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Surge in ETF closures and fall in launches hits European market
August 14, 2023--Tiny net increase in new funds contrasts with huge numbers recorded in 2022 and 2021
Europe's exchange traded product market has seen a sharp fall in launches and a dramatic rise in closures this year, despite the supportive backdrop from firmer financial markets, in a sign that it may be reaching saturation.
Product proliferation ground to a virtual halt in the first seven months of the year, with the 132 launches almost cancelled out by 111 closures, according to data from Morningstar Direct.
The mix represents a marked deterioration from 2022, when Europe saw the launch of 382 exchange traded funds and products and just 50 closures.
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Source: ft.com
New ETNs from WisdomTree on Xetra: access to the performance of CAC 40 companies and the European banking sector with triple leverage
August 14, 2023--Since Monday, three new exchange-traded notes issued by WisdomTree have been tradable on Xetra and via Börse Frankfurt.
With the two WisdomTree CAC 40 3x-ETNs, investors can choose to participate in the triple leveraged rising or falling price performance of the 40 largest French companies in the CAC 40 index by market capitalisation.
The WisdomTree EURO STOXX Banks 3x Daily Short tracks the inverse price change of companies in the Eurozone banking sector with triple leverage. The top three holdings include banks such as BNP Paribas, Banco Santander and ING Group.
The three WisdomTree Exchange Traded Notes are debt securities that track the performance of a benchmark index and are fully collateralised.
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Source: Xetra
BlackRock launches suite of Ucits iBonds in Europe
August 10, 2023--The fixed-maturity funds work like bonds and have seen a surge of interest in the US
BlackRock has launched a suite of Ucits iBond ETFs, giving European investors easy access to fixed-income exchange traded funds that mature on a fixed date, just like their underlying portfolios of bonds.
The products -which mature and pay out like a bond, trade like a stock, but provide access to a diversified basket of securities-have been available in the US since 2010 but failed to gain much prominence in the low-interest rate decade preceding the Covid-19 pandemic.
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Source: ft.com
ESMA publishes latest edition of its newsletter
August 8, 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 July on the launch of the first consultation package under the Markets in Crypto-Assets Regulation.
ESMA is seeking input-by 20 September 2023-on proposed rules for crypto-asset service providers (CASPs), related to their authorisation, identification and management of conflicts of interests and also how CASPs should address complaints. See also our dedicated page, including the timeline.
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Source: ESMA
New equity ETF by WisdomTree on Xetra: high dividend and growth focused US companies including currency hedging
July 7, 2023--Since Monday, a new exchange traded fund issued by WisdomTree is tradable on Xetra and via Börse Frankfurt.
With the WisdomTree US Quality Dividend Growth UCITS ETF- EUR Hedged investors can invest in a portfolio of 300 US companies with high dividends and the best combination of growth and quality factors.
Companies are selected based on their potential long-term income growth and their average return on equity and return on assets. The weighting is based on dividend payments in previous years. Companies that do not fulfil the ESG criteria of WisdomTree are excluded from this investment.
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Source: Xetra
UK official holdings of international reserves: July 2023
August 3, 2023--This release details movements in the international reserves of gold and assets held by the UK Government.
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Source: gov.uk
ESMA publishes data for quarterly bond liquidity assessment, the systematic internaliser calculations and the CTP calculations
August 2, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published the new quarterly liquidity assessment of bonds, the data for the quarterly systematic internaliser calculations for equity, equity-like instruments, bonds and for other non-equity instruments and the consolidated tape provider (CTP) under MiFID II and MiFIR.
Bonds quarterly liquidity assessment
ESMA has published the latest quarterly liquidity assessment for bonds available for trading on EU trading venues. For this period, there are currently 1,105 liquid bonds subject to MiFID II transparency requirements.
ESMA's liquidity assessment for bonds is based on a quarterly assessment of quantitative liquidity criteria, which includes the daily average trading activity (trades and notional amount) and the percentage of days traded per quarter. ESMA updates the bond market liquidity assessments quarterly. However, additional data and corrections submitted to ESMA may result in further updates within each quarter, published in ESMA's Financial Instruments Transparency System (FITRS), which shall be applicable the day following publication.
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Source: ESMA
New ETFs by Fidelity on Xetra: access to government bonds in alignment with the Paris Climate Objectives and active investment in Japanese companies
August 2, 2023--Since Wednesday, two new exchange traded funds issued by Fidelity are tradable on Xetra and via Börse Frankfurt.
The Fidelity Global Government Bond Climate Aware UCITS ETF gives investors access to government bonds worldwide, which are noted in local currencies and have an investment grade rating.
The fund aims for a 14 per cent lower carbon intensity and an annual decarbonization of 7 per cent. This is a currency-hedged asset class, in which exchange rate fluctuations against the euro are minimized.
The Fidelity Sustainable Research Enhanced Japan Equity UCITS ETF pursues an active investment strategy and mainly invest in a selection of Japanese companies that have a good ESG rating. The selection of companies considers ecological and social requirements, among which are CO2 intensity, CO2 emissions, energy efficiency, water and waste management, biodiversity, product security, health, and security as well as human rights.
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Source: Xetra
ECB-Euro area bank interest rate statistics: June 2023
July 2, 2023--Composite cost-of-borrowing indicator for new loans to corporations increased by 22 basis points to 4.79%; indicator for new loans to households for house purchase increased by 12 basis points to 3.70%; both driven by interest rate effect
Composite interest rate for new deposits with agreed maturity from corporations increased by 20 basis points to 3.16%; interest rate for overnight deposits from corporations increased by 6 basis points to 0.55%; both driven by interest rate effect
Composite interest rate for new deposits with agreed maturity from households increased by 23 basis points to 2.70%, mainly driven by interest rate effect; interest rate for overnight deposits from households broadly unchanged at 0.23%
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Source: ECB
Euro area economic and financial developments by institutional sector: first quarter of 2023
July 27, 2023--Euro area net saving was broadly unchanged at €633 billion in four quarters to first quarter of 2023
Household debt-to-income ratio decreased to 91.3% in first quarter of 2023 from 95.5% one year earlier
Non-financial corporations' debt-to-GDP ratio (consolidated measure) declined to 70.2% in first quarter of 2023 from 75.3% one year earlier
Total euro area economy
Euro area net saving was broadly unchanged at €633 billion (5.8% of euro area net disposable income) in the four quarters to the first quarter of 2023, as compared with €632 billion in the four-quarter period ending in the fourth quarter of 2022. Euro area net non-financial investment decreased to €609 billion (5.6% of net disposable income), due to decreased investment by non-financial corporations, while net investment by households, financial corporations and general government were broadly stable (see Chart 1).
Euro area net lending to the rest of the world increased to €68 billion (from €47 billion in the previous quarter), reflecting the decreased net non-financial investment and broadly unchanged net saving.
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Source: ECB
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