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ESMA publishes results of its Call for Evidence on ESG ratings
June 27, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, today publishes a letter to the European Commission (EC) providing its findings from the Call for Evidence to gather information on the market structure for ESG rating providers in the European Union (EU).
Key findings
ESMA received a total of 154 responses and found 59 ESG rating providers currently active in the EU. The analysis of the responses further indicated several characteristics and trends as follows:
ESG rating providersthe structure of the market shows that there is a small number of very large nonEU providers, and a large number of significantly smaller EU entities.
While the legal entities of respondents are spread out across almost half of the EU Member States, a large number of these are clustered in a small number of Member States;
Users of ESG ratings are typically contracting for these products on an investor-pays basis from several providers simultaneously. Their reasons for selecting several providers are to increase coverage, either by asset class or geographically, or in order to receive different nature of ESG assessments. The most common shortcomings identified by the users were a lack of coverage of a specific industry or a type of entity, insufficient granularity of data, and a lack of transparency around methodologies used by ESG rating providers.
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Source: ESMA
BNP Paribas Asset Management announces results of first European ESG ETF Barometer, confirming optimistic outlook
June 23, 2022--The results of the BNP Paribas Asset Management ('BNPP AM') European ESG ETF Barometer[1] revealed that most investors surveyed expect further expansion of the European ESG[2] ETF[3] market over the next year.
The biannual barometer, conducted for the first time in April this year, monitors how European investors' sustainable investment outlook and practices are changing over time.
It canvasses the views of 250 investment executives at insurers, pension funds, asset managers and wealth managers in France, Germany, Italy, Switzerland and the UK. It assesses their perspectives on the evolving ETF landscape, as well as on ESG integration, thematic opportunities, the regulatory environment and ESG investment risks. The key findings from the first survey include:
With ESG ETFs currently accounting for 16%[4] of all European ETF assets, 91% of survey respondents expect this level to remain stable or increase over the coming 12 months.
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Source: BNP Paribas Asset Management
Eurex launches first futures on thematic indices
June 22, 2022--Contracts are based on STOXX Thematic Indices
New segment extends Eurex' leading role in sector and ESG derivatives
Complementing the eco-system for thematic investing
Eurex, one of the world's leading derivatives exchanges, has introduced a new segment with the launch of its first thematic index futures.
The new contracts are based on three indices from the STOXX Thematic Indices family, which are calculated by sister company Qontigo. Eurex is thus responding to the growing demand from many asset managers to align their investments with projected long-term structural trends that are transforming modern economies and societies.
The three contracts started trading on 20 June and are based on the following indices: STOXX(R) Global Breakthrough Healthcare, STOXX(R) Global Digitalisation, and STOXX(R) Global Digital Security.
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Source: Eurex
New Active ETF from J.P. Morgan on Xetra: active investment strategy with focus on companies to combat climate change
June 21, 2022--A new active exchange-traded fund issued by J.P. Morgan Asset Management is tradable on Xetra and via Börse Frankfurt since Tuesday.
The JPM Climate Change Solutions UCITS ETF-USD (acc) invests in companies that have made a significant commitment to developing climate change solutions while maintaining sustainability goals.
These include solutions in infrastructure, construction, food production, water management, as well as renewable energy, recycling, and circular economy.
To qualify for inclusion in the portfolio, a company must generate at least 20 per cent of its revenues from one of the above sub-sectors.
Name: JPM Climate Change Solutions UCITS ETF-USD (acc)
Asset class: Active-ETF
ISIN: IE000O8S1EX4
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Source: Xetra
IMF Staff Country Report-Greece: Selected Issues
June 21, 2022--IS GREECE’S SOCIAL PROTECTION SYSTEM FIT FOR THE GREEN TRANSITION?1
To tackle climate change, the Greek government has adopted an ambitious policy agenda. Climate change and climate policies are expected to disproportionately affect poor households, posing challenges to the already weak social protection system.
This paper assesses the state of play of social protection and examines the distributional impact of climate policies in Greece. Our analysis suggests that climate policies should be combined with social protection reforms to protect vulnerable groups during the green transition. Introducing a new carbon tax and gradually increasing it over time is recommended to finance targeted transfers and green investment while addressing social protection gaps.
