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ESMA Newsletter-N0.9
November 20, 2019--The ninth edition of ESMA's newsletter takes a closer look at the new website section on sustainable finance and SFTR, highlights the full list of ESMA staff speaking appearances and catch up on publications from October and early November.
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Source: ESMA
ECB-Euro area investment fund statistics: third quarter of 2019
November 20, 2019--In the third quarter of 2019 the outstanding amount of shares/units issued by investment funds other than money market funds was €12,537 billion, €446 billion higher than in the second quarter of 2019.
The outstanding amount of shares/units issued by exchange-traded funds (ETFs) stood at €781 billion, which was €47 billion higher than in the second quarter of 2019.
The outstanding amount of shares/units issued by money market funds was €1,247 billion, €92 billion higher than in the second quarter of 2019.
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Source: ECB
Solactive releases new Euro IG Corporate Index with ESG Integration developed by SD-M
November 20, 2019--ESG remains the big topic in the year of 2019 since more and more investors emphasize this exciting and future-oriented topic. The ESG incorporation methodologies are manifold, and for each purpose, ETF providers and asset managers can find their benchmark.
The variety of screening-practices can appear overmuch to some individuals. Therefore, German ESG provider SD-M developed a straightforward and robust classification model focusing on three standardized material key performance indicators for respective industries and sectors. Solactive takes advantage of SD-M's approach to create the Solactive Euro IG Corporate SD-KPIndex(R), tailored to investors, in need of a reliable and accessible ESG Benchmark in the investment-grade corporates space.
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Source: Solactive AG
Deutsche Börse, Swisscom and partners successfully settle securities transactions via tokens in Switzerland
November 19, 2019--Proof of concept lays the foundation for a leap in efficiency in post-trade services/Settlement of securities transactions using different DLT protocols
Deutsche Börse, Swisscom and the three partners Falcon Private Bank, Vontobel and Zürcher Kantonalbank have succeeded in jointly settling securities transactions with tokenised shares via Distributed Ledger Technology (DLT).
With this proof of concept, the partners demonstrate how the immediate and secure settlement of legally binding securities transactions in shares of small and medium-sized enterprises (SMEs) could work in the future.
Within this proof of concept, the share registry of a real Swiss enterprise was digitalised using the platform of the start-up company daura, and the shares were then tokenised. To enable the execution of a delivery-versus-payment transaction based on DLT, money was made available in the form of cash tokens.
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Source: Deutsche Börse Group
Euronext, SIX Group square up for battle for Madrid bourse
November 18, 2019--Pan-European stock market operator Euronext (ENX.PA) and Switzerland's SIX sparked a bidding war for Spain's Bolsas y Mercados Espanoles (BME) (BME.MC) on Monday, with both trying to snap up one of Europe's last standalone stock exchanges.
SIX made a friendly all-cash offer for the Spanish bourse, whose shares jumped by more than a third in early trading, while Euronext said it was in talks with BME with a view to a potential bid, without saying how much it was prepared to pay.
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Source: Reuters
New SPDR-ETF on Xetra: Emerging Markets Government Bonds
November 18, 2019--Since Monday a new Exchange Traded Fund of State Street Global Advisors is tradable via Xetra and Frankfurt Stock Exchange.
The SPDR Bloomberg Barclays Emerging Markets Local Bond UCITS ETF offers investors the opportunity to participate in the performance of government bonds issued by emerging markets.
The underlying Bloomberg Barclays Emerging Markets Local Currency Liquid Government Bond Index comprises liquid and local currency government bonds with both fixed and variable interest rates, and with and without investment grade ratings. In addition, potential exchange rate fluctuations between the base currency US dollar and euro are minimised.
Name: SPDR Bloomberg Barclays Emerging Markets Local Bond USD Base CCY Hdg to EUR UCITS ETF (Acc)
Asset class: Bond ETF
ISIN: IE00BK8JH525
Ongoing charges: 0.60 per cent
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Source: Deutsche Börse Cash Market
ESMA updates its Q&As on the Securitisation Regulation
November 15, 2019--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers (Q&As) on the Securitisation Regulation (Regulation 2017/2402).
The majority of Q&As in this document provide clarification on different aspects of the templates contained in the draft technical standards on disclosure which were recently published by the European Commission. In particular, the Q&As clarifies how several specific fields in the templates should be completed and also contains clarifications relating to STS notifications and securitisation repositories.
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Source: ESMA
IMF Staff Country Report-Greece: Selected Issues
November 15, 2019--REFORMS, LABOR MARKET DYNAMICS, AND COMPETITIVENESS1
In the lead-up to the crisis, Greece's economy became increasingly uncompetitive. By 2009, the real exchange rate had appreciated significantly, and the current account deficit hit record highs. A series of program-era policies helped to partially reverse this trend, including labor market policies that cushioned the effect of the crisis on employment and brought unit labor costs broadly in line with trading partners.
However, the resulting more competitive wage structure only partly translated into
price adjustments due to product market rigidities (with firms retaining some profit margin) and rising
non-wage cost factors (e.g., taxes and financing costs). This incomplete internal devaluation and
subsequent low productivity gains reinforce the view that Greece has further to go to address its
external imbalances.
view the IMF Staff Country Report-Greece: Selected Issues
Source: IMF
Five New BNP Paribas Easy ETFs on Xetra: S&P 500, Euro-Zone Sustainable Equity and Corporate Bonds and Real Estate Companies
November 14, 2019--Five new Exchange Traded Funds from BNP Paribas Easy have been tradable via Xetra and four of them via Börse Frankfurt.
The BNP Paribas Easy S&P 500 UCITS ETF offers investors the opportunity to participate in the performance of the 500 largest listed US equity companies.
The S&P 500 Index represents the most important US industries and is regarded as an indicator for the development of the entire US stock market. The ETF is traded only via Xetra and in US dollars.
BNP Paribas Easy is also expanding its sustainability product portfolio with four additional ETFs.
The BNP Paribas Easy MSCI EMU SRI S-Series 5% Capped ETF is aimed at investors looking for a diversified portfolio of large and mid cap companies with a high minimum of ESG criteria. The securities from ten European countries are selected on the basis of the MSCI ESG ranking.
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Source: Deutsche Börse Cash Market
Swiss Stock Exchange SIX Lists Tezos-Based ETP With 'Baking'
November 14, 2019--Switzerland's main stock exchange SIX has listed a Tezos-based exchange-traded product (ETP) that enables investors to generate passive income.
Traded under the symbol AXTZ, the product is issued by fintech Amun AG in partnership with the Tezos Foundation. It went live for trading on Nov. 5.
Passive yield
According to an overview of the instrument, the ETP's investment objective is both to provide exposure to the performance of Tezos while generating additional yield for investors through so-called "baking rewards."
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Source: cointelegraph.com
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