|DB - Equity Research-Weekly & Monthly European ETF Market Monitors: European ETF industry gets a fresh start in January-continued|
|February 10, 2012--ETF month in perspective|
2012: A fresh start for the European ETF industry
January brought a very strong start to the year for the global (US, Europe and Asia) ETF industry. ETF assets grew by 8.1% over January 2012, a growth rate that surpassed the overall 2011 year growth rate of 3.1%. Global ETF assets reached $1.4 trillion as of the end of January 2011, up from $1.3 trillion at the end of 2011.
|Both the US as well as the European ETF industries grew by 8.2% and 6.5%, reaching asset levels of $1.0 trillion and €221.3 billion respectively. Most of the growth came from rebounding equity markets, however, flows accounted for 2.9% of the growth in the US market and for 1.1% of the growth in the European market (US$ terms). Cash flows for the US market totaled $27.1 billion and €2.4 billion for the European market, for the month of January.
The performance of the European ETF market in the first month of 2012 was sharply different from how it ended the previous year. European ETFs registered outflows of €2.2 billion over December 2011, a decline that was largely driven by equity outflows (€1.8 billion). This situation was reversed in January 2012, with equities contributing €1.5 of net inflows towards the new money that flowed into the European ETF industry.
The January 2012 European ETF industry fresh start was mainly driven by two factors. First, overall market conditions improved somewhat, with the Euro Stoxx 50 delivering gains of 4.3%. Better market conditions helped bring ETF investors out of their shell and allocate money back in the equity market. Second, the European Securities and Markets Authority, ESMA, issued its second consultation on ETFs. ESMA’s publication of its views provided comfort to investors as it gave an indication both about the regulatory body’s future intentions as well as its views with regards to perceived ETF risks.
Overall, the ESMA consultation was deemed to be balanced, avoiding any dramatic changes in the European ETF market, especially those that would put it at odds with how mutual funds operate under UCITS. The consultation provided further evidence that ESMA, through ETFs, which are perceived to be the golden standard in the fund industry, is looking to 'tidy-up' a number of wider fund management industry issues, such as tracking capacity and fund construction, primarily pertaining to total return swaps and securities lending practices .
ETF Industry: The month’s investment trends
The US Market: Flows across the board, from domestic to emerging markets
The US ETF industry registered strong cash flows in the first month of the year totaling $27 billion. Investors favor for risky assets continued in January with equities having the lion’s share in cash inflows ($19.3 billion).
US ETF equity flows were quite diversified, with both domestic as well as emerging markets benefiting. US domestic benchmarked equity ETFs brought inflows of $11.5 billion, while emerging market benchmarked equity ETFs saw inflows of $5.7 billion. Sectors also did well, attracting new money totaling $3.2 billion.
Fixed Income ETFs collected a healthy $7.7 billion in cash inflows; a healthy increase over the $6 billion inflows received in December. Commodity ETVs had a positive month, receiving cash inflows in excess of $1.5 billion which is in sharp contrast to last month’s pattern where commodities registered outflows of $2.7 billion.
For more information about analysis and trends in the US ETF market please refer to our US ETF Market Monthly Review.
The European Market: Emerging Markets main flow growth driver
Equity markets across Europe had a very positive run over the month registering advances across the board: DAX (? 9.5%), CAC (? 4.4%), Euro Stoxx 50 (? 4.3%) and the FTSE 100 Index (? 2.0%). Gold and silver spot prices (US$/oz), also appreciated by 9.8% and 17.6% respectively.
The European ETF industry improved on its poor run in December (outflows of €2.1 billion) and received cash inflows of €2.4 billion in January. Most of the flows went into ETFs tracking equity benchmarks (€1.5 billion) with healthy contributions by other asset classes; Fixed Income ETFs (€412 million), commodities (€331 million) and alternatives (€159 million).
Within equities, emerging markets (EM) benchmarks were back in vogue, collecting cash inflows of €904 million in January. The BRIC countries (Brazil, Russia, India & China) collectively pocketed cash inflows of €365 million while ETFs tracking broad benchmarks like the MSCI EM collected €385 million over the same period. Within ETFs tracking developed markets (DM) benchmarks, a clear divergence was visible: ETFs focused on North American region which includes US & Canada received cash inflows of €672 million while ETFs tracking European benchmarks registered outflows of €663 million. ETFs tracking broader DM benchmarks such as MSCI World received net cash inflows of €107 million over the month of January.
