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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
Direxion Launches Connected Consumer ETF
August 25, 2020--First ETF to Meet Demand for Exposure to Worldwide Shift to Online and Virtual Activities
Building upon the success of the Direxion Work From Home ETF (WFH), which recently surpassed $90 million in assets under management since launching on June 25, 2020, Direxion announced today the launch of the Direxion Connected Consumer ETF (Ticker: CCON).
This is the first ETF with a strategy designed to provide investors comprehensive exposure to firms at the forefront of an evolving world, where lifestyles are increasingly accessed through digital and virtual means. This change spans a wide array of areas: from how free time is spent and health is managed, to how new skills and education are obtained.
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Source: Direxion
Lack of trading data hits ETF growth in Europe
August 21, 2020--Exchange traded fund distribution in Europe is being hindered because market data providers have shown little interest in creating a shared database of equity prices and trading volumes, market participants say.
The comments come as a new report by PwC finds that the EU's Mifid II regime introduced in 2018 has had only a limited effect on improving transparency in market data in the region. The authors conclude that flaws in the availability, quality and consistency of trading data are impeding the distribution of ETFs in Europe.
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Source: technocodex.com
New iShares ETFs on Xetra: high-yield corporate bonds, bonds from development banks and a global low-variance equity portfolio
August 21, 2020--Since Friday, three new exchange traded funds issued by iShares have been tradable on Xetra and Börse Frankfurt.
The iShares Edge MSCI World Minimum Volatility UCITS ETF USD (Dist) enables investors to invest directly in large and medium-sized companies from 23 developed markets.
Using a minimum variance approach, companies with low volatility are selected to help reduce the risk profile of the overall portfolio.
The iShares USD Development Bank Bonds UCITS ETF EUR Hedged (Acc) enables investors to invest in fixed-interest corporate bonds denominated in US dollars issued by development banks worldwide. These state-established, supranational institutions promote sustainable projects to expand social and economic structures in developing countries.
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Source: Deutsche Börse
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
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