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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
ESAs publish joint advice to the EU Commission on the review of the securitisation prudential framework
December 12, 2022--The three European Supervisory Authorities (EBA, EIOPA and ESMA -ESAs) today published a joint advice in response to the European Commission's October 2021 call for advice on the review of the securitisation prudential framework.
The ESAs welcome the current review as an opportunity to assess the performance of the current framework and support the objective of reviving the EU securitisation market.
The targeted proposals in the advice aim at improving the consistency and risk sensitivity of the capital framework for banks whereas the liquidity framework for banks and the prudential framework for (re)insurers should be maintained as it currently stands. However, the ESAs believe that re-calibrating the securitisation prudential framework would not be a solution that in itself would ensure the revival of the securitisation market.
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Source: ESMA
New HSBC Equity ETF on Xetra: access to emerging market companies with value strategy
December 9, 2022--Since Friday, a new exchange-traded fund issued by HSBC Asset Management has been tradable on Xetra and via the Frankfurt Stock Exchange.
The HSBC MSCI Emerging Markets Value ESG UCITS ETF invests in large and mid-cap companies domiciled in emerging markets worldwide. The ETF uses a value approach in its selection.
The selection is based on three value-specific variables, the price-to-book, price-to-earnings, and price-to-cash flow ratios, to identify undervalued companies.
In addition, an improved ESG score of 20 per cent compared to the main index is to be achieved.
The ETF excludes companies involved in serious ESG controversies or doing business in weapons, oil sands, thermal coal, tobacco, and non-medical cannabis.
Name: HSBC MSCI Emerging Markets Value ESG UCITS ETF USD Acc
Asset class: Equity ETF
ISIN: IE000NVVIF88
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Source: Xetra
New equity ETF from iShares on Xetra: global and broadly diversified investment in companies with a sustainable approach
December 9, 2022--A new exchange traded fund from iShares has been tradable on Xetra and via the Frankfurt Stock Exchange since Friday.
The iShares MSCI ACWI SRI UCITS ETF offers investors access to companies from all over the world that fulfil a distinct sustainability profile. The underlying companies must meet certain environmental, social and governance (ESG) criteria. Companies from controversial sectors are excluded from the benchmark.
The ETF follows a best-in-class approach and thus invests in the best issuers of the respective sector before an SRI perspective.
Name: iShares MSCI ACWI SRI UCITS ETF USD (Dist)
Asset Class: Equity ETF
ISIN: IE000RDRMSD6
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Source: Xetra
Five new ETCs from Societe Generale on Xetra: access to the energy and precious metals commodities sector as well as CO2 emission rights
December 9, 2022--Since Friday, five new exchange-traded commodities (ETCs) of Société Générale are tradable on Xetra and via Börse Frankfurt.
With its ETCs, Société Générale offers investors the opportunity to gain exposure to the commodities market via futures contracts. In the energy sector, its product range includes ETCs on the performance of Henry Hub Natural Gas and Brent Crude Oil. In the precious metals sector, ETCs are available on the futures contracts of gold and silver.
In addition, the ETC on the ICE EUA Futures offers an investment in futures contracts on CO2 emission rights (ICE EAU).
All five ETCs are fully collateralised. Since futures contracts have a limited term, they are generally exchanged before maturity for the futures contract with the next maturity date (so-called roll-over). Depending on whether the purchased futures contract is cheaper or more expensive than the sold futures contract, roll profits or roll losses are achieved.
Name: ETC bezogen auf den Henry Hub Natural Gas Futures
Asset Class: ETC
ISIN: DE000ETC0704
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Source: Xetra
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