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ECB-Meeting of 15-16 July 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, 15-16 July 2020
August 20, 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 3-4 June 2020.
In both advanced and emerging market economies, financial conditions were approaching pre-pandemic levels at a slowing but steady pace, as also reflected in the strong recovery in global stock markets.
In the euro area sovereign bond markets, pre-pandemic funding conditions had by and large been restored. Market-based measures of inflation expectations had also recovered further, albeit from very low levels, and risk premia on short-term funding for both banks and corporates had continued to decline.
Optimism in financial markets had, however, gone hand in hand with surging coronavirus (COVID-19) cases in the United States and many emerging market economies, raising fears of a broader relapse in containing the spread of the virus.
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Source: ECB
EU watchdog flags harder line on cross-border funds management
August 19, 2020--Brexit safeguards to stop asset managers in Britain running "shell" investment funds in the European Union to retain access to its markets should be hardwired into EU law, the bloc's securities watchdog said on Wednesday.
After Britain voted in 2016 to leave the EU, the European Securities and Markets Authority (ESMA) issued guidance on minimum "substance" or senior boots on the ground at EU funds typically domiciled in Dublin and Luxembourg and whose portfolio management has been "delegated" to London.
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Source: reuters.com
Official Statistics: Forecasts for the UK economy: August 2020
August 19, 2020--A comparison of independent forecasts for the UK economy in August 2020.
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Source: www.gov.uk
EU regulator's proposed reforms could damage United kingdom fund sector
August 19, 2020--A top European economic regulator has proposed sweeping reforms of the region's expenditure fund guidelines that possibly threaten the UK's ambitions to improve London’s posture put up-Brexit as a world centre for asset administration.
The EU had by now warned the Uk this 7 days that it may have to wait around after the end of this calendar year to know regardless of whether London would safe prized obtain legal rights to provide economic items and companies across the European single market. Any delay will raise the uncertainty awaiting banking institutions and asset professionals from January when the put up-Brexit transition arrangements will have expired.
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Source: alltopnews.co.uk
ESMA recommends priority topics in AIFMD review
August 19, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has written to the European Commission (Commission) highlighting areas to consider during the forthcoming review of the Alternative Investment Fund Managers Directive (AIFMD).
AIFMD has provided a successful framework for alternative funds in Europe since 2011.
However, ESMA and national competent authorities have through the years gathered experience with the framework and have identified areas that could be improved in the legislation to enhance the supervision of alternative fund managers in Europe. ESMA has also learned from its role in the reporting framework under AIFMD where improvements could be made.
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Source: ESMA
ETFs set to usurp active funds in ethical investing space
August 17, 2020--Shift to passive would be a body blow to traditional ESG investment approach
Exchange traded funds and other passive vehicles are set to usurp active managers as the dominant ethical investing approach, research suggests.
The shift would be a body blow to active investment houses hoping their potentially greater ability to engage with investee companies would allow them to hang on to assets being invested according to good environmental, social and governance principles.
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Source: FT.com
ECB-Euro area investment fund statistics: second quarter of 2020
August 17, 2020--In the second quarter of 2020 the outstanding amount of shares/units issued by investment funds other than money market funds was €12,473 billion, €1,004 billion higher than in the first quarter of 2020. The increase was mainly accounted for by €817 billion in price and other changes.
The outstanding amount of shares/units issued by exchange-traded funds (ETFs) was €815 billion, which was €109 billion higher than in the first quarter of 2020.
The outstanding amount of shares/units issued by money market funds was €1,363 billion, €113 billion higher than in the first quarter of 2020.
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Source: ECB
UBS beats Amundi as top European manager of retail investor assets
August 16, 2020--Swiss bank's fund arm cements position as rival suffers large redemptions.
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Source: FT.com
Credit investors go 'all in' rather than fight central banks
August 13, 2020--Safety net provided by crisis measures encourages most bullish sentiment on record.
European credit investors have gone "all in", judging that the extraordinary market-supporting measures of central banks are too powerful to fight against, according to a survey by Bank of America.
The investment bank, which surveyed 51 fund managers across the UK and continental Europe, found that record-low interest rates and vast asset-buying programmes put in place to limit the economic damage from the Covid-19 pandemic have encouraged many to load up on corporate bonds.
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Source: FT.com
STOXX decides rule change for DAX Selection Indices
August 12, 2020--Insolvent companies must leave indices at short notice
Rule change will be effective on 19 August 2020
Qontigo's global index provider STOXX Ltd. has announced rule changes for the DAX family. STOXX decided to adopt the definition of Insolvency Event as proposed in the recent market consultation. According to the new rules, insolvent companies shall be removed from the DAX Selection Indices with two trading days' notice. The rules will become effective on 19 August.
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Source: Qontigo
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