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Climate risks to European banks: a new era of stress tests
February 4, 2020--Several European central banks have begun assessing the impact of adverse climate scenarios on banks' capital. Comparable work at EU or euro area level has evolved more slowly. Supervisors need build up a distinct and more complex type of analysis, and should engage with banks now.
The release of a proposed methodology for assessing climate risks within UK banks and insurers by the Bank of England just before Christmas has fuelled calls for a similar 'climate stress test' for European banks.
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Source: bruegel.org
ESMA amends guidelines to further harmonise the enforcement of financial information by national regulators
February 4, 2020--The European Securities Markets Authority (ESMA) has published today an amended version of its guidelines on enforcement of financial information. The Guidelines apply to national competent authorities' (NCAs) enforcement of financial information which issuers, listed on regulated markets, are required to publish under the Transparency Directive.
Following a 2017 peer review on the implementation of certain aspects of the Guidelines, ESMA decided to amend the Guidelines in order to further harmonise the way NCAs enforce the financial disclosures of European issuers.
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Source: ESMA
ESMA consults on MiFIR transparency regime for equity instruments
February 4, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has launched a Consultation Paper (CP ) reviewing the MiFIR transparency regime for equity, ETFs and other related instruments.
The CP contains proposals, based on in-depth data analysis of the effects of the current regime since January 2018, for possible amendments to the transparency regime.
ESMA's objective of the review is to simplify the current complex trade reporting regime while trying to improve the overall trade transparency available to market participants.
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Source: ESMA
ESMA advises the European Commission on Product Intervention
February 4, 23020--The European Securities and Markets Authority (ESMA), the EU's securities market regulator, today publishes its final Report on product intervention requirements under MiFIR.
ESMA published its first product intervention measures in March 2018, and finds that these measures have protected retail investors by limiting distribution of speculative products to retail clients.
Nearly all NCAs have taken national product intervention measures in relation to the marketing, distribution or sale of binary options and CFDs to retail clients. ESMA adopted opinions in relation to these national measures indicating whether they were justified and proportionate.
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Source: ESMA
Brexit: Britain 'will not be aligning with EU rules'-Raab
February 2, 2020--Britain will "not be aligning with EU rules" in any post-Brexit trade deal, the foreign secretary has said.
Dominic Raab argued agreeing to stick strongly with EU regulations would "defeat the point of Brexit".
But Irish PM Leo Varadkar said the UK needed to commit to a level playing field to get a free trade deal.
Talks to negotiate a free trade deal between the UK and the EU are due to start next month, following the UK's formal withdrawal from the bloc.
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Source: bbc.com
Monetary developments in the euro area: December 2019
January 29, 2020--Annual growth rate of broad monetary aggregate M3 decreased to 5.0% in December 2019 from 5.6% in November
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 8.0% in December from 8.3% in November.
Annual growth rate of adjusted loans to households increased to 3.7% in December from 3.5% in November
Annual growth rate of adjusted loans to non-financial corporations decreased to 3.2% in December from 3.4% in November
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Source: ECB
ECB-Euro area economic and financial developments by institutional sector: third quarter of 2019
January 28, 2020--Euro area net saving increased to €847 billion in the four quarters to the third quarter of 2019, compared with €823 billion in the four quarters to the previous quarter.
Euro area net non-financial investment decreased slightly to €582 billion (from €585 billion previously), due to decreased investment by non-financial corporations, which was partly offset by increased investment by households and other sectors. Euro area net lending to the rest of the world increased to €277 billion (from €251 billion previously) in line with the higher net saving and lower net non-financial investment.
The household debt-to-income ratio[1] stood broadly unchanged, at 93.6% in the third quarter of 2019 compared with the third quarter of 2018.
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Source: ECB
Freetrade stakes claim in Europe's fee-free stock trading
January 23, 2020--European rollout of its low-cost trading platform, following its 2018 launch in the UK.
Low-fee investment platforms need to scale rapidly....
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Source: FT.com
Amun innovates with the issuance of the world first Inverse Bitcoin Tracker ETP
January 23, 2020--Amun AG innovates the crypto market by launching the 21Shares Short Bitcoin ETP (SBTC) by Amun on the Swiss Stock Exchange (SIX), which tracks the opposite performance of Bitcoin to give investors an easy, cost effective and convenient way to gain exposure in both directions of the Bitcoin price movements.
The SBTC tracker is the first short or inverse product of its kind using a digital asset as the underlying for an ETP structure (Exchange Traded Products-ETP). It enables investors to capture falling price movements in Bitcoin BTC via their traditional broker or bank. In contrast to shorting, which is usually associated with high lending costs (or margin calls), the inverse ETP is reset at the end of each day and the performance is not rolled over to the next day. Therefore, it is ideally suited to capture short term price movements of Bitcoin for a short recommended period.
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Source: Amun AG
New UBS ETF on Xetra: Carry trade on different maturities of commodity futures
January 22, 2020--Since Wednesday, a new Exchange Traded Fund from UBS Global Asset Management is tradable on Xetra and Börse Frankfurt.
The UBS ETF (IE) CMCI Commodity Carry SF UCITS ETF (USD) A-acc gives investors access to a commodity strategy that simultaneously takes a short and long position in two commodity indices.
Both indices contain the same commodities but with different future maturities. The aim is to maximise the roll returns. Net exposure to the commodity markets through excess short or long positions is nearly eliminated. Carry trades are trading strategies in which interest rate or, as in this case, fair value differences are exploited. The index uses a 2.5 leverage effect.
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Source: Deutsche Börse Cash Market
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