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New active ETF by J.P. Morgan on Xetra: access to the Japanese market with a positive ESG profile
July 18, 2023--Since Tuesday, a new active exchange traded fund by J.P. Morgan Asset Management is tradable on Xetra.
The JPM Japan Research Enhanced Index Equity (ESG) UCITS ETF pursues an active investment strategy and mainly invests in a portfolio of Japanese companies. The titles are selected based on a fundamental bottom-up approach and those companies with the greatest potential for above-average share price development are being overweighted.
Companies involved in businesses such as tobacco, coal for power plants and controversial weapons are excluded from the ETF. In addition, the company's own ESG scoring method is used to consider ecological and social aspects in the selection of companies.
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Source: Xetra
ESMA publishes 2022 UCITS and AIFMD sanction reports
July 18, 2023--The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes its 2022 reports on the use by National Competent Authorities (NCAs) of sanctions under the Undertakings for Collective Investments in Transferable Securities (UCITS) and the Alternative Investment Fund Managers Directive (AIFMD).
The pattern evidenced by the reports throughout the years (since 2013 for AIFMD and 2016 for UCITS) shows that, besides a limited number of NCAs issuing an increasing number of sanctions, the level of sanctions issued at national level remains stable and generally low, in particular when it comes to penalties.
Some highlights from the data
UCITS sanctions: In 2022, 9 NCAs imposed a total of 38 penalties, compared with 61 penalties issued by 12 NCAs in 2021. 98% of the total amount of penalties was imposed by a single NCA. 16 NCAs did not impose any sanction during this period.
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Source: ESMA
New equity ETFs from Xtrackers on Xetra: Four factor strategies combined with climate protection and sustainability for companies from industrialised countries
July 17, 2023--Since Monday, four new exchange traded funds from Xtrackers are tradable on Xetra and via the Börse Frankfurt trading venue.
The new ETFs offer investors the opportunity to invest in large and medium-sized companies from industrialised countries that are selected and weighted according to an optimisation approach, taking into account factors like climate protection and sustainability.
Companies that have an MSCI ESG rating of BB or lower, are active in controversial business areas such as nuclear weapons, tobacco products, alcohol, gambling, fossil fuel extraction and power generation from thermal coal or do not comply with the principles of the UN Global Compact are generally excluded.
Britain should end manned space flight ban, say MPs
July 17, 2023--The government should reconsider its decades-long ban on sending Britons into space, MPs say. They warn that an outright rejection of human space flight could lead to the UK being unable to take part in future international missions and weaken the country's standing in space science.
Today's report by the Commons science and technology committee also calls for a more coherent strategy to enable the UK to take advantage of increasing international interest in space.
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Source: theguardian.com
IMF Staff Country Report-Germany: Selected Issues
July 17, 2023--IMPACT OF HIGH ENERGY PRICES ON GERMANY’S POTENTIAL OUPUT1
The surge in energy prices since Russia's invasion of Ukraine has reduced the energy-intensive sector's production in Germany, although the non-energy intensive sector's production has held up thanks in part to firms' efforts to improve energy efficiency. Energy prices are expected to remain elevated in the foreseeable future, compared to pre-war levels, adversely affecting firms' productivity and thus lowering Germany's potential output.
Economic modeling suggests that this effect could be around 1¼ percent of GDP in staff's baseline, with some uncertainty around this estimate, given uncertainties about the ultimate magnitude of the energy price shock and the degree to which increased energy efficiency can mitigate it. Policies can promote effective adjustment to the shock by increasing productivity and maintaining strong price incentives to conserve energy and invest in renewable energy production.
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Source: imf.org
Brokers are skeptical of a post-Mifid redemption research renaissance
July 13, 2023--The UK and EU are rolling back one of their key financial regulations to revitalize the region's capital markets. However, investors and brokers warn that this move could come too late.
EU officials have sought to reverse some elements of the EU's Markets in Financial Instruments Directive, which was initially pushed by the UK ahead of Brexit. But Britain had forestalled them this week.
In his annual speech at Mansion House this week, Britain's Chancellor Jeremy Hunt said he would encourage brokers to do more research on UK small and medium-sized companies by repealing Mifid II rules, which prohibit stockbrokers from paying costs for investment research to offset against commissions paid by clients for trading. Since the rules came into force in 2018, asset managers have made separate payments for research.
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Source: ustoday.news
First European Bitcoin ETF set to launch this month after 12-month delay
July 13, 2023--Demand for Bitcoin ETFs is currently high as several financial institutions have applied for a spot Bitcoin ETFs in the U.S.
Jacobi Bitcoin (BTC) exchange-traded fund (ETF), the first European BTC ETF, is set to launch later this month on Euronext Amsterdam, Financial Times reported on July 13.
Jacobi Asset Management reportedly stated that the fund was "on track" for listing this month as there was now demand for it following its initial 12-month-long hiatus because of the Terra Luna-induced crypto market collapse in 2022.
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Source: cryptoslate.com
ECB-Meeting of 14-15 June 2023-Account of the monetary policy meeting of the Governing Council of the European Central Bank
Held in Frankfurt am Main on Wednesday and Thursday, 14-15 June 2023
July June 13, 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 3-4 May 2023, the narrative in financial markets had shifted from global tail risks -emanating from the banking sector tensions and the US debt ceiling debate- towards concerns about a deterioration in the euro area macroeconomic outlook and more persistent core inflation pressures globally.
Global market conditions had further normalised as tail risks to the economy had subsided. Volatility in financial markets had decreased notably across market segments and countries, suggesting that risks of systemic stress were currently contained. Stock market implied volatility in the United States, as measured by the VIX volatility index, had declined to its lowest level since the beginning of 2020.
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Source: ECB
ESMA does not find evidence to ban pre-hedging but warns on risks
July 12, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is today releasing the Final Report on the feedback received to the 2022 Call for Evidence on pre-hedging.
ESMA concludes that pre-hedging is a voluntary market practice which might give rise to conflicts of interest or abusive behaviours. Whereas ESMA does not find arguments to ban this practice at this stage, it also flags that these risks should be considered when issuing any future guidance.
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Source: ESMA
ESMA provides insights into the expected sustainability disclosures in prospectuses
July 11, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has issued a Public Statement on the sustainability disclosure expected to be included in prospectuses.
The statement sets out ESMA's expectations on how the specific disclosure requirements of the Prospectus Regulation in relation to sustainability-related matters in equity and non-equity prospectuses should be satisfied considering the Environmental, Social and Governance (ESG) transition. This will help to:
ensure that national competent authorities (NCAs) take a coordinated approach to the scrutiny of sustainability-related disclosure in prospectuses;
provide issuers and their advisors with an understanding of the disclosure that NCAs will expect them to include in their prospectuses; and
support investors' ability to make an informed investment decision considering the importance of disclosure relating to sustainability-related matters.
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Source: ESMA
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