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BlackRock fails to win support for iShares ETF switch to ESG index
April 8, 2022--Manager to investigate why shareholder meeting failed to reach quorum
BlackRock will not go ahead with plans to switch a €1.4bn iShares corporate bond exchange traded fund to an environmental, social and governance index, after a shareholder meeting to approve the change failed to reach quorum.
Last month the world's largest asset manager proposed changing the index for its €1.4bn iShares € Corp Bond ex-Financials Ucits ETF to the Bloomberg MSCI Euro Corporate ex Financials Sustainable SRI index.
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Source: ft.com
The FCA Announced a New Three-Year Strategy, Digital Assets Are Included
April 7, 2022--Major upgrades will be made to the FCA market surveillance system over the next 2 years.
The FCA's proposed Consumer Duty is discussed.
The FCA announced it had launched a 3-year plan to 'improve outcomes for consumers and in markets throughout the UK'. Part of the three-year plan is to maintain higher standards while at the same time promote healthy competition.
The FCA will make further use of its resources to prevent significant harm to consumers. The UK regulator, for the first time will be accountable against 'published outcomes and performance metrics'.
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Source: financemagnates.com
New ETFs from BNP Paribas Easy on Xetra: access to green, social and sustainable bonds
April 7, 2022--Since Thursday, three new exchange-traded funds issued by BNP Paribas Easy are tradable via Xetra and Börse Frankfurt.
The BNP Paribas Easy JPM ESG Green Social & Sustainability IG EUR Bond UCITS ETF offers access to green, social and sustainable bonds denominated in euro and issued by investment grade issuers from developed and emerging markets.
The focus is on green bonds that are in line with the objectives of the Paris Agreement. Issuers with a higher ESG rating are weighted more heavily. Investors can choose between a distribution and an accumulation share class.
The BNP Paribas Easy € Corp Bond SRI Fossil Free UCITS ETF offers investors an investment in fixed income and euro-denominated investment grade corporate bonds from the industrial, utilities and financial services sectors.
The companies included in the index must have an outstanding volume of at least €500 million and an MSCI ESG rating of BBB or higher based on the best-in-universe approach. Companies engaged in fossil fuel activities are excluded.
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Source: Deutsche Börse
New bond ETF from iShares: access to high-yield corporate bonds
April 7, 2022--A new exchange-traded fund issued by iShares has been tradable on Xetra and Börse Frankfurt since Thursday.
With the iShares Broad € High Yield Corp Bond UCITS ETF, investors can invest in the performance of euro-denominated fixed-income corporate bonds.
To be included in the benchmark index, bonds must be rated below investment grade, have a residual maturity of at least 18 months and have a minimum outstanding volume of €250 million. The weighting is based on market capitalisation, whereby individual issuers may not be represented by more than 3 per cent.
The accruing coupon payments are distributed.
Name: iShares Broad € High Yield Corp Bond UCITS ETF
Asset class: Bond ETF
ISIN: IE00BG0J4B71
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Source: Deutsche Börse
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.
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Source: ECB
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.
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Source: Deutsche Börse
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.
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Source: ESMA
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
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Source: Deutsche Börse
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.
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Source: ESMA
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.
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Source: reuters.com