EU aims to boost investment in small cap, CEE with new indices

first_imgThe European Commission is targeting the development of an equity index family covering all listed companies in the EU, flagging the possibility of the emergence of a “Capital Markets Union asset class”.The aim is to facilitate increased investment in a large pool of companies, including small and medium-sized enterprises (SMEs), in particular in the Baltics and central, eastern and south-eastern Europe.These represented the bulk of companies listed in the EU in recent years, but typically were not included in EU-wide equity indices calculated by international index providers, the Commission said in a tender document for a feasibility study for the creation of a CMU equity index family.In addition, in recent years institutional investors had shifted their attention to larger and more liquid listed companies, to the detriment of smaller listed companies and markets, it said. Classifying certain EU countries as frontier markets prevented institutional investors from being able to allocate to them, the Commission noted, highlighting Bulgaria, Croatia, Estonia, Latvia, Lithuania, Romania, Slovakia, and Slovenia. Credit: Voytek SRiga Stock Exchange in LatviaEstonia, Lithuania, Romania and Slovenia are included in MSCI’s frontier markets index family, while Bulgaria is a standalone index, but based on MSCI’s size and liquidity criteria for frontier markets.“The creation of an EU-wide CMU index could facilitate greater local and foreign capital inflows from a broad range of investors and enhance access to finance for a larger pool of companies, especially SMEs,” said the Commission. “SMEs in all countries and more generally in small capital markets could benefit from such [a] broadly defined and inclusive index.”The possible emergence of a “CMU asset class” could also help overcome different country classifications at EU member state level, the Commission added.US exampleThe Commission cited the Wilshire 5000 Total Market index in the US as a possible example of what the CMU index could look like. The Wilshire 5000 is a market cap-weighted index of all stocks actively traded in the US.The feasibility study should develop the conceptual framework for a CMU index family and assess its market potential, according to the tender document. The market potential assessment should be based on “extensive market research and surveys among relevant institutional investors who should be also tested for the acceptance of the newly designed index”.“The analysis should pay special attention to asset manager institutions who act as opinion leaders for end institutional investors,” added the Commission.The index should comprise companies listed on regulated markets and SMEs listed on growth markets, it said, and there should be sector or thematic sub-indices. These should cover “strategically important areas”, such as fintech or sustainability.The deadline for applications is 8 February and the documents are available here.last_img read more

Luke Walton defends Lonzo Ball from those who said he got ‘destroyed’ in debut

first_img Clippers’ Patrick Beverley gives rude welcome to Lakers rookie Lonzo Ball That doesn’t even include the Nov. 2 matchup with D’Angelo Russell, who will no doubt be looking to prove the Lakers erred in trading him.Not that Ball should be looking that far ahead.“We want him to stay more present in the moment,” Walton said. “He’s got more on his plate than to try to get him to wrap his head around the list of point guards he’s got coming in.”But they are still coming.“It’s always someone, especially in the starting lineup, that’s really darn good at something,” Walton said. “He’ll have his work cut out for him each night, but each night will be a unique – especially the first time through (the schedule) – will be a unique learning opportunity for him.”INACTIVE: ZUBACFor the second straight game, Ivica Zubac was on the bench in street clothes. The Lakers’ second-round pick in 2016, Zubac started 11 games last season and was often included in conversations about the organization’s cherished young core.In his second season, however, he hasn’t been a factor.Walton said it has been a “numbers thing” that kept Zubac on the inactive list. With Ball coming off a sprained ankle and Kentavious Caldwell-Pope suspended for the first two games of the season, it was more important to Walton to have guard depth. So Josh Hart and Alex Caruso have remained active.Zubac struggled in summer league, and has acknowledged that he thought it would be easier given his experience in the NBA.“I’ve talked to him since then and he has changed his attitude and preparation and changed his body since summer league,” Walton said. “He has got to be more aggressive in the way he attacks the ball, but he is coming along nicely.”The other player joining Zubac on the inactive list Friday was something of a surprise. Veteran Luol Deng, who started Thursday night’s opener. Against the Clippers he scored just two points in 13 minutes.Against Phoenix, Walton said he wanted “more natural energy,” which led him to start Corey Brewer instead of Deng. PHOENIX — By Friday, the Lakers were onto the Phoenix Suns and Lonzo Ball had shifted his focus to Eric Bledsoe.Beyond the walls of the visitors’ locker room at Talking Stick Resort Arena, however, the news cycle was stuck on Ball’s professional debut the night before and a perception that the No. 2 overall draft pick had flopped.Coach Luke Walton heard those opinions and came to his young point guard’s defense ahead of the Friday’s game.Related Articles Magic Johnson passes torch, but Lonzo Ball era begins with lopsided loss to Clippers Miller: Lonzo Ball, Lakers open new era amid turbo-charged hype Do the Lakers have a Julius Randle problem? AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersBall tallied nine rebounds and four assists, but the Lakers shot just 40 percent from the floor.“We didn’t make any shots,” Walton said. “He’ll figure out when to get his shots. I thought he was fine last night. It’s a good learning experience for everybody.”Ball was relentlessly hounded by Clippers point guard Patrick Beverley, who acknowledged after the game that he wanted to send a message to Ball and his boisterous father, LaVar. Beverley remained combative, screaming profanities aimed at Ball after the game had ended, something Walton said did not surprise him.“He’s a hard-nosed player and he has success by getting into people and getting under their skin,” Walton said. “He sees a rookie point guard out there. That’s exactly what he’s going to try to do.”The opposing point guards won’t get any less daunting. After facing Bledsoe on Friday, the list of his upcoming matchups is a veritable gauntlet of talent and tenacity. In order: Jrue Holiday, John Wall, Kyle Lowry, Ricky Rubio, soon followed by Damian Lillard, Mike Conley,  Kyrie Irving, Wall again, and reigning Rookie of the Year Malcolm Brogdon. “I think Lonzo’s getting a bad (rap) for getting destroyed his first game,” Walton said. “Personally, I thought he could have had a double-double with rebounds and assists. Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more