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ESMA consults on the review of MiFID II suitability guidelines
January 27, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, is consulting on certain aspects of suitability requirements under the Markets in Financial Instruments Directive (MiFID II), in order to update its guidelines following amendments to MiFID II relating to sustainability.
The assessment of suitability is one of the most important protections for investors under MiFID II and applies to the provision of all types of investment advice (whether independent or not) and portfolio management.
Proposed Guidelines on certain aspects of the MiFID II suitability requirements
The main amendments introduced to the MIFID II Delegated Regulation and reflected in the guidelines on the topic of sustainability are:
Collection of information from clients on sustainability preferences-Firms will need to collect information from clients on their preferences in relation to the different types of sustainable investment products to what extent they want to invest in these products;
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Source: ESMA
ECB-Meeting of 15-16 December 2021
January 20, 2022--Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday,15-16 December 2021
1. Review of financial,economic and monetary developments and policy options
Financial market developments
Ms Schnabel reviewed the financial market developments since the Governing Council's previous monetary policy meeting on 27-28 October 2021 and put these developments into the context of the broader financial stability landscape, in line with the outcome of the ECB's strategy review.
In response to the discovery of Omicron, stock markets worldwide had suffered marked losses. The volume of put options on the EURO STOXX 50 had hit its highest level since the outbreak of the coronavirus (COVID-19) pandemic in March 2020, as investors looked for protection against further losses.
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Source: ECB
Official Statistics: Forecasts for the UK economy: January 2022
January 19, 2022--A comparison of independent forecasts for the UK economy in January 2022.
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Source: gov.uk
Switch to ESG indices has not pleased all European investors
January 19, 2022--Industry observers say repurposing an ETF can affect the client relationship and destroy trust
Some of Europe's largest exchange traded fund providers, including iShares, DWS and BNP Paribas, have changed indices on some of their products.
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Source: FT.com
ESMA issues 2021 report on accepted market practices under MAR
January 18, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its annual report on the application of accepted market practices (AMPs) in accordance with the Market Abuse Regulation (MAR).
The number of liquidity contracts and the volumes traded under the AMPs has decreased for the four NCAs that have them in place (CNMV, CMVM, CONSOB and AMF) from June 2020 to June 2021, with only a marginal number of contracts operational under the Italian and Portuguese AMPs.
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Source: ESMA
New bond index ETF issued by HSBC on Xetra: bonds from developed and emerging markets with sustainability filter
January 18, 2022--A new exchange-traded fund issued by HSBC Asset Management has been tradable on Xetra and Börse Frankfurt since Tuesday.
The HSBC Bloomberg Global Sustainable Aggregate 1-3 Year Bond UCITS ETF offers investors access to the performance of fixed-income investment grade bonds with a maturity of one year to three years issued by issuers from industrialised and emerging countries.
Government and corporate bonds as well as government-related bonds that fulfil sustainability-related criteria are considered. Issuers active in the fields of weapons, tobacco, alcohol, gambling, nuclear power, genetically modified organisms, oil sands and power station coal are excluded.
Name: HSBC Bloomberg Global Sustainable Aggregate 1-3 Year Bond UCITS ETF
Asset class: Bond-ETF
ISIN: IE000XGNMWE1
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Source: Deutsche Börse
New equity index ETF issued by Amundi on Xetra: sustainable companies from the Pacific Region
January 18, 2022--A new exchange-traded fund issued by Amundi has been tradable on Xetra and Börse Frankfurt since Tuesday.
The Amundi Index MSCI Pacific ex Japan SRI-UCITS ETF DR-EUR (D) offers investors access to companies with medium and high market capitalisation that are domiciled in Australia, Singapore, Hong Kong, or New Zealand and stand out due to their above-average environmental and social awareness as well as good corporate governance (ESG criteria).
Companies whose products have a negative impact on the environment and society are excluded from the index. This includes business sectors that are significantly involved with fossil fuels.
Name: Amundi Index MSCI Pacific ex Japan SRI -UCITS ETF DR- EUR (D)
Asset class: Equity ETF
ISIN: LU2402389261
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Source: Deutsche Börse
ETFGI reports the ETFs industry in Europe ended 2021 with record net inflows of US$194 billion and record assets of US$1.60 trillion
January 17, 2022--ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs and ETPs ecosystem, reported today that the ETFs industry in Europe ended 2021 with record net inflows of US$194 billion and record assets of US$1.60 trillion.
During December the industry gathered net inflows of US$11.71 billion, bringing year-to-date net inflows to a record US$193.64 billion.
Assets invested in the European ETFs/ETPs industry increased by 3.2% in December and 24.7% during 2021, according to ETFGI's December 2021 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 in the ETFs industry in Europe reach a record $1.60 trillion at the end of 2021.
At the end of 2021 the European ETFs industry had 2,616 products, with 10,279 listings, from 89 providers listed on 29 exchanges in 24 countries.
In Europe the top 3 providers are iShares with 43.7% market share; Xtrackers with 10.9%, followed by Lyxor Asset Management with 7.1% market share.
Assets increased 24.7% YTD in 2021, going from US$1.28 trillion at end of 2020, to US$1.60 trillion.
Record YTD 2021 net inflows of $193.64 Bn beating the prior record of $108.18 Bn gathered in YTD 2017.
$193.64 Bn YTD net inflows are $74.39 Bn over full year 2020 record net inflows $119.25 Bn.
Equity ETFs listed in Europe gathered a record $136.19 Bn 2021 which is more than double the net inflows of $62.59 Bn equity ETFs gathered in 2020.
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Source: ETFGI
IMF Working Paper-Cars in Europe: Supply Chains and Spillovers during COVID-19 Times
January 14, 2022--Summary:
The auto sector is macro-critical in many European countries and constitutes one of the main supply chains in the region. Using a multi-sector and multi-country general equilibrium model, this paper presents a quantitative assessment of the impact of global pandemic-induced labor supply shocks-both directly and via supply chains-during the initial phase of the COVID-19 pandemic on the auto sector and aggregate activity in Europe.
Our results suggest that these labor supply shocks would have a significant adverse impact on the major auto producers in Europe, with one-third of the decline in the value added of the car sector attributable to spillovers via supply chains within and across borders. Within borders, the pandemic-induced labor supply shocks in the services sector have a bigger adverse impact, reflecting their larger size and associated demand effects. Across borders, spillovers from the pandemic-induced labor supply shocks that originate in other European countries are larger than those that originate outside the region, though the latter are still sizable.
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Source: IMF
ECB-Euro area securities issues statistics: November 2021
January 12, 2022--The annual growth rate of the outstanding amount of debt securities issued by euro area residents increased from 4.2% in October 2021 to 4.9% in November.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 2.0% in November 2021, compared with 2.2% in October.
Debt securities
New issuances of debt securities by euro area residents totalled EUR 694.1 billion in November 2021. Redemptions amounted to EUR 578.0 billion and hence net issues to EUR 116.1 billion. The annual growth rate of outstanding debt securities issued by euro area residents increased from 4.2% in October 2021 to 4.9% in November.
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Source: ECB
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