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ESMA publishes its first annual report on EU Carbon Markets
October 7, 2024--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is today publishing the 2024 EU Carbon Markets report.
This first edition of the report is providing details and insights into the functioning of the EU Emissions Trading System (EU ETS) market.
Key findings
Prices and volatility: Prices in the EU ETS have declined since the beginning of 2023. This was due to a combination of lower demand for emission allowances from weak industrial activity, falling natural gas prices and decarbonisation of the European energy sector, along with increased supply following the decision to auction additional allowances to finance the REPowerEU plan;
Auctions: Emission allowance auctions remain significantly concentrated, with 10 participants buying 90% of auctioned volumes, reflecting a preference by most EU ETS operators to source allowances from financial intermediaries; and
Trading and positions: The vast majority of emission allowance trading in secondary markets takes place through derivatives, reflecting the annual EU ETS compliance cycle where non-financial sector firms hold long positions (for compliance purposes) while banks and investment firms hold short positions.
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Source: ESMA
21Shares Calls for Standardized Crypto Regulations in UCITS Funds
October 7, 2024--21Shares, a leading provider of cryptocurrency exchange-traded products (ETPs), has urged the European Securities and Markets Authority (ESMA) to establish consistent regulations for the inclusion of cryptocurrencies in UCITS funds (Undertakings for the Collective Investment in Transferable Securities).
The firm pointed out that the current regulatory landscape for UCITS funds across Europe is fragmented, with countries like Germany allowing UCITS funds to gain exposure to cryptocurrencies, while others like Luxembourg do not.
According to CryptoSlate, Mandy Chiu, Head of Financial Product Development at 21Shares, emphasized that the lack of standardized rules across the region is limiting investment opportunities and creating instability in the market. The call for consistency comes as ESMA reviews regulations on new asset classes, while the European Union (EU) is implementing its Markets in Crypto Assets (MiCA) framework.
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Source: bitcoinworld.co.in
New thematic ETF from Xtrackers on Xetra: Access to the global infrastructure sector
October 7, 2024--A new exchange-traded fund issued by Xtrackers has been tradable on Xetra and Börse Frankfurt since today.
The Xtrackers Global Infrastructure ESG UCITS ETF tracks the performance of the Dow Jones Brookfield Global Green Infrastructure Index.
The fund invests in companies from industrialised countries worldwide that own and operate pure infrastructure assets that meet pre-defined sustainability criteria and climate targets.
Pure infrastructure sectors include power plants, airports, ports, communications, toll roads and waterways.
The benchmark index currently comprises 73 stocks. US companies are most represented at 46 per cent, followed by Spain, France, the UK and Australia.
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Source: Xetra
New ETC from The Royal Mint via HANetf: Access to the gold market with currency hedging
October 7, 2024--Since today, the second Exchange Traded Commodity (ETC) from The Royal Mint, the mint of the United Kingdom, has been tradable via HANetf's white-label platform on Xetra and Börse Frankfurt.
The Royal Mint Responsibly Sourced Physical EUR Hedged Gold ETC Securities provides investors with easy and cost-efficient access to the gold market by replicating the spot price of physical gold.
In addition, the product includes EURO currency hedging to reduce the risk of exchange rate fluctuations between the EURO and US dollar. Physical gold is usually traded in US dollars.
The exchange-traded commodity is a bond. It allows investors to benefit from the price development of gold without having to own physical gold. The product is fully collateralised; the gold is certified by the London Bullion Market Association (LBMA) and stored at the Royal Mint. Investors can have the value paid out in cash or gold.
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Source: Xetra
New Fixed Income ETF from PIMCO on Xetra: Access to the broadly diversified portfolio of emerging markets local currency government bonds
October 7, 2024-- Since Friday, a new exchange-traded fund from PIMCO has been tradable on Xetra and the Frankfurt Stock Exchange.
The PIMCO Emerging Markets Advantage Local Bond Index UCITS ETF invests primarily in a diversified portfolio of emerging market sovereign bonds denominated in local currencies.
