third quarter 2021 investment review template

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Third quarter 2021 investment review template daily free forex trade signals

Third quarter 2021 investment review template

In addition, markedly higher than expected peak drug exposure C max was observed in five of the last six subjects enrolled in the monotherapy study, including the subject with the fatal CLS. All of these subjects had been treated with drug product from the same lot of MT and while the other four subjects with higher than predicted exposure exhibited signs or symptoms of innate immunity, none experienced any unexpected serious adverse events.

This lot of drug product met all specifications for drug product release as well as its ongoing stability testing specifications. MTEM is investigating the higher than expected drug exposure findings to determine if this was caused by an issue with this specific lot of MT In the meantime, no new patients will be enrolled in any MT study. Next-generation ETB scaffolds have been designed to reduce or eliminate the propensity for innate immunity or CLS; no cases of CLS have been observed in human subjects who have been dosed with any next-generation ETBs.

Revenues for the third quarter of were comprised of revenues from collaborative research and development agreements with Takeda and Vertex. Molecular Templates is a clinical-stage company focused on the discovery and development of targeted biologic therapeutics. Our proprietary drug platform technology, known as engineered toxin bodies, or ETBs, leverages the resident biology of a genetically engineered form of Shiga-like Toxin A subunit to create novel therapies with potent and differentiated mechanisms of action for cancer and other serious diseases.

All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties.

Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether because of new information, future events or otherwise. Adam Cutler Chief Financial Officer adam. The verification of the performance against the SPTs should be made publicly available.

Post-issuance verification is a necessary element under the SLBP. SLBs are notably forward-looking performance-based instruments. Such outcomes are then assessed against agreed sustainability performance targets SPTs. Within these parameters, SLBs can be used for general purposes. The process for calibration of one or more SPT s per KPI is key to the structuring of SLBs since it will be the expression of the level of ambition that the issuer is ready to commit to, and thus considers realistic.

Main differences from Green, Social or Sustainability Bonds Green, Social and Sustainability Bonds represent a highly successful funding instruments for companies that can identify eligible sustainable projects or assets for financing or refinancing. They also concentrate on green and social objectives that are directly linked to these projects and assets. SLBs, on the other hand, can be used by the issuer to aim holistically for a wider variety and combination of sustainability targets and objectives, as well as ESG criteria, for its organisation and business.

They can be applied to the sustainability objectives of corporate organisations, as well as to the climate policy objectives of sovereigns. SLBs are intended to be used for general purposes in pursuit of agreed sustainability performance targets.

An SLB creates incentives for the issuer generally to transition to a more sustainable business model. As mentioned above, they are also highly versatile instruments that can be applied to many sustainability topics and themes. Issuances aligned to the SLBP aim to provide an investment opportunity with transparent sustainability credentials. Specifically, the SLBP aid investors by promoting accountability of issuers in their sustainability strategy and the availability of information necessary to evaluate the performance of SLB investments.

The role of external reviews and verification In addition to disclosure and reporting recommendations, the SLBP clearly recommend that, in connection with the issuance of an SLB, issuers appoint an external review provider to confirm the alignment of their bond with the five core components of the SLBP eg through a Second Party Opinion. In their pre-issuance report, external reviewers are encouraged to assess the relevance, robustness and reliability of selected KPIs, the rationale and level of ambition of the proposed SPTs, the relevance and reliability of selected benchmarks and baselines, and the credibility of the strategy outlined to achieve them, based on scenario analyses, where relevant.

Issuers are required to seek independent and external verification by a qualified external reviewer of their performance level against each SPT. In contrast to the pre-issuance external review, post-issuance verification is not optional but a necessary element of the SLBP. Additional guidance The SLBP already provide a glossary of the key terms and a detailed non-exhaustive checklist for elements that are recommended or required to be disclosed in SLB issuances.

The market moves and dislocations experienced during the onset of the recent global COVID pandemic are unprecedented in recent times, and arguably surpass those seen during the Global Financial Crisis of The report also looks to provide some potential lessons learned from the recent turbulence. Furthermore, there are suggestions that liquidity in the week following 18 March was perhaps even worse than the week leading into it.

One of the most vivid representations of the crisis is the rapid and acute widening of credit spreads, followed by their subsequent extensive retracement. Respondents report that, largely as a result of years of assertive central bank monetary policy, IG credit had become a technically driven market, where fundamental valuations had come to take second place.

The COVID crisis has to some extent corrected this aberration, returning to a more fundamentals-based repricing of risk. Trading activity on venues buy-side. During the peak of the crisis, for the most part electronic trading in the European corporate bond markets broke down as participants resorted to voice trading. This was not so much due to technological challenges, but rather because the market became too volatile and too illiquid for dealers to risk providing pricing across electronic platforms.

However, while overall e-trading volumes reduced dramatically relative to voice, overall volumes on venues seemed to have remained high, registering record volumes at certain points. Meanwhile, some protocols appear to have fared better than others. Not only did this provide a backstop bid for a large section of the market, more importantly it restored confidence. There is a counterview that this could be more problematic in the longer term as it creates a market dependency on central bank intervention in order to function effectively, particularly in times of stress.

Perhaps the main lesson learned from the crisis is to be reminded how corporate bond secondary markets function and how liquidity is created, with market makers at their core. Constraining the ability of market makers to take prudent and appropriately priced and capitalized risk will inevitably impact market liquidity and, potentially, efficiency, particularly in times of market stress.

Whether the screens are switched on or off, it is the dealer-client relationship that ultimately holds the market together. Not only did this new supply help to satisfy pent-up demand, it also helped to provide a point of reference for secondary valuations. Settlement fails It is reported that there was a sizeable, albeit temporary, increase in settlement fails during the height of the crisis, which is largely attributed to operational challenges. Trading under lockdown Respondents suggest that, despite some initial challenges, the physical relocation and separation of trading teams and associated functions has worked successfully.

While many seem to have enjoyed working from home, the most common complaint relates to the loss of information flow and the immediacy of human interaction that come from being on a trading floor, which inevitably impacts overall efficiency, and market liquidity. From evolution to revolution: the arrival of the new fixed income market By Christophe Roupie Financial markets have been tested before and will be tested again.

The evolution of fixed income trading has been marching forward in recent years and has increased momentum. The pace of change, demand for data and adoption of technology reached a new level of commitment during the recent market stress that ultimately marks a revolution in market structure. Connectivity despite volatility The COVID pandemic sent shockwaves across the world as the global health crisis triggered financial uncertainty and widespread business shutdowns.

This level of volatility was reminiscent of the financial crisis, but this time round it was, incredibly, condensed to a few short weeks versus months and years in the prior decade. Despite the intense volatility across the credit markets, it appears the last few months have been a further catalyst for change among many trading firms. Instead of the bond market coming to a halt, as we saw in , traders remained connected through the use of technology as they quickly migrated to a work-from-home environment.

As an example, our client service teams arranged remote, secure access to our web-enabled technology for over 10, individual users to help them stay engaged with the market. Traders were able to continue fulfilling client orders and managing risk with the support of well-connected and well-functioning trading ecosystems. Diversity generates alpha A diverse, global liquidity pool is more important than ever now that one-to-one, in-person interactions are limited.

By seamlessly connecting participants and allowing any firm to either make or take liquidity, natural buyers and sellers could opportunistically find one another during the crisis. Our all-to-all Open Trading marketplace was able to provide that environment and serves as a case study for how market structure has shifted. During the first quarter, investment managers reached a new volume record for providing liquidity on MarketAxess, and dealers reached a new volume record as liquidity takers.

Participants were taking on new roles and creating a vast liquidity pool in the process. This is in stark contrast to the financial crisis when an all-to-all environment did not exist and therefore market volumes deteriorated, demonstrating a fundamental trading behaviour revolution. Within March, cost savings opportunities grew dramatically when. Market participants were also able to realize alpha generation opportunities as liquidity providers throughout the crisis.

As the debate on a consolidated tape progresses, there are clear examples of how it can work effectively. As price dispersion in credit markets exploded in March, traders were still able to realize transaction cost savings by taking on new roles.

Data is the engine of the credit market After years of building a global network, Open Trading was put to the test and performed as designed. Yet none of that would be possible without data. Predictive pricing tools and near real-time trade tapes, in addition to price discovery inherent within an electronic trading system, are now required tools to allow new participants to engage with the market and make prices.

This level of sophisticated pricing information is driving strategies for the next-generation trading desk and is the backbone of our automated trading protocols. Many people hoped that MiFID II would be the catalyst for transparency but it has only created more disparate and inconsistent pricing sources through a complex system of caps and waivers. With intra-day pricing data on over 3, fixed income instruments, Axess All was built in conjunction with. Now we see automation as the next frontier of this revolution.

While automated trading strategies were put on hold during the peak volatility period as more traders became more engaged with manual price formation, we have continued to observe increased adoption over the first half of the year. Automation, either as auto-executed trades or algo-driven price provision, allows traders to become more efficient.

By freeing up precious time to focus on more complex or larger orders, traders are able to deliver better cost savings for their clients. The adoption of automation, coupled with more diverse liquidity provision and improved pricing content has created the perfect storm for a revolution in the fixed income markets. For Asia ex Japan G3 AEJ , the year started very strongly, but as fears grew over the virus, the market practically shut down for the whole of March before gradually opening in Q2 and has shown no signs of abating since.

Despite March monthly volume of USD8. All sectors, except for South and South East Asia High Yield, have re-opened since the March shutdown — sectors including China real estate, which had a record year last year, and subordinated bank capital issuances. In North Asia, the frenetic start to the year was curtailed by the emergence of the virus. Supply for January and February combined hit a new record, but March was impacted by increasing fears over the spread of the virus.

