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ECB-Monetary developments in the euro area: April 2020
May 29, 2020--Annual growth rate of broad monetary aggregate M3 increased to 8.3% in April 2020 from 7.5% in March
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 11.9% in April from 10.4% in March
Annual growth rate of adjusted loans to households decreased to 3.0% in April from 3.4% in March
Annual growth rate of adjusted loans to non-financial corporations increased to 6.6% in April from 5.5% in March.
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Source: ECB
An uncompromising budget
May 29, 2020--Apart from decisive European Central Bank measures, the EU-wide response to the COVID crisis had been rather weak until the Commission put on the table a drastically new proposal: the creation of a new recovery facility, 'Next Generation EU', that would borrow money in the name of the EU to finance EU-wide expenditures.
The changes to the proposed standard seven-year budget that primarily focuses on long-term structural issues are however generally small, and funding reductions are compensated by new funds from the recovery instrument, suggesting that an opportunity is missed to reform the EU budget.
Summary
The overall proposal has a number of useful aspects and some limitations.
Main advantages:
'Next Generation EU' financed by long-term EU borrowing would include €440 billion grants, €60 billion guarantees and €250 billion loans, in addition to the standard seven-year budget.
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Source: bruegel.org
ESMA publishes updates to EMIR Q&As
May 28, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers document on practical questions regarding data reporting issues, under the European Markets Infrastructure Regulation (EMIR).
The newly added Trade Repository (TR) Q&A 54 provides clarifications on reporting of OTC derivatives by a financial counterparty (FC) on behalf of a non-financial counterparty below clearing threshold (NFC-) under EMIR Refit.
In particular, the TR Q&A 54 clarifies:
What are the reportable details that the NFC- should provide to the FC;
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Source: ESMA
Solactive covers major Nordics Bond Market by releasing new Index Series tracking Investment Grade Corporate Bonds and Non-us-Municipalities issued in SEK
May 27, 2020--With the release of the Solactive(R) SEK IG Credit Index family, the German index provider reacts to a surge in demand for investment-grade corporate bonds and non-US-municipalities issued in SEK.
The new index series is fully rules-based and includes more than 800 holdings with corporate and municipal issuers, making Solactive one of the few providers offering its clients access to this specific market. In addition to utilizing traditional credit rating agencies, Solactive trusts the expertise of the Nordic Credit Rating (NCR), to cover a wider range of bonds for sub-indices of the index family. Through collaboration with NCR, Solactive benefits from the local credit rating agency's expertise and is able to further expand its footprint in the Nordics region.
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Source: Solactive AG
HANetf to Enter Swiss ETF Market
May 26, 2020--HANetf to list five ETFs on SIX exchange, bringing megatrends to Swiss investors
The Medical Cannabis & Wellness UCITS ETF (CBDX) will be the first Cannabis related ETF listed on SIX
HAN-GINS Cloud Technology UCITS ETF (SKYY)- will be the first Cloud Technology ETF listed on SIX
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Source: HANetf
UK economy faces 5% budget deficit by 2024
May 26, 2020--Survey forecasts coronavirus undermining Britain's public finances until next election
Britain is likely to be running an annual deficit of 5 per cent of national income by the time of the next election in 2024 as the effects of coronavirus persist in undermining public finances, according to calculations based on forecasts by independent economists.
While the Office for Budget Responsibility, the independent fiscal watchdog, and the Bank of England have predicted rapid recoveries from the current deep recession, a Treasury survey of independent economists suggests the pandemic will leave lasting scars on the UK's prosperity and public finances.
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Source: FT.com
An equity fund for a zombie-free and EU-wide recovery
May 26, 2020--Four guiding principles can help ensure a well designed EU equity fund.
Illuminated open signs are going out all over Europe, some will not be lit again in our life-time. Many however will reignite, but only thanks to last-minute acts of life-saving economic engineering. But without careful attention, today's rescuers could become the inadvertent architects of tomorrow's ruin.
Why might this happen and what can we do to stop it?
As Europe recovers from the peaks of the Coronavirus pandemic, policymakers who shut down heaven and earth to contain the virus must now move mountains to save the economy. Governments initially rushed to keep firms afloat, mostly by providing loans. But, with spiraling debts abound, government loans may not be enough to keep companies solvent and equity (part-ownership) is now on the table.
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Source: bruegel.org
ESMA updates Q&AS on MiFID II investor protection
May 22, 2020-The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
The Q&As on MiFID II and MiFIR investor protection and intermediaries' topics includes a new answer on ‘MiFID inducements'.
More specifically, the new Q&A provides clarification on the application of the MiFID definition of "acceptable minor non-monetary benefits".
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Source: ESMA
ESMA updates its Questions and Answers on the Securitisation Regulation
May 22, 2020-The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers on the Securitisation Regulation (Regulation 2017/2402).
The majority of the new Q&As in this document provide clarification on different aspects of the templates contained in the draft technical standards on disclosure which are published on the website of the European Commission.
In particular, the document clarifies how several specific fields in the templates should be completed, including questions which are specific to fields in the ABCP template. The document also contains clarifications addressed to securitisation repositories.
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Source: ESMA
ECB-Euro area investment fund statistics: first quarter of 2020
May 22, 2020--In the first quarter of 2020 the outstanding amount of shares/units issued by investment funds other than money market funds was €11,463 billion, €1,485 billion lower than in the fourth quarter of 2019.
This decrease was mainly accounted for by -€1,328 billion in price and other changes.
The outstanding amount of shares/units issued by exchange-traded funds (ETFs) was €704 billion, which was €149 billion lower than in the fourth quarter of 2019.
The outstanding amount of shares/units issued by money market funds was €1,251 billion, €14 billion higher than in the fourth quarter of 2019.
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Source: ECB
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