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BlackRock performs volte-face with swap-based equity ETF
September 29, 2020--The world's largest asset manager has launched its first synthetic ETF after years spent criticising the structure
BlackRock has performed a volte-face and launched its first swap-based equity exchange traded fund, entering a market it had avoided for nearly a decade following chief executive Larry Fink's vehement criticism of the structure.
"BlackRock has been the flag-bearer for physical ETFs for many, many years. They were very critical of the idea of synthetic ETFs and here they are launching one," said Jose Garcia-Zarate, associate director of ETF strategy at Morningstar, the fund data provider.
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Source: FT.com
ESMA updates regulatory technical standards (RTS) under the Benchmarks Regulation (BMR)
September 29, 2020--The European Securities and Markets Authority, the EU's securities markets regulator, has published its final report containing new sets of draft regulatory technical standards (RTS) under the Benchmarks Regulation (BMR). These contain additional detailed rules to implement the European regulatory framework aimed at ensuring the accuracy and integrity of benchmarks across the European Union.
The draft RTS result from the ESAs Review, Article 5 of Regulation (EU) 2019/2175, that introduced changes to the BMR including a new mandate for ESMA to develop draft RTS.
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Source: ESMA
ESMA updates Q&A on data reporting under EMIR
September 28, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers document on practical questions regarding data reporting issues, under the European Markets Infrastructure Regulation (EMIR).
The updated Trade Repository (TR) Q&A 1(c) clarifies that the counterparties should use the underlying to determine the asset class of total return swaps when reporting under EMIR.
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Source: ESMA
ESMA Updates Q&A On MIFIR Data Reporting
September 28, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers document on data reporting under the Market in Financial Instruments Regulation (MiFIR).
The updated Q&As document includes a new Q&A and two amendments to existing Q&As:
The first amended Q&A provides clarifications in relation to the reporting requirements under Art. 26 of MiFIR and RTS 22.
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Source: ESMA
Almalia to launch the world's first actively managed global equity Shariah compliant ETF on London Stock Exchange
September 28, 2020--Later this week, the international financial services group, Almalia, will launch the world's first active global equity Shariah compliant ETF. The Almalia Sanlam Active Shariah Global Equity UCITS ETF (the ETF) will launch via the HANetf platform and will list on the London Stock Exchange later this week.
Almalia has selected Sanlam Investments UK to manage the assets of the ETF based on the success of its award-winning Global High Quality Strategy which was launched by Sanlam's Global Head of Equities, Pieter Fourie, in 2008. The ETF will form part of this strategy and will be managed by Pieter along with his team of six investment professionals.
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Source: Salaam Gateway
Sustainable-Bond Market Boosted by Europe's Top Institutions
September 25, 2020--Plans at ECB and European Commission would significantly increase the size of the market for environmentally friendly bonds
Europe's two most powerful institutions have thrown their weight behind the market for environmentally friendly bonds, a move that could make sustainable finance more mainstream and improve its transparency.
The European Central Bank this week said it would start buying sustainability-linked corporate bonds as part of its quantitative-easing program and accept them as collateral for loans to commercial banks, starting next year
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Source: wsj.com
ECB-Monetary developments in the euro area: August 2020
September 25, 2020--Annual growth rate of broad monetary aggregate M3 decreased to 9.5% in August 2020 from 10.1% in July (revised from 10.2%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 13.2% in August from 13.5% in July
Annual growth rate of adjusted loans to households stood at 3.0% in August, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations stood at 7.1% in August, unchanged from previous month
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 9.5% in August 2020 from 10.1% in July, averaging 9.6% in the three months up to August. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 13.2% in August from 13.5% in July.view more
Source: ECB
Will European Union countries be able to absorb and spend well the bloc's recovery funding?
September 24, 2020--The European Union's landmark recovery instrument, Next Generation EU (NGEU), will be embedded into the EU's budget. This makes sense, because the EU budget is a well-established framework and hence can be deployed readily.
But pay-outs from the EU budget are disbursed slowly to member states, partly because programmes have to be designed, approved and implemented, and must also pass various checks to ensure the proper use of EU funds.
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Source: bruegel.org
Brexit and coronavirus spur EU to deepen capital market
September 24, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has launched today a consultation on fees for benchmarks administrators under the BMR.
Companies need to refund themselves as they emerge from recession caused by pandemic lockdowns, with Brussels wanting them to use stock and bond markets and reduce reliance on bank loans.
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Source: reuters.com
Turkey raises interest rate in unexpected move to tackle lira's fall
September 24, 2020--Central bank's 2 percentage point increase reverses Erdogan's push for lower rates
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Source: FT.com
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