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DB Index Research -- Weekly ETF Reports -- Europe
October 7, 2009--Highlights
ETF Volume
Exchange based Equity ETF turnover rose by 6.5% on the previous week. Daily turnover for the previous week was E1.2bn. European fixed income ETF turnover rose by 2.2% to E185.4m, with money market ETFs continuing to be the main focus.
In exchange based bond ETFs, iShares € Corporate Bond has the highest daily turnover of E18.81m. Among the Equity ETFs, iShares DAX (DE) has the highest daily turnover of E66.03m.
There were 31 new listings in the last week. CASAM listed 10 new ETFs on the NYSE Euronext Paris. BGI listed 9 new ETFs and 9 crosslisted ETFs on the London Stock Exchange. BGI also listed 3 ETFs on Borsa Italiana.
European Style ETFs, led by short and leveraged products, kept its position as the leading product area with total turnover of E378m accounting for 30.77% of total ETF turnover, followed by European Regional ETFs with total turnover of E332m with 27.06% of total turnover. The DAX ETFs remain the dominant country products with total average daily volume of E157m across the nine listed products and accounting for 12.8% of all equity ETF volume.
DJ Euro STOXX 50 ETFs accounted for 13.5% of turnover trading E166m per day with liquidity split across 25 ETFs and 41 different listings on 9 exchanges.
Market Share
The Deutsche Borse XTF platform has the largest market share with 34.9% of total turnover. The Euronext NextTrack platform has 22.1% market share. The LSE’s combined Italian Exchange and London market share is now 26.9%.
Assets under Management (AUM)
Total European Equity related AUM declined by 2.3% to E96.5bn during last week. AUM for DJ Euro STOXX 50 ETFs was E18.8bn accounting for 19.5% of total European AUM. Fixed Income ETF AUM rose by 1.3% to E33.3bn.
Overall, the largest ETF by AUM was the Equity based ETF, Lyxor ETF DJ Euro STOXX 50 with AUM of E4.9bn. The largest Fixed Income ETF by AUM was the iShares € Corporate Bond with AUM of E3.2bn.
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Source:Aram Flores and Shan Lan -DB Index Research
New Exchange Traded Funds (ETFs) On SIX Swiss Exchange
October 7, 2009--7 new products have been listed in the Exchange Traded Funds segment of SIX Swiss Exchange, taking the total to 193 ETFs. The new funds are:
UBS-ETF MSCI Europe. The trading currency is EUR.
UBS-ETF MSCI EMU Value. The trading currency EUR.
UBS-ETF MSCI Pacific (ex Japan). The trading currency USD.
UBS-ETF MSCI Canada. The trading currency CAD.
UBS-ETF MSCI USA I. The trading currency USD.
UBS-ETF MSCI World I. The trading currency USD.
UBS-ETF MSCI Europe I. The trading currency EUR.
UBS AG will perform the market making for these products.
Source: SWX
ETF Landscape: European DJ STOXX 600 Sector ETF Net Flows, week ending 02-Oct-09
October 7, 2009--Last week saw US$226.3 Mn net inflows to DJ STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Telecommunications with US$83.9 Mn and Banks with US$42.9 Mn while Health Care experienced net outflows of US$36.2 Mn.
Year-to-date, Banks has been the most popular sector with US$294.0 Mn net new assets, followed by Utilities with US$278.8 Mn net inflows. Retail sector ETFs have been the least popular with US$52.6 Mn net outflows YTD.
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Source: ETF Research and Implementation Strategy, BGI
Julius Baer buys ING’s Swiss private banking unit
October 7, 2009-Julius Baer on Wednesday has bought the Swiss private banking operations of Dutch lender ING for SFr520m ($507m) – its first acquisition since spinning off its fund management business.
The acquisition of ING Bank (Switzerland) will add SFr15bn in funds under management, consolidating Baer’s position as Switzerland’s third-largest private bank after UBS and Credit Suisse and the country’s biggest “pure play” wealth manager.
read full story
Source: FT.com
Hedge funds win Church of England blessing
October 6, 2009--Barely a fortnight after attacking the modern day equivalent of biblical money-changers in the City of London, leaders of the Church of England have sprung to the defence of an oft-reviled pillar of the finance industry.
While greater regulation of some sectors of the industry is necessary, the church has concluded that hedge funds are still needed.
In a letter to the House of Lord’s EU select committee, the church commissioners – the custodians of its ancient wealth – raised “serious concerns” about plans from the European Union to regulate hedge funds.
read the letter
Source: FT.com
SocGen plans €4.8bn capital raising
October 6, 2009--Société Générale hit the acquisition trail on Tuesday with a €1.4bn ($2bn) war chest after launching a €4.8bn rights issue to repay state aid and to “seize potential external growth opportunities”.
In one of his first big strategic moves since becoming executive chairman in May, Frédéric Oudéa, executive chairman of France’s third-biggest bank, indicated he planned to tilt the group away from risky trading activities by making acquisitions in the safer realms of international retail and private banking.
