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LDI crisis to hit L&G's DB revenue and profit by £10mn
November 18, 2022--Legal & General has disclosed that its defined benefit business-linked revenues and profits will be hit by around £10mn in its full-year 2022 results, following an autumn liquidity crisis among pension schemes that saw its higher-fee products sold to meet collateral calls.
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Source: pensions-expert.com
ESMA consults on rules for passporting for investment firms
November 17, 2022--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is seeking input on the review of the technical standards under Article 34 of the Markets in Financial Instruments Directive (MiFID II), covering the provision of investment services across the EU.
The main amendments proposed add the following items to the information that investment firms are required to provide at the passporting stage:
the marketing means the firm will use in host Member States;
the language(s) for which the investment firm has the necessary arrangements to deal with complaints from clients from each of the host Member States in which it provides services;
in which Member States the firm will actively use its passport as well as the categories of clients targeted; and
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Source: ESMA
New bond ETFs from Vanguard on Xetra: access to corporate bonds with consideration of ESG criteria
November 17, 2022--Five new exchange-traded funds issued by Vanguard have been tradable on Xetra and via Börse Frankfurt since Thursday.
The Vanguard ESG USD Corporate Bond UCITS ETF gives investors access to a broadly diversified portfolio of corporate bonds worldwide.
The corporate bonds are denominated in US dollars, have a fixed interest rate and a residual term of at least one year. Investors can choose between an accumulating, distributing and currency-hedged share class.
The Vanguard ESG EUR Corporate Bond UCITS ETF provides access to a broadly diversified portfolio of corporate bonds worldwide. Corporate bonds are considered that are denominated in euros, have a fixed coupon and a residual term of at least one year.
Investors can choose between an accumulating and a distributing share class.
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Source: Xetra
HSBC AM downgrades seven Article 9 Paris-aligned ETFs
November 17, 2022--Downgraded to Article 8
HSBC Asset Management has dropped the Article 9 label from seven of its regional Paris-aligned ETFs, instead categorising them as the 'lighter green' Article 8 under the EU’s SFDR.
In a notice to shareholders, the firm said that it was "n the best interests of investors' for the label to be dropped,"pending further regulatory clarification" on the categorisation of funds that track Paris-aligned benchmarks.
The ETFs changed include the firm's Paris-Aligned ETFs with regional focuses on Europe, Japan, USA, Asia and emerging markets, as well as its global one.
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Source: investmentweek.co.uk
ECB Financial Stability Review shows risks increasing as economic and financial conditions worsen
November 16, 2022--Households and firms face multiple challenges, including weakening economic outlook, higher inflation and tighter financial conditions
Diminished market liquidity raises risk of disorderly asset price adjustments, which could test investment fund resilience
Governments should ensure support to vulnerable sectors is targeted and does not interfere with monetary policy normalisation
Risks to financial stability in the euro area have increased amid soaring energy prices, elevated inflation and low economic growth, the November 2022 Financial Stability Review published today by the European Central Bank (ECB) shows. At the same time, financial conditions have tightened as central banks act to rein in inflation.
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Source: ECB
Official Statistics: Forecasts for the UK economy: November 2022
November 16, 2022--A comparison of independent forecasts for the UK economy in November 2022.
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Source: gov.uk
Russia falls into recession
November 16, 2022--Yet the Russian economy has so far survived Western sanctions better than many economists expected.
Russia has entered a recession, nine months after launching its offensive in Ukraine as Western sanctions weigh on the economy, according to official data published on Wednesday.
Gross domestic product shrank 4% in the third quarter, according to a preliminary estimate by the national statistics agency Rosstat.
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Source: malaysianow.com
New Equity ETF from Amundi on Xetra: broadly diversified exposure to US companies with robust ESG profile
November 16, 2022-A new exchange-traded fund issued by Amundi Asset Management has been tradable on Xetra and via Börse Frankfurt since Wednesday.
The Amundi MSCI USA ESG Leaders Extra UCITS ETF gives investors access to a broadly diversified portfolio of large and mid-cap US companies represented in the MSCI USA main index.
The best-in-class approach selects only companies that have a robust ESG profile relative to their industry and are on a positive trend to improve that profile. Companies whose products have a negative impact on the environment and social structures are excluded.
Investors can trade the ETF flexibly using the same ISIN in the desired currency, euro, or US dollar. The trading currency can be selected in each case by means of an individually assigned exchange code.
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Source: Xetra
Regulators will struggle to supervise crypto groups, warns ECB
November 14, 2022--The European Central Bank's head of financial supervision has warned that regulators will struggle to oversee cryptocurrency asset providers, which "never think about financial risks", do not respect national borders and pose "a huge consumer protection issue".
Andrea Enria, chairman of the ECB's supervisory board, told the Financial Times: "I am concerned for my colleagues that will have to perform this supervision in the future because these are animals with whom it is difficult to engage."
Global regulators have been scrambling to respond to the collapse of crypto exchange FTX, which filed for bankruptcy in the US on Friday after failing to fill an $US8 billion ($11.98 billion) funding shortfall and leaving customers around the world facing heavy losses.
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Source: afr.com
New equity ETF from HSBC on Xetra: access to sustainable companies from emerging markets
November 11, 2022-- A new exchange-traded fund issued by HSBC Asset Management has been tradable on Xetra and via the Frankfurt Stock Exchange trading venue since Friday.
The HSBC MSCI Emerging Markets Small Cap ESG UCITS ETF focuses on small-cap companies domiciled in emerging markets.
The investment strategy focuses on increasing the weighting of companies that not only have a good ESG profile, but also have a proven track record of improving it.
The ETF excludes companies that are involved in serious ESG controversies or doing business in arms and nuclear weapons, adult entertainment, alcohol, gambling, nuclear power, energy from thermal coal, fossil fuels and tobacco.
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Source: Xetra
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