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ESMA renews its decision requiring net short position holders to report positions of 0.1% and above
December 17, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has renewed its decision to temporarily require the holders of net short positions in shares traded on a European Union (EU) regulated market, to notify the relevant national competent authority (NCA) if the position reaches, exceeds or falls below 0.1% of the issued share capital. The measure applies from 19 December 2020 for a period of three months.
The measure applies from 19 December 2020 for a period of three months.
While overall financial markets performance registered recent improvements linked to the positive news on vaccines, the COVID-19 pandemic continues to have serious adverse effects on the EU real economy with any outlook for a future recovery remaining uncertain. A forecast from the European Commission and the information on the risk of decoupling between asset valuations and fundamentals, in ESMA’s Risk Dashboard, have been used for the economic analysis supporting the decision.
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Source: ESMA
A green industrial policy for Europe
December 17, 2020--This Blueprint examines how the European Union can develop a coherent green industrial policy that will serve the goals of the European Green Deal.
The European Green Deal aims to make Europe the first climate-neutral continent by 2050. This is not going to be an easy journey. To be successful, the European Green Deal will have to foster major shifts in the European industrial structure, including transitions from fossil fuels to renewable energy and from combustion engine cars to electric cars. Shifting economies from brown to green would be a major, historic socio-economic transformation.
view the A Green Industrial Policy For Europe
Source: bruegel.org
ESMA updates guidelines on stress tests for money market funds
December 16, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, is publishing the 2020 update of guidelines on MMF stress tests under the Money Market Funds Regulation (MMFR). The updates take account of MMFs recent experience during March 2020, particularly in relation to redemption scenarios.
The COVID-19 crisis has been challenging for MMFs. Risks have increased for MMFs and the money market instruments in which they invest. Several EU MMFs faced significant liquidity issues during the period of acute stress in March 2020.
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Source: ESMA
New Tabula ETF on Xetra: European Investment Grade Corporate Bonds with a fixed coupon
December 16, 2020--Since Wednesday, a new exchange traded fund issued by Tabula is tradable on Xetra and Börse Frankfurt.
The Tabula iTraxx IG Bond UCITS ETF (EUR)-Acc enables investors to invest in an equally weighted portfolio of liquid European and euro-denominated corporate bonds with investment grade ratings.
In addition to a minimum outstanding volume of 500 million euros, securities with a residual term of three to seven years are considered, whereby the index is weighted in accordance with an average remaining term of five years. Any coupon payments are reinvested.
Name: Tabula iTraxx IG Bond UCITS ETF (EUR) -Acc
Asset Class: Bond ETF
ISIN: IE00BKP5269
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Source: Deutsche Börse
Russia's Economy Loses Momentum Amid COVID-19 Resurgence, Says New World Bank Report
December 16, 2020--Report also assesses Russia's participation in regional and global value chains
The Russian economy contracted in quarter 2 by 8 percent and quarter 3 by 3.4 percent. This negative momentum is expected to continue in quarter 4 amidst the resurgence of the pandemic, according to the World Bank's latest Russia Economic Report (#44 in the series).
The report also says that fiscal, monetary and social policies put in place have helped contain the impact of the pandemic-induced crisis to date.
Russian economic growth is projected at -4 percent in 2020, a less severe contraction than the forecast in September. The revision reflects the better-than-anticipated economic performance in quarter 3. Consumer and business confidence is expected to improve assuming a vaccine deemed safe and effective is rolled out; this would pave the way for a gradual rebound at 2.6 and 3.0 percent in 2021 and 2022, respectively.
view the World Bank Russia Economic Report
Source: World Bank
EU faces Franco-Dutch call for rules to stop 'greenwashing'
December 15, 2020--French and Dutch securities regulators called on Tuesday for European Union rules to prevent "greenwashing" or inaccurate claims that investments are sustainable and climate-friendly.
Several firms provide ratings on a company's environmental, social and governance (ESG) risks that asset managers use to make "green" investment decisions.
The European Commission wants to boost sustainable investments and is due to publish an action plan in 2021.
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Source: reuters.com
INew HSBC ETF on Xetra: 30 largest technology companies from the Greater China region for the first time
December 14, 2020--A new exchange-traded fund issued by HSBC Global Asset Management has been tradable on Xetra and Börse Frankfurt since Monday.
The HSBC Hang Seng TECH UCITS ETF enables investors to invest for the first time in the 30 largest companies from the Greater China region that are primarily active in the technology sector and are listed on the Hong Kong Stock Exchange. Greater China comprises Hong Kong, the People's Republic of China, Macau and Taiwan.
Companies from the industrial, consumer discretionary, healthcare, financial and information technology sectors that generate a significant proportion of their revenue digitally, with internet (including mobile), cloud, fintech or e-commerce are considered.
The weighting is based on market capitalisation, whereby the share of a stock is limited to a maximum of eight per cent.
Name: HSBC Hang Seng TECH UCITS ETF
Asset class: Equity ETF
ISIN: IE00BMWXKN31
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Source: Deutsche Börse
Fee war escalates across Europe's fund industry
December 14, 2020-Cut-throat price competition among tracker fund providers is fueling the war on fees across Europe's investment industry with active managers.
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Source: FT.com
The investment case for ESG in fixed income index investing
December 14, 2020-Exchange traded funds (ETFs) incorporating environmental, social and governance (ESG) criteria have seen rapid growth, particularly over the past few months, with momentum accelerating in spite of the COVID-19 global pandemic.
Indeed, investors that are coming back into the market after the disruption of the pandemic are increasingly opting for the sustainable versions of ETFs, a clear sign that investors want to "build back better" and see sustainable investing as their new industry standard.
To give investors more clarity and confidence in building sustainable portfolios across asset classes, iShares, in partnership with Responsible Investor, held a webinar looking at the investment case for ESG in fixed income index investing. With fixed income ESG ETFs showing greater resilience compared to their "standard" peers", we felt it was a good time to explore the opportunities of taking a sustainable approach to bond portfolio construction.
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Source: responsible-investor.com
EU carbon price hits all-time high after EU climate deal
December 11, 2020--The price of Benchmark European Union carbon permits rose to an all-time high above 31 euros a tonne on Friday, after EU leaders reached a deal on more ambitious emissions cuts this decade.
The contract hit 31.30 euros a tonne in early trade, its highest since the EU's Emissions Trading System (EU ETS) was launched in 2005, before easing to 30.94 euros by 0839 GMT.
EU leaders on Friday clinched a deal to cut emissions by at least 55% by 2030, upgrading the bloc's existing goal for a 40% cut from 1990 levels after all-night talks.
Traders said this drove up carbon prices, together with stronger energy prices in Europe over the last few days mainly because of a strike at French power plants.
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Source: financialpost.com