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'Liquidity in the Time of Covid' Report
September 27, 2021--Covid-19 continues to redefine the trading landscape in Europe. Changes in liquidity formation already in play due to the increased use of automated trading and rise of passive investing were accelerated as traders rushed to make changes to investment strategies due to the pandemic.
Remote working, greater reliance on cloud technology and the high volatility early in the pandemic created new additional challenges which is resulting in the industry rethinking trading partners and access points to liquidity.
The study is written by independent financial services research group Redlap Consulting. It was commissioned by FIA EPTA, which represents Europe's leading market making firms, to drive greater understanding of what independent market making firms do, and their contribution to both financial markets and the wider economy.
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Source: FIA EPTA
Productive finance working group publishes recommendations addressing the barriers to investment in less liquid assets
September 27, 2021--The Productive Finance Working Group has today published a series of recommendations which could facilitate greater investment in longer-term, less liquid assets.
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Source: SEC.gov
ESMA consults on proposals for a review of the MiFID II best execution reporting regime
September 24, 2021--September 24, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, today launches a consultation on proposals for improvements to the MiFID II framework on best execution reports.
These proposals aim at ensuring effective and consistent regulation and supervision and enhancing investor protection.
ESMA's proposals include technical changes to:
the reporting obligations for execution venues:
aimed at simplifying the reporting requirements by reducing the granularity and volume of data to be reported; and
moving to a set of seven indicators aimed at disclosing meaningful information to help firms to assess venues’ execution quality; and
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Source: ESMA
ESMA consults on the review of the Short Selling Regulation
September 24, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, today launches a consultation paper (CP) on the review of the Short Selling Regulation (SSR).
The CP sets out suggestions for operational improvements and policy clarifications on:
the calculation of net short positions, the prohibition of uncovered short selling and the locate rule under which short selling trades can take place;
the mechanism for transparency of net short positions and the proposal to publish aggregated net short positions per issuer based on all individual positions and the scope of the exemptions for shares that are more heavily traded in a third country; and
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Source: ESMA
Turkish central bank stuns lira with rate cut sought by Erdogan
September 23, 2021--Turkey's central bank unexpectedly cut its policy rate by 100 basis points to 18% on Thursday, delivering stimulus long sought by President Tayyip Erdogan despite high inflation, and sending the lira to near a record low.
The central bank was widely expected to hold interest rates steady at 19%, where they had been since March, given inflation reached 19.25% last month. Only two of 17 economists polled by Reuters had predicted a cut.
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Source: reuters.com
Germany's foreign economic policy: four essential steps
September 23, 2021--Germany and the EU need to develop a strong and proactive agenda to manage foreign economic relations, which are essential for German and European prosperity
Germany's foreign economic policy has barely got a mention in the 2021 federal election campaign.
Yet, the issues arising are all central for Germany's prosperity: the potential impact on Germany of rising tensions between the United States and China; international climate diplomacy; climate action; the declining effectiveness of international and multilateral rules in a geopolitical environment in which a multitude of power poles pursue different interests; and European integration.
Openness implies vulnerability
The experience of recent years shows how the US and China use economic pressure points to assert their geopolitical interests against Germany. This raises the central questions of how Germany should deal with international pressure on its own economy, and to what extent Germany and Europe can work with their trading partners to pursue their interests globally.
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Source: bruegel.org
New L&G ETF on Xetra: access to diversified commodity portfolio with optimised roll mechanism
September 23, 2021--Since Thursday, a new exchange traded fund issued by Legal & General Investment Management is tradable on Xetra and Börse Frankfurt.
The L&G Multi-Strategy Enhanced Commodities UCITS ETF-Acc offers investors access to the performance of a diversified commodity portfolio consisting of futures contracts in the following sectors: precious and industrial metals, energy, agriculture, and livestock.
The index invests in the corresponding commodity futures with different maturities of up to one year. When the respective futures contracts are changed, the so-called "rolling", rolling losses may occur. An optimised roll mechanism is used, to keep the potential losses resulting from contracts in contango markets low and to maximise the potential gains from contracts in backwardation markets.
Backwardation describes a situation where the spot price of a commodity is higher than the futures price. In contango, the futures price of a commodity is higher than the spot price. Contango usually occurs when the price of a commodity is expected to rise over time. This results in a rising futures curve.
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Source: Xetra
New Active ETFs issued by J.P. Morgan on Xetra: active investment strategy with ESG approach in global or European companies
September 22, 2021--Two new Active ETFs issued by J.P. Morgan have been tradable on Xetra and Börse Frankfurt since Wednesday.
The JPM Global Research Enhanced Index Equity (ESG) UCITS ETF-USD (dist) and JPM Europe Research Enhanced Index Equity (ESG) UCITS ETF- EUR (dist) use an active investment strategy. The objective is to outperform the respective benchmark index, MSCI World or MSCI Europe.
The portfolio is composed of either European or global companies, including emerging markets, with an overweight to fundamentally undervalued stocks.
At least 51 per cent of the assets are invested in companies with positive environmental and/or social characteristics that apply good corporate governance practices. Companies with significant business activities in the areas of thermal coal, weapons or tobacco are excluded from the index.
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Source: Xetra
21Shares Announces Listing of Six Additional Crypto ETPs on Deutsche Boerse XETRA
September 22, 2021--Firm is first and only to give investors access to 10 crypto listings in Germany
21Shares AG ("21Shares"), the world's largest issuer of cryptocurrency ETPs, today announced the listing of six additional cryptocurrency ETPs for a total of 10 on Deutsche Boerse XETRA, Germany's top trading venue for exchange traded funds.
The new crypto ETPs include Solana ETP (Ticker: 21XL GY), Polkadot ETP (Ticker: PDOT GY), Cardano ETP (Ticker: DADA GY), Stellar Lumens ETP (Ticker: XLME GY), Tezos (Ticker: 21XZ GY), and the Crypto Basket Index ETP (Ticker:21XH GY).
Hany Rashwan, Co-Founder and CEO of 21Shares said, "We are pleased to expand crypto investment opportunities in Germany, as one of our key markets, where we are the first and only firm providing such a comprehensive product suite. This development underscores our commitment to helping investors safely access crypto assets, now and in the future."
The six Xetra-listed crypto ETPs emphasize 21Shares' leadership in crypto ETP innovation and its research-driven product development approach:
Crypto Basket Index ETP (HODL) is the world's first and only crypto index tracker listed in Europe HODL. It tracks the investment results of the Messari Index and is comprised of the top five cryptocurrencies.
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Source: 21Shares
VanEck lists three new crypto ETNs on Deutsche Boerse
September 21, 2021--VanEck now offers three new ETNs on digital assets Solana, TRON and Polkadot, to complement its Bitcoin and Ethereum ETNs
VanEck is further expanding its pioneering role in innovative and future-oriented investment solutions.
Asset manager VanEck has now listed three new crypto ETNs on Xetra Deutsche Börse. After VanEck had already launched exchange-traded products on Bitcoin and Ethereum, partly as the first global asset manager in the respective markets, further ETNs (Exchange Traded Notes)are now following in order to open up the future market of cryptocurrencies for European investors.
With this step, the accomplished ETF provider further expands its pioneering role for innovative and future-oriented investment solutions.
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Source: VanEck
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