ETFs tracking European sectors registered cash inflows of €171 million in January as compared to outflows of €166 million in the month of December.
Despite the positive equity markets and healthy flows, a hint of bearishness continues to persist as evident from the flows into leveraged and inverse products. ETFs providing inverse and leveraged inverse exposure pocketed inflows of €272 million and €282 million in January respectively. On the other hand ETFs providing leveraged exposure registered cash outflows of €332 million.
Fixed Income ETFs registered cash inflows of €412 million over January as compared to outflows of €404 million in December 2011. ETFs tracking corporate debt issuances and sub-sovereigns collected inflows of €588 million and €117 million respectively. Money market & sovereign ETFs registered outflows of €249 million and €144 million respectively.
Commodity ETPs received cash inflows totaling €498 million in January which is marginally higher than the €198 million received in December 2011. Most of the inflows were into products tracking crude oil (€211 million) and diversified commodity indices (€131 million).
ETP investors approached gold products with caution in January, evident from the inflows totaling €56 million which is significantly lower than the €623 million received in December 2011.
ETF comparatives: Mutual Funds, cash equity turnover
European ETF turnover is 8.0% of the region’s cash equities turnover as of the end of January 2012. The equivalent number for the US market stands at 24.5%.
European ETFs comprised 2.8% of the continent’s mutual fund industry, yet ETF cash flows, €17.7 billion from Jan-Nov 2011, was over 1.4x higher than the corresponding unlisted fund flows (- €44 billion). European unlisted mutual funds registered outflows of close to €138 billion in the months of Aug-Nov 2011. Mutual fund industry data as per the European Fund Management Association (EFAMA).
US ETFs comprised 8.1% of the its mutual fund industry, yet ETF cash flows, $113 billion for 2011, was over 4.7x higher than the corresponding unlisted fund flows ($24 billion). Mutual fund industry data as per the Investment Company Institute (ICI).
|Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank|
|Europe ETP News|
|New Lyxor Active ETF launched in the XTF segment on Xetra|
|ETF tracks actively managed portfolio of implied volatility and money market
May 23, 2013--A new active ETF from the issuer Lyxor Asset Management has been tradable in Deutsche Börse's XTF segment since Thursday.
Name: Lyxor ETF Unleveraged S&P 500 VIX Futures Enhanced Roll
Asset class: volatility
|Vanguard boosts ETF range with low-cost product suite|
|Vanguard Asset Management has launched four exchange traded funds (ETFs) providing low-cost exposure to global equity markets.|
May 22, 2013-- Vanguard Asset Management has launched four exchange traded funds (ETFs) providing low-cost exposure to global equity markets.
|EMIR standards could push European firms to U.S, experts warn|
|May 21, 2013--Central-counterparty standards under the European Market Infrastructure Regulation could create regulatory arbitrage and prompt some European commodity traders to move their business to the U.S., market participants say.|
|FESE European Equity Market Report- April 2013 Figures|
|May 17, 2013--The FESE European Equity Market Report April 3013 is now available.|
|Two SPDR equity index ETFs launched on Xetra|
|May 16, 2013--Two new exchange-listed equity index funds issued by State Street Global Advisors have been tradable on Xetra(R) since Thursday.|
|ESMA's report-Data on Prospectuses Approved and Passported-has been updated|
|May 16, 2013--NOTE: This Report is an amended version of the Report published on 25 September 2012. The previously published Report was amended on 15 May 2013 following the discovery of factual errors in the statis-tical information in Section III.2.|
|Boost Research-Macro Outlook-Equities as the new safe haven? Strengthening cash-flows amidst|
|May 15, 2013--Summary
Strong cash flows and company balance sheets give equities a potential safe haven status, with lower downside risk than bonds or commodities
Competitive dividend yields reflect a low growth environment and an overly risk averse corporate management style
|Flash estimate for the first quarter of 2013-Euro area GDP down by 0.2% and EU27 down by 0.1%, -1.0% and -0.7% respectively compared with the first quarter of 2012|
|May 15, 2013--GDP fell by 0.2% in the euro area1 (EA17) and by 0.1% in the EU271 during the first quarter of 2013, compared with the previous quarter, according to flash estimates2 published by Eurostat, the statistical office of the European Union.|
|Eurozone trapped in austerity-led recession|
|May 15, 2013-- The dogged recession across the eurozone has snared key economy France, with the latest EU figures released Wednesday showing a full year-and-a-half of contraction as tens of millions languish in unemployment.|
|DB-Synthetic Equity & Index Strategy-ETF Research-European Weekly ETF Market Review|
|May 15, 2013--The most recent issue of the European Weekly ETF Market Review is now available. The report includes key statistics on the European ETF market as well as global ETF market highlights.|
|Lyxor cuts equity ETF fees further|
|May 15, 2013--Lyxor Asset Management has reduced the fees on two more of its core equity exchange traded funds in an attempt to make them more competitive, according to a note sent to clients on Monday.|
|Fund managers split on Dax's upwards trend|
|Not all managers are sticking to Germany's stock market-despite its recent upwards trend. |
May 15, 2013--Germany's stock market reached its highest point ever last Friday but fund managers speaking to Citywire Global in the week immediately afterwards are mixed on their outlook.
