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Research: UK official holdings of international reserves: June 2023
July 5, 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
New Equity ETF by HANetf on Xetra: Access to the global defence sector for NATO and associated countries
July 4, 2023--Since Tuesday a new Exchange Traded Fund by HANetf is tradable on Xetra and via the Börse Frankfurt trading venue.
The Future of Defence UCITS ETF offers investors direct access to a globally diversified portfolio of 41 companies based in a NATO or an associated country and generating their revenues in the defence sector.
All companies must generate at least 50 per cent of their revenues through the development and production of military planes, military equipment or cyber security contracs with a Nato member or an associated state.
The weighting of each asset is limited to 5 per cent for each company and 50 per cent for each country.
Name: Name
ISIN: IE000OJ5TQP4
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Source: Xetra
ESMA publishes second overview of national rules governing fund marketing
July 3, 2023--The European Securities and Markets Authority (ESMA), the EU securities markets regulator and supervisor, has submitted to the European Parliament, the Council and the European Commission its second report on national rules governing the marketing of investment funds under the Regulation on cross-border distribution of funds.
The key findings are the following:
The transposition of the Directive on cross-border distribution of funds and the entry into force of the ESMA Guidelines on funds' marketing communications helped reach a greater level of harmonisation in areas where national divergences existed (identified in the first ESMA Report submitted in 2021).
Despite the powers NCAs have under the Regulation, it is apparent that only a limited number of NCAs carried out any ex-ante verifications of marketing communications, while an increasing number of NCAs reported carrying out ex-post verifications.
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Source: ESMA
Pressure from ETFs forecast to lead to more active fund fee cuts
July 1, 2030--Average charges for European passive funds have declined faster than their active counterparts
Active funds in Europe are forecast to further lower their fees as they try to "secure their future" in the face of rising demand for low-cost passive funds, experts say.
Fabrizio Zumbo, director of European asset and wealth management research at Cerulli, said active funds had been suffering "downward pressure" on costs as they struggled to outperform their benchmarks.
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Source: ft.com
New ETNs from Leverage Shares on Xetra: access to equity companies, US government bonds and tech stocks with vola hedge component
June 30, 2023--Since Friday, 14 exchange-traded notes issued by Leverage Shares are tradable on Xetra and via the trading venue B*ouml;rse Frankfurt.
Leverage Shares complements its existing range of collateralised exchange traded notes (ETNs) and offers investors access to the long and short performance of equity companies, US government bonds as well as an active investment strategy of tech stocks in combination with a hedge component with up to a 5x leverage factor.
The LS FAANG+ ETP tracks the performance of a basket of ten equally weighted, highly liquid, globally known US technology companies. These include, for example, Amazon, Apple, Alphabet, Meta Platforms, Microsoft, Netflix and Tesla. Access to the Indian equity market in the triple long and short variant is offered by the Leverage Shares India ETP.
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Source: Xetra
ESMA finds adequate setup of measures to reduce volatility in trading of energy derivatives
June 30, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published its Report on the implementation and functioning of the Intra-day Volatility Management Mechanism (IVM).
Following an assessment of the IVMs introduced by trading venues and identification of differences in the approaches taken in their implementation and calibration, ESMA finds that they have been adequately set up. ESMA however also highlights some practical challenges.
The IVM aims at limiting extreme volatility of prices in energy derivatives markets within one day. ESMA finds them adequately calibrated, with the caveat of the assessment having been done in a period with no evidence of protracted volatility episodes affecting energy commodity derivatives trading.
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Source: ESMA
Euro zone inflation falls again in June as energy prices tumble
June 30, 2023-- Inflation in the euro zone extended its decline in June as the cost of fuel tumbled, more than offsetting an acceleration in prices for services, a preliminary reading showed on Friday.
The data, pointing to only the smallest drop in underlying inflation, was unlikely to sway the European Central Bank, which has pencilled in a ninth consecutive rate hike for July and is eyeing one in September too.
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Source: reuters.com
ESMA finds adequate setup of measures to reduce volatility in trading of energy derivatives
June 30, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published its Report on the implementation and functioning of the Intra-day Volatility Management Mechanism (IVM).
Following an assessment of the IVMs introduced by trading venues and identification of differences in the approaches taken in their implementation and calibration, ESMA finds that they have been adequately set up. ESMA however also highlights some practical challenges.
The IVM aims at limiting extreme volatility of prices in energy derivatives markets within one day. ESMA finds them adequately calibrated, with the caveat of the assessment having been done in a period with no evidence of protracted volatility episodes affecting energy commodity derivatives trading.
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Source: ESMA
IMF Working Paper-The Impact of Climate Policy on Oil and Gas Investment: Evidence from Firm-Level Data
June 30, 2023--Summary:
Using a text-based firm-level measure of climate policy exposure, we show that climate policies have led to a global decline of 6.5 percent in investment among publicly traded oil and gas companies between 2015 and 2019, with European companies experiencing the most significant impact.
Similarly, climate policy uncertainty has also had a negative impact. Results support the Neoclassical investment model, which predicts a pre-emptive cut in investment in reaction to downward shifts in prospective demand, in contrast with the "green paradox" that predicts an increase in current investment to shift production toward the present.
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Source: imf.org
ECB-Monetary developments in the euro area: May 2023
July 28, 2023--Annual growth rate of broad monetary aggregate M3 decreased to 1.4% in May 2023 from 1.9% in April
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, was -6.4% in May, compared with -5.2% in April
Annual growth rate of adjusted loans to households decreased to 2.1% in May from 2.5% in April
Annual growth rate of adjusted loans to non-financial corporations decreased to 4.0% in May from 4.6% in April
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 1.4% in May 2023 from 1.9% in April, averaging 1.9% in the three months up to May. 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, was -6.4% in May, compared with -5.2% in April. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 22.5% in May from 21.0% in April. The annual growth rate of marketable instruments (M3-M2) increased to 24.2% in May from 21.5% in April.
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Source: ECB
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