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ESMA fines S&P 1.11 million euros for failures related to the premature release of credit ratings to the public
March 24, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has fined S&P Global Ratings Europe Limited (S&P) a total of EUR 1,110,000, and issued a public notice for breaches of the Credit Rating Agencies Regulation (CRA Regulation).
ESMA found that S&P published credit ratings before the concerned securities were issued by the rated entities and announced to the market.
This was due to internal control failures and led to breaches by S&P of its transparency obligations.
The breaches covered by the fine specifically relate to:
deficiencies in S&P's internal control mechanisms, which did not ensure compliance with its obligations regarding the timely disclosure of credit ratings;
the failure by S&P to disclose on a non-selective basis and in a timely manner decisions to discontinue credit ratings;
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Source: ESMA
New strategy ETF from WisdomTree on Xetra: high-dividend companies from developed markets with currency hedging
March 23, 2023--Since Thursday, a new exchange-traded fund issued by WisdomTree has been tradable on Xetra and via the trading venue Börse Frankfurt.
The WisdomTree Global Quality Dividend Growth UCITS ETF- EUR Hedged Acc allows investors to invest in high-dividend companies from developed markets.
In addition,companies are selected based on other factors including estimated long-term earnings growth and average return on equity and return on assets. The weighting of the companies is based on the dividend yield and the two fundamental factors.
Companies that do not comply with ESG principles are not considered.
This is a currency-hedged share class in which the impact of exchange rate fluctuations is minimised.
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Source: Xetra
UK regulator takes aim at index providers over greenwashing
March 21, 2023--Financial Conduct Authority criticises 'widespread failings' in ESG benchmarks
The UK's financial regulator has warned index providers that they are fuelling greenwashing after identifying "widespread failings" with environment, social and governance benchmarks that guide billions in sustainable investment.
The Financial Conduct Authority said on Monday that the overall quality of ESG-related disclosures made by index providers was "poor" and repeated its determination to ensure that ESG ratings providers should be formally regulated.
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Source: ft.com
Eurex is the first European exchange to launch Bitcoin index futures
March 22, 2023--Launch of futures on FTSE Bitcoin Index in USD and EUR
Trusted access to cryptocurrencies in a regulated market with Eurex
Robust index methodology and governance framework of FTSE Russell
Rigorous digital asset exchange vetting process from Digital Asset Research (DAR)
Eurex is the first exchange in Europe to offer Bitcoin index futures. Start of trading is scheduled for 17 April 2023. The leading European derivatives exchange has developed the new contract in partnership with FTSE Russell,a leading global index provider,and Digital Asset Research (DAR),its provider of institutional-grade digital asset data.
The launch of FTSE Bitcoin Index Futures is a major milestone in Eurex's ambition to offer safe and trusted access to cryptocurrencies in a regulated market environment. By partnering with FTSE Russell and DAR,Deutsche Börse Group's derivatives exchange corresponds to the increasing demand for a cash settled index-based contract.
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Source: Xetra
New bond ETF from Fidelity on Xetra: access to government bonds worldwide with focus on climate protection
March 20, 2023--Since Monday, a new exchange-traded fund issued by Fidelity has been tradable on Xetra and via the trading venue Börse Frankfurt.
The Fidelity Global Government Bond Climate Aware UCITS ETF gives investors access to liquid and local currency government bonds worldwide that are classified as sustainable and have an investment grade rating.
The portfolio of selected bonds pursues the initial goal of achieving a reduction in decarbonisation of at least 14 per cent and an annual average of 7 per cent in subsequent years.
Name: Fidelity Global Government Bond Climate Aware UCITS ETF-Inc
Asset class: Fixed Income ETF
ISIN: IE000IF0HTJ9
Ongoing charges: 0.20 per cent
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Source: Xetra
To calm turmoil, UBS to buy Credit Suisse in $3.25 billion rescue deal
March 20, 2023--Banking giant UBS is buying troubled rival Credit Suisse for almost USD 3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system.
Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and the bank's customers. Shares of Credit Suisse and other banks plunged this week after the failure of two banks in the US sparked concerns about other potentially shaky institutions in the global financial system.
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Source: business-standard.com
Sustainable ETFs in Europe are often cheaper than mainstream peers
March 20, 2023--Price wars have prompted many providers to lower fees
Sustainable exchange traded funds are often cheaper than their non-sustainable peers, analysis from Refinitiv Lipper on the European ETF industry shows.
The average total expense ratios of equity ETFs classified as Article 8 or the "darker green" Article 9 were generally lower than their non-sustainable peers, Refinitiv Lipper found.
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Source: ft.com
New equity ETFs from Xtrackers on Xetra: access to companies from Europe, Japan, and the USA
March 16, 2023--Since Thursday, four new exchange-traded funds issued by Xtrackers are tradable on Xetra and via the trading venue Börse Frankfurt.
The four new Xtrackers ETFs offer investors access to a broadly diversified portfolio of companies based in Europe, Japan, and the USA.
The Xtrackers STOXX Europe 600 UCITS ETF invests in the 600 largest companies from 17 developed European countries, weighted by market capitalisation. In addition to eurozone countries such as France, Germany, Spain, the Netherlands, and Italy, these also include Great Britain, Switzerland, and Scandinavian countries.
The Xtrackers MSCI Japan UCITS ETF focuses on Japanese companies from different sectors, which together cover 85 per cent of the market capitalisation there.
With the Xtrackers S&P 500 Equal Weight UCITS ETF, investors can invest in the 500 largest US companies, each of which is equally weighted at 0.2 per cent. With about 130 more US companies, the X trackers MSCI USA Swap UCITS ETF also offers access to the US market. The weighting is based on market capitalisation and performance is tracked using a swap approach
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Source: xetra
IMF Staff Country Report-Sweden: Financial System Stability Assessment
March 16, 2023--Summary:
Sweden recovered rapidly from the Covid1-19 crisis, and GDP reached its prepandemic level in mid-2021. In the context of a robust supervision and regulation framework, the financial sector exited the crisis with substantial capital and liquidity buffers.
Going forward, growth is expected to slow amid higher energy prices, tighter financial conditions, and reduced confidence following sharply lower house prices.
Given stubborn inflation, the Riksbank has been normalizing rates more aggressively than expected last year. Systemic risks to the financial system arise from (i) high exposure of banks to the commercial real estate (CRE) sector; (ii) limited liquidity in corporate bond markets; (iii) high indebtedness of households and sensitivity to higher interest rates. The banking system is nearly three times 2021 GDP and is interconnected domestically and regionally.
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Source: imf.org
March 16, 2023--Crypto ETP-Provider 21Shares to Close Funds as Demand Fades
March 16, 2023--Digital token selloff is causing investors to lose interest
ETP pipeline had been deflating even before the FTX implosion
Crypto exchange-traded products issuer 21Shares is closing down five funds and delisting another, a company spokesperson confirmed, as investor demand cooled for them.
The Zug, Switzerland-based company is shuttering five products: the 21Shares S&P Risk Controlled Bitcoin Index ETP (ticker SPBTC), the 21Shares S&P Risk Controlled Ethereum Index ETP (SPETH), the 21Shares DeFi 10 Infrastructure ETP (DEFII), the 21Shares Crypto Layer 1 ETP (LAY1) and the 21Shares USD Yield ETP (USDY). The last trading day for the ETPs is April 6. The company is also delisting the 21Shares Terra Classic ETP (LUNA), effective June 12. The six funds have total assets of less than $700,000.
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Source: bloomberg.com