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ESMA Provides for the Option to Apply the Annual Transparency Calculations for Non-equity Instruments From 21 September
September 7, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today decided that trading venues and investment firms may postpone, for operational reasons, the application of the annual transparency calculations for non-equity instruments other than bonds to 21 September 2020.
This decision also applies to the quarterly calculations for the purpose of the systematic internaliser (SI) regime for non-equity instruments other than bonds.
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Source: ESMA
ESMA confirms Securitisation Regulation requirements entry into force on 23 September 2020
September 4, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, confirms that the different elements of the new regime under the Securitisation Regulation will come into force on 23 September 2020.
This follows the publication of seven technical standards implementing the Securitisation Regulation in the Official Journal of the European Union. The publication of the technical standards triggers
Opening of applications for entities to register as Securitisation Repository (SR); and
Entry into force of new disclosure templates
Opening of applications for entities to register as SR.
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Source: ESMA
Rize ETF grows product suite with double launch
September 3, 220--Sustainable food and digital education
Rize ETF has added two thematic products to its range, doubling its existing offering with the addition of sustainable food and digital education ETFs.
Rize Sustainable Future of Food UCITS ETF (FOOD) offers investors exposure to companies which are "innovating across the food value chain to build a more sustainable, secure and fair food system for the planet", and has been developed alongside Tematica Research.
Rize on medical cannabis ETF: 'At Legal & General it would have taken us six decades, not six months, to launch this product'.
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Source: investmentweek.co.uk
State Street launches new SPDR world value ETF
September 3, 2020--State Street Global Advisors has further expanded its SPDR ETF range with a global value fund, which represents high value exposure companies while attempting to avoid 'value traps'.
The SPDR MSCI World Value UCITS ETF will track the MSCI World Value Exposure Select index, which includes large and mid-cap securities across 23 developed markets and is designed to represent the performance of companies with "relatively higher value exposure", while avoiding "poor quality companies" and value traps.
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Source: investmentweek.co.uk
ESMA sees high risk of decoupling of financial market performance and underlying economic activity
September 2, 2020--The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes its second Trends, Risks and Vulnerabilities (TRV) Report of 2020. A webinar open to the public will be held on 9 September to present the report.
The Report analyses the impact of COVID-19 on financial markets during the first half of 2020 and highlights the risk of a potential decoupling of financial market performance and underlying economic activity, which raises the question of the sustainability of the current market rebound.
The TRV also highlights specific risks for financial stability and investors in relation to Collateralised Loan Obligations (CLOs) model risk, EU fund industry interconnectedness and spill overs, research unbundling and closet index funds costs and performance.
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Source: ESMA
Europe's inflation plunge to raise red flags at ECB
September 1, 2020--Euro zone inflation turned negative last month for the first time since May 2016, raising chances that the European Central Bank will have to inject yet more stimulus to generate price growth which has undershot its target for over seven years.
Annual inflation in the 19 countries sharing the euro fell to minus 0.2% in August from 0.4% in July, underperforming analysts' expectations for a reading of 0.2% and a far cry from the ECB's target of just under 2%.
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Source: reuters.com
Vienna Stock Exchange Admits First Bitcoin Product (ETP) On Its Official Regulated Market
September 1, 2020--The 21Shares Bitcoin & Ethereum Product list on the official ‘Regulated’ Market of the Vienna Stock Exchange
Wiener Börse, the Vienna Stock Exchange, becomes the 3rd exchange venue globally to admit a Bitcoin Product on its official "regulated" market segment.
Following the admission to listing on Deutsche Boerse XETRA in July 2020, Swiss-based ETP issuer 21Shares AG has now brought the first Bitcoin and Ethereum Products to the official market on the Austrian exchange bringing more security, transparency and cost-effective access to investors seeking exposure to this alternative asset class. Starting effectively from 1st September 2020 the 21Shares Bitcoin ETP (ABTC- WKN A2T64E - Ticker 21XB) and the 21Shares Ethereum ETP (AETH- WKN A2T68Z- Ticker 21XE) can be traded on the official market of the Vienna Stock Exchange.
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Source: 21Shares
Active funds fail to outperform passive rivals despite Covid-19 opportunity
September 1, 2020--Research shows only 44% of active UK large-cap equity funds outdid passive peers in first 6 months.
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Source: FT.com
ECB-Monetary developments in the euro area: July 2020
August 27, 2020--Annual growth rate of broad monetary aggregate M3 increased to 10.2% in July 2020 from 9.2% in June
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 13.5% in July from 12.6% in June
Annual growth rate of adjusted loans to households stood at 3.0% in July, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations stood at 7.0% in July, compared with 7.1% in June
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 increased to 10.2% in July 2020 from 9.2% in June, averaging 9.5% in the three months up to July.
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Source: ECB
US short-termism on ESG investing will hurt growth
August 27, 2020--In Europe, the regulatory pressure on environmental, social and governance issues is strong and growing stronger, from new rules on reporting such data and integrating it into investment decisions to required disclosure of ESG risk analysis.
In the US, the regulatory momentum is going the other way. The Department of Labor has proposed amendments to its rules covering pension plans that would require administrators to prove that they are not sacrificing financial returns by taking ESG factors into account. US regulators have also shown little interest in providing guidance on which metrics might be most appropriate for companies to disclose.
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Source: technocodex.com
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