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EU to switch to single-day settlement of stock and bond trades in 2027
February 12, 2025-Move aligns bloc with similar shift in UK and Switzerland as commission seeks to revitalise capital markets
The EU will cut the time it takes to settle stock, bond and fund trades from two days to one from October 2027, the European Commission confirmed on Wednesday, in a move designed to boost liquidity in the bloc's capital markets.
"A shorter settlement cycle would enhance the attractiveness of EU markets," the commission wrote. It comes as the EU is seeking to re-energise its markets by encouraging more domestic and international investment and boosting liquidity.
Single-day securities settlement will begin on October 11 2027-the date that Esma, the EU's financial market regulator, had previously recommended, aligning the switch with those in the UK and Switzerland in order to minimise costs for banks and fund managers.
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Source: ft.com
Goldman Sachs Asset Management Expands Fixed Income ETF Range with Two Active High Yield Bond ETFs
February 5, 2025--Goldman Sachs Asset Management announced the launch of two actively managed exchange-traded funds ("ETFs") in EMEA:
Goldman Sachs USD High Yield Bond Active UCITS ETF (Ticker: GSHY)
Goldman Sachs EUR High Yield Bond Active UCITS ETF (Ticker: EUHY)
The funds will seek to achieve a long-term return by investing in fixed income securities rated below investment grade (high yield bonds). Top-down asset allocation is combined with bottom-up security selection by Goldman Sachs' Fixed Income and Liquidity Solutions team, which brings together more than 370 financial professionals with deep expertise across regions, sectors and markets, managing over $1.75 trillion in assets globally1.
The strategies aim to outperform their benchmarks over the long-term by selecting securities and obtaining exposures by analysing quantitative and technical factors to evaluate investment opportunities.
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Source: Goldman Sachs Asset Management
Abrdn and JPMorgan move to bolster European active ETF suites
February 5, 2025--Move will bring total of active fixed income ETFs offered by JPMAM in Europe to 13
JPMorgan Asset Management has added two products to its range of active exchange traded funds, while Abrdn has registered two products as it prepares to bolster its nascent offering.
The US asset manager has listed the JPM Euro Aggregate Bond Active Ucits ETF and JPM EUR Government Bond Active Ucits ETF on exchanges in the UK, Germany, Italy and Switzerland.
The aggregate bond ETF seeks to outperform the Bloomberg Euro Aggregate Total Return EUR Unhedged index.
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Source: ft.com
Goldman Sachs Asset Management enters Active ETF Market in EMEA
January 29, 2025-Goldman Sachs Asset Management announced the launch of two actively managed exchange-traded funds ("ETFs") in EMEA:
Goldman Sachs USD Investment Grade Corporate Bond Active UCITS ETF (Ticker: GIGU)
Goldman Sachs EUR Investment Grade Corporate Bond Active UCITS ETF (Ticker: GIGE)
The strategies have the potential to achieve a long-term return by actively investing primarily in investment grade fixed income securities of corporate issuers.
Active ETFs combine the benefits of actively managed strategies with the transparency, flexibility and potential cost benefits of an ETF wrapper. An active management approach can help investors capture market inefficiencies, navigate turbulence and mitigate company-specific risks through active credit selection.
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Source: Goldman Sachs Asset Management
The EBA and ESMA analyse recent developments in crypto-assets
January 16, 2025--The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) today published a Joint Report on recent developments in crypto-assets, analysing decentralised finance (DeFi) and crypto lending, borrowing and staking. This publication is the EBA and ESMA's contribution to the European Commission’s report to the European Parliament and Council under Article 142 of the Markets in Crypto-Assets Regulation (MiCAR).
EBA and ESMA find that DeFi remains a niche phenomenon, with value locked in DeFi protocols representing 4% of all crypto-asset market value at the global level. The report also sets out that EU adoption of DeFi, while above the global average, is lower than other developed economies (e.g. the US, South Korea).
