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ECB-Monetary developments in the euro area: October 2021
November 26, 2021--Annual growth rate of broad monetary aggregate M3 increased to 7.7% in October 2021 from 7.5% in September (revised from 7.4%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 10.7% in October from 11.1% in September
Annual growth rate of adjusted loans to households stood at 4.1% in October, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations increased to 2.5% in October from 2.1% in September
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 increased to 7.7% in October 2021 from 7.5% in September, averaging 7.7% in the three months up to October.
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Source: ECB
ECB-Meeting of 27-28 October 2021
November 25, 2021--Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 27-28 October 2021
1. Review of financial, economic and monetary developments and policy options
Financial market developments
Ms Schnabel reviewed the financial market developments since the Governing Council's previous monetary policy meeting on 8-9 September 2021.
Market-based measures of inflation compensation in the euro area had surged to their highest levels in over seven years, pushing long-term nominal sovereign bond yields back to levels seen earlier in the year. In the euro area, ten-year inflation swap rates were more than 30 basis points higher than in September 2021 and a full percentage point higher than in December 2020, when the Governing Council had pledged to preserve favourable financing conditions.
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Source: SEC.gov
BNP Paribas Asset Management expands thematic fixed income range with launch of Social Bond fund
November 25, 2021--BNP Paribas Asset Management ('BNPP AM') announces the launch of BNP Paribas Social Bond fund, investing in bonds aimed at financing projects with positive social impacts. The fund is classified as Article 9 under SFDR[1] and launches during a period of record growth for the sustainable bond market, in particular social bonds.
The launch is in line with BNPP AM's Global Sustainability Strategy, of which achieving equality & inclusive growth is one of three priority areas, alongside accelerating the energy transition and protecting the environment. Managed using a rigorous proprietary methodology, bond and issuer selection are aligned with BNPP AM's sustainable investment standards, drawing on the expertise of its bond management teams and its Sustainability Centre. The fund combines BNPP AM's long-standing expertise in green bonds (BNP Paribas Green Bond fund was launched in 2017) and its in-depth knowledge of social issues, with the BNP Paribas Inclusive Growth fund launched earlier this year.
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Source: mediaroom-en.bnpparibas-am.com
New UBS ETF on Xetra: access to sustainable US companies with currency hedging
November 25, 2021--A new exchange-traded fund issued by UBS Asset Management has been tradable on Xetra and Börse Frankfurt since Thursday.
With the UBS ETF (IE) MSCI USA Socially Responsible UCITS ETF (hedged to EUR) A-acc, investors can participate in sustainable large and mid-cap companies from the USA.
According to the best-in-class approach, companies with the best ESG profiles are identified and selected for each sector. In addition, stocks with a lower carbon footprint are overweighted.
On the other hand, stocks with significant business activities in the areas of nuclear energy, tobacco, alcohol, gambling, weapons, genetically modified organisms, thermal coal, nuclear energy, or oil & gas are excluded from the index. The same applies in the event of non-compliance with the principles of the United Nations Global Compact or involvement in serious ESG-related controversies.
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Source: Xetra
New ETF from Global X on Xetra: first time access to copper mining companies
November 25, 2021--Since Wednesday, a new exchange traded fund issued by Global X is tradable on Xetra and Börse Frankfurt.
The Global X Copper Miners UCITS ETF gives investors access for the first time to companies worldwide that profit from copper mining.
To be included in the index, companies must generate at least 30 per cent of their current or expected sales from the mining and refining of copper or the exploration and research of copper deposits.
Up to 40 companies are included in the index, with the weighting of a stock limited to 4.75 per cent. Companies from the US, Canada, Australia, and Japan are most strongly represented.
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Source: Xetra
First thematic ETF from ETC Group: access to companies in the field of blockchain technologies and digital assets
November 24, 2021--Since Wednesday, a new exchange traded fund issued by ETC Group has been tradable on Xetra and Börse Frankfurt via HANetf's white-label platform.
With the ETC Group Digital Assets & Blockchain Equity UCITS ETF- Acc, ETC Group is expanding its product offering for the first time with an ETF that provides access to companies in the digital assets, cryptocurrencies and blockchain technologies sector.
In addition to exchange operations for cryptocurrencies and mining companies, suppliers, and service providers of the ecosystem of digital assets are also considered. These include hardware and software manufacturers that make the use of blockchain technology, cryptocurrencies, and non-fungible tokens ("NFTs") possible in the first place.
The weighting of a security is limited to a maximum of 10 per cent.
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Source: Xetra
New HSBC ETF on Xetra: companies in line with the goals of the Paris Climate Agreement
November 23, 2021--A new exchange-traded fund from HSBC Global Asset Management has been tradable on Xetra and Börse Frankfurt since Tuesday.
With the HSBC MSCI Japan Climate Paris Aligned UCITS, investors can participate in the performance of large and medium-sized companies in the Japanese market that contribute to the decarbonisation of the economy.
The companies included in the benchmark index are expected to contribute to reducing carbon emissions by 10 per cent annually and reducing physical risks from extreme weather conditions by at least 50 per cent. Companies that benefit from measures to combat climate change and for which new business opportunities arise as a result are overweighted.
In addition, companies that are not in line with the principles of the United Nations Global Compact, are involved in serious ESG-related controversies or are active in the areas of thermal coal, nuclear energy, weapons, gambling, tobacco, and genetically modified organisms are excluded from the index.
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Source: Xetra
ECB extends oversight of electronic payments to digital wallets and crypto-assets
November 22, 2021--The European Central Bank has approved a new oversight framework for electronic payments which will include coverage of stablecoins and other crypto-assets.
The new supervisory framework assesses security and efficiency of electronic payments, and will be applied by the ECB to oversee companies enabling or supporting the use of payment cards, credit transfers, direct debits, e-money transfers and digital payment tokens, including electronic wallets.
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Source: finextra.com
AFME and Linklaters publish guide to navigating sustainable finance regulation
November 22, 2021--A new report by the Association for Financial Markets in Europe (AFME) and Linklaters titled, "Sustainable Finance in Europe: Regulatory State of Play" provides a practical guide to the significant number of initiatives which make up the regulatory framework for sustainable finance in the EU, UK and Switzerland. It highlights how the banking sector is impacted and makes recommendations to further the goal of developing sustainable finance in Europe.
The report provides analysis and identifies key milestones and actions for the banking industry in the five key elements of the European sustainable finance regulatory .
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Source: afme.eu
ESMA New Q&As available
November 19, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated the following Questions and Answers:
Benchmarks Regulation
Central Securities Depositories Regulation
EMIR implementation
European crowdfunding service providers for business Regulation
MiFID II and MiFIR investor protection topics
Securitisation Regulation
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Source: ESMA
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