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ESMA sets out its final view on the derivatives trading obligation (DTO)
November 25, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has released a public statement that clarifies the application of the European Union's (EU) trading obligation for derivatives (DTO) following the end of the UK's transition from the EU on 31 December 2020.
The statement clarifies that the DTO will continue applying without changes after the end of the transition period. ESMA considers that the continued application of the DTO would not create risks to the stability of the financial system. The statement confirms the approach outlined in ESMA’s previous statement in March 2019.
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Source: ESMA
Germany's DAX index gets shake-up in wake of Wirecard scandal
November 24, 2020--Germany's blue-chip DAX index is undergoing its biggest ever overhaul in the wake of the Wirecard accounting scandal.
The DAX will expand from September 2021 to 40 from the current 30 companies and membership criteria will get tougher, exchange operator Deutsche Boerse said on Tuesday.
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Surce: reuters.com
Russian Federation: Staff Concluding Statement of the 2020 Article IV Mission
November 24, 2020--Outlook and risks
The economy was showing signs of a healthy recovery that is now under threat from a sharp rise in infections. The large contraction in the second quarter was not as severe as in most other G20 countries.
Russia's strong fiscal, monetary, and macroprudential response to the crisis helped put a floor under the downturn and fostered a stronger-than-projected rebound of third quarter gross domestic product (GDP). Some restrictions have now been reintroduced, but we expect these restrictions to have a less severe impact than those of the spring. All in all, we project the economy to contract by about 4 percent this year, and to expand by some 2½ percent in 2021, assuming the COVID-19 situation gradually normalizes. Nevertheless, the economy will remain well below full employment for the foreseeable future.
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Source: IMF
ESAs propose to adapt the EMIR implementation timelines for intragroup transactions, equity options and novations to EU counterparties
November 23, 2020--The European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA), the European Supervisory Authorities (ESAs), have today published a final report with draft regulatory technical standards (RTS) proposing to amend the Commission Delegated Regulation on the risk mitigation techniques for OTC derivatives not cleared by a CCP (bilateral margin requirements) under the European Market Infrastructure Regulation (EMIR).
ESMA has also published a final report with new draft RTS proposing to amend the three Commission Delegated Regulations on the clearing obligation under EMIR.
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Source: ESMA
Targeted horizontal industrial policy: green, regional and European
November 23, 2020--Creating the conditions for the most promising low-carbon sectors to grow is the most efficient way to enable decarbonisation. As sector potential is regional and associated with regions' current strengths in related technologies, policy should aim to boost the growth potential of low-carbon technologies on a regional level.
Global decarbonisation has already revolutionised some major economic sectors.
In the electricity generation technology market, wind and solar today amount to almost 70% of new capacities. In the automotive sector, the market valuation of Tesla now exceeds that of any other car manufacturer, implying investors expect rapid growth in revenues. But this might only be the beginning. Many other sectors including agriculture, shipping and metals will need to be decarbonised to get at least close to the net-zero emission target stipulated in the Paris Agreement. Similar to electricity and vehicles, turning sometimes century-old inventions, such as batteries and electrolysis, into market-ready, increasingly cost-competitive technologies will be a main avenue for decarbonisation of these sectors.
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Source: bruegel.org
Invesco's UK investment chief targets performance turnaround
November 22, 2020--Stephanie Butcher gets the task of rebuilding the asset managers reputation after some difficult many years.
Stephanie Butcher faces an unenviable task. The woman challenge after a promotion in January to Invescos UK main financial investment officer will be restore the when highly regarded asset managers reputation following a bruising couple of years.
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Source: offshorecorporatesource.com
Regulating Fintech in Europe: Lessons from the collapse of Wirecard
November 22, 2020--The default of Wirecard highlights several problems in the regulation and supervision of Fintech companies, with regulatory holes in investor protection, customer protection, and financial stability. This column argues that since Fintech companies can be very complex, their oversight requires understanding their business model and combining regulation and supervision based on both entities and activities.
The global reach of Fintechs also calls for better coordination at the European level and beyond, but the authors do not see the need for new regulatory body to oversee Fintechs in Europe.view more
Source: voxeu.org
European weekly ETF inflows hit highest level this year
November 20, 2020--Euphoria over covid-19 vaccine progress sparks dash for equity funds
Europes exchange exchanged funds have actually enjoyed their particular highest once a week web inflows since December 2019 amid the euphoria surrounding a possible covid-19 vaccine.
Equity ETFs sold in Europe struck 5bn in web inflows a week ago, undoubtedly top product sales overall performance this present year, based on Morningstar data.
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Source: offshorecorporatesource.com
Lyxor completes the integration of Commerzbank's asset management activities with launch of new branch in Germany
November 20, 2020--Lyxor announces today that it has completed the integration of Commerzbank's asset management activities and of its EUR 16bn in assets under management, following the purchaseof Commerzbank's Equity Markets & Commodities business by its parent company Societe Generale Group in November 2018.
As part of this integration, Lyxor has opened an asset management branch in Germany, Lyxor International Asset Management SAS Deutschland (LyxorDeutschland), based in Frankfurt am Main. Lyxor Deutschlandbrings all of Lyxor's own active and passive investment activities in Germany and Commerzbank's EMC asset management business under one roof -including notably the ComStage range, one of the leading ETF providers in German retail banking
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Source: Lyxor Asset Management
The evolution of European economic institutions during the COVID-19 crisis
November 19, 2020--This article argues that the incomplete economic and institutional integration of the euro area has exposed the monetary union to increasing economic divergence, which could be deepened by the COVID-19 crisis. We discuss how monetary and fiscal measures implemented at the onset of the pandemic have contributed to mitigate the economic consequences of lockdowns, but provided limited insurance to narrow economic gaps across member countries.
However, EU countries agreed on July 21, 2020 to develop, for the first time, countercyclical fiscal transfers financed by common debt issuance. We discuss the potential of this instrument to contribute to improve the resilience of the eurozone.
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Source: bruegel.org