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ESMA advises on credit rating sustainability issues and sets disclosure requirements
July 18, 2019--The European Securities and Markets Authority (ESMA), the EU's securities markets' regulator, has published today its technical advice on sustainability considerations in the credit rating market and its final guidelines on disclosure requirements applicable to credit ratings.
ESMA, in its advice, has assessed the level of consideration of Environmental, Social and Governance (ESG) factors in both specific credit rating actions, and the credit rating market in general. It found that, while credit rating agencies (CRAs) are considering ESG factors in their ratings, the extent of their consideration can vary significantly across asset classes, according to each CRA's methodology.
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Source: ESMA
Forecasts for the UK economy: July 2019
July 17, 2019--Forecasts for the UK economy is a monthly comparison of independent forecasts.
Please note that this is a summary of published material reflecting the views of the forecasting organisations themselves and does not in any way provide new information on the Treasury’s own views. It contains only a selection of forecasters, which is subject to review.
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Source: gov.uk
ESMA updates its EMIR Q&A
July 15, 2019--The European Securities and Markets Authority (ESMA) has issued today an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR).
Following the entry into force of the EMIR review (so-called EMIR Refit), ESMA is reviewing the existing Q&As to align them, where necessary, with the new text requirements. A new Q&A not related to the entry into force of EMIR Refit has been added too.
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Source: ESMA
ESMA publishes report on the licencing of FinTech firms across Europe
June 12, 2019--The European Securities and Markets Authority (ESMA), the EU's securities markets' regulator, today publishes a report on the status of licencing regimes of FinTech firms across the European Union (EU).
The report is based on two surveys conducted by ESMA since January 2018, which gathered evidence from national competent authorities (NCAs) on the licensing regimes of FinTech firms in their jurisdictions.
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Source: ESMA
ESMA updates its Q&As relating to the Prospectus Regulation
July 12, 2019--The European Securities and Markets Authority (ESMA) has today included twenty-five new Q&As relating to Regulation (EU) 2017/1129 (the 'Prospectus Regulation').
Three of these Q&As provide clarification on the following issues in relation to the Prospectus Regulation:
The application of Article 23(3) of the Prospectus Regulation in relation to issuers that qualify as financial intermediaries.
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Source: ESMA
ECB-Account of the monetary policy meeting
Of the Governing Council of the European Central Bank, held in Vilnius on Wednesday and Thursday, 5-6 June 2019
July 11, 2019--1. Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœuré reviewed the latest financial market developments.
Since the Governing Council's previous monetary policy meeting on 9-10 April 2019, US trade negotiations with both China and Mexico had progressively deteriorated, negatively impacting global equity markets and pushing equity risk premia higher.
Bond yields had declined to multi-year lows. In foreign exchange markets, the euro and the US dollar had appreciated in nominal effective terms, reflecting mainly the weakness in emerging market currencies and, in particular, the Chinese renminbi. At the same time, the euro had continued its gradual depreciation against the US dollar, a trend observed since the start of 2018 that likely related to changes in the relative growth outlook.
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Source: ECB
ESMA updates its Q&As regarding the Benchmark Regulation
July 11, 2019--The European Securities and Markets Authority (ESMA) has issued today an update of its Question and Answers (Q&As) on the European Benchmarks Regulation (BMR).
The new Q&As provide clarification on the following issues:
the commodity benchmark definition; and
the contribution to the euro short-term rate (€STR).
The purpose of this document is to promote common supervisory approaches and practices in the application of the BMR.
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Source: ESMA
Bank of England warns no-deal Brexit could trigger economic shock
July 11, 2019--Governor says EU firms might also face lending crisis by being cut off from banks in London.
The Bank of England has warned that a no-deal Brexit could trigger a material shock to the UK economy while causing widespread disruption for EU companies by cutting them off from London-based banks.
Stating that the risk of Britain crashing out without a deal had risen, the Bank said the City of London was ready to withstand such a scenario and avoid banks failing, as they did in the financial crisis. However, there would still be major disruption for companies.
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Source: theguardian.com
ESMA updates Q&AS on MiFID II and MiFIR investor protection and intermediaries
July 11, 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 provide a new answer on:
Best execution-Classification of financial instruments under RTS 27 if
ESMA has not published any calibrated market sizes.
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Source: ESMA
New Lyxor ETF on Xetra: Focus on Emerging Markets
July 10, 2019--A new Exchange Traded Fund from Lyxor International Asset Management has been tradable on Xetra and Börse Frankfurt since Wednesday.
The Lyxor MSCI Emerging Markets Ex China UCITS ETF offers a global investment in the performance of listed companies in emerging markets, excluding the Republic of China.
The underlying benchmark index includes companies with high and medium market capitalisation, with the objective of representing 85 percent of the free float market capitalisation of each developing country depicted. The ETF provides an investment in an accumulating share class.
Name: Lyxor MSCI Emerging Markets Ex China UCITS ETF
Asset class: Equity ETF
ISIN: LU2009202107
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Source: Deutsche Börse Cash Market
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