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ESMA updates guidelines on stress tests for money market funds
December 16, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, is publishing the 2020 update of guidelines on MMF stress tests under the Money Market Funds Regulation (MMFR). The updates take account of MMFs recent experience during March 2020, particularly in relation to redemption scenarios.
The COVID-19 crisis has been challenging for MMFs. Risks have increased for MMFs and the money market instruments in which they invest. Several EU MMFs faced significant liquidity issues during the period of acute stress in March 2020.
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Source: ESMA
New Tabula ETF on Xetra: European Investment Grade Corporate Bonds with a fixed coupon
December 16, 2020--Since Wednesday, a new exchange traded fund issued by Tabula is tradable on Xetra and Börse Frankfurt.
The Tabula iTraxx IG Bond UCITS ETF (EUR)-Acc enables investors to invest in an equally weighted portfolio of liquid European and euro-denominated corporate bonds with investment grade ratings.
In addition to a minimum outstanding volume of 500 million euros, securities with a residual term of three to seven years are considered, whereby the index is weighted in accordance with an average remaining term of five years. Any coupon payments are reinvested.
Name: Tabula iTraxx IG Bond UCITS ETF (EUR) -Acc
Asset Class: Bond ETF
ISIN: IE00BKP5269
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Source: Deutsche Börse
Russia's Economy Loses Momentum Amid COVID-19 Resurgence, Says New World Bank Report
December 16, 2020--Report also assesses Russia's participation in regional and global value chains
The Russian economy contracted in quarter 2 by 8 percent and quarter 3 by 3.4 percent. This negative momentum is expected to continue in quarter 4 amidst the resurgence of the pandemic, according to the World Bank's latest Russia Economic Report (#44 in the series).
The report also says that fiscal, monetary and social policies put in place have helped contain the impact of the pandemic-induced crisis to date.
Russian economic growth is projected at -4 percent in 2020, a less severe contraction than the forecast in September. The revision reflects the better-than-anticipated economic performance in quarter 3. Consumer and business confidence is expected to improve assuming a vaccine deemed safe and effective is rolled out; this would pave the way for a gradual rebound at 2.6 and 3.0 percent in 2021 and 2022, respectively.
view the World Bank Russia Economic Report
Source: World Bank
EU faces Franco-Dutch call for rules to stop 'greenwashing'
December 15, 2020--French and Dutch securities regulators called on Tuesday for European Union rules to prevent "greenwashing" or inaccurate claims that investments are sustainable and climate-friendly.
Several firms provide ratings on a company's environmental, social and governance (ESG) risks that asset managers use to make "green" investment decisions.
The European Commission wants to boost sustainable investments and is due to publish an action plan in 2021.
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Source: reuters.com
INew HSBC ETF on Xetra: 30 largest technology companies from the Greater China region for the first time
December 14, 2020--A new exchange-traded fund issued by HSBC Global Asset Management has been tradable on Xetra and Börse Frankfurt since Monday.
The HSBC Hang Seng TECH UCITS ETF enables investors to invest for the first time in the 30 largest companies from the Greater China region that are primarily active in the technology sector and are listed on the Hong Kong Stock Exchange. Greater China comprises Hong Kong, the People's Republic of China, Macau and Taiwan.
Companies from the industrial, consumer discretionary, healthcare, financial and information technology sectors that generate a significant proportion of their revenue digitally, with internet (including mobile), cloud, fintech or e-commerce are considered.
The weighting is based on market capitalisation, whereby the share of a stock is limited to a maximum of eight per cent.
Name: HSBC Hang Seng TECH UCITS ETF
Asset class: Equity ETF
ISIN: IE00BMWXKN31
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Source: Deutsche Börse
Fee war escalates across Europe's fund industry
December 14, 2020-Cut-throat price competition among tracker fund providers is fueling the war on fees across Europe's investment industry with active managers.
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Source: FT.com
The investment case for ESG in fixed income index investing
December 14, 2020-Exchange traded funds (ETFs) incorporating environmental, social and governance (ESG) criteria have seen rapid growth, particularly over the past few months, with momentum accelerating in spite of the COVID-19 global pandemic.
Indeed, investors that are coming back into the market after the disruption of the pandemic are increasingly opting for the sustainable versions of ETFs, a clear sign that investors want to "build back better" and see sustainable investing as their new industry standard.
To give investors more clarity and confidence in building sustainable portfolios across asset classes, iShares, in partnership with Responsible Investor, held a webinar looking at the investment case for ESG in fixed income index investing. With fixed income ESG ETFs showing greater resilience compared to their "standard" peers", we felt it was a good time to explore the opportunities of taking a sustainable approach to bond portfolio construction.
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Source: responsible-investor.com
EU carbon price hits all-time high after EU climate deal
December 11, 2020--The price of Benchmark European Union carbon permits rose to an all-time high above 31 euros a tonne on Friday, after EU leaders reached a deal on more ambitious emissions cuts this decade.
The contract hit 31.30 euros a tonne in early trade, its highest since the EU's Emissions Trading System (EU ETS) was launched in 2005, before easing to 30.94 euros by 0839 GMT.
EU leaders on Friday clinched a deal to cut emissions by at least 55% by 2030, upgrading the bloc's existing goal for a 40% cut from 1990 levels after all-night talks.
Traders said this drove up carbon prices, together with stronger energy prices in Europe over the last few days mainly because of a strike at French power plants.
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Source: financialpost.com
New Active ETFs of Vanguard on Xetra: Multi Asset ETF Portfolios
December 10, 2020--Since Thursday, eight new active ETFs issued by Vanguard have been tradable on Xetra and Börse Frankfurt.
The new Vanguard LifeStrategy ETFs allow investors to invest in an actively managed portfolio of equity and fixed income ETFs. They include companies and bonds from both developed and emerging markets, without a regional or sector focus.
The bonds can be government or corporate. The aim is to minimise the various currency risks.
There are four portfolios to choose from, with 20, 40, 60 or 80 per cent equity exposure. The ETFs are offered on a distribution and accumulation basis.
Name: Vanguard LifeStrategy 20% Equity UCITS ETF (EUR)-Acc
Asset class: Multi Asset ETF
ISIN: IE00BMVB5K07
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Source: Deutsche Börse
Boris Johnson: no-deal Brexit now a 'strong possibility'
December 10, 2020--PM says he cannot accept UK being 'locked in EU's orbit', but Tories urge him to strike deal
Boris Johnson has ordered ministers to prepare for the "strong possibility" of a no-deal Brexit, warning that the UK risks being "locked in the EU's orbit" as senior Tories urge him to find an agreement.
After a three-hour summit with the European commission chief, Ursula von der Leyen, failed to bridge major gaps between them, the prime minister said he was prepared to "go the extra mile" by flying to Paris or Berlin for face-to-face talks with EU leaders.
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Source: theguardian.com
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