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ECB-Meeting of 1-2 February 2023 -Account of the monetary policy meeting of the Governing Council of the European Central Bank
March 2, 2023-Held in Frankfurt am Main on Wednesday and Thursday, 1-2 February 2023
1. Review of financial, economic and monetary developments and policy options
Financial market developments
Ms Schnabel noted that the Governing Council's previous monetary policy meeting on 14-15 December 2022 had left a visible footprint in euro area financial markets, with a welcome increase in real interest rates to levels that were more consistent with a timely return of inflation to the 2% target.
However, while the "terminal rate" priced in the euro area real overnight index swap (OIS) forward curve had edged up initially, a sharp decline in expected inflation, on the back of lower gas prices and inflation surprises to the downside, had later contributed to market participants revising down their rate expectations. Expectations of rapid disinflation had also induced markets to price in material rate cuts as of 2024, suggesting that they judged the period of restrictive monetary policy needed to rein in high inflation to be relatively short.
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Source: ECB
European banks, asset managers study halving stocks settlement time
By Huw Jones
March 1, 2023--Banks and asset managers have set up a new task-force to study whether Europe should keep up with Wall Street by halving the time it takes to settle share trades.
The U.S. Securities & Exchange Commission last month decided to cut the period for settlement or final leg of a trade, to one working day, known as T+1, from two working days, the current lag in Europe.
Halving settlement in Europe would mean banks and asset managers having to reconfigure their IT systems at a cost.
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Source: reuters.com
Vanguard Shuts U.K. Financial Planning Arm Two Years After Launch
March 1, 2023-- Vanguard Group Inc. is culling its UK financial planning arm about two years after its launch, having struggled to attract clients.
Vanguard Personal Financial Planning was set up in April 2021 to offer retirement advice via the firm's personal investor platform.
"After careful consideration, we have concluded that our clients are looking for other, more adaptable forms of financial planning from Vanguard," a spokesperson for the US firm said in an emailed statement, adding that Vanguard was committed to develop "further financial guidance and advice services." Customers will be able to use the service until May 31.
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Source: fa-mag.com
HSBC Russia ETF closure leaves only one in Europe
March 1, 2023--FinEx Capital Management says it does not plan to close its suspended Russian RTS Equity ETF
The decision by HSBC Asset Management to close its Russia equity exchange traded fund means there is only one such product open in Europe.
FinEx Capital Management told Ignites Europe it did not plan to close its Russian RTS Equity ETF, which has been suspended since March last year following Russia's invasion of Ukraine.
The fund was one of eight Russia equity ETFs in Europe before Russia's invasion of Ukraine, which had combined assets under management of €820mn at the end of January 2022, according to Morningstar data.
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Source: ft.com
Deutsche Boerse welcomes abrdn as a new ETF issuer on Xetra
March 1, 2023--First actively managed ETF issued by abrdn with a focus on the global real estate sector
The first actively managed exchange-traded fund issued by the British asset manager abrdn has been tradable on Xetra and via the trading venue Börse Frankfurt since Wednesday.
The actively managed abrdn Global Real Estate Active Thematics UCITS ETF gives investors the opportunity to invest in a portfolio of listed real estate securities that are aligned with longer term themes in the market.
The active selection process is based on the abrdn Real Estate Global HouseView, which is a dynamic, multi-dimensional global framework that aims to identify outperforming real estate sectors and segments of the future. The HouseView considers factors such as macroeconomics, thematic trends, capital markets, interest rates and real estate fundamentals (e.g. supply/demand balance and rent trends). Currently more than 280 market segments across 28 countries based on their expected relative returns are ranked. The sectors with superior expected relative returns are then overweighted, conversely the strategy looks to reduce exposure to those areas of the market that are forecast to underperform.
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Source: Xetra
ECB-Monetary developments in the euro area: January 2023
February 27, 2023--Annual growth rate of broad monetary aggregate M3 decreased to 3.5% in January 2023 from 4.1% in December
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to -0.7% in January from 0.6% in December
Annual growth rate of adjusted loans to households decreased to 3.6% in January from 3.8% in December
Annual growth rate of adjusted loans to non-financial corporations decreased to 6.1% in January from 6.3% in December
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 3.5% in January 2023 from 4.1% in December, averaging 4.1% in the three months up to January. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to -0.7% in January from 0.6% in December. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 15.1% in January from 14.0% in December. The annual growth rate of marketable instruments (M3-M2) increased to 13.3% in January from 11.3% in December.
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Source: ECB
New Strategy ETFs from Global X on Xetra: access to S&P 500 companies with protection against downside risks
February 23, 2023--Two new exchange-traded funds issued by Global X have been tradable on Xetra and via the trading venue Börse Frankfurt since Thursday.
The new ETFs from Global X S&P 500 Quarterly Buffer and Tail Hedge track the performance of companies from the S&P 500 Index and use put options to hedge downside risks up to a certain level. The hedging strategy against losses has the side effect that the upside returns of the ETFs are limited by a cap.
The buffer strategy applied here is composed of a protection and a cap component. The protection component is achieved by simultaneously purchasing a put option (at-the-money) and selling a put option (out-the-money). The net costs resulting from these two transactions are covered by writing a call option. The exercise price of the call option defines the level of the cap and thus the profit opportunities. The closer the price of the S&P 500 Index approaches the execution price of the call option, the lower the profit opportunities (cap component). The level of the cap is updated on the Global X website.
The Global X S&P 500 Quarterly Buffer UCITS ETF limits downsides up to approximately 5 per cent. The Global X S&P 500 Quarterly Tail Hedge UCITS ETF protects investors from a downside of 3 per cent and up to 12 per cent. The buffer is therefore 9 per cent.
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Source: Xetra
ESMA publishes latest edition of its newsletter
February 22, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published its latest edition of its Spotlight on Markets Newsletter.
Your one-stop-shop in the world of EU financial markets focused in January and February on different topics.
One of the most popular releases was our Trends, Risks and Vulnerabilities (TRV) article on Artificial intelligence (AI) in EU securities markets.
The widespread use of AI comes with risks. An increased uptake may lead to the concentration of systems and models among a few 'big players'. The experts say it all here.
ESMA has also published its first TRV Report of 2023. Overall, risks in ESMA's remit remain high, and investors should be prepared for further market corrections. In addition, we have issued an opinion on the first set of draft European Sustainability Reporting Standards.
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Source: ESMA
Axa IM targets retail ETF investors with focus on online platforms
February 21, 2023--Traditional means of reaching customers risk being 'squeezed out' forcing firms to 'evolve or die', analyst says
Axa Investment Managers is aiming to distribute its exchange traded funds through neobanks and robo-advisers within a year as it expands its new ETF business across different markets.
The plans are part of a growing shift by ETF providers towards digital distribution and targeting direct retail investors, experts say.
Nicolas-Louis Guille-Biel, global head of ETFs and product strategy at Axa IM, said the company was currently in talks with digital platforms as it looked for distributors of its ETFs.
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Source: ft.com
ECB-Euro area investment fund statistics: fourth quarter of 2022
February 17, 2023-- In fourth quarter of 2022, outstanding amount of shares/units issued by investment funds other than money market funds rose to €14,527 billion, up €28 billion on previous quarter
Net redemptions in quarter amounted to €109 billion, with €1,086 billion in gross issues and €1,195 billion in gross redemptions
Outstanding amount of shares/units issued by money market funds rose to €1,486 billion, up €118 billion on previous quarter
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Source: ecb.europa.eu
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