ESMA updates the CSDR Q&As-continued

December 3, 2019--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding the implementation of the Central Securities Depositories Regulation (CSDR).
The updated Q&As provide answers to questions regarding practical issues on the implementation of the new CSDR regime.
The latest CSDR Q&As clarify the application of requirements related to the CSD matching functionality.

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Source: ESMA

Europe ETP News
Cash market trading volumes in July
August 3, 2020--Deutsche Börse's cash markets generated a turnover of €147.1 billion in July (previous year: €124.8 billion).
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The Spanish Stock Market trades 31.7 billion euros in July
August 3, 2020--The number of Equity trades grew by 34.2% last month and by 53.6% in the first seven months
Admissions to trading for Fixed Income markets grew by 53.1% year on year
Trading in IBEX 35 Futures and Mini IBEX 35 from January to July grew by 7% and 27.2% respectively
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Boerse Stuttgart records July turnover of EUR 6,2billion
August 1, 2020--All asset classes show significant increase in trading volume compared with June figures
Based on the order book statistics, Boerse Stuttgart generated turnover of around EUR 6,2 billion in July 2019-an increase of nearly 25 per cent compared to the previous month.
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S&P Dow Jones Indices: Europe Dashboard
July 31, 2020--European equities ended July in negative territory following an earnings season which included worse than expected results from many of Europe’s largest banks.
From a sectoral perspective, Utilities and Materials led the way up in Europe.
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London Stock Exchange may sell Milan bourse to secure Refinitiv deal
July 31, 2020--The London Stock Exchange (LSE) said on Friday it may sell all or part of Borsa Italiana to help get its $27 billion takeover of Refinitiv over the line, a move that could trigger a bidding war among European exchanges for the Milan assets.
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ECB-Euro area bank interest rate statistics: June 2020
July 31, 2020--The composite cost-of-borrowing indicator for new loans to corporations remained broadly unchanged at 1.49% in June 2020, and the one for new loans to households for house purchase showed no change at 1.42%
In the same month, the euro area composite interest rate for new deposits with agreed maturity from corporations and the interest rate for overnight deposits from corporations showed no change at -0.10% and 0.00%, respectively.
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FESE-The Evolution of EU Equity Market Structure
July 30, 2020--Thirty months after the implementation of MiFID II, it is clear that policymakers' ambition to increase equity trading transparency by bringing more flow to lit venues has not been realised.
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Tabula reveals plans for first ESG fixed income ETF
July 29, 2020--Tabula IM research found investors are looking for more innovation and transparency in ESG fixed income ETFs
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UK pension scheme invests 5.5bn Euro into green strategies
July 29, 2020--Britain's largest pension scheme Nest has pledged to tighten its climate change policy with an investment of €5.5bn into environmentally friendly strategies.
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Tabula insights: What investors really want from ESG
July 29, 2020--Tabula asked 120 European professional investors* for their views on fixed income ESG ETFs. They found that, overwhelmingly, they want more innovation. The survey also revealed an interesting preference for outperformance potential over benchmark tracking.
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ECB-Euro area economic and financial developments by institutional sector: first quarter of 2020
July 28, 2020--Euro area net saving decreased to €832 billion in the four quarters to the first quarter of 2020, compared with €871 billion in the four quarters to the previous quarter. Euro area net non-financial investment decreased to €573 billion (from €584 billion previously), due to decreased investments by households and non-financial corporations. Euro area net lending to the rest of the world decreased to €267 billion (from €295 billion previously) reflecting the decrease in net saving.
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New Credit Suisse ETF on Xetra: Sustainable investments combined with low volatility
July 27, 2020--A new exchange traded fund issued by Credit Suisse Asset Management has been tradable on Xetra and Börse Frankfurt since Monday.
With the CSIF (IE) MSCI World ESG Leaders Minimum Volatility Blue UCITS ETF-B USD, investors invest in large and medium-sized companies from 23 Developed Markets countries around the world in line with sustainability criteria.
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EU fund managers back fee changes to Mifid II trading rules
July 27, 2020--Exemption on bonds and small companies research aimed at boosting economic recovery
European fund managers have welcomed plans from Brussels to exempt them from paying a fee for research on bonds and small companies.
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ECB-Monetary developments in the euro area: June 2020
July 27, 2020--Annual growth rate of broad monetary aggregate M3 increased to 9.2% in June 2020 from 8.9% in May
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, stood at 12.6% in June, compared with 12.5% in May.
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Brussels to ease capital markets rules to aid business recovery
July 24, 2020--A Capital Markets Recovery Package, outlined by the EU Commission Friday, amends the Prospectus Regulation, MiFID II and securitisation rules to help businesses to raise capital on public markets.
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ESMA publishes the MiFID/MiFIR Annual Review Report
July 23, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published today the MiFID/MiFIR Annual Review Report under Commission Delegated Regulation (EU) 2017/583 (RTS 2). This report lays down the thresholds for the liquidity criterion' average daily number of trades' for bonds, as well as the trade percentiles.
