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Brokers are skeptical of a post-Mifid redemption research renaissance
July 13, 2023--The UK and EU are rolling back one of their key financial regulations to revitalize the region's capital markets. However, investors and brokers warn that this move could come too late.
EU officials have sought to reverse some elements of the EU's Markets in Financial Instruments Directive, which was initially pushed by the UK ahead of Brexit. But Britain had forestalled them this week.
In his annual speech at Mansion House this week, Britain's Chancellor Jeremy Hunt said he would encourage brokers to do more research on UK small and medium-sized companies by repealing Mifid II rules, which prohibit stockbrokers from paying costs for investment research to offset against commissions paid by clients for trading. Since the rules came into force in 2018, asset managers have made separate payments for research.
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Source: ustoday.news
First European Bitcoin ETF set to launch this month after 12-month delay
July 13, 2023--Demand for Bitcoin ETFs is currently high as several financial institutions have applied for a spot Bitcoin ETFs in the U.S.
Jacobi Bitcoin (BTC) exchange-traded fund (ETF), the first European BTC ETF, is set to launch later this month on Euronext Amsterdam, Financial Times reported on July 13.
Jacobi Asset Management reportedly stated that the fund was "on track" for listing this month as there was now demand for it following its initial 12-month-long hiatus because of the Terra Luna-induced crypto market collapse in 2022.
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Source: cryptoslate.com
ECB-Meeting of 14-15 June 2023-Account of the monetary policy meeting of the Governing Council of the European Central Bank
Held in Frankfurt am Main on Wednesday and Thursday, 14-15 June 2023
July June 13, 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 3-4 May 2023, the narrative in financial markets had shifted from global tail risks -emanating from the banking sector tensions and the US debt ceiling debate- towards concerns about a deterioration in the euro area macroeconomic outlook and more persistent core inflation pressures globally.
Global market conditions had further normalised as tail risks to the economy had subsided. Volatility in financial markets had decreased notably across market segments and countries, suggesting that risks of systemic stress were currently contained. Stock market implied volatility in the United States, as measured by the VIX volatility index, had declined to its lowest level since the beginning of 2020.
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Source: ECB
ESMA does not find evidence to ban pre-hedging but warns on risks
July 12, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is today releasing the Final Report on the feedback received to the 2022 Call for Evidence on pre-hedging.
ESMA concludes that pre-hedging is a voluntary market practice which might give rise to conflicts of interest or abusive behaviours. Whereas ESMA does not find arguments to ban this practice at this stage, it also flags that these risks should be considered when issuing any future guidance.
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Source: ESMA
ESMA provides insights into the expected sustainability disclosures in prospectuses
July 11, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has issued a Public Statement on the sustainability disclosure expected to be included in prospectuses.
The statement sets out ESMA's expectations on how the specific disclosure requirements of the Prospectus Regulation in relation to sustainability-related matters in equity and non-equity prospectuses should be satisfied considering the Environmental, Social and Governance (ESG) transition. This will help to:
ensure that national competent authorities (NCAs) take a coordinated approach to the scrutiny of sustainability-related disclosure in prospectuses;
provide issuers and their advisors with an understanding of the disclosure that NCAs will expect them to include in their prospectuses; and
support investors' ability to make an informed investment decision considering the importance of disclosure relating to sustainability-related matters.
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Source: ESMA
IMF Country Report-United Kingdom: Selected Issues
July 11, 2023--THE ENERGY PRICE SHOCK-IMPACT, POLICY RESPONSES, AND REFORM OPTIONS1
The surge in energy prices due to Russia's war in Ukraine inflicted a sharp terms of trade shock on the UK economy. While energy prices have since declined, the future energy price path remains uncertain, with futures-implied prices substantially above their levels prior to October 2021, when Russian natural gas imports to Europe began to be curtailed.
In this context, section I analyzes the impact of the energy price shock on UK households and firms; section II describes the energy support measures introduced by the UK government; and section III provides staff's assessment of these measures and sets out some options to optimize the policy response to a possible resurgence in energy prices.
These include structural measures to ensure energy security and raise resilience to spikes in energy prices, and options to refine, especially the targeting of, support measures that could be introduced in response.
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Source: imf.org
Demand for European bond ETFs hits record high in first half
July 11, 2024--Fixed income bonanza comes as global exchange traded fund assets reach $10.3tn and surpass prior peak
Demand for European fixed income exchange traded funds hit record levels in the first six months of 2023, as the assets of the global ETF industry hit an all-time high.
Investors poured a net $36bn into bond funds listed in the Europe, Middle East and Africa region in the first half of the year, according to data from BlackRock, surpassing the previous record of $33.8bn set in the first half of 2019.
On a global basis, fixed income ETFs have pulled in a net $165.4bn so far this year, a record start to the year, although just shy of the tally recorded in the second half of 2022.
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Source: ft.com
New Manual on post-trade transparency available
July 10, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is today publishing its Manual on post-trade transparency.
As a user-friendly tool for post-trade transparency and transparency calculations, this manual provides market participants and national competent authorities with guidance for how to apply the relevant MiFIR obligations in a consistent manner.
which instruments and transactions are subject to post-trade transparency;
who has to report and publish post-trade transparency information;
when post-trade information has to be made public: real-time vs deferred;
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Source: ESMA
New crypto ETN by 21Shares on Xetra: basket of five largest crypto assets equally weighted
July 6, 2023--Since Thursday, a new crypto ETN by 21Shares has been tradable on Xetra and via the Börse Frankfurt trading venue
The 21Shares Crypto Basket Equal Weight ETP offers investors the opportunity to participate in the performance of a basket of the five largest crypto stocks by market capitalisation.
The following crypto stocks are currently included: Binance Coin, Bitcoin, Cardano, Ethereum, and Ripple. The composition is rebalanced quarterly to 20 per cent per asset.
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Source: Xetra
Solactive and Franklin Templeton Collaborate to Launch Two Thematic ETFs Targeting Sustainable Companies Across Food and Healthcare
July 6, 2023--Solactive and Franklin Templeton are excited to announce their partnership in launching two new exchange-traded funds (ETFs) tracking Solactive indices. Designed to offer investors focused exposure to the dynamic food and healthcare sectors, these ETFs will use the Solactive Sustainable Food Index NTR (net total return) and the Solactive Sustainable Health and Wellness Index NTR.
By leveraging Solactive's indexing expertise and Franklin Templeton's investment capabilities, these ETFs are poised to meet the evolving needs of investors seeking long-term growth and sustainability.
According to research from Statista, the health and wellness market size worldwide was at more than $4.37 trillion in 2020 and is set to grow to almost $7 trillion by 20251. The food market revenue reached $8.67 billion in 20222 and is forecast to grow annually at a rate of 6.73% until 20283. To tap into that potential while, at the same time, considering the importance of ESG factors in investment decision-making, the indices aim to capture the performance of companies at the forefront of driving innovation and sustainability within those sectors. Both indices use Solactive’s proprietary Natural Language Processing (NLP) Engine ARTIS, which is utilizing advanced algorithms to parse high volumes of public documents evaluating companies’ exposure to the segments.
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Source: Solactive AG
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