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ESMA-Trends, Risks and Vulnerabilities (TRV) Report, No. 1, 2023-ESMA sees high risks amid fragile markets
March 27, 2023--Risk summary and outlook:
The slowdown of economic activity, high inflation, the global tightening of financial conditions, the geopolitical environment and the materialisation of peripheral risks linked to leverage and liquidity are the defining drivers of risk in EU financial markets at the current juncture, aggravated by growing concerns over business practices in the crypto space.
Amid this volatile environment, financial markets remained remarkably stable in the second half of 2022 (2H22) and economic sentiment has become more positive in early 2023. But there is no reason for complacency: High levels of uncertainty and fragile market liquidity are limiting the resilience of the financial system against further external shocks.
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Source: ESMA
ECB-Monetary developments in the euro area: February 2023
March 27, 2023--Annual growth rate of broad monetary aggregate M3 decreased to 2.9% in February 2023 from 3.5% in January
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, was -2.7% in February, compared with -0.8% in January
Annual growth rate of adjusted loans to households decreased to 3.2% in February from 3.6% in January
Annual growth rate of adjusted loans to non-financial corporations decreased to 5.7% in February from 6.1% in January
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 2.9% in February 2023 from 3.5% in January, averaging 3.5% in the three months up to February. 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 -2.7% in February, compared with -0.8% in January. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 17.5% in February from 15.2% in January. The annual growth rate of marketable instruments (M3-M2) increased to 21.3% in February from 13.7% in January.
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Source: ECB
ESMA fines S&P 1.11 million euros for failures related to the premature release of credit ratings to the public
March 24, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has fined S&P Global Ratings Europe Limited (S&P) a total of EUR 1,110,000, and issued a public notice for breaches of the Credit Rating Agencies Regulation (CRA Regulation).
ESMA found that S&P published credit ratings before the concerned securities were issued by the rated entities and announced to the market.
This was due to internal control failures and led to breaches by S&P of its transparency obligations.
The breaches covered by the fine specifically relate to:
deficiencies in S&P's internal control mechanisms, which did not ensure compliance with its obligations regarding the timely disclosure of credit ratings;
the failure by S&P to disclose on a non-selective basis and in a timely manner decisions to discontinue credit ratings;
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Source: ESMA
New strategy ETF from WisdomTree on Xetra: high-dividend companies from developed markets with currency hedging
March 23, 2023--Since Thursday, a new exchange-traded fund issued by WisdomTree has been tradable on Xetra and via the trading venue Börse Frankfurt.
The WisdomTree Global Quality Dividend Growth UCITS ETF- EUR Hedged Acc allows investors to invest in high-dividend companies from developed markets.
In addition,companies are selected based on other factors including estimated long-term earnings growth and average return on equity and return on assets. The weighting of the companies is based on the dividend yield and the two fundamental factors.
Companies that do not comply with ESG principles are not considered.
This is a currency-hedged share class in which the impact of exchange rate fluctuations is minimised.
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Source: Xetra
UK regulator takes aim at index providers over greenwashing
March 21, 2023--Financial Conduct Authority criticises 'widespread failings' in ESG benchmarks
The UK's financial regulator has warned index providers that they are fuelling greenwashing after identifying "widespread failings" with environment, social and governance benchmarks that guide billions in sustainable investment.
The Financial Conduct Authority said on Monday that the overall quality of ESG-related disclosures made by index providers was "poor" and repeated its determination to ensure that ESG ratings providers should be formally regulated.
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Source: ft.com
Eurex is the first European exchange to launch Bitcoin index futures
March 22, 2023--Launch of futures on FTSE Bitcoin Index in USD and EUR
Trusted access to cryptocurrencies in a regulated market with Eurex
Robust index methodology and governance framework of FTSE Russell
Rigorous digital asset exchange vetting process from Digital Asset Research (DAR)
Eurex is the first exchange in Europe to offer Bitcoin index futures. Start of trading is scheduled for 17 April 2023. The leading European derivatives exchange has developed the new contract in partnership with FTSE Russell,a leading global index provider,and Digital Asset Research (DAR),its provider of institutional-grade digital asset data.
The launch of FTSE Bitcoin Index Futures is a major milestone in Eurex's ambition to offer safe and trusted access to cryptocurrencies in a regulated market environment. By partnering with FTSE Russell and DAR,Deutsche Börse Group's derivatives exchange corresponds to the increasing demand for a cash settled index-based contract.
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Source: Xetra
New bond ETF from Fidelity on Xetra: access to government bonds worldwide with focus on climate protection
March 20, 2023--Since Monday, a new exchange-traded fund issued by Fidelity has been tradable on Xetra and via the trading venue Börse Frankfurt.
The Fidelity Global Government Bond Climate Aware UCITS ETF gives investors access to liquid and local currency government bonds worldwide that are classified as sustainable and have an investment grade rating.
The portfolio of selected bonds pursues the initial goal of achieving a reduction in decarbonisation of at least 14 per cent and an annual average of 7 per cent in subsequent years.
Name: Fidelity Global Government Bond Climate Aware UCITS ETF-Inc
Asset class: Fixed Income ETF
ISIN: IE000IF0HTJ9
Ongoing charges: 0.20 per cent
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Source: Xetra
To calm turmoil, UBS to buy Credit Suisse in $3.25 billion rescue deal
March 20, 2023--Banking giant UBS is buying troubled rival Credit Suisse for almost USD 3.25 billion, in a deal orchestrated by regulators in an effort to avoid further market-shaking turmoil in the global banking system.
Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs (USD 54 billion) failed to reassure investors and the bank's customers. Shares of Credit Suisse and other banks plunged this week after the failure of two banks in the US sparked concerns about other potentially shaky institutions in the global financial system.
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Source: business-standard.com
Sustainable ETFs in Europe are often cheaper than mainstream peers
March 20, 2023--Price wars have prompted many providers to lower fees
Sustainable exchange traded funds are often cheaper than their non-sustainable peers, analysis from Refinitiv Lipper on the European ETF industry shows.
The average total expense ratios of equity ETFs classified as Article 8 or the "darker green" Article 9 were generally lower than their non-sustainable peers, Refinitiv Lipper found.
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Source: ft.com
New equity ETFs from Xtrackers on Xetra: access to companies from Europe, Japan, and the USA
March 16, 2023--Since Thursday, four new exchange-traded funds issued by Xtrackers are tradable on Xetra and via the trading venue Börse Frankfurt.
The four new Xtrackers ETFs offer investors access to a broadly diversified portfolio of companies based in Europe, Japan, and the USA.
The Xtrackers STOXX Europe 600 UCITS ETF invests in the 600 largest companies from 17 developed European countries, weighted by market capitalisation. In addition to eurozone countries such as France, Germany, Spain, the Netherlands, and Italy, these also include Great Britain, Switzerland, and Scandinavian countries.
The Xtrackers MSCI Japan UCITS ETF focuses on Japanese companies from different sectors, which together cover 85 per cent of the market capitalisation there.
With the Xtrackers S&P 500 Equal Weight UCITS ETF, investors can invest in the 500 largest US companies, each of which is equally weighted at 0.2 per cent. With about 130 more US companies, the X trackers MSCI USA Swap UCITS ETF also offers access to the US market. The weighting is based on market capitalisation and performance is tracked using a swap approach
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Source: xetra
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