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EU fund performance forecasts 'failed Covid-19 test'
June 29, 2020--Controversial European rules designed to help retail investors choose suitable funds failed to warn about steep performance falls during the coronavirus-induced market sell-off, raising more doubts about the effectiveness of the regulations.
EU rules introduced in 2018, known as Priips, require providers of all investment products sold to retail investors to publish future performance projections reflecting a range of market conditions to help customers make more informed decisions.
The rules have faced resistance from asset managers, who warned that they had created misleadingly optimistic projections due to the strong performance of markets in recent years.
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Source: technocodex.com
Credit Suisse new ETF range hits $2bn in three months
June 29, 2020--The asset manager has also launched two new passive strategies that focus on ESG and allocate to global real estate and US small caps.
Credit Suisse AM's first ETF range has reached $2bn in assets in only three months since its official launch.
The asset manager ventured into the space in March this year and the new product suite currently complements 98 existing index funds with $104bn assets under management.
In addition, Credit Suisse has launched two new ETF products: the CSIF (IE) MSCI USA Small Cap ESG Leaders Blue UCITS ETF and CSIF (IE) FTSE EPRA Nareit Developed Green Blue UCITS ETF.
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Source: citywireselector.com
The Climate Financial Risk Forum publishes its guide to help the financial industry address climate-related financial risks
June 29, 2020-Today the Climate Financial Risk Forum (CFRF) has published a guide written by industry for industry to help firms approach and address climate-related financial risks. The guide, the first of its kind, provides practical recommendations to firms of all sizes on disclosure of climate-related financial risks; effective risk management; scenario analysis, and opportunities for innovation in the interest of consumers.
The CFRF was jointly established in March 2019 by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), reflecting the importance of climate change to their respective strategic objectives. Its aim is to build capacity and share best practice across financial regulators and industry to advance the sector's responses to the financial risks from climate change. Membership is drawn from a wide range of industry participants, to ensure the perspective of a broad range of firms is represented.
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Source: bankofengland.co.uk
ESMA responds to European Commission consultation on the Digital Finance Stragtegy
June 29, 2020--Thee European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has submitted a response to the European Commission’s (EC) consultation on a new digital finance strategy for the European Union (EU). ESMA welcomes the EC consultation noting that it builds on the 2018 FinTech Action Plan that set a number of deliverables for the ESAs, all of which were completed.
Cooperation around financial innovation at EU level is key to remove fragmentation in the digital financial services market. ESMA believes that certain specific initiatives would support this goal, such as developing Digital Financial Identities, that are usable and recognised throughout the EU, based around the existing ISO 17442 global standard of the Legal Entity Identifier (LEI). ESMA’s response also outlines several conditions needed for a well-regulated data-driven financial sector, including appropriate skills, data standardisation and data security.
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Source: ESMA
Broad German Parliament Alliance Plans to Back ECB Bond Buying
June 29, 2020--A broad coalition of ruling and opposition parties in Germany has agreed on a draft motion to back the European Central Bank's bond buying program, according to two officials familiar with the accord, likely ending a standoff that was triggered by the country’s constitutional court last month.
At a meeting of party representatives on Monday, Chancellor Angela Merkel’s coalition partners as well as the Greens and the Liberal Democrats agreed in principle to accept explanations the ECB provided on its so-called public sector purchase program, or PSPP, the officials said.
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Source: bloomberg.com
New UBS ETFs on Xetra: Currency-hedged investments in Japanese and UK equities and sustainable investments in global corporate bonds
June 26, 2020--Three new ETFs issued by UBS Global Asset Management have been tradable on Xetra and Börse Frankfurt since Friday.
With the UBS ETF (LU) MSCI Japan UCITS ETF (hedged to EUR) A-acc and the UBS ETF (LU) MSCI United Kingdom UCITS ETF (hedged to EUR) A-acc, investors can invest in large and medium-sized companies from Japan and the UK. Investors are hedged against currency risks against the Euro.
The UBS ETF (LU) Bloomberg Barclays MSCI Global Liquid Corporates Sustainable UCITS ETF (USD) A-acc is an investment grade fixed income corporate bond issued in local currency from the US, Canada, the eurozone and the UK. To be included in the index, the bonds must have different minimum volumes and a remaining maturity of at least one year and must have been issued in the last three to five years.
Any dividends or interest accrued are reinvested in the three ETFs. The annual costs are between 0.20 and 0.30 per cent.
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Source: Deutsche Börse
Amundi claims first with EU climate benchmark-aligned mandate
June 26, 2020--A group of major French institutional investors has awarded Amundi a mandate to manage a euro-zone equity index fund that the manager said represents the first investment solution fully eligible for the pending EU "Paris-aligned" climate benchmark label.
The investor group in question comprises Caisse des Dépôts, the investment arm of the French public sector, EDF, and 10 major French insurers*.
According to Amundi, the investors had last year launched a search for asset managers "to support them in their objectives to combat global warming through the development of innovative investment soutions aligned with the goals of the Paris Accord".
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Source: ipe.com
Avelacom Sees London As Largest Global Cloud-Based Infra Centre For Crypto Market
June 26, 2020--Avelacom is leading low latency connectivity and IT infrastructure solutions provider, revealed in its latest update that it views London as the largest global cloud-based infrastructure center for cryptocurrency trading activities.
The firm claims in its report that more than 30% of its clients are currently using its AWS London center for cryptocurrency trading activities and that the boom in demand for the same began since the start of the year.
The firm also believes that at the current rate of expansion and demand for the service, it expects that more than 50% of its clients will be using its service for crypto trading activities within the next couple of months.
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Source: theindustryspread.com
ECB-Monetary developments in the euro area: May 2020
June 26, 2020--Annual growth rate of broad monetary aggregate M3 increased to 8.9% in May 2020 from 8.2% in April (revised from 8.3%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 12.5% in May from 11.9% in April.
Annual growth rate of adjusted loans to households stood at 3.0% in May, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations increased to 7.3% in May from 6.6% in April
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 increased to 8.9% in May 2020 from 8.2% in April, averaging 8.2% in the three months up to May. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, increased to 12.5% in May from 11.9% in April.
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Source: ECB
Worst may be over for battered British economy-Reuters poll
June 25, 2020--Britain's economy is shrinking at its fastest pace in centuries as the devastation wrought by the coronavirus pandemic saps demand, but it's likely to bounce back to growth next quarter as more businesses reopen, a Reuters poll found.
An historic downturn pushed the Bank of England to unleash unprecedented amounts of stimulus, and while it has slowed the pace of purchases, it is likely to increase its total spending again, the June 19-24 poll predicted.
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Source: reuters.com
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