Global ETF News Older than One Year
December 2011 FIF Market Share and Market Dynamics Reports – Executive Summary
January 10, 2012--U.S. Equities Market Share
Share volumes traded across Tape A, B, and C
decreased 13% monthly and 4% annually to
134 billion shares (see chart).
In December 2011, off-exchange trading accounted for 32% of the shares traded in NMS Equity Securities.
Share volume in NYSE-listed securities decreased 11% monthly and 9% annually to 75 billion shares.
NASDAQ-listed securities share volume decreased 13% monthly and 3% annually to 34 billion shares.
European Equity Market Share
The notional value of the European Equities Market decreased 22% monthly to €771 Billion, in comparison to €989 Billion in November 2011. The December 2011 notional value also represents an 8% annual decrease.
BATS Chi-X Europe has the greatest market share of 19% (€146 billion) followed by LSE Group and MICEX; which have a market share of 18% (€140 billion) and 12% (€93 billion) respectively.
The highest annual volume increases were seen with Turquoise, up 42% (€31 billion) followed by MICEX up 23% (€93 billion).
Source: Financial Information Forum (FIF)
Thomson Reuters Global Equities Monthly Market Share Data Reports-December 2011
January 10, 2012--Trading is fragmenting between exchanges and competing venues. But by how much and which venues? Find out in the summarised monthly reports.
Source: Thomson Reuters
Morningstar Quarterly Commentary: US Market Finishes the Year Flat
January 10, 2012--Global markets posted disappointing returns in 2011 as investors wrestled with uncertainty stemming from European debt crisis, lackluster economic recovery and monetary tightening in key emerging markets like China. Markets were characterized by sharp volatility and investors gravitated towards safer asset
like long term treasury, high quality dividend stocks and gold.
Thanks to a sharp rally in the fourth quarter, the U.S. equity markets managed to eke out small gains for the year. The Morningstar US Market Index ended the year up 1.6%. However, the Developed Ex-US Index and the Emerging Markets Index fared much worse— losing 11.4% and 17.9% in 2011.
Source: Morningstar
Too-Big-to-Fail Bank Definition May Be Expanded by Regulators
January 10, 2012--Global regulators may expand the definition of a too-big-to-fail financial firm, signing up domestic lenders, clearing houses and insurers to capital rules designed for the world’s biggest banks.
The “framework should be in place for domestically systemically important banks by the end of the year,” Mark Carney, chairman of the Financial Stability Board, said yesterday after a meeting of the group in Basel, Switzerland.
Deutsche Bank AG (DBK), BNP Paribas SA (BNP) and Goldman Sachs Group Inc. (GS) were among 29 banks subject to the so-called capital surcharge on globally systemic financial institutions drawn up by the FSB in November. Banks will have to boost reserves by 1 to 2.5 percentage points above minimum levels agreed on by international regulators.
Source: Bloomberg
iShares EMEA reports strong 2011 asset growth
January 9, 2012--iShares, the Exchange Traded Funds (ETF) platform of BlackRock, Inc, says its EMEA business generated strong growth in 2011 despite challenging macroeconomic conditions.iShares exceeded $18bn of net new assets in EMEA during 2011, an increase of 43% from 2010 net new assets of $12.6bn. iShares total assets under management (AUM) in the region increased 4% to $105.9bn as at the end of December 2011.
iShares also says it captured over 70% of all flows into ETFs in EMEA in 2011, and maintained its position as the market leader in assets. There was particular interest in US equity, German equity and corporate bond funds. According to Joe Linari, head of iShares EMEA, notes: "As more investors return to the market and reposition portfolios in 2012, we believe ETFs will attract significant new interest and we are upbeat on the prospects for continued industry growth. Investors increasingly recognise the value of ETFs as transparent, liquid and highly regulated vehicles through which they can execute strategies and build up longer-term allocations."
Source: FTSE Global Markets
BATS Chi-X Europe First to Launch Four-Way Interoperable Clearing
TRADES ON BATS EUROPE AND CHI-X EUROPE NOW CLEARED THROUGH ONE OF FOUR FULLY INTEROPERABLE CENTRAL COUNTERPARTIES
January 9, 2011--BATS Chi-X Europe today announced the launch of four-way interoperable clearing, which allows BATS Europe and Chi-X Europe participants to choose from EMCF, EuroCCP, LCH.Clearnet and SIX x-clear to clear their trades.