Apart from the virus, another key reason for the drop in G3 issuance has been the robust and abundant domestic liquidity for Chinese issuers, while Korea G3 issuances are at a similar pace compared to last year. In South Asia, issuers continue to tap offshore markets after a record , albeit at a slower pace with USD9.

Tight onshore funding conditions and an increasing demand from yield-hungry international investors have spurred Indian borrowers to increasingly rely on bank financing as well as onshore funding windows enabled by the Reserve Bank of India. However, with improving market conditions, the expectation is for supply to pick up. The Formosa market has been red hot this year though, up more than 2.

One key area that has surfaced since the virus outbreak has been bonds with sustainability themes. In , of the. The investor base has been very enthusiastic in the support of pandemic relief efforts as well. In terms of market practice, there have been refreshing changes to the way bonds are being arranged.

With a large proportion of the bond market participants homebound, there has been a surge in the usage of video conference tools to conduct virtual roadshows, as compared to flying to another city for physical roadshow meetings. In many ways, issuers and investors can get more contact than before, as it is far easier to arrange video conferences compared to the traditional route. And it actually works, with debut issuers being able to price deals without the traditional roadshow.

Also noteworthy is that new issue concessions in Asia are decreasing rapidly since the markets reopened in March, with many deals moving into negative territory. For the remainder of the year, it is increasingly likely that markets will continue to see elevated volatility as the virus situation develops. As more Asian companies contend with the uncertainty, and with sovereigns and supranationals looking to finance COVID efforts, funding via the international bond markets will likely continue to rise and result in a busy summer.

Funding via the international bond markets will likely continue to rise and result in a busy summer. While recognising that there should not be a general rollback of regulation in response to the COVID pandemic, ICMA has sought and secured regulatory forbearance in the form of delays, where needed, to regulatory implementation deadlines eg on SFTR implementation and consultation deadlines, and drawn attention to proposed regulation which, if implemented, will have an adverse market impact eg CSDR mandatory buy-ins.

The deadline for agreeing on an extension for a further period of up to two years would have been at the end of June. But decisions will not be taken by the European Commission until later in the year and may be caught up in the trade negotiations between the EU and the UK. Although the assessments are technical, the decisions are essentially political. There are limited exceptions where firms will need to make changes earlier. These are listed on the FCA website. It cannot be assumed at this stage that bilateral agreements reached between the EU27 and the UK to address cliff-edge risks before Brexit will necessarily still apply post-Brexit at the end of , when passporting rights cease.

But the authorities are well aware of the importance of addressing certain cliffedge risks. Large international sell-side and buyside firms are authorised to operate in both the EU and the UK, and are as well prepared as they can be, though it is less clear how well prepared some smaller firms will be.

ICMA is also considering potential disclosure requirements relating. The latest version was published in September and updated in February The purpose is to help inform ICMA members and thereby create greater transparency. The report has been shared with a broad range of regulators, who have responded with keen interest. The letter highlights the ongoing lack of regulatory clarification required by the industry to facilitate successful implementation, as well as asking the authorities to review the design and application of the buy-in framework in the light of recent market events.

The consultation is expected to be launched this summer. This report was prepared in response to a request from DG FISMA in the European Commission for a bespoke study assessing the feasibility of implementing a consolidated tape for EU post-trade raw bond data. It is to be published on a bimonthly basis. It is intended to help market participants understand what execution and non-execution venues are available for cash bonds. The new Guide is expected to be published in Q3 It was last updated in December However, these trades have in turn been included in the scope of MiFIR transaction reporting.

The document aims to help members interpret the regulatory reporting framework specified by ESMA and sets out complementary best practice recommendations to provide additional clarity and address ambiguities in the official guidance.

They include a new opinion for Argentina. In its latest revision, the scope has been extended to include all technology solutions for repo trading such as order management systems. The directory is intended to help market participants understand what execution venues and other technology solutions are available for repo trading, product scope, as well as differences in trading protocols, clearing and collateral configurations.

Sustainable finance 33 High-level definitions for sustainable finance: ICMA is proposing high-level definitions, building on current market usage and existing official sector terminology, for the most commonly used terms in the sustainable finance field: for example, climate finance, impact finance, green finance and social finance. The objective is to ensure that all participants and stakeholders are using a common and transparent vocabulary.

This ICMA publication seeks to provide the market with an initial comprehensive and practical overview of these developments. The document is kept up-to-date regularly. While the AMIC supports the idea of a quality stamp for ESG retail investment funds, it also warns that some important changes are required to ensure the success of this new label. In particular, the AMIC recommends broadening the list of eligible assets for.

On the agenda were an update by the FSB on its current priorities in relation to FinTech, as well as member-led discussions on trends, new initiatives and electronification in primary bond markets and repo markets, amongst other points. ICMA contributes, for example, to the mapping exercise of post-trade technology solutions, as well as the report on tokenisation of securities in a DLT environment. The directory was initially published in December and seeks to provide a non-exhaustive overview of recent DLT regulatory guidance, legislative initiatives, as well as related strategy papers and publications in selected jurisdictions across Europe, North America, and AsiaPacific.

It also provides insights into regulatory updates, consultation papers, news and other publications, and upcoming meetings and events. It is to be published on a weekly basis, depending on content load. Parts of the investor protection aspects at pages and also Q. This is both from a logistical perspective underwriters being retained by borrowers for the initial issuance transaction only and then potentially significantly changing their corporate form and business models over time and from a financial stability perspective the risk of fire sales flowing from changed target markets.

However, many corporate borrowers. That said, it appears that typically MiFID entity secondary market sellers anyway do not define their TMs wider than manufacturer positive TMs partly due to the operational burdens involved. It thus seems that the regime already provides an appropriate degree of protection and that further restrictions on sale within any negative TM would be unnecessary. Product governance: adaptation to digital and online offers In terms of any need to adapt the product governance regime to digital and online offers, the response notes that, as far as wholesale context is concerned, markets have for a long time been working remotely at speed on the telephone.

New category of semi-professionals clients Regarding the proposed new category of semiprofessionals clients, the response notes that retail client scope is effectively superseded by the above overarching concerns around product scope. However, if the Commission nonetheless ultimately decides to widen access for retail clients that have some distinct knowledge and means, then it may be simpler to avoid a significant, and potentially dis-incentivising, repapering consequence to adjust the existing threshold tests for retail investors to be able to opt for professional status on request.

EU database for comparing different investment types The response expresses caution about the purpose of a suggested EU database for comparing different investment types. However, such remuneration has at least remained possible. This is because borrowers typically do not have the necessary expertise and resources internally to effectively manage such offerings alone. However, borrowers do care about their right to commercial privacy.

There have been reports of borrower concerns regarding their rights to commercial privacy being sacrificed unjustifiably in the absence of any actual countervailing investor protection concern : why should they advertise to the world, and so to all potential providers of underwriting services, how high they might be willing to pay to hire such service providers? It seems entirely rational for borrowers to wish to preserve their ability to negotiate the lowest possible remuneration commensurate with their specific servicing requirements.

Finding prospectus information online Introduction: It has been suggested in ICMA group discussions that finding published prospectuses online is not as straightforward as it could be. It is then completed importing the commercial terms from the final pricing announcement for regulatory approval and publication in time for stock exchange admission on closing of the new issue usually five business days after pricing. Approved base prospectuses are published up to a year prior to an exempt offering, with final terms then similarly completed for regulatory filing and publication in time for stock exchange admission.

Investor use: Institutional investors may choose to seek access to prospectus information before issuance as part of their investment decision analysis on specific. It has been suggested in ICMA group discussions that finding published prospectuses online is not as straightforward as it could be. However, institutional investors have access to other information sources that they may choose to make additional or alternative use of. Investors may distinctly seek access to prospectus information for administrative purposes unrelated to investment decisionmaking eg compiling data for settlement or internal reporting purposes.

Investors may also seek access to prospectus information after issuance, again often for administrative purposes related to portfolio management. Ideal data platform search functionality: The most efficient and timely way to access prospectus information then depends on the specific use context.

In a postissuance context, ideal platform search functionality would enable a search, based just on an ISIN, that would return, as applicable and together with any related supplements , either the standalone prospectus or the final terms and its related base prospectus — but again maintaining clarity.

Whether postor pre-issuance, data platforms should ideally enable searching at a European level at least. Conclusion: ICMA will engage with ESMA, stock exchanges and any other relevant data platform providers to support efficient search functionality for prospectus information. ICMA understands that certain NCAs have contacted issuers and other market participants about their intention to start collecting such machine-readable data later this year eg from October.

Much will depend on the precise approach taken by individual NCAs, which could vary. Action Plan on 25 June. However, careful thought would need to be given to the purpose and related consequences of any additional user features that could conceivably be added to such tool from the perspective of both investor protection and issuer liability. Furthermore, some disclosures are more suited to being issued in a standardised, machine-readable format than others.

The primary purpose of the amendments appears to be to restore the previous Prospectus Directive position on the prospectus disclosure and supplement-related requirements for certain convertible, exchangeable or derivative securities. ICMA understands that the delegated regulations have been sent to the European Parliament and Council for a three-month scrutiny period which would end in early September.

This period can be extended for a further three months at the request of either the European Parliament or Council. If, at the end of the three-month scrutiny period, there have been no objections or requests for an extended scrutiny period, then the delegated regulations will be published in the Official Journal.

