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IMF Working Paper-Sovereign Eurobond Liquidity and Yields
May 20, 2022--Summary:
Market liquidity is of value to both investors and issuers of securities, and is therefore a crucial factor in asset pricing. For the important asset class of Eurobonds, significant feedback from liquidity to pricing is established, and it is shown that bid-ask spreads (a proxy for market liquidity) and yields are closely related to bond characteristics such as issue volume, time to maturity, the inclusion of collective action clauses, and the jurisdiction of issuance.
Debt management offices can choose these characteristics in a way that has economically significant and persistent effects on both liquidity and pricing.
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Source: IMF
ESMA publishes report on highly liquid instruments
May 19,2022--The European Securities and Markets Authority (ESMA),the EU's securities markets regulator,today published its Final Report (FR) on highly liquid financial instruments for CCP investment policies under EMIR.
The Report concludes that further work is to be done regarding the extension of the list of eligible financial instruments to certain public entities and potentially to covered bonds pending further research. ESMA will also pursue further work within the CCP Supervisory Committee to ensure a common supervisory approach regarding CCP investment practices.
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Source: ESMA
Official Statistics: Forecasts for the UK economy: May 2022
May 18, 2022--A comparison of independent forecasts for the UK economy in May 2022.
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Source: gov.uk
ESMA consults on notifications for cross-border marketing and management of funds
May 17, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, is consulting stakeholders on the information and templates to be provided, and used by firms, when they inform regulators of their cross-border marketing and management activities under the UCITS Directive and the AIFMD.
The purpose of the draft ITS and RTS is to facilitate the process for notifying cross-border marketing and management activities in relation to UCITS and AIFs.
This will be achieved by defining harmonised information to be notified to competent authorities, and developing common templates to be...
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Source: ESMA
New thematic ETF from HANetf on Xetra: access to fintech companies worldwide
May 17, 2022--Since Tuesday, a new exchange-traded fund by HANetf in cooperation with Grayscale Investments is tradable on Xetra and Börse Frankfurt.
The Grayscale Future of Finance UCITS ETF offers investors access to companies that are important for the further development of the financial system, considering innovative technologies.
The companies included in the benchmark index can be classified under one of three pillars: Financial Foundations, which include exchanges, asset managers, brokers and wealth managers that use the digital economy; Technology Solutions, which include companies that develop and provide the technology used in the digital economy; and Digital Assets, which include digital asset miners and companies that support and power the digital ecosystem.
The benchmark index is composed of a total of 20 companies, with the weighting of a stock limited to a maximum of 8 per cent.
Name: Grayscale Future of Finance UCITS ETF
Asset Class:Equity ETF
ISIN:IE000TVPSRI1
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Source: Deutsche Börse
ESMA publishes Final Reports on CCP resolution regime
May 16, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, today published six Final Reports on the central counterparties (CCPs) resolution regime under the CCP Recovery and Resolution Regulation (CCPRRR).
The Final Reports set out proposals for Regulatory Technical Standards (RTSs) on:
the content of CCP resolution plans;
resolution colleges;,
valuation of CCPs' assets and liabilities in resolution; and
safeguards for clients and indirect clients.
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Source: ESMA
EC-Spring 2022 Economic Forecast: Russian invasion tests EU economic resilience
May 16, 2022--The outlook for the EU economy before the outbreak of the war was for a prolonged and robust expansion. But Russia's invasion of Ukraine has posed new challenges, just as the Union had recovered from the economic impacts of the pandemic. By exerting further upward pressures on commodity prices, causing renewed supply disruptions and increasing uncertainty, the war is exacerbating pre-existing headwinds to growth, which were previously expected to subside.
This has led the European Commission to revise the EU's growth outlook downwards, and the forecast for inflation upwards.
Almost two years after the start of the pandemic, Russia's war against Ukraine poses new challenges to the EU economy.
Despite entering the year on a weak note, the outlook for the EU economy before the outbreak of the war was for a prolonged and robust expansionary phase. The pandemic situation was improving, while most of the headwinds posed by logistic and supply bottlenecks and pressures on the price of energy and other commodities were expected to fade in the course of this year.
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Source: EC (European Commission)
New equity index ETF from UBS on Xetra: climate-conscious investing with Japanese companies
May 16, 2022--A new exchange-traded fund issued by UBS Global Asset Management is tradable on Xetra and Börse Frankfurt since Monday.
The UBS ETF (IE) MSCI Japan Climate Paris Aligned UCITS ETF (hedged to EUR) A-acc offers investors access to the performance of large and medium-sized Japanese companies that are selected and weighted according to their contribution to preventing climate change. Companies that focus their business on decarbonisation or offer green solutions are overweighted.
The benchmark index is designed for investors who want to reduce their exposure to transition and physical climate risks and take advantage of opportunities arising from the transition to a low carbon economy under the requirements of the Paris Agreement.
This is a currency hedged share class, meaning that the impact of exchange rate fluctuations is minimised.
Name: UBS ETF (IE) MSCI Japan Climate Paris Aligned UCITS ETF (hedged to EUR) A-acc
Asset class: Equity ETF
ISIN: IE000JHYO4T6
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Source: Deutsche Börse
ECB-Euro area securities issues statistics: March 2022
May 12, 2022--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 4.5% in March 2022, compared with 4.7% in February.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 1.2% in March 2022, compared with 1.4% in February.
Debt securities
New issuances of debt securities by euro area residents totalled EUR 862.1 billion in March 2022. Redemptions amounted to EUR 724.1 billion and hence net issues to EUR 138.0 billion. The annual growth rate of outstanding debt securities issued by euro area residents was 4.5% in March 2022, compared with 4.7% in February.
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Source: ECB
Source: ECB
New L&G ETF on Xetra: emerging market government bonds with sustainability filter
May 11, 2022--Since Wednesday, a new exchange traded fund of Legal & General Investment Management is tradable on Xetra and via Börse Frankfurt.
With the L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF, investors can invest in US dollar-denominated government and quasi-sovereign bonds from emerging markets that have a variable or fixed interest rate.
Only bonds with an average maturity of more than 3 months to 5 years and with a minimum volume of €500 million will be considered.
In addition, issuers are filtered and weighted according to ESG criteria, i.e., companies from sectors such as thermal coal, tobacco and weapons are excluded and those with a higher ESG rating are overweighted.
Name: L&G ESG Emerging Markets Government Bond (USD) 0-5 Year UCITS ETF
Asset class: Bond ETF
ISIN : IE000MINO564
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Source: Deutsche Börse
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