BATS Europe and Chi-X Europe are the first trading platforms to offer four-way interoperable clearing. The first day of live four-way interoperable clearing for trades on BATS Europe and Chi-X Europe was Friday, 6th January.
BATS Global Markets (BATS), a global operator of stock and options markets, closed the acquisition of Chi-X Europe on 30th November 2011. BATS reported on 3rd January 2012 that BATS Europe and Chi-X Europe accounted for 25.4% combined market share of European equities trading in December 2011, making BATS Chi-X Europe the largest European securities market operator.
Source: BATS Global Markets
ETFS US Precious Metals Weekly: Precious Metals Futures Positioning and Recovery in Global Manufacturing Points to Potential For Price Rebound
January 9, 2012--De-leveraging leaves COMEX gold speculative futures positions the lowest in almost 3 years, other precious metals at lowest level
since 2H 2008. The low level of futures positioning overhang has removed a key headwind to the gold price heading into 2012, although positioning still remains above end 2008 crisis levels.
The futures clear-out has been even more extreme in the more cyclically-focussed precious metals silver, platinum and palladium, where positioning has dropped back to post-Lehman troughs.
Successful break above 200 day m.a. would be key bull signal. The gold spot price fell below its 200 day moving average in mid-December for the first time since the credit crisis, triggering a round of short term technical-related selling by quant funds and short-term traders at yearend. Market participants will be looking to see if gold can sustainably move up above its 200 day m.a. over coming days and weeks (currently circa. $1,633/oz) as a possible precursor to a new up-leg in gold spot prices.
Sovereign debt, monetary policy key factors to watch in 2012. Expectations for modest global growth in the context of fragile banking systems and a large sovereign debt rollovers, is likely to keep central bank monetary policy extremely accommodative in 2012. The high money supply/low interest environment should be supportive of precious metals – particularly gold - as investors look to the possibility of currency debasement via high inflation and/or currency depreciation. More cyclically oriented precious metals – silver, platinum and palladium - could be the beneficiaries of stronger US activity data if sustained, particularly given exceptionally low levels of futures speculative positioning. If H1 2009 is a guide, investors may wait for confirmation of stronger survey data in official statistics before returning to such higher beta investments – particularly if European debt questions remain unanswered.
visit www.etfsecurities.com for more info
Source: ETF Securities
Gold to hit record high in 2012, say analysts
January 8, 2012--Precious metals analysts expect gold prices to rise for a 12th year in a row and to reach a record high in 2012, but are less optimistic for silver and platinum, according to a survey by the London Bullion Market Association (LBMA).
The LBMA's survey of 26 contributors showed all but 3 participants expected gold to hit an all-time high in 2012, with a majority of 19 of them forecasting gold to reach a high above $2,000 an ounce.
Source: Business Standard
OECD annual inflation rate slows slightly to 3.1% in November 2011
January 5, 2012--Consumer prices in the OECD area rose by 3.1% in the year to November 2011, compared with 3.2% in the year to October 2011. This easing in the annual rate of inflation mainly reflected the slower growth in energy prices, which increased by 11.7% in the year to November, down from 12.4% in the year to October.
Food prices remained unchanged at 4.2% in the year to November. Excluding food and energy, the annual inflation rate was stable at 2.0% in November.
Source: OECD
Dow Jones-UBS Commodity Indexes End 2011 Lower As December Prices Fall On Concerns About Europe And China, Weather
January 4, 2012--The Dow Jones-UBS Commodity Index ended 2011 down 13.37% following a drop of 3.75% in
December – a month in which prices were pressured by sovereign debt concerns, signs of a cooling economy in major commodity consumer China, plus unseasonable weather in some
regions.
Despite a somewhat quiet ending to 2011, the potential for surprises in the commodities markets in early 2012 could be high. According to a December 20 Barclays Bank report, commodity market sentiment is likely to be heavily influenced by macro factors rather than individual market dynamics. Key issues include the extent of progress toward a European sovereign debt solution, trends in China’s business confidence and property prices, whether or not recent positive signs from the U.S. economy can be sustained, and how freely trade and inventory finance continues to flow in the commodity markets.
Source: Dow Jones Indexes
