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Latest statistical report from ESMA provides a misleading picture of European securities markets, says industry
December 22, 2021--Omitting UK data from its report is highly concerning, say industry associations.
ESMA's decision to omit UK and other trading data from its 2021 Annual Statistics Report (ASR) has caused an outpouring of comments on social media and led industry associations to accuse it of misrepresenting EU securities markets, which could scupper efforts to deliver a consolidated tape for equities.
Even though the UK was "a central part" of the European securities markets up until it left the EU at the end of 2020, ESMA says the main indicators in its latest stats report, show European securities markets data post-Brexit, which excludes UK data. "The comparability with statistics we had published in earlier publications is, therefore, highly limited," it writes in the executive summary of the controversial report. "In particular, the approach is likely to underestimate OTC trading for all instruments, since many European investment firms reported to UK reporting service providers in 2020, whose reports are not included when presenting the EEA30."
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Source: thetradenews.com
IMF-Spain: Staff Concluding Statement of the 2021 Article IV Mission
December 22, 2021- Economic Outlook
The Spanish economy is recovering from the deep recession caused by the COVID pandemic. Timely and decisive policy support has helped protect jobs, household incomes, and firm balance sheets. A highly successful vaccination campaign, with almost 90 percent of the target population now fully vaccinated, helped limit the impact of infections on hospitalizations, mobility, and economic activity in 2021. Employment has rebounded robustly and is already above pre-crisis levels.
After falling by 10.8 percent in 2020, economic growth resumed in the second quarter of this year, although output remains well below its pre-pandemic level, in part due to the lingering impact of the pandemic on contact-intensive sectors and persistent global supply bottlenecks.
Economic activity is projected to grow at 4.6 percent in 2021 and 5.8 percent in 2022. Private consumption would remain the main driver of growth in the near term, underpinned by a strong labor market recovery and a continued normalization of households' savings. Investment is expected to strengthen in 2022, reflecting robust demand, continued favorable financing conditions, a gradual easing of global supply bottlenecks, and a higher pace of deployment of Next Generation EU (NGEU) funds. The cumulative impact of the NGEU funds on output could reach 1½ to 2 percent by the end of 2022.
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Source: IMF
New crypto ETN issued by Iconic on Xetra: access to Ethereum
December 20, 2021--Since Monday, a new crypto ETN issued by Iconic is tradable on Xetra and Börse Frankfurt.
With the Iconic Physical Ethereum ETP, investors now have access to a product on Ethereum in addition to Bitcoin.
The crypto ETN is physically backed and admitted to the Regulated Market of the Frankfurt Stock Exchange. With the new ETN, investors gain access to the performance of Ethereum in a simple and cost-efficient way without having to resort to unregulated trading venues.
Name: Iconic Physical Ethereum ETP
Asset class: ETN
ISIN: DE000A3GTML1
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Source: Deutsche Börse
Turkey suspends stock trading as currency strain spreads through markets
December 17, 2021--Drop in main index triggers circuit breaker as lira crisis deepens
Turkey's main stock exchange halted trading on Friday after the country's currency crisis, already stinging bonds, spread to equities.
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Source: ft.com
ESMA reports on derivatives and securities markets in 2020
December 17, 2021--The European Securities and Markets Authority (ESMA), the EU's securities regulator, today publishes two Annual Statistical Reports (Reports) analysing the European Union's (EU) derivatives and securities markets. The Reports, based on data submitted under the European Markets and Infrastructure Regulation (EMIR) and the Markets in Financial Instruments Directive (MiFID), provide an overview of EU/EEA markets in 2020.
The two Reports provide a first comprehensive view of the EU derivatives and securities markets after Brexit, i.e. without data reports from UK financial participants. In both, the impact of the withdrawal is significant: The size of derivatives markets and the volume of securities trading are around two-thirds lower without the UK.
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Source: ESMA
Two-thirds of European market makers plan to expand ESG liquidity provision
December 16,2021--Market makers see growing demand from investors in ESG exchange-traded funds.
More than half (60%) of European market-making firms surveyed by FIA European Principal Traders Association (FIA EPTA) are providing liquidity in sustainable finance and ESG financial products,playing an important role in the global transition to sustainable investing.
FIA EPTA,which represents Europe's largest non-bank market makers and liquidity providers,conducted the survey with its member firms last month,with 22 firms across the continent participating. The survey found two-thirds of the firms providing liquidity are looking to expand their activities in the ESG space,with the remainder planning to continue their activities at the current level.
While market making firms surveyed are most active in supplying liquidity in ESG futures (50%),they are starting to see a growing demand from both institutional and retail investors in ESG exchange-traded funds (45%).
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Source: wearemarketmakers.com
ESMA issues statement on supervision of the clearing and derivative trading obligations following the benchmark transition
December 16, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has released a public statement on the implementation of the changes to the clearing obligation (CO) and derivative trading obligation (DTO) in light of the benchmark transition.
The Statement clarifies the situation in which ESMA's proposed draft regulatory technical standards (RTSs) on the CO and DTO will not enter into force in time for the transition to alternative benchmarks of EONIA or LIBOR- based OTC derivative contracts by the end of 2021.
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Source: ESMA
Official Statistics: Forecasts for the UK economy: December 2021
December 15, 2021--A comparison of independent forecasts for the UK economy in December 2021.
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Source: gov.uk
ECB-Euro area securities issues statistics: October 2021
December 10, 2021--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 4.3% in October 2021, compared with 4.1% in September.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 2.2% in October 2021, compared with 2.4% in September.
Debt securities
New issuances of debt securities by euro area residents totalled EUR 710.9 billion in October 2021. Redemptions amounted to EUR 690.6 billion and hence net issues to EUR 20.2 billion. The annual growth rate of outstanding debt securities issued by euro area residents was 4.3% in October 2021, compared with 4.1% in September.
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Source: ECB
Only a third of active equity funds outperformed passives in 2021
December 7, 2021--Only a third of active equity funds outperformed passives in 2021
AJ Bell's latest 'Manager versus Machine' report
Only a third of active equity funds (34%) beat a passive alternative this year, according to a new report from AJ Bell.
The company's latest 'Manager versus Machine' report analysed about 800 retail funds, finding that active funds performed particularly poorly in the US, Global, and Asia Pacific regions. The report...
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Source: investmentweek.co.uk
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