The EBA and ESMA observe that the number of DeFi hacks and the value of stolen crypto-assets has generally evolved in correlation with the DeFi market size. Since flows on decentralised exchanges represent 10% of spot crypto trading volumes globally, DeFi protocols present significant risks of money laundering and terrorist financing (ML/TF).
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Source: esma.europa.eu
EU funds continue to reduce costs-at low and varying pace
January 14, 2025--The European Securities and Markets Authority (ESMA), the EU financial markets regulator and supervisor, today publishes its seventh market report on the costs and performance of EU retail investment products, showing a decline in the costs of investing in key financial products.
Despite this decline the cost levels of funds in the EU remain high by international standards. With more than 50,000 funds and an average fund size almost 10 times smaller than that of for example US mutual funds, EU funds do not exhaust the economies of scale commensurate with the EU’s single market. The market inefficiencies revealed by this higher cost level shows the need to focus on the competitiveness of EU markets, within a future Savings and Investments Union.
The key findings in the report are:
UCITS costs decline gradually, from high levels: Costs have declined, but investors should continue to consider fund fees carefully in their investment decisions-especially since costs have not dropped for all categories of funds: ongoing costs of mixed funds and equity passive funds have been relatively stable over time.
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Source: esma.europa.eu
ESMA publishes latest edition of its newsletter
January 9, 2025-- The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, as today published its latest edition of the Spotlight on Markets Newsletter.
Entities interested to apply are encouraged to register and submit their requests to participate in the selection procedure by 7 February 2025.
Your one-stop-shop in the world of EU financial markets focuses on the last policy documents related to MiCA, as the regulation officially entered into force across the EU on 30 December 2024. ESMA has delivered extensive regulatory work over the past 18 months, comprising more than 30 Technical Standards and Guidelines.
ESMA put forward Q&As on the application of the Guidelines on funds' names, providing further explanations on green bonds, the convergence on "meaningfully investing in sustainable investments", and the definition of controversial weapons.
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Source: esma.europa.eu
Palmer Square Capital Management Set to Launch First European CLO ETFs
January 9, 2025--Top global CLO issuer expands European footprint with three innovative investment products
Palmer Square Capital Management ("Palmer Square"), a credit-focused alternative asset management firm with more than $33 billion in assets under management founded in 2009, is planning to launch three pioneering ETFs for European institutional investors.
Two of the ETFs will be passively focused on EUR and USD denominated AAA and AA CLO debt with the third planned to be an active multi-strategy ETF providing similar exposure to the actively managed ETF currently offered in the US by Palmer Square.
"The launch of these ETFs in Europe underscores our commitment to delivering cutting-edge solutions in complex investment environments across the globe. It is a natural extension of our global expertise in structured credit and demonstrates our ability to meet the rising market demand," said Angie Long, Chief Investment Officer and Portfolio Manager at Palmer Square Capital.
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Source: Palmer Square Capital Management
Amundi to shut its original 'multi' smart beta ETF
January 8, 2025--The fund made returns of nearly 20% last year but has failed to retain sufficient assets to be 'economically efficient'
Amundi is to close a multi-strategy smart beta exchange traded fund, the product it launched to enter the space a decade ago.
The Amundi Index Equity Global Multi Smart Allocation Scientific Beta Ucits ETF will be liquidated on February 4, according to a shareholder notice published late last week.
The board of the Luxembourg-based Amundi Index Solutions Sicav, the ETF's umbrella structure, wrote that net assets in the vehicle were below the "minimum level [...] to be operated in an economically efficient manner".
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Source: ft.com
ESMA launches selection of the Consolidated Tape Provider for bonds
January 3, 2025-- The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is launching the first selection procedure for the Consolidated Tape Provider (CTP) for bonds. Entities interested to apply are encouraged to register and submit their requests to participate in the selection procedure by 7 February 2025.
The CTP aims to enhance market transparency and efficiency by consolidating trade data from various trading venues into a single and continuous electronic stream. This consolidated view of market activity should help market participants to access accurate and timely information and make better-informed decisions, leading to more efficient price discovery and trading.
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Source: esma.europa.eu
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