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ESMA published its assessment and recommendations on the EC's MiFIR review proposal
March 15, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published its assessment of the main elements on the European Commission's (EC) MiFIR review proposal.
The letter focuses on the establishment of the consolidated tape provider (CTP) but also includes elements such as equity and non-equity transparency, reporting and payment for order flow.
ESMA provides its technical comments on a number of topics included in the proposal and recommends to co-legislators to:
allow for more time for running the selection process of the CTP;
split the selection procedure from the authorisation process;
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Source: ESMA
New crypto ETN from CoinShares on XetraAccess to the cryptocurrency Cardano with staking rewards
March 11, 2022--Since Friday, another crypto ETN issued by CoinShares is tradable on Xetra and via Börse Frankfurt.
The new exchange-traded note (ETN) from CoinShares gives investors access to the cryptocurrency Cardano. The ETN is physically backed by the cryptocurrency and is centrally cleared in trading by Deutsche Börse Group's central counterparty, Eurex Clearing AG.
In addition, the ETN offers investors the opportunity to participate in further returns. For this purpose, the cryptocurrency Cardano is deposited on the blockchain for the validation of transactions to receive a reward in the corresponding cryptocurrency in return. For the CoinShares Physical Staked Cardano, this reward is 3 per cent per annum. In addition, CoinShares has reduced the management fee to 0.0 per cent per annum.
Name: CoinShares Physical Staked Cardano
Asset class: ETN
ISIN: GB00BNRRF659
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Source: Xetra
ECB-Euro area securities issues statistics: January 2022
March 10, 2022-The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 4.9% in January 2022, compared with 5.0% in December 2021.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 1.7% in January 2022, compared with 1.9% in December 2021.
Debt securities
New issuances of debt securities by euro area residents totalled EUR 796.4 billion in January 2022. Redemptions amounted to EUR 667.4 billion and hence net issues to EUR 129.0 billion. The annual growth rate of outstanding debt securities issued by euro area residents was 4.9% in January 2022, compared with 5.0% in December 2021.
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Source: ECB
Global X crypto ETNs tradable on Xetra for the first time
March 9, 2022--Physically backed ETNs track performance of Bitcoin and Ethereum
Since Wednesday, two crypto ETNs issued by Global X Digital Assets Issuer Limited have been tradable on Xetra for the first time.
With the two exchange-traded notes (ETNs) from Global X, investors participate in the performance of the cryptocurrencies Bitcoin and Ethereum.
The products are physically collateralised by the respective cryptocurrency and are centrally cleared in trading by Deutsche Börse Group's central counterparty, Eurex Clearing AG. Trading in the two crypto ETNs on Xetra takes place in the trading currency US dollar.
Name: Global XBitcoin ETN
Asset class: ETN
ISIN: GB00BLBDZV05
Management fee: 0.65 per cent
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Source: Xetra
New Active ETFs from J.P. Morgan on Xetra: access to Chinese Bonds with short maturities
March 8, 2022--Two new exchange-traded funds issued by J.P. Morgan Asset Management have been tradable on Xetra and via Börse Frankfurt since Tuesday.
The JPM RMB Ultra-Short Income UCITS ETF invests in CNY and CNH denominated debt instruments with low volatility and short maturity.
The Chinese bonds are short-term fixed and floating rate corporate and government bonds with an investment grade rating. As a rule, the actively managed ETF invests up to 20 per cent in debt instruments issued by companies from the banking sector.
Investors can choose between a distributing and an accumulating share class.
Name: JPM RMB Ultra-Short Income UCITS ETF
Asset class: Bond ETF
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Source: Xetra
The week inflation became entrenched
March 8, 2022--The events that have unfolded since 24 February have solved one dispute: inflation is no longer temporary.
There are four reasons to expect sustained inflationary pressures and one mitigating factor.
The obvious one is energy prices, with both crude oil and gas prices jumping to very high levels at the start of the war in Ukraine.
With sanctions now imposed, the European Union will need to reduce gas imports from Russia. Some of it will have to be dealt with by reducing demand for gas altogether and some by diverting demand elsewhere.
To the extent that this cannot happen in the next 12 months or so the EU remains dependent on Russia, in which case it is inevitable that gas becomes a tool for retaliation. For as long as these sanctions are in place, the EU will be vulnerable and face a correspondingly heavy energy bill.
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Source: bruegel.org
New ETF from FlexShares on Xetra: access to listed private equity companies
March 7, 2022--Since Monday, a new exchange-traded fund issued by FlexShares is tradable on Xetra and via Börse Frankfurt.
The FlexShares Listed Private Equity UCITS ETF gives investors the opportunity to invest in a selection of around 100 listed securities that offer exposure to the best companies in the private equity industry, according to Foxberry.
The primary business purpose of these companies must be private equity, i.e. investments in companies, leveraged or management buyouts.
Dividend income is reinvested.
Name: FlexShares Listed Private Equity UCITS ETF
Asset class: Equity ETF
ISIN: IE0008ZGI5C1
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Source: Xetra
War in Europe: the financial front
March 7, 2022--Russia is reeling from massive financial sanctions, while Ukraine's financial system is battered but remains functional, and the EU and global financial systems have rather easily absorbed the initial shock.
Financial sanctions against Russia since its invasion of Ukraine began on 24 February have included three main planks. First, sanctions against named Russian individuals have expanded dramatically.
Second, a series of sanctions has been imposed on individual Russian banks. These include- but are far from limited to- the much-hyped ability of the European Union to require disconnection of individual Russian banks from SWIFT, the international interbank messaging system which is based in Belgium and thus under EU jurisdiction. Third, the Bank of Russia, the country's central bank, has been blocked from using its international reserves in a number of jurisdictions. Critically, these include the United States, the EU, United Kingdom, Canada, Japan, Australia and Switzerland- in other words, all the world's core reserve-currency jurisdictions bar China (China's share of the world's aggregate central bank foreign reserves remains in the low single digits, even though its share of the Bank of Russia’s reserves is significantly higher).
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Source: bruegel.org
Research: UK official holdings of international reserves: February 2022
March 3, 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
DWS Launches Two Net Zero ETFs Tracking Solactive ISS ESG Net Zero Pathway Index Series
March 3, 2022--ESG has been gaining momentum in the last years, and investors have been increasingly considering aligning their decisions with those values. Solactive is now pleased to announce that DWS has launched two net-zero ETFs tracking Solactive ISS ESG Net Zero Pathway Index Series offering core exposure to eurozone and developed market equities.
The Xtrackers EMU Net Zero Pathway Paris Aligned UCITS ETF and the Xtrackers World Net Zero Pathway Paris Aligned UCITS ETF seek to track, respectively, the Solactive ISS ESG Developed Markets Eurozone Net Zero Pathway Index and the Solactive ISS ESG Developed Markets Net Zero Pathway Index, which constitute the series.
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Source: Solactive AG
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