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Climate finance: an agenda for EU coordination with emerging markets
September 9, 2020-Addressing the challenge of financing the low-carbon transition will require substantial investment in the European Union and in emerging and developing economies. Sustainable finance frameworks have proliferated in advanced and emerging markets but fragmentation of financial flows due to different classification systems and standards for green financial instruments is a real risk.
Ensuring consistency should be a core agenda for the new International Platform on Sustainable Finance.
Estimates suggest that about 70% of the infrastructure investment needed for the low-carbon transition will have to be deployed in the emerging markets and developing economies (EMDEs). Countries’ updated nationally determined commitments, which are due ahead of the COP-26 UN climate summit in 2021, will underline the scale of this challenge. They are bound to highlight considerable financing shortfalls as resources from national budgets and development funds will be scarce in the aftermath of the current recession.
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Source: bruegel.org
New UBS ETF on Xetra: Currency-hedged sustainable corporate bonds worldwide
September 8, 2020--Since Tuesday, a new Exchange Traded Fund issued by UBS Global Asset Management has been tradable on Xetra and Börse Frankfurt.
The UBS ETF- Bloomberg Barclays MSCI Global Liquid Corporates Sustainable UCITS ETF (hedged to EUR) A-acc enables investors to participate in the performance of fixed income corporate bonds with an investment grade rating.
The bonds from the USA, Canada, the euro zone and the UK are issued in local currency and take sustainability criteria into account. To be included in the index, the bonds must have a remaining maturity of at least one year and must have been issued in the last three to five years. The exchange rate risk against the euro is minimized and accruing coupon payments are reinvested.
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Source: Deutsche Börse
EU restarts probe into London Stock Exchange-Refinitiv merger
September 8, 2020--The European Commission has restarted an investigation into the $27bn (£s;20bn) merger between the London Stock Exchange Group and information provider Refinitiv, with a result expected by 16 December.
The investigation into the tie-up, which kicked off in June, was halted in July while the Commission waited for the pair to provide information that it had requested.
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Source: fnlondon.com
ESMA Newsletter-No. 16
September 7, 2020--During July and August, ESMA has launched an assessment of the German financial reporting system following the Wirecard collapse, published the results of its third EU- wide CCP stress test and proposed members for its CCP directorate.
In this edition, we will also take a closer look at our full list of ESMA webinars and catch up on publications from the summer months.
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Source: ESMA
Economists stick to Brexit forecasts despite no-deal rhetoric
September 7, 2020--Economists stuck to their forecasts on Monday that Britain and the European Union would agree some sort of post-Brexit trade deal, taking the view that London is likely toughening its rhetoric in a bid to pressure Brussels into a compromise.
The talks are back in crisis and the pound is bearing the brunt on renewed fears of a disorderly exit from the EU after the British government was reported to be planning legislation to override parts of the Withdrawal Agreement it signed in January.
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Source: reuters.com
ESMA Provides for the Option to Apply the Annual Transparency Calculations for Non-equity Instruments From 21 September
September 7, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today decided that trading venues and investment firms may postpone, for operational reasons, the application of the annual transparency calculations for non-equity instruments other than bonds to 21 September 2020.
This decision also applies to the quarterly calculations for the purpose of the systematic internaliser (SI) regime for non-equity instruments other than bonds.
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Source: ESMA
ESMA confirms Securitisation Regulation requirements entry into force on 23 September 2020
September 4, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, confirms that the different elements of the new regime under the Securitisation Regulation will come into force on 23 September 2020.
This follows the publication of seven technical standards implementing the Securitisation Regulation in the Official Journal of the European Union. The publication of the technical standards triggers
Opening of applications for entities to register as Securitisation Repository (SR); and
Entry into force of new disclosure templates
Opening of applications for entities to register as SR.
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Source: ESMA
Rize ETF grows product suite with double launch
September 3, 220--Sustainable food and digital education
Rize ETF has added two thematic products to its range, doubling its existing offering with the addition of sustainable food and digital education ETFs.
Rize Sustainable Future of Food UCITS ETF (FOOD) offers investors exposure to companies which are "innovating across the food value chain to build a more sustainable, secure and fair food system for the planet", and has been developed alongside Tematica Research.
Rize on medical cannabis ETF: 'At Legal & General it would have taken us six decades, not six months, to launch this product'.
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Source: investmentweek.co.uk
State Street launches new SPDR world value ETF
September 3, 2020--State Street Global Advisors has further expanded its SPDR ETF range with a global value fund, which represents high value exposure companies while attempting to avoid 'value traps'.
The SPDR MSCI World Value UCITS ETF will track the MSCI World Value Exposure Select index, which includes large and mid-cap securities across 23 developed markets and is designed to represent the performance of companies with "relatively higher value exposure", while avoiding "poor quality companies" and value traps.
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Source: investmentweek.co.uk
ESMA sees high risk of decoupling of financial market performance and underlying economic activity
September 2, 2020--The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes its second Trends, Risks and Vulnerabilities (TRV) Report of 2020. A webinar open to the public will be held on 9 September to present the report.
The Report analyses the impact of COVID-19 on financial markets during the first half of 2020 and highlights the risk of a potential decoupling of financial market performance and underlying economic activity, which raises the question of the sustainability of the current market rebound.
The TRV also highlights specific risks for financial stability and investors in relation to Collateralised Loan Obligations (CLOs) model risk, EU fund industry interconnectedness and spill overs, research unbundling and closet index funds costs and performance.
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Source: ESMA
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