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New UBS ETFs on Xetra: first ETF on S&P 500 with focus on sustainable US companies
April 10, 2019--Since Wednesday, two new Exchange Traded Funds of UBS Global Asset Management have been tradable via Xetra and Börse Frankfurt.
The new equity ETFs allow investors to invest in the performance of companies from the S&P 500 Index that meet strict sustainability criteria for the first time.
The S&P 500 ESG Index tracks 75 percent of the market capitalisation of the S&P 500 Index and includes U.S. equity companies that have a particularly high rating compared to their competitors in the areas of environmental protection, social responsibility and corporate governance. The index is weighted by market capitalisation.
Investors can choose between a distributing and an accumulating share class. The accumulating share class uses a hedging strategy to minimize the exchange rate risk between the base currency (US dollar) of the index components and the euro and is tradable in euros. The distributing share class is tradable in US dollars.
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Source: Deutsche Börse Cash Markets
ECB renews vow to hold rates steady until 'at least' end of 2019
April 10, 2019--The European Central Bank has left interest rates on hold at record lows and reiterated its commitment to keep monetary stimulus in place until the eurozone's economic slowdown reverses course.
In its latest monetary policy announcement on Wednesday the bank's governing council kept its benchmark main refinancing rate at zero and its deposit rate at minus 0.4 per cent.
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Source: FT.com
ESMA updates Q&A on MiFIR data reporting
April 10, 2019--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on data reporting under the Market in Financial Instruments Regulation (MiFIR).
The Q&As provide clarifications in relation to the requirements for submission of reference data under MiFIR. In particular, the Q&As relate to reporting obligations for trading venues operating on the basis of a specified list of instruments.view more
Source: ESMA
European Commission-Fourth Report on the State of the Energy Union
April 9, 2019--The fourth report shows the progress made on the energy union since the start of the Juncker Commission. Building on results achieved so far, the report sets out legal rules, as well as political commitments and targets for a cleaner and greener world.
It takes into account evolving global environmental, economic and competitiveness challenges.
view the European Commission Fourth report on the State of the Energy Union
Source: European Commission
OECD-Further reforms in France can drive growth, improve public finances and boost social cohesion
April 9, 2019--The French economy has slowed, with weaker growth and employment prospects weighing on living standards and well-being. Policy should focus on long-term strategies to revitalise growth, improve public finances, create more and better jobs and ensure a more inclusive and cohesive society, according to a new report from the OECD.
The latest OECD Economic Survey of France looks at the factors behind the country's economic performance, as well as policies that can boost productivity and competitiveness, which will be key to improving future living standards. The Survey projects growth of 1.3% this year and next, which will be insufficient to bring about a rapid decline in unemployment and a significant improvement in public finances without further reforms.
view the OECD Economic Survey of France
Source: OECD
London on track to become global FinTech hub, new report finds
April 9, 2019--This year, London will be home to just as many FinTech 'unicorns' as current global leader San Francisco-according to a new report from global recruiter, Robert Walters, and market analysis experts, Vacancy Soft.
Of the 29 FinTech unicorns* worldwide (*companies worth more than US$1 billion), nine are in San Francisco, while seven are housed in the UK.
E-money firms (as defined by the FCA) grew by 51% between 2017 to 2018 and it is predicted that by 2020, over half of payment service providers in the UK will be digital-only.
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Source: intelligentcio.com
More than 1,000 investment firms fail MiFID II transaction reporting requirements
April 9, 2019-'Many thousands more' could be non-compliant
There were 1,335 notifications of transaction reporting submitted to the Financial Conduct Authority (FCA) in the first year of MiFID II, which came into force in January 2018, with firms struggling to...
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Source: investmentweek.co.uk
Monday Morning Memo: Is there a wider consolidation ahead in the European fund industry?
April 8, 2019--Rumor has it that Deutsche Bank may want to offload its asset management unit DWS in case of a possible takeover of its local rival Commerzbank. The thinking is that Deutsche Bank may need the cash from selling its asset management arm to finance the Commerzbank deal.
The rumors have led large European asset managers including Allianz Global Investors, Amundi and UBS to announce their interest in DWS.
Since we witnessed a lot activity with regard to mergers and acquisitions (M&A) in the European asset management industry over the past few years, the interest in DWS may not come as a surprise, especially since there were more or less previous consistent rumors that Deutsche Bank was considering a sale of its majority stake in DWS.
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Source: Refinitiv
ECB-Account of the monetary policy meeting of the Governing Council of the European Central Bank, held in Frankfurt am Main
April 5, 2019--on Wednesday and Thursday, 6-7 March 20191.
Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœuré reviewed the latest financial market developments.
As regards bond market developments, the fall in euro area ten-year overnight index swap (OIS) yields from early October 2018 to mid-February 2019 had recently reversed slightly. Notwithstanding the recent recovery, yields remained compressed compared with the levels observed in early October 2018.
Mr Cœuré recalled that the dominant driver of lower yields in recent months had been a fall in the inflation component, as reflected in revisions to market-based inflation expectations. The pronounced decrease in inflation-linked swap rates, across all maturities, in the fourth quarter of 2018 had likely been related, at least in part, to the sharp parallel fall in oil prices. However, since the end of December 2018 oil prices had gone up by more than 25%, both in US dollar and in euro terms, but the euro area and US medium-term inflation expectations seemed to have responded differently. The US five-year forward inflation-linked swap rate five years ahead had risen by around 20 basis points since early January 2019. In contrast, the equivalent swap rate for the euro area had continued to decline until last week.
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Source: ECB
ESMA issues first pan-EU overview of use of supervisory sanctions for UCITS
April 4, 2019--The European Securities and Markets Authority (ESMA) has issued today its first annual report on sanctions imposed by national competent authorities (NCAs) under the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive.
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Source: ESMA
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