The delegated regulations could be published in the Official Journal sooner if the European Parliament and Council confirm that they have no objections before the end of the three-month scrutiny period. Contacts: Ruari Ewing and Charlotte Bellamy ruari. Recent amendments to the Securities Law to cater for the rapidly evolving market came into effect on 1 March The latest reform of the Securities Law is intended to promote the robust development of onshore capital markets by streamlining the process for completing securities offerings and enhances investor protection by tightening scrutiny over information disclosure and introducing class action rights.

We describe here some of the key revisions of the Securities Law, as well as the implications for foreign investors and issuers. Scope of application The Securities Law regulates shares, corporate bonds, depositary receipts and other securities approved by the State Council. Given the prevalence of wealth management products and asset-backed securities in the retail investor market, the Securities Law now covers these securities, although they will be subject to further specific and separate State Council measures which have yet to be enacted.

Derivatives and futures are not captured by the Securities Law. Futures are regulated by the Futures Law. It often took several years for initial public offerings IPOs to be finally listed. Smaller-sized technology and. Under the pilot registration system, over 90 IPOs were listed. The adoption of a registration-based system is a welcome change, as it introduces predictability and foreseeability as to when the regulator responds to, and completes, the processing of an application.

Approval for listing still has to be obtained under the registration-based system. However, vetting is now undertaken by the relevant exchanges rather than the CSRC. Detailed rules and implementation measures will be approved by the State Council. The registration-based system will ultimately also apply to the debt capital market. We hope to see a uniform implementation of the Securities Law across the two bond markets. Enhanced disclosure requirements The Securities Law imposes a higher standard in relation to information disclosure on issuers, securities companies, accounting firms and law firms.

The role of intermediaries as gatekeepers to ensure the veracity of published information in offering documents has been emphasised. The disclosed information must be true, accurate and complete. Class action rights One of the most important developments is that investors who suffer loss due to the misrepresentation of, or misleading information.

A special class action mechanism can also be invoked pursuant to Article Individual investors may refuse to participate in the action. This effectively means that regulators will assist in the orderly resolution of disputes and provision of compensation for losses suffered by investors. A key aim is better protection for investors. The detailed measures are likely to be implemented on an incremental basis with further guidance to follow.

ICMA is focused on addressing all of these concerns. CSDR-SD, including cash penalties for fails and mandatory buy-ins, is currently expected to go live on 1 February It is intended that the Buy-in Rules be revised ahead of SD go live to provide members and other industry users with: a a contractual buy-in framework that can be initiated in the event of a settlement fail and completed before the CSDR MBI is required; and b a contractual framework to help support execution of the MBI process in the event that this is required.

This is expected to retain the features of the existing ICMA Rules, including symmetrical differential payments, a passon mechanism, no requirement to appoint a buy-in agent, guaranteed delivery, and the ability for parties to negotiate cash settlement — albeit within a much more condensed timeframe.

To the extent that it is possible, the intention is also to provide additional contractual features to help address many of the risks and anomalies arising from the Regulation, in particular symmetrical differential payments and a pass-on. ICMA intends to launch a formal consultation of its members on the proposed revisions to the Buy-in Rules in Q3 of While ICMA fully supports initiatives to improve settlement efficiency, both regulatory and market-driven, including the concept of a penalty mechanism for late settlement, it has pointed to a number of flaws in the design of the MBI regime, not least the mandatory nature of the mechanism.

The letter highlighted the ongoing lack of regulatory clarification required by the industry to facilitate successful implementation, as well as asking the authorities to review the design and application of the buy-in framework in light of recent market events. Potential amendments to the MBI framework that have been put forward include: i delaying implementation until the authorities have undertaken a comprehensive and robust impact study; ii phasing in implementation based on underlying asset class; iii introducing a longer extension period perhaps calibrated to suit particular asset classes.

In all scenarios, additional revisions to the Level 1 framework will still be required to minimise adverse market impacts. This provides an opportunity for ICMA, on behalf of its members, to submit suggested amendments to the original Regulation, along with justification, including evidence and data. The deadline for responses was 10 July. The Statement outlines a number of areas where the UK is looking to tailor the application of EU financial regulation.

UK firms should instead continue to apply the existing industry-led framework. The key messages for both consultation responses follow. ICMA responded solely in relation to cash bonds. Pre-trade transparency The ICMA Transparency Taskforce considered that there would be no benefit for either institutional or retail market participants in increasing MiFIR-based pre-trade transparency SI and trading venue published quotes.

Most market participants, particularly institutional, source liquidity through axes and inventory. In addition, illiquid waivers used by institutional market participants, masking prices for pre-trade transparency, are not detrimental to retail end users. Furthermore, the overwhelming view of the Transparency Taskforce was for ESMA to focus on MiFIR post-trade transparency, as post-trade transparency would benefit institutional investors and retail investors more. Retail investors could have access to a consolidated view of prices in bond markets, and institutional investors could have an important tool in their toolbox for price formation and transaction cost analysis.

This would lead industry to potentially feel more comfortable with simplifying the transparency regime, including lowering thresholds and deferral periods. Liquidity and transparency assessment There was agreement amongst Taskforce members that the best transparency regime is one that is not overly complicated or overengineered and is in fact a transparency regime that works in practice.

Ideally, this would analyse liquidity bond threshold levels granular IG: corporate, sovereign, financial; and non-IG: emerging markets, high yield. This methodology could potentially prove to be more accurate and easier for both industry participants and regulators to work with. The aim of the study would be to find a more accurate, viable, and easier to implement liquidity assessment system.

The result would be a balanced bond liquidity determination regime, which protects liquidity providers while providing investors with necessary information for price formation, thereby benefitting EU bond markets. The scope of the proposed study would be both pre- and post-trade. The MWG believes a post-trade consolidated tape could remove existing information asymmetries, where certain market participants may have greater visibility regarding ongoing trading activity than other investors.

A consolidated tape could enable investors to assess more accurately current market dynamics, increasing overall investor confidence, particularly during times of market volatility. Regarding a timeline for a bond consolidated tape, the MWG considered a view, shared by some, that an equity consolidated tape should be developed and delivered first, followed by a bond consolidated tape.

Time and investment will be required for data quality and complex deferral regime improvements, before a reliable consolidated tape for bonds can be realised. There should be no delay. Commencement of IT development for a bond CT should be parallel to equity consolidated tape. While the consolidated tape should have execution prices as a mandatory data item in the consolidated tape, additional data items such as yields, will in all likelihood be required by market participants. Therefore, once there is a consolidated view of prices in the consolidated tape, the consolidated tape provider CTP could then derive yields which are fundamental data points in the relative valuation of bonds and comparative analysis of best execution.

Regarding best execution obligations and the consolidated tape, the MWG view was that there is no regulatory best execution obligation link with the consolidated tape. For example, credit is usually analysed on a spread basis. To mitigate the quality of the sub-standard reports, some MWG firms mentioned that they provide additional information to what is asked. Many firms are providing, in addition to listing the top five venues, additional tables covering which MTFs are used and in which proportion.

It is the view of these firms that, without additional explanations, the reports are confusing. The key elements for establishing a workable and ultimately successful EU bond consolidated tape are governance, data ownership, mandatory contribution, reporting design, revenue sharing, usage based tiered pricing and data quality. These elements and proposed solutions were presented as a study to the European Commission. There was consensus agreement amongst Taskforce members that a trustworthy, affordable and centralised EU bond consolidated tape would not only improve transparency but also assist decision-making and provide market insights to end-investors, large or small, professional or retail.

Adoption of an appropriate centralised post-trade market structure which is currently fragmented across the different APAs and trading venues would enhance investor confidence. More specifically, with a fully functioning post-trade bond consolidated tape, benefitting from good quality data, optimised liquidity assessment and fine-tuned transparency regime, market participants would have the confidence to successfully use post-trade bond data for pre-trade price discovery.

This involves assessing potential funding, stewardship, management structure and IT operation models. The Taskforce set out a number of potential models for CTP governance along with the perceived positives and negatives of each model and a view from Taskforce members as to the percentage chance of success for the governance model or combination of models.

According to the Taskforce, there are a few potential governance model options which could in all probability deliver a CT for EU bond markets. Any of the model options. This mandatory contribution obligation could be extended to self-reporting firms if applicable. Taskforce members expect all post-trade data to be reported to the CTP as soon as technically possible, taking into account deferrals.

The self-reporting firm would then be subject to similar regulatory requirements as APAs eg data quality cleansing , and would have the obligation for correctly applying the MiFID II transparency regime: eg ESMA liquid bond list, post-trade deferrals, daily quantitative transparency reporting to the regulator ESMA etc. Revenue sharing for APAs and trading venues was recommended by Taskforce members in order to incentivise timely and reliable post-trade data and to share the costs of producing good quality post-trade data with the CTP.

The Taskforce idea would be for revenue, in the form of revenue. The CTP would collect the raw data and make it available to all market participants, through a minimum-cost model. Tiered pricing based on usage or proportion of usage would also apply. The enriched data sets for example could be broken out by tenor, credit rate etc. In addition, it is important to note that the raw data version of the consolidated tape is in an easily analysed useful form to ensure the tape can be a utility for all market participants.

ESMA would monitor data availability and reasonable pricing through oversight and supervision from January Reference codes that are used also must be absolutely correct. Currently, data fields in MiFID II are open to ambiguous interpretation, leading to, incorrect data downstream in many instances. Taskforce members recommended that, for a consolidated tape to be useful, more concise instructions followed correctly by reporting parties would need to be implemented.

Extension of bond market transparency directory ICMA has expanded its Bond Market Transparency Directory to include pre-trade reporting obligations, in addition to post-trade obligations across multiple jurisdictions from Europe, the Americas and Asia-Pacific. The purpose of the mapping is to provide a consolidated view to compare both regulatory rules and best practice guidance on bond trade reporting transparency regimes, as well as details on reporting fields and exceptions.

