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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
The Royal Mint's gold ETC changes name to reflect its commitment to sustainable and responsibly sourced gold
June 17, 2022--The Royal Mint Physical Gold ETC has changed its name to The Royal Mint Responsibly Sourced Physical Gold ETC (RMAU)
The new name reflects the commitment The Royal Mint has to providing investors with more sustainable and responsibly sourced ways to invest in gold
RMAU recently announced that it was beginning to be custodied, in part, by recycled gold bars
RMAU is 100% backed by post-2019 LBMA good delivery bars including the recycled element
HANetf, Europe's first full services 'white label' UCITS ETF issuer, is pleased to announce its popular gold ETC has been renamed The Royal Mint Responsibly Sourced Physical Gold ETC (RMAU).[1] The ETC was previously known as The Royal Mint Physical Gold ETC.
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Source: HANetf
ETFGI reports the ETFs industry in Europe gathered net inflows of 1.87 billion US dollars during May 2022
June 16, 2022-- ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs ecosystem, reported today that ETFs industry in Europe gathered net inflows of US$1.87 billion during May, bringing year-to-date net inflows to US$68.69 billion.
During the month, assets invested in the European ETFs industry increased by 0.05%, from US$1.48 trillion at the end of April to US$1.48 trillion, according to ETFGI's May 2022 European ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
Assets of $1.48 Tn invested in ETFs industry in Europe at the end of May 2022.
Assets decreased 7.3% YTD in 2022, going from $1.60 Tn at end of 2021 to $1.48 Tn.
Net inflows of $1.87 Bn in May 2022.
YTD net inflows of $68.69 Bn are the 2nd highest, after YTD net inflows in 2021 of $95.19 Bn.
$167.14 Bn in net inflows gathered in the past 12 months.
26th month of consecutive net inflows.
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Source: ETFGI
ESMA reviews its 2021 contribution to the EU's green and digital capital markets
June 15, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published its Annual Report reviewing its achievements in 2021 in fulfilling its mission of enhancing investor protection and promoting stable and orderly financial markets in the European Union (EU), and focusing on its role in the supervision of EU-wide entities and its contribution on sustainable and digital finance.
ESMA's key achievements in 2021 included the recognition and tiering of third-country central counterparties (CCPs), the coordination of supervisory activity across the EU through its Union strategic supervisory priorities, and the preparation for the supervision of data reporting service providers (DRSPs), critical benchmarks and securitisation repositories.
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Source: ESMA
Official Statistics: Forecasts for the UK economy: June 2022
June 15, 2022--A comparison of independent forecasts for the UK economy in June 2022.
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Source: gov.uk
European Central Bank to create new tool to address fragmentation risk and temper bond rout
June 15, 2022--The European Central Bank announced Wednesday that it plans to create a new tool to tackle the risk of euro zone fragmentation.
It comes after the ECB surprised market participants by announcing an emergency meeting to address higher borrowing costs for many European governments.
"The pandemic has left lasting vulnerabilities in the euro area economy which are indeed contributing to the uneven transmission of the normalization of our monetary policy across jurisdictions," the central bank said.
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Source: cnbc.com
New Bond ETFs from iShares on Xetra: access to euro corporate bonds with climate targets in mind
June 13, 2022--Two new exchange-traded funds issued by iShares are tradable on Xetra and via Börse Frankfurt since Monday.
The iShares € Corp Bond ESG Paris-Aligned Climate UCITS ETF offers investors access to investment-grade fixed-income corporate bonds denominated in euros.
Issuers are selected based on the objectives of the Paris Climate Agreement. In addition, the ETF uses a best-in-class approach to sustainable bonds and selects the best issuers based on the ESG rating of the respective sector. Companies belong to controversial industries such as alcohol, nuclear power, military weapons, or thermal coal are excluded. Investors can choose between a distributing (dist.) and an accumulating (acc.) share class.
Name: iShares € Corp Bond ESG Paris-Aligned Climate UCITS ETF (Dist)
Asset class: Fixed Income ETF
ISIN: IE000ZX8CQG2
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Source: Xetra
A practical arrangement for cooperation between digital economy regulators
June 13, 2022--Overlapping rules in the digital economy require cooperation between national regulatory authorities; a practical arrangement based on case information, case allocation and case resolution would ensure consistency and effective enforcement.
The digital economy brings with it numerous overlaps between regulatory fields, and raises issues for which it might not be clear which regulator would have jurisdiction. Yet, in Europe, there is no enforcement cooperation mechanism to bring together the regulatory authorities responsible for digital-related issues. This creates enforcement gaps and substantial enforcement costs for both regulators and businesses. The European Union's Digital Markets Act (DMA), a new law that should be finalised in autumn, will require cooperation between the European Commission and national regulatory authorities to ensure coherent, effective and complementary enforcement. However, the practical arrangements for cooperation will only be decided later. A practical arrangement should be based on case information, case allocation and case resolution.
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Source: bruegel.org
ESMA risk assessment update: Market environment deteriorates further
June 9, 2022--The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today updates its risk assessment to account for the impacts on financial markets of Russia's invasion of Ukraine and the deteriorating economic environment.
The risk to ESMA's overall remit remains at the highest level, with political event risk, surging inflation and jumps in market volatility negatively impacting the outlook.
Following the invasion and the resulting sanctions, funds and investors with exposures to Russian assets have faced substantial valuation issues. There has been significant asset repricing, with riskier assets falling in value (particularly equities, corporate bonds and emerging market debt).
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Source: ESMA
Fragmentation risk in the euro area: no easy way out for the European Central Bank
June 8, 2022--This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 20 June 2022.
The ECB is about to enter the tightening part of the monetary policy cycle.
Unlike in the easing part of the cycle, when the two objectives of monetary and financial stability are generally jointly served by the same policy, ECB policy interest rates hikes to tame inflation pose a risk of financial fragmentation in the euro area. Some countries might experience a significant widening of their spreads not necessarily driven by fundamentals. This fragmentation could put a strain on the ability of those countries to borrow.
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Source: bruegel.org
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