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ECB-Euro area quarterly balance of payments and international investment position: third quarter of 2021
January 11, 2021--Current account surplus at €333 billion (2.8% of euro area GDP) in four quarters to third quarter of 2021, up from €180 billion (1.6% of GDP) a year earlier
Geographic counterparts: largest bilateral current account surpluses vis-à-vis United Kingdom (€175 billion) and Switzerland (€76 billion), largest deficit vis-à-vis China (€69 billion)
International investment position showed net liabilities of €271 billion (2.3% of euro area GDP) at end of third quarter of 2021
Current account
The current account surplus of the euro area increased to €333 billion (2.8% of euro area GDP) in the four quarters to the third quarter of 2021, up from €180 billion (1.6% of GDP) a year earlier (Table 1). This increase reflected a shift in the services balance from a deficit of €45 billion to a surplus of €91 billion, a larger surplus for goods (from €320 billion to €360 billion) and slightly larger surplus for primary income (from €50 billion to €52 billion). These developments were partly offset by a larger deficit for secondary income (from €146 billion to €169 billion).
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Source: ECB
Research: UK official holdings of international reserves: December 2021
January 6, 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 guidance on appropriateness and execution-only requirements under MiFID II
January 3, 2022--The European Securities and Markets Authority (ESMA), the EU's securities regulator, has today published the final report on its Guidelines on certain aspects of the MiFID II appropriateness and execution-only requirements.
These requirements constitute an important element of investor protection in the provision of investment services other than investment advice or portfolio management.
Under MiFID II, investment firms providing non-advised services are required to request information on the knowledge and experience of clients or potential clients to assess whether the investment service or product envisaged is appropriate, and to issue a warning in case the investment service or product is deemed inappropriate.
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Source: ESMA
Deutsche Boerse welcomes Bitpanda as new issuer on Xetra
December 22, 2021--First crypto ETN of Bitpanda with easy access to Bitcoin
Since Wednesday, a new crypto ETN issued by Bitpanda Issuance is tradable on Xetra and B&puml;rse Frankfurt.
With the Bitpanda Bitcoin ETC, investors can participate in the performance of the cryptocurrency Bitcoin.
The ETN, which is admitted to the Regulated Market of the Frankfurt Stock Exchange, is fully collateralized and centrally cleared via Eurex Clearing. Through central clearing, investors benefit from significantly reduced risks in the settlement of transactions.
Name:Bitpanda Bitcoin ETC
Asset class: ETN
ISIN:DE000A3GVJ41
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Source: Deutsche Börse
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
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