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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 New thematic ETF from iShares on Xetra: Access Copper Mining view more Three new ETFs from L&G on Xetra: access to world-leading brands, Indian government bonds and a diversified commodity investment view more ESMA provides analysis on issuers' potential benefits from an ESG pricing effect view more If you are looking for a particuliar article and can not find it, please feel free to contact us
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
October 9, 2023--Since Friday, a new exchange-traded fund issued by iShares has been tradable on Xetra and via the trading venue Börse Frankfurt.
The iShares Copper Miners UCITS ETF provides investors with access to a portfolio of companies from developed and emerging markets that have significant exposure to copper mining. Companies from India, Kuwait, Pakistan, and Saudi Arabia are excluded.
There are currently 35 companies in the portfolio; a company's weighting is limited to 8 per cent. The largest companies represented come from Canada, Great Britain, and Austra
Source: Xetra
October 9, 2023--Since Monday, three new exchange-traded funds issued by Legal & General Investment Management have been tradable on Xetra and the trading venue Börse Frankfurt.
For the first time, the L&G Global Brands UCITS ETF offers an investment in a portfolio of companies representing the world's leading brands across a variety of industries.
These include companies like Alphabet, Amazon, Apple, Microsoft, and Tesla. From an industry perspective, companies from the IT, finance and healthcare sectors account for the largest share. There are currently 81 companies represented in the portfolio, with the weighting of one stock limited to 5 per cent. Companies that violate the UN Global Compact or are associated with controversial topics will be excluded.
Source: Xetra
October 6, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets and securities regulator, today publishes an article on the European sustainable debt market, analysing the existence of an ESG pricing effect ('the Greenium') across different types of sustainable-abelled debt instruments.
In the article, ESMA notes that it cannot confirm a systematic pricing benefit for any ESG-labelled debt type as of March 2023. However, issuers of ESG bonds did benefit from a statistically significant pricing in the past driven by their issuer-level ESG credentials.
Source: ESMA