The directory is a nonexhaustive overview and is intended to be a living document with periodic reviews. However, contrasts in pre-trade reporting is predominantly seen in the areas of regulatory requirements, quotation information, and timing. Pre-trade transparency: Pre-trade transparency for bonds generally involves the dissemination of price and size of bids and offers to market stakeholders.

While most regulators. The response is available here. Following an unprecedented fall in credit market liquidity in the wake of the COVID pandemic, liquidity across IG and HY levelled off at the beginning of April and showed signs of recovery. Liquidity subsequently decreased again before rising gradually. HY liquidity remained generally at record lows but has increased in recent weeks.

As discussed in previous Quarterly Reports, corporate bond market liquidity recovered throughout Q1 but then followed a downward trend in Q3 before improving again towards year-end. That said, as the long-term impact of the COVID pandemic on the realeconomy becomes visible only gradually, it remains to be seen to what extent monetary policy, alongside relevant fiscal policy measures, will be able to support a sustained recovery of credit market liquidity.

At the beginning of , monetary policy and tightening CDS spreads seem to have countered the decrease in liquidity. A sell-off in global bond markets in Q4 does not appear to have had a material impact on liquidity. Liquidity levels across IG and HY declined towards the end of Q4 , before following an upward trajectory at the beginning of Q1 The ICE Liquidity IndicatorsTM are directly relatable to each other, and therefore, the higher the level of the ICE Liquidity Tracker the higher the projected liquidity of that portfolio of securities at that point in time, as compared with a lower level.

Statistical methods are employed to measure liquidity dynamics at the security level including estimating projected trade volume capacity, projected volatility, projected time to liquidate and projected liquidation costs which are then aggregated at the portfolio level to form the ICE Liquidity IndicatorsTM by asset class and sector. ICE Data Services incorporates a combination of publicly available data sets from trade repositories as well as proprietary and non-public sources of market colour and transactional data across global markets, along with evaluated pricing information and reference data to support statistical calibrations.

This document is provided for information purposes only and should not be relied upon as legal, financial, or other professional advice. While the information contained herein is taken from sources believed to be reliable, ICMA does not represent or warrant that it is accurate or complete and neither ICMA nor its employees shall have any liability arising from or relating to the use of this publication or its contents.

In April , the ICMA European Repo and Collateral Council published a market report documenting how the European repo market performed during the COVID crisis, based on input and market intelligence provided by sell-side and buy-side members, as well as market data. However, this was not without some strains. Meanwhile, the market had to deal with the disruption of operating remotely, with implications for both the supply of collateral and operational efficiency.

Market performance As the crisis accelerated, and as countries went into lockdown, in the first two weeks of March, repo market activity increased, driven partly by flows out of risk assets into the safety of short-term secured markets as well as collateral transformation to meet margin requirements or to cover fund outflows.

The flight to quality was most felt in German general collateral GC , which became richer in the third week of March by as much as 20 basis points to precrisis levels, while Italian GC saw some minor cheapening, of between basis points, which seems to be partly off the back of hedge funds unwinding leveraged long BTP exposures. Italian GC did see some temporary cheapening over quarter-end, but nothing abnormal.

Buy-side participants report an increased reliance on the repo market as fund outflows drove the need to generate cash against holdings, as well as to meet margin calls against derivatives positions as volatility increased. However, it would seem that banks struggled to keep pace with client demand.

Many report. Banks further report that in light of the heightened volatility, it was more a case of RWA risk weighted assets limits becoming the binding constraint on business, rather than the Leverage Ratio, particularly for one-directional business flows such as net borrowers of cash. While only 22 of the usual 60 or more participants provided data, this nonetheless helps to corroborate the anecdotal reports.

The data suggests that most larger banks did increase their balances through March, although many smaller banks tended to reduce their repo footprint, in some cases dramatically. Settlement fails There are widespread reports of a significant increase in settlement fails during the peak of the turbulence, with some reporting average daily fails increasing by a factor of four-to-five times normal rates, and spread across a broad range of asset classes.

While settlement fails are not in themselves driven by repo or securities lending activity, repo desks tend to be closer to settlement issues than most trading functions given that it is usually part of their responsibility to borrow securities both for their firms and clients in order to avoid settlement fails.

The marked spike appears to be attributable to two main factors: first, reductions in the supply of specific securities as the crisis deepened, and secondly, operation challenges as firms adjusted to working remotely. Participants talk of problems contacting clients to confirm settlement instructions and technical delays in processing trades as a result of more manual intervention.

Another observation relates to issues with outsourced middle- and back-office functions, particularly those based in India where the lockdown has been more severe. However, ICSDs report that lending programmes remained operational during this time, and were successful in minimizing fails rates, which otherwise could have been much higher. While there are suggestions that buy-ins have been issued in certain cases, there is a realization that in these market conditions their effectiveness is relatively limited.

Buy-sides suggest that, while they were successfully able to manage their liquidity through the early part of March offsetting fund outflows with positive margin inflows , as this became more challenging, and as access to the repo market became more imperative, they report that banks simultaneously began to reduce their repo capacity. Partly this was due to the approaching quarter-end when banks ordinarily wind-down their repo books , but potentially also the result of banks increasing their direct lending to corporate clients as the commercial paper market dried up , reducing the cash available to lend through the repo market.

They are also keen to emphasize that as helpful, and necessary, as the central bank actions were, a timelier response would have been preferred, not least as by this point some firms report having run down their liquidity buffers and were struggling to generate cash against their assets to meet margin calls.

The market disruption has also thrown out a number of technical and operational challenges, including collateral bottlenecks, increased settlement fails, and challenges managing intraday liquidity and collateral, that may need to be addressed in the longer term. This extension was introduced because of the challenges that PSAs would face to provide cash for the variation margin calls related to their cleared derivative contracts.

However, this extension goes hand in hand with the EMIR Refit objective of also ensuring that progress is made by the relevant stakeholders in addressing these challenges and for PSAs to clear their contracts. As part of this latter objective, EMIR Refit provides that the European Commission should prepare a report assessing whether viable technical solutions have been developed for the transfer by pension scheme arrangements of cash and noncash collateral as variation margins and the need for any measures to facilitate those viable technical solutions.

While the report covers a range of relevant issues with respect to the ability for PSAs to comply with the clearing obligation, the ERCC focused its response on the marketbased repo solution, and the ability for PSAs to undertake collateral transformation in order to meet variation margin VM requirements. In its response, the ERCC discusses the suggestion of balance sheet relief for bank intermediaries when trading with PSAs, the opportunities presented by sponsored client clearing for repo, as well as the related challenges, liquidity for same-day repo settlement, the use of triparty solutions, and the possibility for a central bank backstop lending facility for PSAs.

The ERCC response further examines the size and depth of the European repo market, drawing on previous analysis. The response concludes that, while the repo market functions sufficiently well most of the time, for PSAs to support the access and liquidity they require to undertake the necessary collateral transformation to manage their cash variation margin requirements, there will be times when the market cannot be relied upon.

Most significantly, the timing and extent of such stressed market conditions cannot be predicted. The regulation brings SFTs into scope of the MBI provisions where they have a term of more than 30 business days this is understood to apply to both start- and end-legs. As with the Buy-in Rules, the original intention is to provide contractual enhancements to the MBI provisions to help mitigate the additional risks and anomalies arising from the Regulation: in particular, the ability to settle the buyin or cash compensation differential symmetrically and the inclusion of a pass-on mechanism.

CALIFORNIA INVESTMENT ADVISOR DEFINITION

For example, in addition to financial contracts denominated in sterling, English law is used in financial contracts denominated in a number of other currencies eg US dollars internationally. As permanent cessation of LIBOR is due to take place at or after the end of , market firms need to be ready for permanent cessation by the end of But if official intervention is required eg through legislation to override legacy LIBOR contracts in multiple jurisdictions, and this cannot be achieved in all these jurisdictions by the end of , the question would arise whether LIBOR would continue to be needed in some form for a wind-down period before permanent cessation.

In the case of prudential regulation, it is important that the change of benchmark does not result in existing securities being reclassified as new securities. In the case of conduct regulation, it is important that any conduct risks associated with the change of benchmark are managed appropriately. But the direction of travel towards risk-free rates is much the same and, despite the market impact of the pandemic, considerable progress is being made, including in the bond market.

ICMA has held regular calls to brief members on progress in the transition to risk-free rates. A recording of the panel is available on the ICMA website. The first will cover the preferred EURIBOR fallback rates for a variety of financial products, and the preferred spread adjustment to avoid potential value transfers upon activation of the fallback. The second public consultation will cover a set of trigger events for the application of the respective fallback rates.

In contrast to previous crises, which have largely been created by debt defaults, whether in the sovereign, corporate or financial sectors or by overvalued markets deflating, the coronavirus crisis has had profound demand and supply effects on economies with concomitant shocks to capital markets. Whereas in early , the economic impact was largely confined to China and other Asian countries, the shock to Europe, the US and many other countries only occurred in March and April.

The effect on the Chinese economy was demonstrated by the data for January and February showing year on year declines of The yield on the 10 year Chinese Government bond declined from approximately 3. Unemployment in the US jumped from a low 3. The pressure on the US service sector was shown by the services PMI falling to a record low point of After exceeding 50 in February, the services PMI collapsed to a record low of The forecasts are made with a degree of forecasting error given the uncertainty as to whether there will be repeated waves.

Central banks have cut interest rates with, for example, the Federal funds rate being reduced to basis points and with the ECB extending selected credit to the banking sector at minus basis points. Indicators of liquidity and monetary conditions, which had tightened in early , started to show a trend improvement from mid-March onwards.

