to find it easily.
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Source: ESMA
The globalisation of inflation in the European emerging countries
December 22, 2020--Summary
Focus
The paper aims to assess the level of integration of the European emerging countries in the global economy by analysing inflation dynamics across the region. Starting in 2014, the inflation rate in the European emerging countries declined consistently, in line with global developments, even if strong economic growth and tight labour markets in the region would have been expected to fuel local inflationary pressures.
Contribution
The paper contributes to the literature on inflation globalisation by focusing on the European emerging countries. Given the high complexity of the globalisation process, the study considers both the short- and the longer-term implications, and covers different measures of price changes in the economy
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Source: bis.org
Five Charts on the Euro Area's Post-COVID-19 Recovery and Growth
December 22, 2020-- According to the IMF's latest economic assessment of the euro area, the key policy challenge is to continue to counter the pandemic while facilitating a robust and inclusive recovery.
The following five charts illustrate the impact of COVID-19 on the euro area and the policies that will be needed to create a more durable recovery.
Economic activity in the euro area is forecast to drop sharply in 2020, before starting to rebound in 2021.
Despite the projected recovery, the euro area is expected to suffer permanent output losses from the crisis, with output still well below its pre-crisis path in 2025. Contact-intensive sectors (for example, tourism, and transport) and those required to close during lockdowns, like shops and restaurants, will suffer the most in the near term. The young, the poor, and women have been disproportionately affected.
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Source: IMF
'Doing Well by Doing Good'? Examining the rise of ESG Investing
December 20, 2020--Since the Financial Crisis, the asset management industry and exchange-traded funds (ETFs) have surged with respect to the value of assets they represent globally. By extension, so has their direction-setting influence over the real economy through capital allocation and shareholder power. A significant part of this growth is attributable to passive investing, which is dominated by the 'Big Three' passive asset managers (BlackRock, Vanguard and State Street).
Their growth has driven significant consolidation of ownership and power within the asset management industry, with the Big Three controlling a staggering 20% of the average S&P 500 company.
Alongside these trends, 'ethical' or 'sustainable' investment strategies, called 'Environmental, Social, Governance' (ESG) investing have enjoyed increasing popularity, with record inflows during the pandemic. Governments around the world are increasingly looking to 'ESG' strategies and leveraging 'sustainable' private finance to drive the transition to a decarbonised economy. However, there are several reasons to be sceptical of the ability of 'sustainable finance' to deliver.
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Source: common-wealth.co.uk
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