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ESMA and NCAs to look at marketing of financial products
January 16, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is launching a common supervisory action (CSA) with national competent authorities (NCAs) on the application of MiFID II disclosure rules with regard to marketing communications across the European Union (EU).
The CSA will be conducted over the course of 2023.
ESMA is aware of the key role that marketing communications and advertisements can play in determining consumer behaviour and influencing investment decisions and is therefore launching this exercise to assess the application by investment firms and credit institutions of the MiFID II requirements on marketing communications.
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Source: SEC.gov
Sweden finds Europe's largest deposit of rare earth metals, which could become 'more important than oil and gas'
January 12, 2023--Swedish mining company LKAB discovered one million metric tons of rare earth oxides, which are used in electric vehicles and wind turbines.
CEO Jan Moström said it was good news for Europe, which imports 99% of its rare earth elements from China.
In 2022, European Commission President Ursula von der Leyen said rare earth elements would "soon be more important than oil and gas."
State-owned Swedish mining company LKAB said it has found what it believes to be Europe's largest known deposit of rare earth elements.
Located in Kiruna, in the far north of Sweden, the company said Thursday that the store contained more than one million metric tons of rare earth oxides.
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Source: cnbc.com
New thematic ETF from iShares on Xetra: access to metaverse companies worldwide
January 9, 2023--A new exchange traded fund issued by iShares has been tradable on Xetra and via Börse Frankfurt since Monday.
With the iShares Metaverse UCITS ETF, investors can participate in the trend of the development of the Metaverse. The index consists of companies worldwide that are significantly involved in the provision of products and services for the Metaverse.
The metaverse is a concept that aims to simulate the real world or imagine a world beyond the real one by integrating digital and physical interactions for an immersive experience. Metaverse technology areas include virtual reality, 3D image modelling, avatar, graphics processors, blockchain and non-fungible tokens.
Companies that do not meet ESG criteria or are involved in controversial business sectors such as controversial weapons, tobacco, nuclear power or thermal coal are excluded.
Name: iShares Metaverse UCITS ETF USD (Acc)
Asset class: Equity ETF
ISIN: IE000RN58M26
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Source: Xetra
ECB-Euro area bank interest rate statistics: November 2022
January 4, 2023--Composite cost-of-borrowing indicator for new loans to corporations increased by 37 basis points to 3.09%, driven by interest rate effect; indicator for new loans to households for house purchase increased by 21 basis points to 2.88%, driven by interest rate effect
Composite interest rate for new deposits with agreed maturity from corporations increased by 56 basis points to 1.52%, mainly driven by interest rate effect; interest rate for overnight deposits from corporations increased by 7 basis points to 0.15%, driven by interest rate effect
Composite interest rate for new deposits with agreed maturity from households increased by 28 basis points to 1.26%, mainly driven by interest rate effect; interest rate for overnight deposits from households broadly unchanged at 0.05%
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Source: ECB
ECB-Monetary developments in the euro area: November 2022
December 29, 2022--Annual growth rate of broad monetary aggregate M3 decreased to 4.8% in November 2022 from 5.1% in October
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 2.4% in November from 3.8% in October
Annual growth rate of adjusted loans to households stood at 4.1% in November, compared with 4.2% in October
Annual growth rate of adjusted loans to non-financial corporations decreased to 8.4% in November from 8.9% in October
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 4.8% in November 2022 from 5.1% in October, averaging 5.4% in the three months up to November. 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 2.4% in November from 3.8% in October. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 12.0% in November from 9.9% in October. The annual growth rate of marketable instruments (M3-M2) increased to 8.5% in November from 2.9% in October.
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Source: ECB
ESMA publishes technical standards on cross-border activities under the UCITS Directive and the AIFMD
December 21, 2022--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, today published a final report specifying the information to be provided, and the templates to be used, to inform competent authorities of the cross-border marketing and management of investment funds and the cross-border provision of services by fund managers.
Under the UCITS Directive and the AIFMD, ESMA is empowered to draft optional Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) for the notifications of cross-border activities. The purpose of the draft ITS and RTS is to facilitate the process for notifying cross-border marketing and management activities in relation to UCITS and AIFs, as well the cross-border provisions of services by fund managers, by standardising the content and the format of the information to be provided by management companies, UCITS and AIFMs
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Source: ESMA
DWS Launches Emerging Markets ETF Tracking Solactive Index and Expands its Paris Aligned Range Once More
December 19, 2022--Solactive is pleased to announce that DWS expanded once more its net-zero ETF range with a new ETF tracking a Solactive index. After introducing five net-zero ETFs tracking Solactive's indices this year to the market, DWS launches now an Emerging Market Net Zero Pathway Paris Aligned UCITS ETF (XEMN), which tracks the Solactive ISS ESG Emerging Market Net Zero Pathway Index.
The Xtrackers Emerging Market Net Zero Pathway Paris Aligned UCITS ETF follows the same climate reduction targets as the rest of the series. It listed on the Deutsche Börse and the London Stock Exchange.
The Solactive ISS ESG Emerging Market Net Zero Pathway Index is part of the Solactive ISS ESG Net Zero Pathway Index Series. The series focuses on large and medium-sized companies and aims to represent multiple segments of the global stock market complying with the regulations of the EU Paris-Aligned Benchmarks (EU PAB) as regards the minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks. The indices provide a 50% reduction in carbon intensity versus an equivalent non-ESG market benchmark, and a 7% year-on-year ongoing decarbonization pathway.
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Source: Solactive AG
IMF Working Paper-A Bottom-Up Reduced Form Phillips Curve for the Euro Area
December 16, 2022--Summary:
We develop a bottom-up model of inflation in the euro area based on a set of augmented Phillips curves for seven subcomponents of core inflation and auxiliary regressions for non-core items. We use the model's disaggregated structure to explore which factors drove the deterioration in forecasting performance during the pandemic period and use these insights to improve on the ability to forecast inflation.
In the baseline, the projection for core inflation is centered above 3 percent at end-2023, while headline inflation is expected to drop quite sharply over 2023, with energy base effects pulling inflation down from the currently very elevated levels to below 3 percent by 2023q4. The confidence intervals around these projections are wide given elevated uncertainty. We argue that the bottom-up approach offers a useful complement to the forecasters toolbox -even in the current uncertain environment- by improving forecast accuracy, shedding additional light on the drivers of inflation and providing a framework in which to apply ex post judgement in a structured way.
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Source: imf.org
ESMA provides guidance for supervision of cross-border activities of investment firms
December 14, 2022--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, today publishes a Supervisory Briefing to ensure convergence across the European Union (EU) in the supervision of the cross-border activities of investment firms.
The free provision of services in the EU rests on the supervision of the home NCA and on the cooperation between home and host supervisors. To this end, this briefing covers the following areas:
authorisation of firms with cross-border plans;
processing of passport notifications and their impact on the supervisory approach applied to firms;
arrangements in place to carry out ongoing supervisory activities;
carrying out of ongoing supervision; and
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Source: ESMA
ESMA publishes latest edition of its newsletter
December 13 2022--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published the November edition of its Spotlight on Markets Newsletter.
Your one-stop-shop in the world of EU financial markets features an update on the memorandums of understanding (MoUs) between ESMA and non-EU authorities responsible for CCPs and a statement delivered by Steffen Kern, ESMA Head of Risk Analysis and Chief Economist, to the European Parliament, presenting the initial analysis on the collapse of FTX.
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Source: ESMA
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