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Source: imf.org
New crypto ETNs from CoinShares on Xetra: access to cryptocurrencies Cosmos and Polygon including staking premium
June 21, 2022--Two new crypto ETNs issued by CoinShares are tradable on Xetra and via the Börse Frankfurt trading venue since Tuesday.
The two new exchange traded notes (ETNs) from CoinShares track the performance of the cryptocurrencies Cosmos and Polygon, each fully backed by the cryptocurrency itself.
Additionally, investors benefit from the staking premium of five per cent annually, which is earned by depositing cryptocurrency for validation of transactions on the blockchain. The management fee is currently 0.0 per cent per year.
This brings CoinShares' product offering to 13 crypto ETNs, all of which are fully physically collateralised and centrally cleared through Eurex Clearing.
Name: CoinShares Physical Staked Cosmos
Asset class: ETN
ISIN: GB00BNRRF980
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Source: Xetra
New equity index ETF from Xtrackers on Xetra: access to Chinese A-companies taking ESG criteria into account
June 21, 2022--A new exchange-traded fund issued by Xtrackers are tradable on Xetra and via Börse Frankfurt since Tuesday.
The Xtrackers MSCI China A ESG Screened Swap UCITS ETF gives investors access to large and medium-sized Chinese A-companies listed on the Chinese mainland stock exchanges in Shanghai and Shenzhen, which can be traded via the Stock Connect system.
Only companies that meet ESG criteria are considered. Companies with an ESG rating of CCC or those involved in arms deals or with significant sales in business areas such as tobacco products and thermal coal are excluded.
Name: Xtrackers MSCI China A ESG Screened Swap UCITS ETF
Asset class: Equity ETF
ISIN: LU2469465822
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Source: Xetra
New Amundi ETFs on Xetra: access to largest sustainable US companies as well as government and corporate bonds with currency hedging in trading currency US dollar
June 21, 2022--Four new exchange-traded funds issued by Amundi Asset Management have been tradable on Xetra and via Börse Frankfurt since Tuesday.
The Amundi S&P 500 Equal Weight ESG Leaders UCITS ETF DR -USD (A) tracks the equally weighted performance of US companies from the parent index S&P 500 that meets sustainability criteria, representing a similar distribution of industry groups.
Certain business sectors such as weapons, tobacco, alcohol, or fossil fuels are excluded. Investors can choose between the euro and the US dollar as the trading currency.
The Amundi Index J.P. Morgan GBI Global Govies UCITS ETF DR-Hedged USD (C) gives investors access to global government bonds from 13 industrialised countries such as the USA, Japan, the UK, and France. These are fixed-rate bonds that must be issued in the local currency, have a minimum volume of USD 500 million and a residual maturity of more than one year.
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Source: Xetra
Measuring macroeconomic uncertainty during the euro's lifetime'
June 20, 2022---The basic idea is that observable forecasts of macroeconomic variables are transformations of the sets of macroeconomic information, which are so complex as to be unobservable, prevailing when the forecasts are made.
It is a cliché in official economic institutions' publications and their leaders' speeches to lament exceptional uncertainty. The complaint does, however, ring true currently. A solid empirical basis should be given to this view by properly measuring macroeconomic uncertainty.
To measure macroeconomic uncertainty, we start from observable forecasts of macroeconomic variables, which are transformations of underlying economic conditions. By observing how forecasts change over time, we measure the flow of macroeconomic surprises. The more intense the flow of surprises, the greater uncertainty can be said to be. Greater differences among forecasts are also evidence of uncertainty.
We draw out four indicators of macroeconomic uncertainty, measured over the lifetime of the euro:
How the macroeconomic forecasts of a given institution for the same time period change over time;
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Source: bruegel.org
IMF Country Report-Switzerland: Selected Issues
June 20, 2022--BIG ACQUISITION, SMALL ACCUMULATION: WHY?1-A LOOK AT SWITZERLAND'S BOP-IIP DYNAMICS
This paper identifies exchange rate revaluation losses and relatively low returns on foreign assets as key factors for the large gaps between Switzerland's net foreign assets acquisitions and accumulations.
It suggests a few directions that may help Switzerland reduce the gaps, including robust global diversification by Swiss investors that would also relieve appreciation pressures on the franc, improving the currency composition of foreign assets to reduce exchange rate risks, and raising foreign
investment returns, e.g., through improved pension fund performance.
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Source: SEC.gov
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