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ECB and the ESAs call for enhanced climate-related disclosure for structured finance products
March 13, 2023--The European Supervisory Authorities[1] (ESAs), together with the European Central Bank (ECB), today published a Joint Statement on climate-related disclosure for structured finance products. The Statement encourages the development of disclosure standards for securitised assets through harmonised climate-related data requirements.
Currently, there is a lack of climate-related data on the assets underlying structured finance products. This poses an obstacle for the classification of products and services under the EU Taxonomy Regulation and Sustainable Finance Disclosure Regulation (SFDR) and hinders the proper assessment and management of climate-related risks. The Statement sets out the joint efforts of the ECB and the ESAs to facilitate access to climate-related data with a view to improving sustainability-related transparency in securitisations and to promote consistent and harmonised requirements for similar instruments.
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Source: ESMA
New equity ETFs from Amundi on Xetra: climate-friendly ETFs with focus on the Pacific and European small caps as well as access to Chinese A-shares
March 10, 2023--Since Friday, three new exchange-traded funds issued by Amundi Asset Management have been tradable on Xetra and via the trading venue Börse Frankfurt.
The Amundi MSCI Pacific ESG Climate Net Zero Ambition CTB UCITS ETF focuses on large and medium-sized companies from five developed countries in the Pacific region.
The most represented countries are Japan and Australia, followed by Hong Kong, Singapore, and New Zealand.
The Amundi MSCI Europe Small Cap ESG Climate Net Zero Ambition CTB UCITS ETF invests in a diversified portfolio of European small caps.
Both ETFs exclude companies whose products have a negative ESG rating and overweight those with a good rating. At the same time, both aim to reduce the CO2 footprint by 30 per cent and an annual decarbonization of 7 per cent compared to the parent index in order to be compliant with the EU Climate Transition Benchmark (EU-CTB).
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Source: Xetra
IMF Country Report-Kingdom of the Netherlands–the Netherlands: 2022 Article IV Consultation
March 9, 2023--Summary:
The Dutch economy was more resilient than its peers during and after the pandemic. Reflecting the prevalence of telecommuting and strong fiscal support, the economy experienced a less severe recession followed by a more robust recovery than in the rest of the euro area, with no scarring expected.
The labor market is tight with a low unemployment rate and high vacancies, although wage growth has so far been moderate. After hitting a record high in September, consumer price inflation eased to 11 percent in December driven by lower energy prices, while core inflation increased to 8.4 percent y/y. The economy appears to be overheating. The war in Ukraine is posing new challenges albeit the terms of trade shock has been smaller than for the rest of the euro area.
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Source: imf.org
ECB-Euro area bank interest rate statistics: January 2023
March 3, 2023--Composite cost-of-borrowing indicator for new loans to corporations increased by 22 basis points to 3.63%; indicator for new loans to households for house purchase increased by 16 basis points to 3.10%; both driven by interest rate effect
Composite interest rate for new deposits with agreed maturity from corporations increased by 18 basis points to 2.01%; interest rate for overnight deposits from corporations increased by 4 basis points to 0.23%; both driven by interest rate effect
Composite interest rate for new deposits with agreed maturity from households increased by 19 basis points to 1.64%, mainly driven by interest rate effect; interest rate for overnight deposits from households broadly unchanged at 0.10%
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Source: ECB
Research: UK official holdings of international reserves: February 2023
March 3, 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
ECB-Meeting of 1-2 February 2023 -Account of the monetary policy meeting of the Governing Council of the European Central Bank
March 2, 2023-Held in Frankfurt am Main on Wednesday and Thursday, 1-2 February 2023
1. Review of financial, economic and monetary developments and policy options
Financial market developments
Ms Schnabel noted that the Governing Council's previous monetary policy meeting on 14-15 December 2022 had left a visible footprint in euro area financial markets, with a welcome increase in real interest rates to levels that were more consistent with a timely return of inflation to the 2% target.
However, while the "terminal rate" priced in the euro area real overnight index swap (OIS) forward curve had edged up initially, a sharp decline in expected inflation, on the back of lower gas prices and inflation surprises to the downside, had later contributed to market participants revising down their rate expectations. Expectations of rapid disinflation had also induced markets to price in material rate cuts as of 2024, suggesting that they judged the period of restrictive monetary policy needed to rein in high inflation to be relatively short.
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Source: ECB
European banks, asset managers study halving stocks settlement time
By Huw Jones
March 1, 2023--Banks and asset managers have set up a new task-force to study whether Europe should keep up with Wall Street by halving the time it takes to settle share trades.
The U.S. Securities & Exchange Commission last month decided to cut the period for settlement or final leg of a trade, to one working day, known as T+1, from two working days, the current lag in Europe.
Halving settlement in Europe would mean banks and asset managers having to reconfigure their IT systems at a cost.
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Source: reuters.com
Vanguard Shuts U.K. Financial Planning Arm Two Years After Launch
March 1, 2023-- Vanguard Group Inc. is culling its UK financial planning arm about two years after its launch, having struggled to attract clients.
Vanguard Personal Financial Planning was set up in April 2021 to offer retirement advice via the firm's personal investor platform.
"After careful consideration, we have concluded that our clients are looking for other, more adaptable forms of financial planning from Vanguard," a spokesperson for the US firm said in an emailed statement, adding that Vanguard was committed to develop "further financial guidance and advice services." Customers will be able to use the service until May 31.
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Source: fa-mag.com
HSBC Russia ETF closure leaves only one in Europe
March 1, 2023--FinEx Capital Management says it does not plan to close its suspended Russian RTS Equity ETF
The decision by HSBC Asset Management to close its Russia equity exchange traded fund means there is only one such product open in Europe.
FinEx Capital Management told Ignites Europe it did not plan to close its Russian RTS Equity ETF, which has been suspended since March last year following Russia's invasion of Ukraine.
The fund was one of eight Russia equity ETFs in Europe before Russia's invasion of Ukraine, which had combined assets under management of €820mn at the end of January 2022, according to Morningstar data.
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Source: ft.com
Deutsche Boerse welcomes abrdn as a new ETF issuer on Xetra
March 1, 2023--First actively managed ETF issued by abrdn with a focus on the global real estate sector
The first actively managed exchange-traded fund issued by the British asset manager abrdn has been tradable on Xetra and via the trading venue Börse Frankfurt since Wednesday.
The actively managed abrdn Global Real Estate Active Thematics UCITS ETF gives investors the opportunity to invest in a portfolio of listed real estate securities that are aligned with longer term themes in the market.
The active selection process is based on the abrdn Real Estate Global HouseView, which is a dynamic, multi-dimensional global framework that aims to identify outperforming real estate sectors and segments of the future. The HouseView considers factors such as macroeconomics, thematic trends, capital markets, interest rates and real estate fundamentals (e.g. supply/demand balance and rent trends). Currently more than 280 market segments across 28 countries based on their expected relative returns are ranked. The sectors with superior expected relative returns are then overweighted, conversely the strategy looks to reduce exposure to those areas of the market that are forecast to underperform.
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Source: Xetra
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