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Account of the monetary policy meeting of the Governing Council of the European Central Bank 9-10 March 2022
April 7, 2022--1. Review of financial, economic and monetary developments and policy options
Financial market developments
Ms Schnabel reviewed the latest financial market developments since the Governing Council's monetary policy meeting on 2-3 February 2022.
Before Russia's invasion of Ukraine, the shift in the ECB's communication agreed at the February meeting had contributed to the orderly adjustment in financial markets towards less accommodative financial conditions that were more consistent with a changing medium-term inflation outlook.
The uncertainty triggered by the war had temporarily halted and partly reversed the repricing of monetary policy expectations globally, leading to heightened volatility across market segments. However, so far, market stress and dislocations appeared less severe than at the peak of the coronavirus (COVID-19) pandemic shock.
The largest market impact of the Russian invasion of Ukraine to date had been on commodity prices, with oil and gas registering new multi-year highs and futures curves shifting up significantly from already elevated levels.
Deutsche Börse further expands offering of centrally cleared crypto ETNs on Xetra
April 6, 2022--New products from 21Shares, ETC Group and VanEck offer investors access to ten new crypto assets
Deutsche Börse is further expanding its range of centrally cleared crypto exchange-traded notes (ETNs): As of today, investors can for the first time participate in the performance of the following crypto assets on Xetra and Börse Frankfurt via ETNs of the issuers 21Shares, ETC Group and VanEck: Algorand (ALGO), Avalanche (AVAX), Binance Coin (BNB), Chainlink (LINK), Cosmos (ATOM), FTX Token (FTT), Polygon (MATIC), Ripple XRP (XRP), Terra (LUNA) and Uniswap (UNI).
All crypto ETNs tradable on Xetra are physically collateralised and listed on the Regulated Market of the Frankfurt Stock Exchange. Investors can easily purchase these similar to shares or exchange-traded funds (ETFs) without having to set up crypto wallets. In addition, all crypto ETNs on Xetra are centrally cleared by Eurex Clearing AG as Deutsche Börse Group's central counterparty (CCP). Through central clearing, institutional investors in particular benefit from significantly reduced risks in the settlement of transactions.
The crypto ETN offering on Xetra now comprises 66 products from ten providers on a total of 20 individual cryptocurrencies and five crypto indices. 19 products can be traded in both euros and US dollars using the same ISIN. The trading currency can be selected in each case through an individually assigned exchange code.
ESG funds provided better returns for investors in 2020
April 5, 2022--The European Securities and Markets Authority (ESMA), the EU securities regulator, today publishes its fourth annual statistical report on the cost and performance of European Union (EU) retail investment products. A new finding this year is that UCITS with an environmental, social and governance (ESG) strategy (including equity, bond and mixed funds) outperformed their non-ESG peers, and were also overall cheaper.
The Report examines the market over the ten-year period ending in 2020 and finds that, while costs show signs of reducing in certain jurisdictions, in most Member States as well as in the EU as a whole there is limited progress in funds becoming more affordable. Retail investors also continue to pay higher fees than professional investors.
New bond ETF from UBS on Xetra: US corporate bonds with currency hedging
April 5, 2022--A new exchange-traded fund issued by UBS Asset Management has been tradable on Xetra and via Bö:rse Frankfurt since Tuesday.
The UBS ETF (LU) Bloomberg MSCI US Liquid Corporates 1-5 Year Sustainable U-CITS ETF (hedged to EUR) A-acc offers investors the opportunity to participate in the performance of liquid bonds denominated in US dollars.
These are issued by companies domiciled in the USA. The corporate bonds included in the index have an investment grade rating and a residual term of at least one year and a maximum of five years.
The benchmark index only includes companies that have a particularly high ESG rating compared to their peers.
To reduce the impact of exchange rate fluctuations between the US dollar and the euro, the ETF also has a currency hedging component.
Name: UBS ETF (LU) Bloomberg MSCI US Liquid Corporates 1-5 Year Sustainable UCITS ETF (hedged to EUR) A-acc
ESMA publishes its Final Report on the review of the Short Selling Regulation
April 4, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its Final Report on the review of the Short Selling Regulation (SSR). The Final Report proposes targeted amendments to improve its operation, focused on clarifying the procedures for the issuance of short and long-term bans, ESMA's intervention powers, the prohibition of naked short selling and the calculation of net short positions (NSPs) and their publication.
In its Final Report, ESMA takes stock of the experience gathered in the aftermath of the COVID-19 outbreak. This relates to the emergency measures adopted by relevant competent authorities (RCAs) and ESMA's temporary lowering of the notification thresholds for NSPs to promote an EU-wide monitoring of short selling activity.
EU widens market access for U.S. derivatives clearers and exchanges
April 4, 2022--The European Union said on Monday it has widened access for U.S. exchanges and clearing houses to investors in the bloc, a move which contrasts with Brussels' intention to shut off clearing houses in London in 2025.
The EU's executive European Commission said a number of exchanges in the United States which trade derivatives and are supervised by the U.S. Securities and Exchange Commission can now be used by investors from the EU.
ESMA publishes latest edition of its newsletter
April 4, 2022-The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its March edition of its Spotlight on Markets Newsletter.
Your one-stop-shop in the world of EU financial markets focused in March on the European Supervisory Authorities' (ESAs) campaign on crypto-assets, the ESMA Carbon Market Report, and our coordinated response to the war in Ukraine.
Carbon ETFs rebound after initial war shock
March 31, 2022--Prices of EUA Futures and oil seem to harmonize after traders absorbed the first shock after Russia invaded Ukraine.
After crashing to EUR 58 per ton of CO2 on March 7th, 2022, European Union Allowance (EUA) Futures (May'22) trading on the ICE exchange rebounded to EUR 78 on Wednesday, March 30 (+34%) while flirting with EUR 80 plateau a few days ago.
Finamex launches Mexican Sovereign Bond UCITS ETF
March 31, 2022--Mexican financial services firm Finamex and HANetf partner on their first UCITS ETF: Finamex Mexico S&P/BMV International UMS Sovereign Bond 5-10yr UCITS ETF (Ticker: MEXS)
This will be Finamex's first ETF and will be listed on the Bolsa Mexicana de Valores (BMV)
This ETF will be HANetf's first ETF for a Latin American and Mexican client
MEXS will be the first fixed income ETF on the HANetf platform
ESMA publishes follow-up report to the peer review on the guidelines on the enforcement of financial information
March 31, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its follow-up report to the peer review on the guidelines on the enforcement of financial information (GLEFI). The report analysed the progress made by seven National Competent Authorities (NCAs) and found that most of them made improvements, although some are still experiencing staffing difficulties.
The report identifies that the majority of the seven NCAs in scope (Capital Market Commission, Greece, National Bank of Hungary, Financial and Capital Market Commission, Latvia, Malta Financial Services Authority, Securities and Markets Commission, Portugal, Financial Supervisory Authority, Romania, and Swedish Financial Supervisory Authority) made improvements- since the most recent review in 2017 - by allocating more resources to the enforcement of financial information (EFI)-either by recruiting more staff or allocating more time to EFI activities. However, some NCAs still have staffing difficulties, with an obvious impact on the accomplishment of the EFI work plan and, more generally, on the allocation of time and skills to the topic.
