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ESMA Opinion clarifies application of pre-trade transparency and price determination in frequent batch auctions
October 4, 2019--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, as today published an opinion on frequent batch auctions (FBAs) and the double volume cap mechanism. ESMA's Opinion reflects the conclusions of its Final Report on Periodic Auctions (June 2019) which identified several shortcomings of FBA systems in the area of pre-trade transparency and the price determination.
ESMA's Opinion aims to provide sufficient clarification regarding the application of the pre-trade transparency requirements by FBA systems and the price determination process of FBA systems, ensuring consistent application throughout the EU.
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Source: ESMA
ESMA publishes updates its Q&As on investor protection issues
October 4, 2019--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 update answers on:
Best execution-Disclosure of reports to the public
Other issues-Drafting change on understanding the term "ongoing relationship"
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Source: ESMA
ESMA updates EMIR Q&A
October 2, 2019--The European Securities and Markets Authority (ESMA) has issued today an update of its Q&A on practical questions regarding data reporting issues, stemming from the European Markets Infrastructure Regulation (EMIR).
The Q&As clarify:
OTC Question 2(h) on when counterparties that start taking positions in OTC derivatives need to notify the relevant NCAs and ESMA;
OTC Question 4 on whether counterparties not subject to the clearing obligation should also obtain representation;
OTC Question 13 on how a counterparty should determine whether an entity established in a third country would be an FC+/- or NFC+/- if it was established in the Union;
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Source: ESMA
ESMA updates its CSDR Q&As
October 2, 2019--October 2, 2019--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding the implementation of the Central Securities Depository Regulation (CSDR).
The updated Q&As provide answers to questions regarding practical issues on the implementation of the new CSDR regime.
The latest CSDR Q&A clarifies the scope of the cash penalties regime and more precisely the exemption applicable to insolvent participants. In particular, it specifies that it applies only to settlement fails caused by that participant or to those relating to the liquidation of its position.
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Source: ESMA
Financial advisers and the 'wealth tax' toll
October 1, 2019--A wealth tax has always been anathema to UK governments. The closest was Labour's capital transfer tax, which ran from 1974 to 1986.
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Source: FT.com
FCA eyes liquidity reforms to avert replay of Woodford crisis
October 1, 2019--The UK regulator has fired the starting gun on a shake-up of investment fund liquidity rules following a number of high-profile fund suspensions-a move that could have far-reaching consequences for the future of daily traded investment funds.
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Source: FT.com
ESMA prepares for new responsibilities in 2020
October 1, 2019--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published its 2020 Work Programme (WP), setting out its priorities and areas of focus for the next 12 months in support of its mission to enhance investor protection and promote stable and orderly financial markets.
The key issue facing ESMA in 2020 is the implementation of its new mandates, and enhanced role, in areas including direct supervision, supervisory convergence, investor protection, relations with third countries, sustainability and technological innovation.
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Source: ESMA
ESMA analyses use of derivatives by UCITS equity funds
September 30, 2019--The European Securities and Markets Authority (ESMA), the EU's securities market regulator, has conducted a study on the use of derivatives by UCITS equity funds in collaboration with researchers from the Technical University of Munich (TUM).
The study, included in the latest Trends, Risks and Vulnerabilities report uses data collected under the EMIR framework, and finds that the tendency, and frequency, of these funds to trade derivatives is explained to a large extent by asset managers characteristics, such as fund family and fund family size. Over time, cash inflows as well as currency risk seem to have a significant influence, which suggests that derivatives are used for transaction costs or risk reduction purposes.
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Source: ESMA
ESMA study finds high impact of costs on performance, especially for active equity funds
September 27, 2019--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has carried out a study of the performance of active equity funds as compared to passive equity funds, ETFs and relevant benchmarks.
The study, included in the latest Trends, Risks and Vulnerabilities (TRV) report finds that actively managed funds have in past years underperformed, in net terms, both passive equity funds and equity ETFs, as well as their own benchmarks, primarily due to the large impact of ongoing costs.
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Source: ESMA
ECB-Monetary developments in the euro area: August 2019
September 26, 2019--Annual growth rate of broad monetary aggregate M3 increased to 5.7% in August 2019 from 5.1% in July (revised from 5.2%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 8.4% in August from 7.8% in July
Annual growth rate of adjusted loans to households stood at 3.4% in August, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations increased to 4.3% in August from 4.0% in July
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Source: ECB
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