So far, most of the fiscal support has been in preventing the rise in unemployment and corporate defaults while attempting to support healthcare and welfare systems and underpinning consumption and investment spending. In response to the extent of monetary and fiscal action, credit and equity markets formed a base in late March and have seen major rallies subsequently.

Investment grade and high yield credit spreads have narrowed from the elevated levels seen in March, although they have not returned to the tight spreads seen in February. The asset management industry has faced a number of challenges so far in The problem areas of real estate funds, distressed debt and certain derivatives, notably in credit markets, while under pressure in March benefitted from the market recoveries in April and May.

One obvious question is what longer term changes will the coronavirus cause? Changing working practices will underpin demand for tech and communications products, while the fear of future viruses will boost investment spending in the healthcare and biotech sectors. Elevated unemployment levels for the next years may curtail discretionary spending. The final open-ended question is whether the inevitable high levels of debt to GDP in most countries will act as a constraint in the longer term.

Undoubtedly a central part of the response has been a suite of monetary and fiscal policy actions. In addition, ICMA made available a podcast on central bank support for the economy during the crisis, which also touches on fiscal responses from governments in mitigating and containing the economic fallout from the COVID pandemic.

This article seeks to provide a flavour of some of the key regulatory actions taken by international, EU and UK official bodies in Q2 in response to the crisis caused by the COVID pandemic, with a focus on the international bond market. It is not an exhaustive list, but seeks to provide an overview of regulatory responses and identify key themes, namely: a international cooperation; b adjustments to deadlines, work programmes and other timelines; and c actions in the area of prudential and accounting regulation.

We also briefly summarise certain other relevant actions and. This article does not focus on the support measures introduced by governments in many jurisdictions to alleviate the financial and economic impact of COVID, including government guarantee programmes for bank loans and payment moratoria. In addition, there has been coordinated messaging on certain key issues by central banks, regulators and other authorities.

Among other things, this included support for a timebound suspension of debt service payments for the poorest countries that request forbearance. In summary, the principles are: i to monitor and share information on a timely basis to assess and address financial stability risks from COVID; ii to recognise and use the flexibility built into existing financial standards to support the response; iii to seek opportunities to temporarily reduce operational burdens on firms and.

The FSB also coordinated with trade associations including ICMA and later with the private sector, emphasising that it is supporting international coordination and cooperation on the COVID response in three ways: i information exchange, ii risk assessments and iii coordinating global policy responses. The G20 and FSB have continued to provide a forum for policy discussions and information sharing since then.

IOSCO has also played an important role in coordinating actions and guidance on various matters. In Q2 , this included: a announcing jointly with the BCBS a deferral of the final implementation phases of the margin requirements for non-centrally cleared derivatives; b issuing a statement on the application of accounting standards during the COVID outbreak; and c encouraging fair disclosure of COVID related impacts by issuers.

This involved, among other things, a review of the domestic regulatory and supervisory measures taken by its members in response to the crisis. Other actions taken by the BCBS are summarised in the section entitled Prudential and accounting regulation below. There have also been several examples of coordinated or aligned action by central banks, regulators and other bodies in the EU and the UK. Some specific examples of this coordination can be seen below.

Adjustments to deadlines, work programmes and other timelines General re-prioritisation: Many official sector bodies announced re-prioritised work programmes for and beyond in order to reflect the impact of COVID For example:. This would include examining investment funds and margin and other risk management aspects of central clearing for derivatives and other securities. A limited number of other workstreams that are close to completion or align with FSB work would continue, but other work, for example in relation to artificial intelligence and the impact of the growth of passive investing, will be de-prioritised.

Consultation deadlines: Various consultation deadlines were extended. For example, the European Commission delayed deadlines for several open consultations, ESMA extended all deadlines for consultations with a closing date on or after 16 March and deadlines for several open FCA consultations were extended to 1 October Margin requirements for non-centrally cleared derivatives: The BCBS and IOSCO announced a deferral of the final two implementation phases of the framework for margin requirements for non-centrally cleared derivatives by one year.

The FCA welcomed the delay and announced it would be considering, together with other authorities, how to implement it in the UK. On 9 April, ESMA issued a Public Statement to promote coordinated action by NCAs regarding the timeliness of fulfilling external audit requirements for interest rate benchmark administrators and contributors to interest rate benchmarks in the context of the COVID pandemic.

Similarly, the FCA extended deadlines for the filing of annual company accounts and half yearly financial reports for listed companies in the UK. However, on 26 June, the PRA announced that it would expect, in general, on-time submission for future regulatory reporting going forward, and that the publication timeline for Pillar 3 disclosures should not be affected by COVID in most cases, because firms have now had time to adjust to new ways of working.

The FCA made a similar announcement in respect of certain regulatory returns on 26 June. At a global level, the BCBS announced that it will conduct the G-SIB assessment exercise as planned based on end data, but it agreed not to collect certain additional data. Prudential and accounting regulation Some of the early and important actions taken by EU and UK authorities when the virus started to spread in Europe were to i encourage the use of capital and liquidity buffers to support the economy, ii provide guidance on the application of accounting rules and iii provide flexibility in the application of prudential requirements, with a view to supporting banks to continue lending to businesses through the crisis caused by the COVID pandemic.

Linked to this, there were several calls for banks and other financial institutions to refrain from paying dividends or making distributions in order to ensure that all available capacity was targeted at lending to businesses. Certain key actions taken by international, EU and UK bodies in this area in Q2 are summarised below. In May, the IMF Managing Director called for bank dividends and buybacks to be halted, suggesting that shareholders who sacrifice now will prosper when growth restarts.

EU In the EU, Ministers of Finance issued a press release in midApril noting that it is crucial that banks continue financing households and corporates, including SMEs experiencing temporary difficulties amid the COVID pandemic and, to this end, making full use of the flexibility provided for in the prudential and accounting framework is essential at a time when sufficient financing to cover financial pressures is vital for the economy.

They also welcomed actions taken in relation to regulatory and accounting requirements for financial institutions in the current exceptional circumstances and in the area of supervision, and urged all banks that have not already decided to do so to refrain from making distributions and to use the freed capital and available profits to extend credit or other urgent financing needs arising from the ongoing crisis. It was also released on the same day that ECB Banking Supervision announced that it would temporarily allow lower capital requirements for market risk, in a move aimed at maintaining market-making activities and market liquidity.

The Chair of the Supervisory Board of the ECB also encouraged banks to use liquidity and capital buffers and said there should be no stigma associated with that in an interview published on 20 April. That message has been repeated in other interviews and publications by the ECB. Shortly afterwards, on 28 April, the European Commission published an Interpretative Communication confirming the statements on using flexibility within accounting and.

In an interview with Il Sole 24 Ore on 23 June, Andrea Enria, Chair of the Supervisory Board of the ECB, stated, among other things, that: i the relaxation of prudential requirements in response to the COVID crisis, in combination with timely support measures on the part of monetary policy and banking supervision, appeared to be effective; ii the ECB would allow sufficient time for banks to re-build their capital positions and the ECB would likely give an indication of the path to post-crisis adjustment in July; and iii the suspension of dividends and share buy-backs are temporary and exceptional measures that are designed to be removed as soon as there is greater certainty.

The EBA also took a series of actions including introducing and subsequently extending guidelines on legislative and non-legislative moratoria on loan repayments applied in the light of the COVID crisis, guidance on the use of flexibility in certain areas related to the impact of COVID such as supervisory approaches in relation to market risk, the Supervisory Review and Evaluation Process, recovery planning, digital operational resilience and the application of the guidelines on payment moratoria to securitisations.

It also introduced guidelines to address gaps in reporting data and public information in the context of measures introduced by authorities in the EU banking sector in the context of COVID in early June. The European Systemic Risk Board took two sets of actions in May targeted at five priority areas: i implications for the financial system of guarantee schemes and other fiscal measures to protect the real economy; ii market illiquidity and implications for asset managers and insurers, iii impact of large scale downgrades of corporate bonds on markets and entities across the financial system; iv system-wide restraints on dividend payments, share buybacks and other pay-outs; and v liquidity risks arising from margin calls.

UK In the UK, the PRA published a variety of statements and information regarding various aspects of prudential and accounting regulation in Q2 including the usability of liquidity and capital buffers and various other aspects. It also welcomed decisions by the boards of the large UK banks to suspend dividends and buybacks on ordinary shares until the end of , and to cancel payments of any outstanding dividends in response to a request from the PRA and published various related publications relevant to insurers as well as banks.

The PRA announcements were supported by updates to an FCA statement regarding its expectations on financial resilience for FCA solo-regulated firms in which the FCA emphasised, amongst other things, that it expects firms to plan ahead, conserve capital and to consider whether discretionary distributions of capital for the purposes of dividends, share buy-backs or remunerations are prudent.

The FCA stated that firms may use capital and liquidity buffers to support the continuation of their activities if needed but must keep the FCA or named supervisor informed. It also reminded non-bank lenders subject to IFRS9 that the standard requires that any forward-looking information used in expected credit loss estimates is both reasonable and supportable, and that they should take into account the impact of the coronavirus crisis and state support.

Selected other regulatory developments In addition to the actions taken under the key themes identified above, a number of other relevant regulatory actions have been taken in Q2 Expectations of funds: Throughout April, the FCA communicated its expectations of funds, including issues relating to virtual general meetings, ensuring compliance with VaR limits and various other points.

Conclusion The actions taken by official sector bodies in response to the market impact of the COVID pandemic have been numerous and wide ranging. It has been encouraging to see international coordination, as well as coordination between central banks, regulators and other bodies within jurisdictions, and alignment on some of the key themes such as adjustments to deadlines and timetables and prudential and accounting regulation.

