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ECB-Meeting of 9-10 December 2020
Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 9-10 December 2020
January 14, 2021--Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 9-10 December 2020
1. Review of financial, economic and monetary developments and policy options
Financial market developments
Ms Schnabel reviewed the financial market developments since the Governing Council's previous monetary policy meeting on 28-29 October 2020.
Developments in global financial markets had been driven by a strong improvement in risk sentiment. The main catalyst had been the news on the effectiveness and imminent roll-out of multiple coronavirus (COVID-19) vaccines. Two additional factors had reinforced and amplified the improvement in risk sentiment. First, there were growing signs of a forthcoming bipartisan fiscal stimulus programme in the United States in the wake of the formal commencement of the presidential transition process. Second, the communication by the ECB's Governing Council that it would recalibrate its instruments at its December meeting had strengthened confidence in the ECB's commitment to monetary policy remaining a reliable source of support. This commitment had supported a broad-based easing of financial conditions.
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Source: ECB
A green industrial policy for Europe
January 13, 2021--A 'green industrial policy' able to promote economic growth, job creation and environmental goals altogether will be fundamental to Europe's climate change ambitions.
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 historic socio-economic transformation. Not by coincidence, this challenge is often referred to as an industrial revolution against a deadline. In this context of broad, paradigmatic, change for European industry, a 'green industrial policy' able to promote economic growth, job creation and environmental goals altogether will be fundamental to Europe's climate change ambitions.
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Source: SEC.gov
LSE's $27bn Refinitiv deal approved by EU regulators
January 13, 2021--EU regulators have approved London Stock Exchange Group's $27bn purchase of data and trading group Refinitiv, removing the last major obstacle to a deal that will create a new powerhouse in financial markets.
Competition authorities in Brussels on Wednesday formally signed off on the tie-up after accepting concessions made by the LSE, notably the UK group's decision to sell Borsa Italiana, owner of the Milan stock exchange,and a major trading platform in European sovereign debt.
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Source: thefinanceinfo.com
ESMA reminds firms of the MiFID II rules on reverse solicitation
January 13, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, is issuing a Public Statement to remind firms of the MiFID II requirements on the provision of investments services to retail or professional clients by firms not established or situated in the European Union (EU).
With the end of the UK transition period on 31 December 2020, some questionable practices by firms around reverse solicitation, where the product or service is marketed at the client's own exclusive initiative, have emerged.
For example, some firms appear to be trying to circumvent MiFID II requirements by including general clauses in their Terms of Business or through the use of online pop-up "I agree" boxes whereby clients state that any transaction is executed on the exclusive initiative of the client.
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Source: ESMA
Euro area securities issues statistics: November 2020
January 13, 2021--The annual growth rate of the outstanding amount of debt securities issued by euro area residents decreased from 8.2% in October 2020 to 7.5% in November.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 1.2% in November 2020, compared with 1.0% in October.
New issuances of debt securities by euro area residents totalled EUR 605.1 billion in November 2020. Redemptions amounted to EUR 635.2 billion and hence net redemptions to EUR 30.0 billion. The annual growth rate of outstanding debt securities issued by euro area residents decreased from 8.2% in October 2020 to 7.5% in November.
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Source: ECB
Invesco expands ESG ETFs with Japan and Pacific funds
January 12, 2021--Asset manager seeks to capitalise on momentum of green thinking with new strategies.
Invesco has further expanded its ESG-focused ETFs with the launch of two new funds, which will cover listed companies in Japan and the Pacific ex-Japan region.
The funds will be passive physically invested ETFs, which will follow the performance of customised versions of MSCI ESG Universal indices. They will operate in the same way as similar funds focused on the European, US and world equity products.
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Source: citywireselector.com
ESMA Working Paper No. 2, 2021 Equity Funds and Derivatives: Evidence from Linked Fund-Trade Data
January 12, 2020--ESMA Working Paper No. 2, 2021 Equity Funds and Derivatives: Evidence from Linked Fund-Trade Data.
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Source: ESMA
City of London to bring back Swiss stock trading following EU exit
January 9, 2021--The UK will bring trading in Swiss shares back to London in the coming weeks, marking the first significant split from EU policy on financial services since the end of the Brexit transition period.
British officials will launch legislation in parliament as soon as next week to reverse a previous EU ban on the practice, the Treasury said.
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Source: swissinfo.ch
UK fintech review to propose changes to visa and listing rules
January 7, 2021--Government has identified buoyant sector as a priority following Brexit
A government-backed review into the UK's financial technology industry will recommend measures to support fast growing companies after Brexit including special visas for skilled workers and changes to the UK's listing rules.
The review, which was launched by chancellor Rishi Sunak at the Budget last March and is being led by former Worldpay chief executive Ron Kalifa, has been tasked by ministers to come up with ideas on how to support the UK’s buoyant fintech sector.
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Source: FT.com
UK official holdings of international reserves: December 2020
January 6, 2021--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
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