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ESMA Newsletter-Nº17
October 19, 2020--In September, ESMA has appointed its CCP Supervisory Commitee staff, published the TRV and reviewed the Market Abuse Regulation. In this edition, we also take a look at our full list of ESMA staff external appearances taking place in October and finally catch up on the latest publications.
Along with the TRV report published on 2 September 2020, ESMA has published two working papers on Closet Index Funds and MIFIDII research unbundling.
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Source: ESMA
London Stock Exchange Welcomes Quikro, Tematica Research and HANetf Celebrating its Digital Infrastructure and Connectivity UCITS ETF
October 16, 2020--Europe's first thematic ETF focusing exclusively on digital infrastructure and connectivity has listed on London Stock Exchange.
A first-to-market thematic ETF focusing on digital infrastructure and connectivity1 sponsored by Quikro will launch across Europe via the HANetf platform. The Digital Infrastructure and Connectivity UCITS ETF (DIGI) has listed on London Stock Exchange today.
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Source: londonstockexchange.com
UK: spending to address COVID-19 and Brexit should fit with productivity, social and environmental goals
October 14, 2020--The United Kingdom faces major challenges from the COVID-19 crisis and leaving the EU Single Market. Ramping up investment in the digital economy, the service sector, green infrastructure and adult skills would strengthen the recovery and help to boost productivity and environmental sustainability for the long term, according to a new OECD report.
The latest OECD Economic Survey of the United Kingdom underlines the importance of the emergency support measures put in place to address the coronavirus crisis, but also stresses the need to address longer-term challenges. Active labour market spending for displaced and low-skilled workers should be increased to help workers in sectors with uncertain futures move into quality jobs, and infrastructure spending should focus on the most deprived regions. Low interest rates mean there is room for more stimulus, if needed. Public investment should build on existing efforts to revive productivity growth and transition to a low-carbon economy.
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Source: OECD
New life for an old framework: redesigning the European Union's expenditure and golden fiscal rules
October 14, 2020--This briefing paper focuses on two aspects of the EU fiscal framework: whether an expenditure rule would be more reliable than a structural budget balance rule and the possible benefits and drawbacks of introducing a golden rule to exclude certain types of investment from the operational fiscal rule.
In the context of the review of the EU economic governance framework, this study recommends a multi-year ahead expenditure rule anchored in an appropriate public debt target, augmented with an asymmetric golden rule that provides extra fiscal space only in times of a recession. An improved governance framework should strengthen national fiscal councils and include a European fiscal council, while financial sanctions should be replaced with instruments related to surveillance, positive incentives, market discipline and increased political cost of noncompliance.
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Source: bruegel.org
For the euro there is no shortcut to becoming a dominant currency
October 13, 2020--As an international currency, the euro has always been a distant second to the dollar. The idea of a greater international role for the euro has been floated, but without major institutional reform the euro will not challenge dollar hegemony.
When created two decades ago, the euro immediately became the world's second most important currency. But it has remained a distant second to the US dollar. Its internationalisation peaked in 2005 and went into reverse with the euro crisis, never fully recovering since. Although some predict the demise of the dollar, its global hegemony persists.
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Source: bruegel.org
UK active managers fail to prove their mettle in a bear market
October 12, 2020--Only half of stock pickers outperformed in 2020's volatile markets
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Source: FT.com
ECB-Euro area securities issues statistics: August 2020
October 12, 2020--The annual growth rate of the outstanding amount of debt securities issued by euro area residents increased from 7.3% in July 2020 to 7.7% in August.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 0.3% in August 2020, compared with 0.1% in July.
Debt securities
New issuance of debt securities by euro area residents totalled EUR 545.1 billion in August 2020. Redemptions amounted to EUR 443.7 billion and net issues to EUR 101.4 billion.
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Source: ECB
First Active ETF of Almalia on Xetra: Shariah-compliant companies worldwide
October 12, 2020--Since Monday, a Shariah-compliant, actively managed exchange traded fund issued by Almalia has been tradable on Xetra and Börse Frankfurt via the HANetf white label platform for the first time.
The Almalia Sanlam Active Shariah Global Equity UCITS ETF gives investors direct access to up to 30 companies worldwide that comply with the investment principles of the Shariah.
To be included in the index, companies must have a proven solid business model over the long term.
Companies that generate more than 5 per cent of their income from business activities such as alcohol, tobacco, pork products, conventional financial services, defence, gambling, music, hotels, cinema or adult entertainment are excluded.
Name: Almalia Sanlam Active Shariah Global Equity UCITS ETF
Asset class: Equity ETF
ISIN: IE00BMYMHS24
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Source: Deutsche Börse
Central banks and BIS publish first central bank digital currency (CBDC) report laying out key requirements
October 9, 2020--Seven central banks and the BIS release a report assessing the feasibility of publicly available CBDCs in helping central banks deliver their public policy objectives.
Report outlines foundational principles and core features of a CBDC, but does not give an opinion on whether to issue.
Central banks to continue investigating CBDC feasibility without committing to issuance.
A group of seven central banks together with the Bank for International Settlements (BIS) today published a report identifying the foundational principles necessary for any publicly available CBDCs to help central banks meet their public policy objectives.
The report, Central bank digital currencies: foundational principles and core features, was compiled by the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, Sveriges Riksbank, the Swiss National Bank and the BIS, and highlights three key principles for a CBDC....
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Source: BIS
UK economy stumbles in August, setting back recovery from COVID-19 slump
October 9, 2020--Britain's economy struggled to grow in August, setting back its recovery from the coronavirus lockdown, and finance minister Rishi Sunak was due to announce more help to slow a rise in jobs losses as a second wave of COVID-19 infections hits.
Gross domestic product rose by 2.1% from July, official data showed, not even half the median forecast in a Reuters poll of economists and the slowest increase since the economy began to recover in May from a record slump.
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Source: reuters.com
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