The speed with which certain adjustments have been proposed, agreed and implemented eg adjustments to the EU Capital Requirements Regulation is also interesting to note. As noted recently by the Secretary General of the FSB, it is still too early to draw definitive conclusions on the effect of these actions with the pandemic still unfolding, although the financial system seems to have proven more resilient and better placed to sustain financing to the real economy as a result of the G20 regulatory reforms in the aftermath of the global financial crisis.

ICMA will continue to monitor and discuss regulatory and other developments that impact international bond markets with members. ICMA welcomes feedback from members on our activities in this area. In that sense, issuers are thereby committing explicitly to future improvements in sustainability outcome s within a predefined timeline.

Overview of the five core components of the SLBP 1. Verification Issuers should seek independent and external verification of their performance level against each SPT for each KPI by a qualified external reviewer with relevant expertise. The verification of the performance against the SPTs should be made publicly available.

Post-issuance verification is a necessary element under the SLBP. SLBs are notably forward-looking performance-based instruments. Such outcomes are then assessed against agreed sustainability performance targets SPTs. Within these parameters, SLBs can be used for general purposes.

The process for calibration of one or more SPT s per KPI is key to the structuring of SLBs since it will be the expression of the level of ambition that the issuer is ready to commit to, and thus considers realistic.

Main differences from Green, Social or Sustainability Bonds Green, Social and Sustainability Bonds represent a highly successful funding instruments for companies that can identify eligible sustainable projects or assets for financing or refinancing.

They also concentrate on green and social objectives that are directly linked to these projects and assets. SLBs, on the other hand, can be used by the issuer to aim holistically for a wider variety and combination of sustainability targets and objectives, as well as ESG criteria, for its organisation and business. They can be applied to the sustainability objectives of corporate organisations, as well as to the climate policy objectives of sovereigns.

SLBs are intended to be used for general purposes in pursuit of agreed sustainability performance targets. An SLB creates incentives for the issuer generally to transition to a more sustainable business model. As mentioned above, they are also highly versatile instruments that can be applied to many sustainability topics and themes. Issuances aligned to the SLBP aim to provide an investment opportunity with transparent sustainability credentials. Specifically, the SLBP aid investors by promoting accountability of issuers in their sustainability strategy and the availability of information necessary to evaluate the performance of SLB investments.

The role of external reviews and verification In addition to disclosure and reporting recommendations, the SLBP clearly recommend that, in connection with the issuance of an SLB, issuers appoint an external review provider to confirm the alignment of their bond with the five core components of the SLBP eg through a Second Party Opinion.

In their pre-issuance report, external reviewers are encouraged to assess the relevance, robustness and reliability of selected KPIs, the rationale and level of ambition of the proposed SPTs, the relevance and reliability of selected benchmarks and baselines, and the credibility of the strategy outlined to achieve them, based on scenario analyses, where relevant.

Issuers are required to seek independent and external verification by a qualified external reviewer of their performance level against each SPT. In contrast to the pre-issuance external review, post-issuance verification is not optional but a necessary element of the SLBP.

Additional guidance The SLBP already provide a glossary of the key terms and a detailed non-exhaustive checklist for elements that are recommended or required to be disclosed in SLB issuances. The market moves and dislocations experienced during the onset of the recent global COVID pandemic are unprecedented in recent times, and arguably surpass those seen during the Global Financial Crisis of The report also looks to provide some potential lessons learned from the recent turbulence.

Furthermore, there are suggestions that liquidity in the week following 18 March was perhaps even worse than the week leading into it. One of the most vivid representations of the crisis is the rapid and acute widening of credit spreads, followed by their subsequent extensive retracement. Respondents report that, largely as a result of years of assertive central bank monetary policy, IG credit had become a technically driven market, where fundamental valuations had come to take second place.

The COVID crisis has to some extent corrected this aberration, returning to a more fundamentals-based repricing of risk. Trading activity on venues buy-side. During the peak of the crisis, for the most part electronic trading in the European corporate bond markets broke down as participants resorted to voice trading.

This was not so much due to technological challenges, but rather because the market became too volatile and too illiquid for dealers to risk providing pricing across electronic platforms. However, while overall e-trading volumes reduced dramatically relative to voice, overall volumes on venues seemed to have remained high, registering record volumes at certain points. Meanwhile, some protocols appear to have fared better than others. Not only did this provide a backstop bid for a large section of the market, more importantly it restored confidence.

There is a counterview that this could be more problematic in the longer term as it creates a market dependency on central bank intervention in order to function effectively, particularly in times of stress. Perhaps the main lesson learned from the crisis is to be reminded how corporate bond secondary markets function and how liquidity is created, with market makers at their core.

Constraining the ability of market makers to take prudent and appropriately priced and capitalized risk will inevitably impact market liquidity and, potentially, efficiency, particularly in times of market stress. Whether the screens are switched on or off, it is the dealer-client relationship that ultimately holds the market together.

Not only did this new supply help to satisfy pent-up demand, it also helped to provide a point of reference for secondary valuations. Settlement fails It is reported that there was a sizeable, albeit temporary, increase in settlement fails during the height of the crisis, which is largely attributed to operational challenges.

Trading under lockdown Respondents suggest that, despite some initial challenges, the physical relocation and separation of trading teams and associated functions has worked successfully. While many seem to have enjoyed working from home, the most common complaint relates to the loss of information flow and the immediacy of human interaction that come from being on a trading floor, which inevitably impacts overall efficiency, and market liquidity.

From evolution to revolution: the arrival of the new fixed income market By Christophe Roupie Financial markets have been tested before and will be tested again. The evolution of fixed income trading has been marching forward in recent years and has increased momentum. The pace of change, demand for data and adoption of technology reached a new level of commitment during the recent market stress that ultimately marks a revolution in market structure.

Connectivity despite volatility The COVID pandemic sent shockwaves across the world as the global health crisis triggered financial uncertainty and widespread business shutdowns. This level of volatility was reminiscent of the financial crisis, but this time round it was, incredibly, condensed to a few short weeks versus months and years in the prior decade.

Despite the intense volatility across the credit markets, it appears the last few months have been a further catalyst for change among many trading firms. Instead of the bond market coming to a halt, as we saw in , traders remained connected through the use of technology as they quickly migrated to a work-from-home environment. As an example, our client service teams arranged remote, secure access to our web-enabled technology for over 10, individual users to help them stay engaged with the market.

Traders were able to continue fulfilling client orders and managing risk with the support of well-connected and well-functioning trading ecosystems. Diversity generates alpha A diverse, global liquidity pool is more important than ever now that one-to-one, in-person interactions are limited. By seamlessly connecting participants and allowing any firm to either make or take liquidity, natural buyers and sellers could opportunistically find one another during the crisis.

Our all-to-all Open Trading marketplace was able to provide that environment and serves as a case study for how market structure has shifted. During the first quarter, investment managers reached a new volume record for providing liquidity on MarketAxess, and dealers reached a new volume record as liquidity takers. Participants were taking on new roles and creating a vast liquidity pool in the process.

This is in stark contrast to the financial crisis when an all-to-all environment did not exist and therefore market volumes deteriorated, demonstrating a fundamental trading behaviour revolution. Within March, cost savings opportunities grew dramatically when. Market participants were also able to realize alpha generation opportunities as liquidity providers throughout the crisis. As the debate on a consolidated tape progresses, there are clear examples of how it can work effectively.

As price dispersion in credit markets exploded in March, traders were still able to realize transaction cost savings by taking on new roles. Data is the engine of the credit market After years of building a global network, Open Trading was put to the test and performed as designed.

Yet none of that would be possible without data. Predictive pricing tools and near real-time trade tapes, in addition to price discovery inherent within an electronic trading system, are now required tools to allow new participants to engage with the market and make prices. This level of sophisticated pricing information is driving strategies for the next-generation trading desk and is the backbone of our automated trading protocols. Many people hoped that MiFID II would be the catalyst for transparency but it has only created more disparate and inconsistent pricing sources through a complex system of caps and waivers.

With intra-day pricing data on over 3, fixed income instruments, Axess All was built in conjunction with. Now we see automation as the next frontier of this revolution. While automated trading strategies were put on hold during the peak volatility period as more traders became more engaged with manual price formation, we have continued to observe increased adoption over the first half of the year. Automation, either as auto-executed trades or algo-driven price provision, allows traders to become more efficient.

By freeing up precious time to focus on more complex or larger orders, traders are able to deliver better cost savings for their clients. The adoption of automation, coupled with more diverse liquidity provision and improved pricing content has created the perfect storm for a revolution in the fixed income markets. For Asia ex Japan G3 AEJ , the year started very strongly, but as fears grew over the virus, the market practically shut down for the whole of March before gradually opening in Q2 and has shown no signs of abating since.

Despite March monthly volume of USD8. All sectors, except for South and South East Asia High Yield, have re-opened since the March shutdown — sectors including China real estate, which had a record year last year, and subordinated bank capital issuances.

In North Asia, the frenetic start to the year was curtailed by the emergence of the virus. Supply for January and February combined hit a new record, but March was impacted by increasing fears over the spread of the virus. Apart from the virus, another key reason for the drop in G3 issuance has been the robust and abundant domestic liquidity for Chinese issuers, while Korea G3 issuances are at a similar pace compared to last year.

In South Asia, issuers continue to tap offshore markets after a record , albeit at a slower pace with USD9. Tight onshore funding conditions and an increasing demand from yield-hungry international investors have spurred Indian borrowers to increasingly rely on bank financing as well as onshore funding windows enabled by the Reserve Bank of India.

