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Ireland rules out ETF share class changes
June 7, 2023--Country's stance, which results in mutual funds being labelled as exchange traded funds, delivers competitive advantage to Luxembourg
Ireland's financial regulator has ruled out relaxing naming rules for mutual fund ranges that have exchange traded fund share classes, despite the jurisdiction having a competitive disadvantage compared with rival Luxembourg.
The Central Bank of Ireland requires Ucits funds to include "Ucits ETF" in each sub-fund name if it offers any ETF share classes alongside mutual fund classes.
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Source: ft.com
impak is launching the world's first indices based on the ESG+impact assessment
June 7, 2023--Pioneering the first pure-play impact ETF
Impact indices designed with the most rigorous methodology
Allowing investors to support positive change in five key areas
We are very proud to announce the launch of five first true impact indices and ETFs with our partners Circa5000 and Bita on June 7th, 2023, on the London Stock Exchange.
A truly historic moment for impact investing!
Our indices are designed to help the financial sector build new products like ETFs and other structured products. Our indices will enable investors to support positive change in five key areas: Green Energy & Technology, Sustainable Food & Biodiversity, Clean Water & Waste, Social & Economic Empowerment, and Health & Well-being.
Based on a double materiality approach, impak's methodology is the most rigorous and efficient to ensure that only the companies with the greatest impact are selected for each index.
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Source: impak Analytics
Ten new ETNs from GraniteShares: access to three baskets of stocks FAANG, FATANG and GAFAM from top US companies in long and short variants with leverage
June 6, 2023--Since Tuesday, ten new ETNs issued by GraniteShares Financial have been tradable on Xetra and via Börse Frankfurt.
The new Exchange Traded Notes (ETNs) offer access to the performance of three different baskets of stocks made up of the largest US technology stocks worldwide.
All companies are equally weighted in the basket of shares. Investors can choose between leveraged long and short product classes.
The basket of shares, called FAANG, represents the U.S. companies Amazon, Apple, Alphabet, Meta Platforms Inc., and Netflix Inc.
The basket of stocks, called FATANG, stands for Alphabet, Amazon, Apple, Meta Platforms Inc, Netflix Inc., and Tesla.
The basket of stocks, called GAFAM, includes Amazon, Apple, Alphabet, Meta Platforms Inc., and Microsoft.
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Source: Xetra
ESAs put forward common understanding of greenwashing and warn on risks
June 6, 2023--The European Supervisory Authorities (EBA, EIOPA and ESMA- ESAs) today publish their Progress Reports on Greenwashing in the financial sector. See EBA, EIOPA, and ESMA reports. In these reports, the ESAs put forward a common high-level understanding of greenwashing applicable to market participants across their respective remits-banking, insurance and pensions and financial markets.
ESAs common high-level understanding of greenwashing.
The ESAs understand greenwashing as a practice where sustainability-related statements, declarations, actions, or communications do not clearly and fairly reflect the underlying sustainability profile of an entity, a financial product, or financial services. This practice may be misleading to consumers, investors, or other market participants.
The ESAs also highlight that sustainability-related misleading claims can occur and spread either intentionally or unintentionally and in relation to entities and products that are either within or outside the remit of the EU regulatory framework.
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Source: ESMA
ESMA publishes follow-up report to the peer review on the Guidelines on ETFs and other UCITS issues
June 6, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published its follow-up report to the peer review on the Guidelines on ETFs and other UCITS issues.
The report shows that the National Competent Authorities (NCAs) have strengthened their supervisory practices, enhanced internal and external guidance, and performed supervisory work in the area of Exchange-traded funds (ETFs) and other Undertakings for Collective Investment in Transferable Securities (UCITS) since 2018.
At the same time, ESMA notes that there are still concerns in relation to the level of costs for some UCITS using Efficient Portfolio Management techniques.
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Source: ESMA
ECB-Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main
June 1, 2023--On Wednesday and Thursday, 3-4 May 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, the market narrative had shifted back from financial stability concerns to inflation concerns and to potential effects on the economy from the turbulence in the banking sector. Markets seemed so far to have digested the bank failures well, especially in the euro area.