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Two Solactive Fixed Income and Equity Indices underline Amundi's expansion of Prime ETF Range
July 22, 2020--In 2019, Europe's largest asset manager, Amundi, released its Amundi Prime ETF series, ensuing from a long-term trend of asset managers slashing fees for plain vanilla benchmark-tracking ETFs. Following the success of its then established Prime range, Amundi decided to once again engage Solactive for the expansion of the ETF series with a Fixed Income and Equity ETF tracking US treasury bonds and UK Small and Mid Caps (ex-investment trust), respectively.
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New Lyxor ETFs on Xetra: First sustainable investments based on the Paris Climate Agreement
July 22, 2020--Since Wednesday, two new exchange traded funds issued by Lyxor International Asset Management are tradable on Xetra and Börse Frankfurt.
The Lyxor S&P Eurozone Paris-Aligned Climate (EU PAB) (DR) UCITS ETF-Acc and the Lyxor S&P 500 Paris-Aligned Climate (EU PAB) (DR) UCITS ETF -Acc offer investors for the first time the opportunity to invest in companies from the Eurozone and the US that have been selected based on the climate targets of the EU and the Paris Climate Convention.
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The impact of the crisis on smaller companies and new mechanisms for non-performing loans
July 22, 2020--The ongoing recession will result in a fresh surge in non-performing loans (NPLs) once payment holidays and moratoria end later this year. NPL investors played a valuable role in tackling the stock of problem loans from the last crisis, but in the aftermath of the current recession more complex financial restructuring will be needed. Governments should facilitate the refinancing of distressed but viable companies, possibly through a special regime for SMEs.
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EU reaches historic deal on pandemic recovery after fractious summit
July 20, 2020--European Union leaders clinched an historic deal on a massive stimulus plan for their coronavirus-throttled economies in the early hours of Tuesday, after a fractious summit lasting almost five days.
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Boosting the resilience of Europe's financial system in the coronavirus crisis
July 17, 2020--Europe has a heavily bank-based financial structure, but bank-based financial structures are associated with higher systemic risk than market-based financial structures. The higher level of systemic risk in Europe suggests caution when pursuing policies that stimulate risk taking and debt creation by banks, especially in the wake of COVID-19. Priority should be given to financial diversification and equity finance.
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ESMA publishes its first Review Reports on the MiFIR transparency regime
July 16, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published today two final Reports reviewing key provisions of the MiFID II/MiFIR transparency regime.
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Can the global recovery be sustained even as the pandemic rages?
July 16, 2020--The global economy is showing signs of recovery from the economic crisis caused by COVID-19, though the spread of the coronavirus is accelerating in some countries. In this circumstance, policymakers must weigh up the trade-offs involved in dealing with the pandemic while easing lock downs and sustaining economic activity. Differences in age structures, urbanisation rates and other factors will inform decision making in different countries.
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The EU's Opportunity to Turn Its Markets Toward the Future
July 16, 2020--Meeting the fiscal demands of COVID-19 will require the European Union to borrow on capital markets more than ever, and for European pension funds and households to look more widely for ways to build their nest eggs safely. The EU should take the challenges of the pandemic and Brexit as a chance to get its financial infrastructure house in order.
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New HSBC ETFs on Xetra: Sustainable investments in Europe, Japan and the USA
July 15, 2020--Since Wednesday, three new exchange traded funds from HSBC Global Asset Management have been tradable on Xetra and Börse Frankfurt.
With the HSBC Europe Sustainable Equity UCITS ETF, the HSBC Japan Sustainable Equity UCITS ETF and the HSBC USA Sustainable Equity UCITS ETF, investors can invest in companies from Europe, Japan or the USA.
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Forecasts for the UK economy: July 2020
July 15, 2020--A comparison of independent forecasts for the UK economy in July 2020.
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BNP Paribas Asset Management launches innovative environment-themed long/short equity fund
July 15, 2020--BNP Paribas Asset Management ('BNPP AM') announces the launch of BNP Paribas Environmental Absolute Return Thematic fund ('EARTH'), an equity long/short alternative UCITS strategy that seeks to identify opportunities among those companies that are facing or addressing significant environmental challenges.
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ESMA promotes consistent application of prospectus disclosure requirements
July 15, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published today its final Guidelines on disclosure requirements under the Prospectus Regulation.
The Guidelines provide guidance to financial market participants regarding the disclosure of financial and non-financial information in the prospectus.
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New Invesco ETC on Xetra: Access to gold price with currency hedging
July 15, 2020--Since Wednesday a new exchange traded commodity issued by Invesco is tradable on Xetra and Börse Frankfurt.
With the Invesco Physical Gold EUR Hedged ETC investors can participate in the performance of the gold price.
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New Deka ETFs on Xetra: Sustainable, climate-friendly investments
July 14, 2020--Since Tuesday, five new exchange traded funds from Deka Investment have been tradable via Xetra and Börse Frankfurt.
With the five Deka MSCI Climate Change ESG UCITS ETFs, investors can invest in large and medium-sized companies from Germany, the eurozone, Europe, USA and global industrial nations, considering sustainability criteria.