|Euro area securities issues statistics|
|May 14, 2013--The annual rate of change of the outstanding amount of debt securities issued by euro area residents decreased from 0.4% in February 2013 to 0.0% in March.|
|NASDAQ OMX Successfully Delivers SMARTS To Financial Conduct Authority (FCA) To Enhance Market Surveillance Capabilities|
|May 14, 2013--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) and the Financial Conduct Authority (FCA), an independent body that regulates the financial services industry in the United Kingdom, today announced that the FCA has officially gone live with NASDAQ OMX's SMARTS Integrity market surveillance platform to enhance its monitoring of transaction reports across the UK's financial markets.|
|Markets Insight: Cultures clash in Istanbul|
|Western regulatory medicine does not suit all |
May 14, 2013--The cliches are apposite: Istanbul is where cultures collide. Europe meets Asia; Christian history meets Islam. It is also where financial market cultures clash.
|Council adopts new rules on credit rating agencies|
|May 13, 2013--The Council today1 adopted a directive and a regulation amending the EU's rules on credit rating agencies (CRAs) ( 69/12 and 70/12).|
|Moscow Exchange Indices Monthly Review: April 2013|
|May 13, 2013--The Moscow Exchange Indices Monthly Review: April 2013 is available.|
|BOOST Research -Despite "sell in May", outlook positive for equities, negative for commodities?|
|May 13, 2013--Summary
The "May-effect": resilient US labor market conditions not expected to derail investor's risk-appetite in the short term ?
|NYSE Euronext announces new ETF on European markets|
|May 13, 2013--NYSE Euronext is pleased to announce that ThinkCapital has listed one new ETF on NYSE Euronext Amsterdam on 13 May, 2013: |
ETF Symbol: TSWE
Listing date: 13/05/2013
ETF Trading name: Think Sustainable
|Lyxor doubles physical ETFs after synthetic U-turn|
|May 13, 2013--Lyxor has doubled its number of physical exchange-traded funds with four recent new listings on NYSE Euronext Paris as the ETF provider pushes ahead with its move away from a synthetic-only product.|
|Funds rush to dodge new European rules|
|May 12, 2013--A controversial hedge fund-lite structure looks likely to survive, despite a regulatory clampdown that has claimed its first victim.|
|BlackRock ETF deal gets Irish approval|
|May 12, 2013--The Irish Competition Authority has cleared BlackRock's acquisition of Credit Suisse's exchange traded fund arm following a two-month initial investigation.|
|Physical ETFs outpace synthetic funds|
|May 10, 2013--European physical exchange-traded funds have grown at twice the rate of synthetic ETFs since 2011, as scrutiny over the risks associated with synthetic products weighed upon the market.|
|EBRD calls for urgent structural reforms as growth slumps|
|Slowdown in Russia is new source of weakness in region|
May 10, 2013--The EBRD has called for urgent structural reforms in emerging Europe after winding back its economic forecasts.
|EBRD and Borsa Istanbul join forces|
|Memorandum of Understanding to develop regional capital markets|
May 10, 2013--The European Bank for Reconstruction and Development and Borsa Istanbul are joining forces to develop regional capital markets.
|NASDAQ OMX to Offer Pre-Trade Risk Management Service to Nordic Derivatives Members|
|May 10, 2013--NASDAQ OMX announced it has launched a new Pre-Trade Risk Management (PRM) service, Genium INET PRM, to its Nordic derivatives customers.|
|LSE Said to Hire Schwieger From Merrill as Equities Head|
|May 10, 2013--London Stock Exchange Group Plc (LSE) hired Brian Schwieger from Bank of America Corp.'s Merrill Lynch unit, three people with knowledge of the plans said.|
|DB-Synthetic Equity & Index Strategy-Europe Monthly ETF Market Review-Fixed income flows surge as the gold price falls|
|May 9, 2013--Global Summary
Global ETP industry assets breached the $2 trillion mark with an increase of 8.4% YTD, while the European ETP industry ended the month at €290.1bn.
