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ESMA finds continued high risks as financial markets remain highly volatile
February 19, 2020--The European Securities and Markets Authority (ESMA), the EU's securities regulator, today publishes the first Trends, Risks and Vulnerabilities (TRV) report of 2020 . ESMA identifies continued high risks and a weaker economic outlook as markets remain highly sensitive to geopolitical events. The risk outlook is stable, however risks are high, particularly in the securities markets and for retail investors.
This TRV is the first report since the entry into force of the new ESA Regulation on 1 January 2020 and, in line with ESMA's new mandate, includes new sections about sustainable finance and consumer protection.
Risk outlook is stable, with an increase in potential sources of financial risk
Market risk remained very high in the second half of 2019, due to excessive asset valuations in the context of weaker growth prospects, looser monetary policy and continuing uncertainties such as those on Brexit and on US-China trade relations. Equity markets experienced recurring episodes of volatility and bond spreads tightened in signs of continuing search-for-yield. Markets remained highly sensitive to events, as was visible in reactions to recent oil price shocks and the US repo squeeze;
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Source: ESMA
Forecasts for the UK economy: February 2020
February 19, 2020--Forecasts for the UK economy is a monthly comparison of independent forecasts.
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Source: HM Treasury
ESMA updates Q&AS on MiFID II and MiFIR investor protection topics
February 18, 2020--The European Securities and Markets Authority (ESMA) 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 new answers on "MiFID practices for firms selling financial instruments subject to the BRRD resolution regime".The new Q&As provides clarification on
Sales of subordinated eligible liabilities and the assessment of suitability
Whether Article 44a of BRRD 2 should be apply only if there is an active offering on the part of the firm
Information to be collected from clients in order to comply with Article 44a(1) and 44a(2) of BRRD 2
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Source: ESMA
ESMA UPDATES ITS Q&As RELATING TO THE PROSPECTUS REGULATION
February 18, 2020--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the Prospectus Regulation with two new Q&As.
The two Q&As provide clarification on the following issues in relation to the Prospectus Regulation:
The number of additional pages that can be included in a summary where there is more than one guarantor.
The number of additional pages that can be included in a summary relating to several securities, as per Article 7(7) of the PR.
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Source: ESMA
ETF issuer Rize chooses Xetra for debut in Europe
February 17, 2020--First products focus on medical cannabis industry and cybersecurity
With Rize ETF, a new issuer of exchange traded funds has entered the European market, specialising in theme-based products. For the initial listing of two ETFs on the megatrends cannabis and cybersecurity today, Rize has chosen Deutsche Börse with its trading venues Xetra and Börse Frankfurt.
The new Rize Medical Cannabis And Life Sciences UCITS ETF-USD Accumulating offers investors access to the performance of companies primarily active in the medical cannabis, hemp and CBD sectors.
The underlying Foxberry Medical Cannabis & Life Sciences Index is comprised of global listed companies active in the medical cannabis and cannabis-related life sciences sectors.
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Source: Deutsche Börse Group
ESMA updates Q&A on Implementation of CRA Regulation
February 17, 2020--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As ) on the Credit Rating Agencies Regulation (CRAR).
The Q&A provides clarification on what steps should a CRA take in order to ensure a sufficient level of quality and transparency in the periodic review of credit ratings conducted in accordance with Article 8(5) of CRAR.
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Source: ESMA
UK economy flat-lined in fourth quarter before post-election bounce
February 11, 2020--Britain's economy flat-lined in the final three months of 2019, when the country was in a deadlock over Brexit that was only broken by Prime Minister Boris Johnson's December election victory, leading to some signs of a recovery early this year.
Official figures released on Tuesday showed zero growth in the fourth quarter compared with the third, matching the median forecast in a Reuters poll of economists.
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Source: Reuters.com
Eurex launches additional ESG futures after successful first year of ESG trading
February 10, 2020--New STOXX USA 500 ESG-X Index Futures tradable at Eurex /First ESG contract covering the U.S. that excludes thermal coal/Broadest ESG offering worldwide in listed ESG derivatives
Eurex, the leading European derivatives exchange, looks back on a successful first year in ESG trading.
Investment companies are increasingly using ESG derivatives to hedge sustainably invested assets, as demonstrated by Metzler Asset Management's recently launched value protection fund. The launch of the new STOXX(R) USA 500 ESG-X Index Futures is the next step to support market participants in their sustainable investment strategies beyond Europe.
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Source: Eurex
ESMA Publishes The Final Report On MIFIR Alignments following the Introduction of EMIR Refit
February 7, 2020--The European Securities and Markets Authority (ESMA) has today published a final report suggesting amendments to the trading obligation under MiFIR following the introduction of EMIR Refit.
The recent changes introduced to EMIR via Refit modify the scope of counterparties subject to the clearing obligation-exemption for small financial counterparties and modified determination of non-financial counterparties. The introduction of EMIR Refit has not been accompanied by direct amendments to MiFIR, which currently leads to a misalignment between the scope of counterparties subject to the clearing obligation (CO) under EMIR and the derivatives trading obligation (DTO) under MiFIR.
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Source: ESMA
ESMA updates on progress on compliance with the MiFIR pre-trade transparency requirements in commodity derivatives
February 7, 2020--ESMA has today published a statement to provide an update on the implementation of the supervisory briefing on pre-trade transparency in commodity derivatives.
The Supervisory Briefing was developed after ESMA became aware that the requirements were not implemented in a consistent manner across the European Union.
It aims to increase supervisory convergence among national competent authorities (NCAs) in their implementation of the requirements and to provide a common timetable for the enforcement of the commodity derivatives pre-trade transparency regime, with the objective of ensuring a level playing field across EU trading venues.
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Source: ESMA
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