However, with improving market conditions, the expectation is for supply to pick up. The Formosa market has been red hot this year though, up more than 2. One key area that has surfaced since the virus outbreak has been bonds with sustainability themes. In , of the. The investor base has been very enthusiastic in the support of pandemic relief efforts as well.

In terms of market practice, there have been refreshing changes to the way bonds are being arranged. With a large proportion of the bond market participants homebound, there has been a surge in the usage of video conference tools to conduct virtual roadshows, as compared to flying to another city for physical roadshow meetings.

In many ways, issuers and investors can get more contact than before, as it is far easier to arrange video conferences compared to the traditional route. And it actually works, with debut issuers being able to price deals without the traditional roadshow.

Also noteworthy is that new issue concessions in Asia are decreasing rapidly since the markets reopened in March, with many deals moving into negative territory. For the remainder of the year, it is increasingly likely that markets will continue to see elevated volatility as the virus situation develops.

As more Asian companies contend with the uncertainty, and with sovereigns and supranationals looking to finance COVID efforts, funding via the international bond markets will likely continue to rise and result in a busy summer. Funding via the international bond markets will likely continue to rise and result in a busy summer. While recognising that there should not be a general rollback of regulation in response to the COVID pandemic, ICMA has sought and secured regulatory forbearance in the form of delays, where needed, to regulatory implementation deadlines eg on SFTR implementation and consultation deadlines, and drawn attention to proposed regulation which, if implemented, will have an adverse market impact eg CSDR mandatory buy-ins.

The deadline for agreeing on an extension for a further period of up to two years would have been at the end of June. But decisions will not be taken by the European Commission until later in the year and may be caught up in the trade negotiations between the EU and the UK. Although the assessments are technical, the decisions are essentially political. There are limited exceptions where firms will need to make changes earlier.

These are listed on the FCA website. It cannot be assumed at this stage that bilateral agreements reached between the EU27 and the UK to address cliff-edge risks before Brexit will necessarily still apply post-Brexit at the end of , when passporting rights cease. But the authorities are well aware of the importance of addressing certain cliffedge risks. Large international sell-side and buyside firms are authorised to operate in both the EU and the UK, and are as well prepared as they can be, though it is less clear how well prepared some smaller firms will be.

ICMA is also considering potential disclosure requirements relating. The latest version was published in September and updated in February The purpose is to help inform ICMA members and thereby create greater transparency. The report has been shared with a broad range of regulators, who have responded with keen interest. The letter highlights the ongoing lack of regulatory clarification required by the industry to facilitate successful implementation, as well as asking the authorities to review the design and application of the buy-in framework in the light of recent market events.

The consultation is expected to be launched this summer. This report was prepared in response to a request from DG FISMA in the European Commission for a bespoke study assessing the feasibility of implementing a consolidated tape for EU post-trade raw bond data. It is to be published on a bimonthly basis.

It is intended to help market participants understand what execution and non-execution venues are available for cash bonds. The new Guide is expected to be published in Q3 It was last updated in December However, these trades have in turn been included in the scope of MiFIR transaction reporting.

The document aims to help members interpret the regulatory reporting framework specified by ESMA and sets out complementary best practice recommendations to provide additional clarity and address ambiguities in the official guidance. They include a new opinion for Argentina. In its latest revision, the scope has been extended to include all technology solutions for repo trading such as order management systems.

The directory is intended to help market participants understand what execution venues and other technology solutions are available for repo trading, product scope, as well as differences in trading protocols, clearing and collateral configurations. Sustainable finance 33 High-level definitions for sustainable finance: ICMA is proposing high-level definitions, building on current market usage and existing official sector terminology, for the most commonly used terms in the sustainable finance field: for example, climate finance, impact finance, green finance and social finance.

The objective is to ensure that all participants and stakeholders are using a common and transparent vocabulary. This ICMA publication seeks to provide the market with an initial comprehensive and practical overview of these developments. The document is kept up-to-date regularly. While the AMIC supports the idea of a quality stamp for ESG retail investment funds, it also warns that some important changes are required to ensure the success of this new label. In particular, the AMIC recommends broadening the list of eligible assets for.

On the agenda were an update by the FSB on its current priorities in relation to FinTech, as well as member-led discussions on trends, new initiatives and electronification in primary bond markets and repo markets, amongst other points. ICMA contributes, for example, to the mapping exercise of post-trade technology solutions, as well as the report on tokenisation of securities in a DLT environment.

The directory was initially published in December and seeks to provide a non-exhaustive overview of recent DLT regulatory guidance, legislative initiatives, as well as related strategy papers and publications in selected jurisdictions across Europe, North America, and AsiaPacific.

It also provides insights into regulatory updates, consultation papers, news and other publications, and upcoming meetings and events. It is to be published on a weekly basis, depending on content load. Parts of the investor protection aspects at pages and also Q.

This is both from a logistical perspective underwriters being retained by borrowers for the initial issuance transaction only and then potentially significantly changing their corporate form and business models over time and from a financial stability perspective the risk of fire sales flowing from changed target markets. However, many corporate borrowers.

That said, it appears that typically MiFID entity secondary market sellers anyway do not define their TMs wider than manufacturer positive TMs partly due to the operational burdens involved. It thus seems that the regime already provides an appropriate degree of protection and that further restrictions on sale within any negative TM would be unnecessary.

Product governance: adaptation to digital and online offers In terms of any need to adapt the product governance regime to digital and online offers, the response notes that, as far as wholesale context is concerned, markets have for a long time been working remotely at speed on the telephone.

New category of semi-professionals clients Regarding the proposed new category of semiprofessionals clients, the response notes that retail client scope is effectively superseded by the above overarching concerns around product scope.

However, if the Commission nonetheless ultimately decides to widen access for retail clients that have some distinct knowledge and means, then it may be simpler to avoid a significant, and potentially dis-incentivising, repapering consequence to adjust the existing threshold tests for retail investors to be able to opt for professional status on request.

EU database for comparing different investment types The response expresses caution about the purpose of a suggested EU database for comparing different investment types. However, such remuneration has at least remained possible. This is because borrowers typically do not have the necessary expertise and resources internally to effectively manage such offerings alone.

However, borrowers do care about their right to commercial privacy. There have been reports of borrower concerns regarding their rights to commercial privacy being sacrificed unjustifiably in the absence of any actual countervailing investor protection concern : why should they advertise to the world, and so to all potential providers of underwriting services, how high they might be willing to pay to hire such service providers?

It seems entirely rational for borrowers to wish to preserve their ability to negotiate the lowest possible remuneration commensurate with their specific servicing requirements. Finding prospectus information online Introduction: It has been suggested in ICMA group discussions that finding published prospectuses online is not as straightforward as it could be.

It is then completed importing the commercial terms from the final pricing announcement for regulatory approval and publication in time for stock exchange admission on closing of the new issue usually five business days after pricing. Approved base prospectuses are published up to a year prior to an exempt offering, with final terms then similarly completed for regulatory filing and publication in time for stock exchange admission.

Investor use: Institutional investors may choose to seek access to prospectus information before issuance as part of their investment decision analysis on specific. It has been suggested in ICMA group discussions that finding published prospectuses online is not as straightforward as it could be. However, institutional investors have access to other information sources that they may choose to make additional or alternative use of. Investors may distinctly seek access to prospectus information for administrative purposes unrelated to investment decisionmaking eg compiling data for settlement or internal reporting purposes.

Investors may also seek access to prospectus information after issuance, again often for administrative purposes related to portfolio management. Ideal data platform search functionality: The most efficient and timely way to access prospectus information then depends on the specific use context.

In a postissuance context, ideal platform search functionality would enable a search, based just on an ISIN, that would return, as applicable and together with any related supplements , either the standalone prospectus or the final terms and its related base prospectus — but again maintaining clarity. Whether postor pre-issuance, data platforms should ideally enable searching at a European level at least. Conclusion: ICMA will engage with ESMA, stock exchanges and any other relevant data platform providers to support efficient search functionality for prospectus information.

ICMA understands that certain NCAs have contacted issuers and other market participants about their intention to start collecting such machine-readable data later this year eg from October. Much will depend on the precise approach taken by individual NCAs, which could vary.

Action Plan on 25 June. However, careful thought would need to be given to the purpose and related consequences of any additional user features that could conceivably be added to such tool from the perspective of both investor protection and issuer liability. Furthermore, some disclosures are more suited to being issued in a standardised, machine-readable format than others. The primary purpose of the amendments appears to be to restore the previous Prospectus Directive position on the prospectus disclosure and supplement-related requirements for certain convertible, exchangeable or derivative securities.

ICMA understands that the delegated regulations have been sent to the European Parliament and Council for a three-month scrutiny period which would end in early September. This period can be extended for a further three months at the request of either the European Parliament or Council. If, at the end of the three-month scrutiny period, there have been no objections or requests for an extended scrutiny period, then the delegated regulations will be published in the Official Journal.

The delegated regulations could be published in the Official Journal sooner if the European Parliament and Council confirm that they have no objections before the end of the three-month scrutiny period. Contacts: Ruari Ewing and Charlotte Bellamy ruari. Recent amendments to the Securities Law to cater for the rapidly evolving market came into effect on 1 March The latest reform of the Securities Law is intended to promote the robust development of onshore capital markets by streamlining the process for completing securities offerings and enhances investor protection by tightening scrutiny over information disclosure and introducing class action rights.

We describe here some of the key revisions of the Securities Law, as well as the implications for foreign investors and issuers. Scope of application The Securities Law regulates shares, corporate bonds, depositary receipts and other securities approved by the State Council. Given the prevalence of wealth management products and asset-backed securities in the retail investor market, the Securities Law now covers these securities, although they will be subject to further specific and separate State Council measures which have yet to be enacted.