The month of April was marked by cash inflows into fixed income (+$9.6bn) and equity ETFs (+$8.2bn), and cash outflows from commodity ETPs (-$9.3bn), notably gold products.
|Bats Chi-X Europe Gets Recognized Exchange Status in U.K.|
|May 9, 2013--Bats Chi-X Europe will become a recognized investment exchange later this month, enabling it to compete with stock exchanges across Europe for primary listings.|
|ETF Stat April 2013--Borsa Italiana|
|May 9, 2013--The ETF Statistics of the ETF Plus Market for the month of April 2013 are now available.|
|STOXX Introduces EURO STOXX 50 BuyWrite 100% Index|
|May 8, 2013--STOXX Limited, the market
moving provider of innovative, tradable
and global index concepts, today
introduced the EURO STOXX 50 BuyWrite 100% Index.|
The new index measures the performance of a hypothetical portfolio of a long position of the EURO STOXX 50 Index and a sold call option based on the EURO STOXX 50 Index.
|NASDAQ OMX Nordic New OMX Helsinki Benchmark portfolio selected|
|The new portfolio of the OMX Helsinki Benchmark index will become effective on June 3, 2013 |
May 8, 2013--The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) announces today the results of the semi-annual review of the OMX Helsinki Benchmark index, (NASDAQ OMX Helsinki: OMXHB), which will become effective with the market open on Monday, June 3, 2013.
|Russia reforms fail to win over investors|
|May 8, 2013--For the past four years, the Kremlin has been pouring time and money into turning Moscow into an international financial centre and, in principle, ticking all the right boxes.|
|Buyers call for iShares to cut costs on UK ETFs|
|May 8, 2013--Fund buyers are calling on iShares to review the pricing of its range of UK exchange-traded funds (ETFs), especially the mainstream vehicles that are charging substantially more than their peers.|
|Deutsche Borse introduces new corporate bond indices|
|May 7, 2013--Deutsche Börse has launched the new XETRA Prime and Entry Standard Bond index family. The new index family tracks all corporate bonds in the Entry Standard and Prime Standard for corporate bonds.|
|The systemic importance of collateral and the role of the repo market-ICMA European Repo Council paper highlights the disruptive impact of the proposed FTT on the widespread use of collateral that underpins the modern financial system|
|May 7, 2013--A supplementary paper from the ICMA's European Repo Council explains the importance of collateral to the stability and efficiency of the financial system.|
|Boost Research-WTI Crude Prices Approaching Resistance|
|May 7, 2013--WTI Crude Oil futures prices have rallied over 10% from the 18 April 2013 low of $85.61/bbl but the price gains are expected to stall ahead of $97.00/bbl to $98.24/bbl. resistance.|
|FTSE climbs to five-and-a-half year peak as HSBC rallies|
|May 7, 2013--A surge in banking shares lifted the FTSE 100 to a 5-1/2 year high on Tuesday after Europe's largest lender HSBC reported estimate-beating results.|
|Deutsche Borse creates new business segment for IT and Market Data|
|"Market Data + Services" to drive further innovation and growth
MAy 6, 2013--Deutsche Börse today announced the formation of a new "Market Data +Services" segment that combines its Market Data & Analytics unit with its external technology and connectivity services.
|BNY Mellon Nabs First Russian Exchange-listed ETF Client|
|May 4, 2013--Russia's investment management firm FinEx Group has selected BNY Mellon to provide custody and fund administration services for the first exchange-traded fund to be listed in Russia.|
|New db X-trackers money market ETF launched on Xetra|
|May 3, 2013--A new exchange traded fund issued by db X-trackers has been tradable in the XTF segment on Xetra since Friday.