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ESMA issues second report on sanctions under MiFID II
July 13, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets' regulator, has published today its second report on sanctions and measures imposed under the Markets in Financial Instruments Directive (MiFID II) by National Competent Authorities (NCAs).
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UPDATE 1-European Union carbon permit price hits 14-year high
July 13, 20202--The European Union's benchmark carbon permit price hit a 14-year high at just over 30 euros per tonne early on Monday.
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Invesco launches physical gold ETC
July 13, 2020--US investment firm is looking to capitalise on the surge in demand for gold as a safe haven with the launch of a sterling-hedged physical gold ETC.
Invesco said its new product was "designed to provide the performance of the gold price, less the annual fee and hedging costs".
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BNP Paribas Asset Management survey shows Covid-19 prompts rise in social considerations within investment decision-making
July 13, 2020--BNP Paribas Asset Management ('BNPP AM') reveals key findings of its study on the importance of ESG criteria for investors in the Covid-19 environment:
ESG has become an even greater focus for 23% of respondents: 81% of respondents already employ ESG in all or part of their portfolios and a further 16% plan to do so
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UK government bond yields hit record lows as investor nerves linger
July 10, 2020--Investors seek safety in government bonds as short-dated gilt yields hit new lows
Yieldson short-dated UK government debt yesterday hit record lows after bond markets wobbled on worries over accelerating Covid-19 case.
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ECB-Euro area securities issues statistics: May 2020
July 10, 2020--The annual growth rate of the outstanding amount of debt securities issued by euro area residents increased from 4.4% in April 2020 to 5.8% in May.
For the outstanding amount of listed shares issued by euro area residents, the annual rate of change was 0.0% in May 2020, the same as in April.
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New Van Eck ETF on Xetra: Investment in companies with attractive fair value and competitive advantages
July 9, 2020--Since Thursday, a new exchange traded fund from VanEck Vectors has been tradable on Xetra and Börse Frankfurt.
With VanEck Vectors Morningstar Global Wide Moat UCITS ETF investors can invest in a selection of companies worldwide.
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The Swiss Stock Exchange welcomes Rize ETF
July 9, 2020--As of today, two more thematic ETFs with growth potential can be traded on the Swiss Stock Exchange: medical cannabis and cyber security.
The newly tradeable ETFs from Rize ETF are focusing on thematic market trends with growth stories: medical cannabis and cyber security.
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Unscheduled change in SDAX
July 9, 2020--Rhön-Klinikum AG to be deleted from index, Tele Columbus AG to be addedOn Thursday, Qontigo's global index provider STOXX Ltd. announced an unscheduled change to the SDAX index.
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VanEck lists new Global Wide Moat ETF on London Stock Exchange
July 9, 2020--With the VanEck Vectors Morningstar Global Wide Moat UCITS ETF, investors can make targeted investments in global companies with a long-term competitive advantage. The cost-effective ETF provides an intelligent smart beta alternative for investments with a global reach
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New ETF to target US company bond defaults launched by Tabula Investment Management
July 8, 2020--"This is a very opportune time to launch an ETF that enables investors to hedge against the North American high yield corporate credit market"
A new exchange-traded fund that gives investors an opportunity to short US bonds has started trading on the London Stock Exchange.
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Greening the recovery by greening the fiscal consolidation
July 8, 2020-In the wake of COVID-19, some economic recovery policies will help green the economy- for example, energy renovation of buildings. But there are limits to the share of stimulus that can be explicitly green. The European Union should therefore also green the fiscal consolidation by setting out the path to much higher carbon prices than today.
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ESMA updates its Q&As on MiFID II and MiFIR transparency-July 2020
July 8, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, updated today its Questions and Answers regarding transparency issues under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
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Solactive collaborates with ISS ESG to release Solactive ISS SDG Leaders Index based on the 17 United Nations' Sustainable Development Goals
July 8, 2020--In 2015, all member states of the United Nations adopted the UN’s 2030 Agenda for Sustainable Development. This proposal serves as a fundamental concept for a peaceful and prosperous society, and contains, at its core, 17 Sustainable Development Goals, including, for example, Zero Hunger, Quality Education, and Gender Equality.
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Summer 2020 Economic Forecast: An even deeper recession with wider divergences
July 7, 2020--The EU economy will experience a deep recession this year due to the coronavirus pandemic, despite the swift and comprehensive policy response at both EU and national levels. Because the lifting of lockdown measures is proceeding at a more gradual pace than assumed in our Spring Forecast, the impact on economic activity in 2020 will be more significant than anticipated.
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New UBS ETF on Xetra: Sustainable investments on S&P 500
July 7, 2020--Since Tuesday, a new ETF issued by UBS Global Asset Management has been tradable on Xetra and Börse Frankfurt.
With the UBS ETF (IE) S&P 500 ESG UCITS ETF (USD) A-acc, investors can invest in currently 310 companies from the S&P 500 Index, taking into account sustainability criteria.
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The impact economy: balancing profit and impact
July 7, 2020--Governments and companies can reinforce each other in their pursuit of sustainable development, which is based on three pillars: economic, social and environmental. An impact economy, in which governments and companies balance profit and impact, is best placed to achieve the United Nations sustainable development goals.
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