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ESMA updates on progress on compliance with the MiFIR pre-trade transparency requirements in commodity derivatives
February 7, 2020--ESMA has today published a statement to provide an update on the implementation of the supervisory briefing on pre-trade transparency in commodity derivatives.
The Supervisory Briefing was developed after ESMA became aware that the requirements were not implemented in a consistent manner across the European Union.
It aims to increase supervisory convergence among national competent authorities (NCAs) in their implementation of the requirements and to provide a common timetable for the enforcement of the commodity derivatives pre-trade transparency regime, with the objective of ensuring a level playing field across EU trading venues.
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Source: ESMA
From climate change to cyber-attacks: incipient financial-stability risks for the euro area
February 6, 2020--The European Central Bank's November 2019 Financial Stability Review highlighted the risks to growth in an environment of global uncertainty. On the whole, the ECB report is comprehensive and covers the main risks to euro-area financial stability, we highlight issues that deserve more attention.
First, the assessment of risks in the housing market should be more nuanced. Current housing markets relative to those pre-crisis seem to be far less driven by mortgage credit, and the size of the construction sector has not increased. This is possibly good news for financial stability because a house price correction would transmit less into mortgage defaults and corrections to economic activity.
Second, there should be greater emphasis on changes in market expectations of interest rates, which can have substantial effects on asset prices. This could be particularly relevant if interest rate changes are not driven by real-economy developments.
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Source: bruegel.org
ESMA sets out its strategy on sustainable finance
February 6, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its Strategy on Sustainable Finance. The strategy sets out how ESMA will place sustainability at the core of its activities by embedding Environmental, Social, and Governance (ESG) factors in its work.
The key priorities for ESMA include transparency obligations, risk analysis on green bonds, ESG investing, convergence of national supervisory practices on ESG factors, taxonomy, and supervision.
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Source: ESMA
Climate risks to European banks: a new era of stress tests
February 4, 2020--Several European central banks have begun assessing the impact of adverse climate scenarios on banks' capital. Comparable work at EU or euro area level has evolved more slowly. Supervisors need build up a distinct and more complex type of analysis, and should engage with banks now.
The release of a proposed methodology for assessing climate risks within UK banks and insurers by the Bank of England just before Christmas has fuelled calls for a similar 'climate stress test' for European banks.
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Source: bruegel.org
ESMA amends guidelines to further harmonise the enforcement of financial information by national regulators
February 4, 2020--The European Securities Markets Authority (ESMA) has published today an amended version of its guidelines on enforcement of financial information. The Guidelines apply to national competent authorities' (NCAs) enforcement of financial information which issuers, listed on regulated markets, are required to publish under the Transparency Directive.
Following a 2017 peer review on the implementation of certain aspects of the Guidelines, ESMA decided to amend the Guidelines in order to further harmonise the way NCAs enforce the financial disclosures of European issuers.
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Source: ESMA
ESMA consults on MiFIR transparency regime for equity instruments
February 4, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has launched a Consultation Paper (CP ) reviewing the MiFIR transparency regime for equity, ETFs and other related instruments.
The CP contains proposals, based on in-depth data analysis of the effects of the current regime since January 2018, for possible amendments to the transparency regime.
ESMA's objective of the review is to simplify the current complex trade reporting regime while trying to improve the overall trade transparency available to market participants.
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Source: ESMA
ESMA advises the European Commission on Product Intervention
February 4, 23020--The European Securities and Markets Authority (ESMA), the EU's securities market regulator, today publishes its final Report on product intervention requirements under MiFIR.
ESMA published its first product intervention measures in March 2018, and finds that these measures have protected retail investors by limiting distribution of speculative products to retail clients.
Nearly all NCAs have taken national product intervention measures in relation to the marketing, distribution or sale of binary options and CFDs to retail clients. ESMA adopted opinions in relation to these national measures indicating whether they were justified and proportionate.
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Source: ESMA
Brexit: Britain 'will not be aligning with EU rules'-Raab
February 2, 2020--Britain will "not be aligning with EU rules" in any post-Brexit trade deal, the foreign secretary has said.
Dominic Raab argued agreeing to stick strongly with EU regulations would "defeat the point of Brexit".
But Irish PM Leo Varadkar said the UK needed to commit to a level playing field to get a free trade deal.
Talks to negotiate a free trade deal between the UK and the EU are due to start next month, following the UK's formal withdrawal from the bloc.
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Source: bbc.com
Monetary developments in the euro area: December 2019
January 29, 2020--Annual growth rate of broad monetary aggregate M3 decreased to 5.0% in December 2019 from 5.6% in November
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 8.0% in December from 8.3% in November.
Annual growth rate of adjusted loans to households increased to 3.7% in December from 3.5% in November
Annual growth rate of adjusted loans to non-financial corporations decreased to 3.2% in December from 3.4% in November
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Source: ECB
ECB-Euro area economic and financial developments by institutional sector: third quarter of 2019
January 28, 2020--Euro area net saving increased to €847 billion in the four quarters to the third quarter of 2019, compared with €823 billion in the four quarters to the previous quarter.
Euro area net non-financial investment decreased slightly to €582 billion (from €585 billion previously), due to decreased investment by non-financial corporations, which was partly offset by increased investment by households and other sectors. Euro area net lending to the rest of the world increased to €277 billion (from €251 billion previously) in line with the higher net saving and lower net non-financial investment.
The household debt-to-income ratio[1] stood broadly unchanged, at 93.6% in the third quarter of 2019 compared with the third quarter of 2018.
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Source: ECB