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ESMA promotes convergence in the supervision of costs in UCITS and AIFs
June 4, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published today a supervisory briefing on the supervision by National Competent Authorities (NCAs) of costs applicable to Undertakings for the Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs).
This briefing comes in response to the need to improve convergence across NCAs in the approach to undue costs.
ESMA's first annual statistical report in January 2019 on costs and performance of retail investment products, showed the significant impact of costs on the final returns for investors.
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Source: ESMA
EU-China trade and investment relations in challenging times
June 4, 2020--This report examines key aspects of the European Union-China economic relationship, including trade, investment and China's key strategic project overseas, the Belt and Road Initiative (BRI). We conclude that China is, and will continue to be, a major trade and investment partner for EU countries.
In this context, it seems clear that regardless of the direction of the United States-China relationship, the EU needs to explore options for fruitful co-existence with China.
Trade continues to be the least problematic aspect of the EU-China economic relationship, although challenges need to be dealt with in a number of areas.
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Source: bruegel.org
New Vanguard ETF on Xetra: Above-average dividend yield worldwide
June 3, 2020--Since Wednesday a new Exchange Traded Fund issued by Vanguard is tradable on Xetra and Börse Frankfurt.
The Vanguard FTSE All-World High Dividend Yield UCITS ETF (Acc) gives investors the opportunity to invest specifically in large and mid-sized companies worldwide with an above-average dividend yield.
The underlying index comprises both developed and emerging markets. Only real estate investment funds (REITs) are excluded from the investment universe. Any dividend income is reinvested.
Name: Vanguard FTSE All-World High Dividend Yield UCITS ETF-USD Acc
Asset class: Equity ETF
ISIN: IE00BK5BR626
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Source: Deutsche Börse
UK official holdings of international reserves: May 2020
June 3, 2020--This release details movements in the international reserves of gold and assets held by the UK government.
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Source: HM Treasury
New Xtrackers ETC on Xetra: Direct access to platinum
June 2, 2020--Since Tuesday a new Exchange Traded Commodity (ETC) issued by Xtrackers ETC is tradable via Xetra and Börse Frankfurt.
Xtrackers IE Physical Platinum EUR Hedged ETC Securities gives investors the opportunity to participate in the performance of the platinum price.
It is an exchange-traded bond that is backed by physically deposited platinum. Investors are hedged against currency risks against the Euro.
Name: Xtrackers IE Physical Platinum EUR Hedged ETC Securities
Asset class: Commodity-ETC
ISIN: DE000A2UDH63
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Source: Deutsche B&ounl;rse
Cut World's Longest Trading Hours, Survey Respondents Tell LSE
June 1, 2020--Most U.K. stock market participants want a reduction in the world'’s longest trading hours, which they say can improve liquidity and industry diversity, according to the results of a London Stock Exchange survey.
"A significant majority of respondents were sympathetic to the arguments that a reduction of market hours could lead to improvements in diversity and wellbeing," the LSE said as it released the outcome of its consultation, without disclosing the percentage of those favoring shorter hours.
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Source: bnnbloomberg.ca
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
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