Derivatives and futures are not captured by the Securities Law. Futures are regulated by the Futures Law. It often took several years for initial public offerings IPOs to be finally listed. Smaller-sized technology and.

Under the pilot registration system, over 90 IPOs were listed. The adoption of a registration-based system is a welcome change, as it introduces predictability and foreseeability as to when the regulator responds to, and completes, the processing of an application. Approval for listing still has to be obtained under the registration-based system.

However, vetting is now undertaken by the relevant exchanges rather than the CSRC. Detailed rules and implementation measures will be approved by the State Council. The registration-based system will ultimately also apply to the debt capital market. We hope to see a uniform implementation of the Securities Law across the two bond markets.

Enhanced disclosure requirements The Securities Law imposes a higher standard in relation to information disclosure on issuers, securities companies, accounting firms and law firms. The role of intermediaries as gatekeepers to ensure the veracity of published information in offering documents has been emphasised.

The disclosed information must be true, accurate and complete. Class action rights One of the most important developments is that investors who suffer loss due to the misrepresentation of, or misleading information. A special class action mechanism can also be invoked pursuant to Article Individual investors may refuse to participate in the action. This effectively means that regulators will assist in the orderly resolution of disputes and provision of compensation for losses suffered by investors.

A key aim is better protection for investors. The detailed measures are likely to be implemented on an incremental basis with further guidance to follow. ICMA is focused on addressing all of these concerns. CSDR-SD, including cash penalties for fails and mandatory buy-ins, is currently expected to go live on 1 February It is intended that the Buy-in Rules be revised ahead of SD go live to provide members and other industry users with: a a contractual buy-in framework that can be initiated in the event of a settlement fail and completed before the CSDR MBI is required; and b a contractual framework to help support execution of the MBI process in the event that this is required.

This is expected to retain the features of the existing ICMA Rules, including symmetrical differential payments, a passon mechanism, no requirement to appoint a buy-in agent, guaranteed delivery, and the ability for parties to negotiate cash settlement — albeit within a much more condensed timeframe. To the extent that it is possible, the intention is also to provide additional contractual features to help address many of the risks and anomalies arising from the Regulation, in particular symmetrical differential payments and a pass-on.

ICMA intends to launch a formal consultation of its members on the proposed revisions to the Buy-in Rules in Q3 of While ICMA fully supports initiatives to improve settlement efficiency, both regulatory and market-driven, including the concept of a penalty mechanism for late settlement, it has pointed to a number of flaws in the design of the MBI regime, not least the mandatory nature of the mechanism.

The letter highlighted the ongoing lack of regulatory clarification required by the industry to facilitate successful implementation, as well as asking the authorities to review the design and application of the buy-in framework in light of recent market events.

Potential amendments to the MBI framework that have been put forward include: i delaying implementation until the authorities have undertaken a comprehensive and robust impact study; ii phasing in implementation based on underlying asset class; iii introducing a longer extension period perhaps calibrated to suit particular asset classes. In all scenarios, additional revisions to the Level 1 framework will still be required to minimise adverse market impacts.

This provides an opportunity for ICMA, on behalf of its members, to submit suggested amendments to the original Regulation, along with justification, including evidence and data. The deadline for responses was 10 July. The Statement outlines a number of areas where the UK is looking to tailor the application of EU financial regulation.

UK firms should instead continue to apply the existing industry-led framework. The key messages for both consultation responses follow. ICMA responded solely in relation to cash bonds. Pre-trade transparency The ICMA Transparency Taskforce considered that there would be no benefit for either institutional or retail market participants in increasing MiFIR-based pre-trade transparency SI and trading venue published quotes. Most market participants, particularly institutional, source liquidity through axes and inventory.

In addition, illiquid waivers used by institutional market participants, masking prices for pre-trade transparency, are not detrimental to retail end users. Furthermore, the overwhelming view of the Transparency Taskforce was for ESMA to focus on MiFIR post-trade transparency, as post-trade transparency would benefit institutional investors and retail investors more.

Retail investors could have access to a consolidated view of prices in bond markets, and institutional investors could have an important tool in their toolbox for price formation and transaction cost analysis. This would lead industry to potentially feel more comfortable with simplifying the transparency regime, including lowering thresholds and deferral periods. Liquidity and transparency assessment There was agreement amongst Taskforce members that the best transparency regime is one that is not overly complicated or overengineered and is in fact a transparency regime that works in practice.

Ideally, this would analyse liquidity bond threshold levels granular IG: corporate, sovereign, financial; and non-IG: emerging markets, high yield. This methodology could potentially prove to be more accurate and easier for both industry participants and regulators to work with. The aim of the study would be to find a more accurate, viable, and easier to implement liquidity assessment system. The result would be a balanced bond liquidity determination regime, which protects liquidity providers while providing investors with necessary information for price formation, thereby benefitting EU bond markets.

Equally of concern is the increase in the eurozone unemployment rate, which rose to 8. European equities delivered negative returns of Germany was the biggest laggard, giving back some of the outperformance witnessed over the summer. This same cautiousness translated to fixed income assets, with year German sovereign debt yields moving 10 basis points lower to end the month at The UK also saw a significant increase in Covid infections in October.

In England, a tiered system of restrictions was initially rolled out before a persistent rise in new cases led to national lockdown measures being announced on the final day of the month. Restrictions varied across the different nations but the direction of travel towards tighter controls was consistent. The second key issue driving UK markets is Brexit. Our base case remains that a deal will be struck and indeed negotiations that were called off have restarted with renewed vigour.

Risks do, however, remain of a breakdown in talks, and any deal is likely to be narrow. UK equity markets declined sharply at the end of October, ending the month down The pound fluctuated with Brexit headlines but ended the month at the same level against the US dollar as it started. UK year Gilt yields rose by just over 10 basis points, resulting in negative returns in a month where UK equities also declined.

All indices are Bloomberg Barclays benchmark government indices. All indices are total return in local currency, except for global, which is in US dollars. China was the first country to suffer from the virus and has retained stringent controls since. October finally saw the relaxing of the internal controls restricting movement between provinces that China has kept in place since the outbreak.

This has not, so far, led to a resurgence in infections. After a strong bounce over the summer, China now looks set to be one of the only major nations that will see positive economic growth in aggregate over relative to Chinese imports have also recovered with the latest data for September showing imports A resurgent Chinese consumer may help international exporters given the potential for weaker demand in their home markets. Against this backdrop, strong returns from Chinese stocks helped emerging market equities to a 2.

The fourth quarter of contains an unusually high number of unpredictable events for markets to negotiate. Market volatility in October was elevated as investors waited for a clearer steer from both the US election and the results of coronavirus vaccine trials before increased infections and subsequent lockdowns forced the market to re-evaluate the near-term risks.

November is set to be another very busy month, and several key events should provide a clearer steer on the macro outlook for Binary potential outcomes call for balance in portfolios, and currently this applies across asset classes, factors and regions. The Guide to the Markets illustrates an array of market and economic trends using compelling charts, providing you the building blocks to support conversations with your clients. Listen to recorded updates from our portfolio managers and market strategists and register for future editions.

These materials are for financial professionals only. This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature or other purpose in any jurisdiction, nor is it a commitment from J.

Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical and for illustration purposes only. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products.

In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own professional advisers, if any investment mentioned herein is believed to be suitable to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice.

All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested.

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On November 4,the U.

Pakistan investment bonds working The latest version was published in September and updated in February In the fourth quarter ofthe amount of real government purchases is projected to be about the same as it was two years earlier. Following an unprecedented fall in credit market liquidity in the wake of the COVID pandemic, liquidity across IG and HY levelled off at the beginning of April and showed signs of recovery. In developing those projections, CBO reviewed many private-sector forecasts. The second key issue driving UK markets is Brexit.
Forexindo scalping strategies However, ICSDs report that lending programmes remained operational during this time, and were successful in minimizing fails rates, which otherwise could have been much higher. Figure 2. Asia was the regional winner, with strong Chinese data helping emerging market stocks to return 2. The latest version was published in September and updated in February The report also looks to provide some potential lessons learned from the recent turbulence.
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MoneyGuard is a universal life insurance policy with a long-term care benefits rider that accelerates the specified amount of death benefit to pay for covered LTC expenses and continues benefit payments after the entire specified amount of death benefit has been paid. Glass outlined a four-part strategy that has carried Lincoln through the COVID pandemic and has the company positioned to emerge strong:. Strong new business. Market demand. Distribution network. The Lincoln distribution model is growing amid the pandemic, Glass said.

For example, the company added more than 8, new producers year-to-date and hosted over 1, virtual group meetings, which were attended by more than 50, advisers, he said. InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.

Fiscal stimulus measures are anticipated to shore up consumer spending this quarter, resulting in a multiplier effect across the economy, said Mr Arkhom. HONG KONG: Pro-democracy activist Joshua Wong was remanded in custody on Monday after pleading guilty to charges of organising and inciting an unauthorised assembly near the police headquarters during last year's anti-government protests.

Barbed wires are installed on the Crown Property Bureau's walls ahead of a rally planned by the People's Movement on Wednesday. Other Services. Economy shrinks 6. Consumers are at the stall of a food vendor who participates in the government's co-payment scheme aimed at economic stimulation, in Bangkok this month.

Photo by Varuth Hirunyatheb. Do you like the content of this article? Thailand no longer top overseas destination for Chinese tourists. Exports shrink in Oct but govt remains hopeful. Shaping a green future. Myanmar maps out recovery and reform.