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ECB-Monetary developments in the euro area: September 2023
October 25, 2023--Annual growth rate of broad monetary aggregate M3 stood at -1.2% in September 2023, after -1.3% in August 2023
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, was -9.9% in September, compared with -10.4% in August
Annual growth rate of adjusted loans to households decreased to 0.8% in September from 1.0% in August
Annual growth rate of adjusted loans to non-financial corporations decreased to 0.2% in September from 0.7% in August
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Source: ECB
Source: ECB
London Stock Exchange Incident Halts Trading in Many Stocks
October 19, 203--The 80-minute outage hit hundreds of smaller-cap equities
Stocks on the FTSE 100 and FTSE 250 indexes weren't affected
A system "incident" halted trading in hundreds of shares on the London Stock Exchange for the final 80 minutes of Thursday's session.
The outage affected mostly smaller-cap equities, but included several high-profile names such as Asos Plc, Deliveroo Plc and Metro Bank Holdings Plc, according to data compiled by Bloomberg. Stocks on the FTSE 100 Index, FTSE 250 and international orderbook weren't affected, London Stock Exchange Group Plc said on its website.
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Source: bloomberg.com
Official Statistics: Forecasts for the UK economy: October 2023
October 18, 2023--A comparison of independent forecasts for the UK economy in October 2023.
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Source: gov.uk
ESMA encourages preparations for a smooth transition to MiCA
October 17, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, today publishes a letter and a statement to encourage preparations for a smooth transition to MiCA.
In the letter addressed to the Economic and Financial Affairs Council (ECOFIN), ESMA Chair, Verena Ross, calls on Member States to designate without delay the competent authorities responsible for carrying out the functions and duties provided for under MiCA, and to consider limiting the optional grand-fathering period to 12-months should they choose to offer it in their jurisdictions.
ESMA has also published a statement addressed to entities providing crypto-asset services and the national competent authorities that will be responsible for their supervision, which lists expectations for each from now until the end of the MiCA transitional period.
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Source: ESMA
Europe Must Succeed in Restoring Price Stability
October 13, 2023--Tighter monetary policy is starting to work. Alternatives would be more costly.
So far so good. These words are probably a fair assessment of Europe's progress thus far in its struggle against inflation. Policy interest rates have been raised resolutely, central banks have signaled commitment to keeping them high for as long as necessary, and inflation is down sharply from the double-digit highs of last year.
Underlying inflation, however, is proving more stubborn than headline inflation, which includes energy, food, and other more volatile items. Bringing it back to target, durably, remains a matter of urgency. Entrenched high inflation is distortionary. Moreover, prolonged inflation means prolonged high real interest rates, which would hurt private and public investment and therefore future growth.
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Source: imf.org
ECB-Meeting of 13-14 September 2023
October 12, 2023--1. Review of financial, economic and monetary developments and policy options
Financial market developments
Ms Schnabel noted that, since the Governing Council's previous monetary policy meeting on 26-27 July 2023, investors' growth outlook for the euro area and for the United States had continued to diverge, widening the gap in both nominal and real yields between the two economies and driving the euro lower against the dollar.
Despite the expected deceleration in the euro area's growth momentum, market expectations for inflation in the medium and longer term had edged up further. Torn between the perception of a weakening euro area economy and stubborn inflation, expectations for the peak deposit facility rate and the shape of the forward rate curve had remained broadly unchanged.
ESMA puts forward expectations towards effective circuit breaker implementation view more New bond ETF from Tabula on Xetra: short-term euro-denominated corporate bonds with investment grade rating view more ESMA assesses market developments in DeFi and explores the smart contracts system The article on DeFi developments and risks in the EU shows that DeFi raises serious risks to investor protection, because of the highly speculative nature of many DeFi arrangements and important operational and security vulnerabilities. Risks to financial stability are not meaningful at this point owing to DeFi’s small size but require monitoring. In addition, DeFi's unique features have led to new market manipulation issues that need to be addressed. view more ESMA publishes latest edition of its newsletter view more
Source: ECB
October 12, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is today publishing a supervisory briefing on circuit breakers, which provides a comprehensive overview of supervisory expectations regarding the calibration of circuit breakers implemented by trading venues (TVs).
The supervisory briefing outlines several principles that national competent authorities (NCAs) should enforce to ensure effective circuit breaker implementation and aims to strengthen convergence among NCAs on circuit breaker calibration methodology, promoting compliance, common understanding and enforcement practices.
Source: ESMA
October 11, 2023--Since Wednesday, a new exchange-traded fund issued by Tabula has been tradable on Xetra and via the trading venue Börse Frankfurt. The Tabula EUR Ultrashort IG Bond Paris-Aligned Climate UCITS ETF gives investors access to fixed-income euro corporate bonds that have a maximum remaining maturity of one year and have an investment grade rating.
An issuer's weighting is limited to 5 per cent. The portfolio aligns with the goals of the Paris Climate Agreement and is composed of bonds issued by companies with a positive climate and ESG profile. Compared to the parent index, the aim is to achieve a 50 per cent reduction in greenhouse gas emissions and a 7 per cent annual decarbonisation
Source: Xetra
October 11, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets and securities regulator, today publishes two articles on decentralised finance (DeFi), one on developments and risks in the EU market and another on a methodology for the categorisation of smart contracts. These articles highlight important risks to consumers, new forms of market abuse, and possible vulnerabilities to financial stability.
DeFi: developments and risks in the EU market
Source: ESMA
October 10, 2023--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 focused in September on the publication of the work programme for 2024 of ESMA. In an economic context marked by high inflation, heightened geopolitical tensions and rapid technological changes, ESMA is determined to ensure close market and risk monitoring and support the effective implementation of the European regulatory framework related to the digital and sustainability transitions. By fostering effective regulation and supervision of the European capital markets, ESMA aims to contribute to addressing the challenges faced by the EU and its citizens.
Source: ESMA