Measures of systemic stress, volatility and market liquidity had returned to close to their levels before the failure of Silicon Valley Bank (SVB). Risk assets in the euro area had not only largely recovered the losses experienced following the SVB-failure, but in some cases had even rallied to new multi-year highs. Sovereign bond spreads had also shown remarkable resilience. Yet investors had significantly scaled back expectations of ECB monetary policy tightening. While the sharp downward shift in expectations for monetary policy rates at the height of the banking tensions had been partially reversed, the peak rate expected for the deposit facility remained around 50 basis points below levels priced in before the failure of SVB. Three potential factors could explain this repricing: receding inflation risks, heightened recession fears in the face of tighter financial conditions, or financial stability concerns. However, none of these explanations was fully borne out by financial market data.
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Source: ECB
New Amundi-ETF on Xetra: global engagement in investment grade bonds including FX hedging
May 31, 2023--Since Wednesday, a new exchange traded fund from Amundi Asset Management has been tradable on Xetra.
The Amundi Global Agg SRI 1-5 UCITS ETF DR-Hedged CHF gives investors access to the performance of a global portfolio of fixed income bonds with investment grade rating from issuers based in developed as well as in emerging market countries.
The remaining maturities of the bonds included in this fund vary from one up to five years. Exchange rate fluctuations are hedged in Swiss francs.
All securities must have an ESG rating of at least BBB. Companies involved in business lines such as tobacco, alcohol or gambling are excluded from the fund.
Investors can trade this product in the currency CHF on Xetra.
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Source: Xetra
ECB-Monetary developments in the euro area: April 2023
May 30, 2023--Annual growth rate of broad monetary aggregate M3 decreased to 1.9% in April 2023 from 2.5% in March
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, was -5.2% in April, compared with -4.2% in March
Annual growth rate of adjusted loans to households decreased to 2.5% in April from 2.9% in March
Annual growth rate of adjusted loans to non-financial corporations decreased to 4.6% in April from 5.2% in March
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 1.9% in April 2023 from 2.5% in March, averaging 2.4% in the three months up to April. As regards the components of M3, the annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -5.2% in April, compared with -4.2% in March. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 21.1% in April from 20.0% in March. The annual growth rate of marketable instruments (M3-M2) decreased to 21.9% in April from 23.9% in March.
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Source: ECB
Euro area financial vehicle corporation statistics: first quarter of 2023
May 24, 2023--In first quarter of 2023 outstanding amount of debt securities issued by euro area FVCs engaged in securitisation decreased to €1,738 billion, from €1,742 billion in previous quarter
Net redemptions of debt securities by FVCs during first quarter of 2023 amounted to €2 billion
Euro area FVCs disposed €8 billion of securitised loans in first quarter of 2023, with outstanding amounts totalling €1,288 billion he outstanding amount of debt securities issued by euro area FVCs was €1,738 billion at the end of the first quarter of 2023, €4 billion lower than at the end of the previous quarter. Over the same period, transactions amounted to a net redemption of €2 billion.
The annual growth rate of debt securities issued, calculated on the basis of transactions, increased to 2.3% in the first quarter of 2023, from 2.1% in the previous quarter.
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Source: ECB
ECB-Euro area investment fund statistics: first quarter of 2023
May 24, 2023-- In first quarter of 2023, outstanding amount of shares/units issued by investment funds other than money market funds rose to €14,959 billion, up €430 billion on previous quarter
Net issues in quarter amounted to €64 billion, with €1,037 billion in gross issues and €973 billion in gross redemptions
Outstanding amount of shares/units issued by money market funds rose to €1,489 billion, up €3 billion on previous quarter
In the first quarter of 2023, the outstanding amount of shares/units issued by investment funds other than money market funds stood at €14,959 billion. Net issues during this period were €64 billion, with gross issues amounting to €1,037 billion and gross redemptions to €973 billion. The annual growth rate of shares/units issued by investment funds other than money market funds, calculated on the basis of transactions, was -0.8% in the first quarter of 2023.
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Source: ECB
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