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Crude price crash hits oil-linked exchange traded products-WisdomTree forced to close its three-times leveraged Brent and WTI oil ETPs
March 16, 2020--Saudi Arabia's decision to launch an oil price war caused carnage last week for highly leveraged exchange traded products run by WisdomTree, UBS, Société Générale and Janus Henderson.
Leveraged ETPs multiply the performance of an underlying asset and US regulators have repeatedly warned they are unsuitable for retail investors because they can generate unexpectedly large losses.
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Source: ESMA
ESMA requires net short position holders to report positions of 0.1% and above
March 16, 2020--The European Securities and Markets Authority (ESMA) has issued a decision temporarily requiring the holders of net short positions in shares traded on a European Union (EU) regulated market to notify the relevant national competent authority (NCA) if the position reaches or exceeds 0.1% of the issued share capital after the entry into force of the decision.
ESMA considers that lowering the reporting threshold is a precautionary action that, under the exceptional circumstances linked to the ongoing COVID-19 pandemic, is essential for authorities to monitor developments in markets. The measure can support more stringent action if required to ensure the orderly functioning of EU markets, financial stability and investor protection.
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Source: ESMA
Analysis of developments in EU capital flows in the global context
March 16, 2020--This report presents an overview of the recent trends of capital flows, focused especially on the past year. It provides a detailed analysis at the global level and at the European Union level.
From a global perspective, the first key takeaway from the report is that 2018 has seen the persistence of the current account imbalances of developed economies, consistent with a medium-term redistribution of global surpluses and deficits away from emerging economies that has been taking place since 2014.
While both the surpluses and the deficits of emerging economies are diminishing, a shift in the distribution of global surpluses away from China and towards oil exporters has taken place throughout 2018, mainly as a result of the increase in the price of oil over that same period. Meanwhile, the current account imbalances of developed economies continue to be polarised between the surpluses of the euro area and Japan and the deficits of the US, the UK, and a group of advanced deficit economies.
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Source: bruegel.org
Four new Credit Suisse ETFs on Xetra
March 16, 2020--Since Monday, four new exchange-traded funds issued by Credit Suisse Asset Management have been tradable on Xetra and the Börse Frankfurt.
These are ETFs focusing on US stocks and companies from industrialised countries worldwide.
For three of the four ETFs, companies are selected on the basis of sustainability criteria.
The CSIF (IE) MSCI USA Blue UCITS ETF B (USD)-Acc offers investors a direct investment in a wide range of companies from the US. The CSIF (IE) MSCI USA ESG Leaders Blue UCITS ETF B (USD)-Acc excludes US companies involved in the trading or production of alcohol, gambling, tobacco, nuclear power and weapons.
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Source: Xetra
Active funds have the edge on passives in week of turmoil
March 13, 2020--Index funds suffer from higher exposure to the energy sector
Active managers in the UK are outperforming passive equity funds in the market sell-off, boosting longstanding claims that the former prove their.. .
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Source: FT.com
French regulator issues minimum ESG reporting standards for sustainability funds
March 13, 2020--Rules immediately apply to all new funds sold in France.
France's securities regulator, the AMF (Autorité des Marchés Financiers) has issued a set of minimum standards to test what fund managers tell investors in their marketing about their ESG approaches against what it actually means for their investments.
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Source: responsible-investor.com
New Invesco ETF on Xetra: Sustainable stocks from the USA
March 13, 2020--Since Friday a new Exchange Traded Fund issued by Invesco is tradable via Xetra and Börse Frankfurt.
With the Invesco S&P 500 ESG UCITS ETF (Acc), investors can participate in the performance of the largest listed US companies in accordance with sustainability criteria.
The S&P 500 ESG Index contains 75 per cent of the shares allocated to each sector, measured by market capitalisation. The underlying share universe is thereby held in a diverse range. Securities whose business activities are associated with weapons or tobacco or are not in line with the principles of the United Nations Global Compact are filtered out.
Name: Invesco S&P 500 ESG UCITS ETF (Acc)
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Source: Xetra
ECB-Monetary policy decisions
March 12, 2020--At today's meeting the Governing Council decided on a comprehensive package of monetary policy measures:
(1) Additional longer-term refinancing operations (LTROs) will be conducted, temporarily, to provide immediate liquidity support to the euro area financial system.
Although the Governing Council does not see material signs of strains in money markets or liquidity shortages in the banking system, these operations will provide an effective backstop in case of need. They will be carried out through a fixed rate tender procedure with full allotment, with an interest rate that is equal to the average rate on the deposit facility. The LTROs will provide liquidity at favourable terms to bridge the period until the TLTRO III operation in June 2020.
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Source: ECB
New iShares ETF on Xetra: emerging market corporate bonds
March 11, 2020--Since Wednesday, a new Exchange Traded Fund of iShares has been tradable on Xetra and Börse Frankfurt.
With the iShares J.P. Morgan $ EM Corp Bond UCITS ETF EUR Hedged (Acc), investors can participate in the performance of US dollar-denominated corporate bonds and quasi-government bonds from emerging markets such as China, Brazil and India.
The investment universe includes both bonds with investment grade status and high yield bonds. The allocation of income is reinvested. In addition, investors are hedged against potential exchange rate risks against the euro.
Name: iShares J.P. Morgan $ EM Corp Bond UCITS ETF EUR Hedged (Acc)
Asset class: Bond ETF
ISIN: IE00BKT1CS59
Ongoing charges: 0.53 per cent
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Source: Xetra
ECB-Euro area securities issues statistics: January 2020
March 11, 2020--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 3.1% in January 2020, the same as in December.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 0.0% in January 2020, the same as in December.
Debt securities
New issuance of debt securities by euro area residents totalled EUR 816.2 billion in January 2020. Redemptions amounted to EUR 674.0 billion and net issues to EUR 142.2 billion.
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Source: ECB
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