The fund invests in a selection of non-U.S. dollar denominated fixed-income securities with and without investment grade status. The weighting of the bonds is based on the gross domestic product of the countries, with a maximum weighting of 15 per cent at the time of the reallocation. The countries currently with the highest representation are Brazil, China, India and Indonesia.
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Source: Xetra
KraneShares Launches Global Carbon Strategy ETC (KRBN) on Borsa Italiana & Deutsche Boerse Xetra Stock Exchanges
October 3, 2024--Krane Funds Advisors, LLC ("KraneShares"). an asset management firm known for its global exchange-traded funds (ETFs), enters the ETC market and launches the KraneShares Global Carbon Strategy ETC (Ticker: KRBN) on the Borsa Italiana and Deutsche Böurse Xetra Stock Exchanges.
The KraneShares Global Carbon Strategy ETC (KRBN) is intended to track the level of its reference index, the S&P Global Carbon Credit Index, which offers broad coverage of cap-and-trade carbon allowances by tracking the most traded carbon credit futures contracts. These CO2 allowances trade under cap-and-trade programs known as Emissions Trading Systems (ETS).
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Source: KraneShares
ESMA publishes latest edition of its newsletter
October 2, 2024--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter.
Your one-stop-shop in the world of EU financial markets focuses in August and September on our Chair's contributions at various events on the effectiveness and attractiveness of capital markets in the context of the ESMA Position Paper launched last May.
Her speeches emphasise the idea of further stimulating investment in the EU and helping connecting companies and investors to make the vast pool of European savings work for the EU economy..
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Source: ESMA
ESMA 2025 Work Programme: Focus on key strategic priorities and implementation of new mandates
October 1, 2024--ESMA, the EU's financial markets regulator and supervisor, has published its 2025 Annual Work Programme (AWP), which reaffirms ESMA’s strategic orientation and commitment to safeguarding resilient, transparent, and sustainable European financial markets.
ESMA has contributed to the ongoing discussion of how to make European capital markets more efficient and attractive, and in 2025 will advance on those aspects within its control, while working with the co-legislators and others to support the construction of the European Savings and Investment Union.
A significant portion of ESMA's work in 2025 will comprise policy work to facilitate the implementation of the large number of mandates received in the previous legislative cycle, and the preparation of new mandates, such as the European Green Bonds and the ESG Rating Providers Regulations. Following the adoption of EMIR 3, ESMA will take on new responsibilities and develop a substantial number of technical standards, including for the new Active Account Requirement.
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Source: ESMA
ESMA announces next steps for the selection of Consolidated Tape Providers
September 30, 2024--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is publishing additional details on the selection of Consolidated Tapes Providers (CTPs) for bonds and for shares and Exchange-Traded Funds (ETFs).
ESMA will launch the selection procedure for the CTP for bonds on Friday 3 January 2025.
This is the first working day for EU Institutions after Sunday 29 December 2024, the date set out in Article 27da(1) of MiFIR. ESMA intends to adopt a reasoned decision on the selected applicant within 6 months of the launch, i.e. by early July 2025.
In June 2025, ESMA will launch the selection procedure for the CTP for shares and ETFs with the objective to adopt a reasoned decision on the selected applicant by the end of 2025.
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Source: ESMA
Esma advisory group warns ETFs will be hit by T+1 move
September 26, 2024--Stakeholder group calls for temporary suspension of penalties for failed trades when EU moves to one-day trade settlement
Exchange traded funds will be particularly vulnerable to settlement fails when the EU moves to shorten its two-day trade settlement cycle (T+2) to T+1, an advisory group to the European regulator has warned.
The Securities Markets Stakeholder Group has called on the European Securities and Markets Authority to consider excusing the ETF industry from trade penalties, pointing out that due to the complexity of the European post-trading landscape "the move to T+1 in the EU could result in a temporary increase in settlement fails".
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Source: ft.com
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