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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
New HANetf-ETC on Xetra: for the first-time direct access to EU CO2 emission certificates
June 7, 2022-Since Tuesday, a new exchange-traded commodity issued by HANetf in cooperation with SparkChange is tradable on Xetra and via Börse Frankfurt.
The Spark Change Physical Carbon EUA ETC offers investors direct access to carbon dioxide emission certificates of the European Union (EUA) for the first-time by replicating the spot price of physical emission certificates. The ETC is physically hedged by holding the emission allowances.
Emissions allowance trading serves as an instrument to mitigate climate change and is used to reduce greenhouse gas emissions. Companies that emit carbon dioxide (CO2) must hold certificates equal to their emissions by obtaining them directly from the EU or buying them from other companies. The number of emission certificates emitted by the EU is limited.
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Source: Xetra
UK official holdings of international reserves: May 2022
June 7, 2022--This release details movements in the international reserves of gold and assets held by the UK government.
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Source: gov.uk
ESMA publishes latest edition of its Newsletter
June 7, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its latest edition of its Spotlight on Markets Newsletter.
Your one-stop-shop in the world of EU financial markets focused in May on two Ukraine-related statements-one of them on the implications of Russia's invasion of Ukraine on...
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Source: ESMA
The Spanish stock market trades 32 billion euros in May
June 1, 2022--The equity trading volume in May was up 11.1% from the preceding month and 9.2% higher year on year
Fixed-income trading in May amounted to 25 billion, up 19.9% from April.
As regards Stock Derivatives trading in Futures contracts increased 18.6% and 73.5% in Option contracts compared to the same period a year earlier
The Spanish stock market traded 32 billion euros in Equities in May, 11.1% from the preceding month and 9.2% higher year on year. The number of trades in May was 3.5 million, a decrease of 18.3% from the same period last year and down 5.8% compared to April.
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Source: bolsabilbao.es
Boerse Stuttgart Records May Turnover Of Around EUR 7,3 Billion
June 1, 2022--Securitised Derivatives Show Increase In Trading Volume Compared To The Same Month Of The Previous Year
Based on the order book statistics, Boerse Stuttgart generated turnover of around EUR 7,3 billion in May.
Securitised derivatives made up the largest share of the turnover.
The trading volume in this asset class increased over 6 percent compared to the same month of the previous year to around EUR 3,4 billion. Leverage products generated turnover of over EUR 2,5 billion. Investment products contributed around EUR 862 million to the total turnover.
According to the order book, trading in equities produced turnover of over EUR 1,4 billion. German equities contributed around EUR 802 million towards this total. International equities generated turnover of over EUR 602 million.
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Source: mondovisione.com
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