HSBC launches Eurozone equity ETF
October 6, 2009--HSBC launched the HSBC DJ Euro Stoxx 50 ETF on the London Stock Exchange and domiciled in Ireland, the new ETF is designed to replicate the performance of the Dow Jones Euro Stoxx 50 Index (total return) covering the 50 largest companies in the Eurozone.
The total expense ratio of the fund is up to 0.15 per cent.
In August, HSBC announced its entry into the European ETF market with the launch of the HSBC FTSE 100 ETF. It plans to progressively build a comprehensive range of ETFs over the next two years, covering the main asset classes and both developed and emerging market indices.
read more
Source: ETF Express
CASAM ETF increases its range to 65 products with the launch of 10 new equity ETFs
October 6, 2009--Following the launch of 17 equity and bond exchange-traded funds in June, Crédit Agricole Structured Asset Management has again extended its equity ETF range by listing ten new products on Euronext Paris.
3 « flagship » ETFs in Europe
One CASAM ETF, which replicates the FTSE 100, offers investors exposure to the flagship UK index. Two ETFs tracking the Dow Jones STOXX 50® and the Dow Jones STOXX 600® indices offer exposure to the main European stocks in a single transaction.
3 new sector ETFs of which 2 are unprecedented
Two products, indexed on the MSCI World Energy and the MSCI World Financials indices, provide investors with unprecedented investment vehicles: they are the first ETFs tracking world sector indices to be listed in Europe. They offer global exposure to two flagship sectors: energy and finance. In parallel, the third of these products replicates the MSCI Europe Materials Index and complements the European sector range.
1 REIT ETF
An ETF indexed on the Euronext IEIF REIT Europe provides investors with exposure to 25 European real estate stocks in a single transaction. With annual management fees at 0.35% maximum incl. taxes, this product enables investors to take advantage of a rise in the real estate sector and equity markets in a simple and liquid way.
3 short ETFs
To respond to investors’ needs for short selling, CASAM ETF is strengthening its offering in short ETFs with products replicating the ShortDAX®, the MSCI Europe Short Daily and the MSCI USA Short Daily strategy indices.
The CASAM ETF range now comprises 65 products which, with management fees among the lowest on the market, are characterised by their competitive pricing.
Valérie Baudson, Managing Director of CASAM ETF states: “This launch confirms our desire to continually enhance our range and our capacity to provide innovative products. We are responding to investors demand while maintaining consistency with our low pricing policy.”
Thierry Ancona, Head of Sales, Continental Europe of CA Cheuvreux, comments, “The depth and quality of CASAM ETF combined with our competence in execution services, positions CA Cheuvreux as a key partner, capable of offering international institutional clients high performing solutions which are adapted to changing market conditions.”
Scott Ebner, Senior Vice President, Exchange Traded Products of NYSE Euronext, comments: “Investor demand for ETFs continues to strengthen in 2009, with NYSE Euronext welcoming 90 new ETF listings this year to bring the current total number of products to 432. The significant growth this year in the ETF products offered by CASAM, a leading European investment company specialising in structured investments, alternative managed accounts and ETFs, to include a wide range of investment exposures is further evidence of the increasing importance of the transparency and liquidity of exchange trading for investors.”
As part of the CASAM ETF product range, these new products are distributed by a dedicated sales team of CA Cheuvreux and by the sales teams of Crédit Agricole Asset Management.
Source: CASAM
New Exchange Traded Funds (ETFs) On SIX Swiss Exchange
October 6, 2009--3 new products have been listed in the Exchange Traded Funds segment of SIX
Swiss Exchange, taking the total to 186 ETFs.
The new funds are:
Xmtch II (CH) on Gold. The trading currency is USD.
Xmtch II (CH) on Gold – hedged CHF. The trading currency is CHF.
Xmtch II (CH) on Gold – hedged EUR. The trading currency is EUR.
Credit Suisse will perform the market making for these products.
Source: SWX
FSA chairman outlines factors for successful European regulation
October 6, 2009--Lord Turner, chairman of the Financial Services Authority (FSA), today set out the factors that will determine the success of plans to change the structure of regulation in Europe. He was speaking at the City of London Corporation’s Annual Reception for the City Office in Brussels.
The EU has agreed major changes to the structure of regulatory and supervisory cooperation in Europe to introduce greater integration and coordination between regulators. Lord Turner said that the success of these proposals will depend upon:
The ability of the proposed European Systemic Risk Board to develop good quality risk analysis and the “willingness of politicians to take its warning seriously and to countenance potentially unpopular responses”;
Achieving a commonly agreed and enforced rule book. This needs a balance between political oversight and delegation to technical experts. It will require “technicians devoted to good regulation and supervision …. independent of apparent national interests (such as influencing the location of activities)”; and
A robust process of peer review between different regulators that would include resourcing and supervisory processes.
Lord Turner also warned about the risks that remain for host countries from cross-border banking business. The structures for cross-border business need to recognise the national interests of the host country. Host states should have the right to receive prudential information about entire groups and should be given powers to restrict the activities of branches where prudential weaknesses are not being adequately addressed by the firm or its home supervisor.
The full text of the speech can be found on the FSA website.
Source: FSA.gov.uk
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