ETF name: db X-trackers II Australian Dollar Cash UCITS ETF
Asset class: money market ETF
Total expense ratio: 0.20 percent
Distribution policy: non-distributing
|Statistical release: UK official holdings of international reserves, April 2013|
|May 3, 2013--In summary this month's release shows that, in April 2013:
No intervention operations were undertaken.
|Spring forecast 2013-The EU economy: adjustment continues|
|May 3, 2013--The EU economy is projected to return to growth in the second half of 2013. Annual GDP is forecast to contract by 0.1% in the EU and 0.4% in the euro area this year.|
|NYSE Euronext Monthly ETF Activity Report|
|May 2, 2013--In April 2013 there were two new ETF listings from Lyxor:
ETF Symbol: MFED
Listing date: 25/04/2013
ETF Trading name: LYX ETF SXXT DR
Underlying index: EURO STOXX
|Boerse Stuttgart reports April turnover in region of EUR 7.4 billion|
|Trading volume up in securitised derivatives and exchange-traded products
May 2, 2013--According to the order book statistics, the volume of securities traded at Boerse Stuttgart in April 2013 was around EUR 7.4 billion, slightly below the figure for March.
|SMA publishes the quarterly update of the notification thresholds for sovereign issuers|
|May 2, 2013--Esma has published the quarterly update of the notification thresholds for sovereign issuers.|
|Bourse Istanbul hits all-time record, reaching 87,000|
|May 2, 2013--Bourse İstanbul (BİST) broke a new record on Thursday, exceeding 87,000 points for the first time in its history in the closing of the morning session.|
|NYSE Euronext announces new ETFs on European markets|
|May 2, 2013--NYSE Euronext is pleased to announce that Lyxor has listed three new ETFs on NYSE Euronext Paris on
May 2, 2013: |
ETF Trading name: LYX ETF EUROPE DR
Underlying index:MSCI EUROPE
|Deleveraging abating in emerging Europe amid regulatory and structural shifts|
|May 2, 2013--The second wave of funding reductions by western banks vis-ŕ-vis Central, Eastern, and South Eastern Europe (CESEE) that started in mid-2011 is petering out.|
|NASDAQ OMX-Trading Statistics April 2013|
|May 2, 2013--NASDAQ OMX today publishes monthly trade statistics for the Nordic1 and Baltic2 markets.|
|Turnover at Deutsche Boerse's cash markets at 103 billion euros in April|
|May 1, 2013-- Order book turnover on Xetra, the Xetra Frankfurt Specialist trading and Tradegate stood at €103.0 billion in April (April 2012: €99.2 billion).|
|Funds hit at planned European transactions tax|
|April 30, 2013--Chief investment officers for some of the region's largest pension funds have warned over plans by 11 eurozone|
|FTSE launches ET100 Environmental Technologies index|
|April 30, 2013--FTSE Group ("FTSE"), the global index provider, has launched the FTSE ET100 index, adding to its innovative FTSE Environmental Markets Series. Jupiter (one of the UK's leading fund groups) is adopting the new index as the benchmark for its pioneering Jupiter Ecology Fund immediately.|
|Lyxor strengthens its Cross Asset Research with the appointment of Rob Koyfman|
|April 30, 2013--Lyxor Asset Management is reinforcing its Cross Asset Research team with the appointment of Rob Koyfman as Senior Strategist.|
|Brussels plan will 'kill off' money funds|
|April 28, 2013--It could potentially force funds to switch excess cash into unsecured commercial paper.|
|Institutional interest helping to drive growth in exchange traded funds|
|April 26, 2013--The European exchange traded products (ETP) market will more than double in size by the end of 2017 to reach $900 billion in assets, the global head of Blackrock's iShares funds said today.|
|Amundi appoints Laurent Guillet, Chief Executive Officer of its London Branch|
|April 26, 2013--Continuing its international development, Amundi strengthens its subsidiary in the United Kingdom with the appointment of Laurent Guillet as Chief Executive Officer, Amundi London Branch.|
|FCA sets out new rules for the platforms industry|
|April 26, 2013--The Financial Conduct Authority has published rules to make the way that investors pay for platforms more transparent.|
|New State Street bond index ETF launched on Xetra|
|ETF tracks inflation-protected corporate bonds from emerging markets|
April 25, 2013--A new exchange-listed bond index fund issued by SPDR (State Street Global Advisors) has been tradable on Xetra(R) since Thursday.
ETF name: SPDR Barclays EM Inflation Linked Local Bond UCITS ETF
Asset class: bond index ETF
Total expense ratio: 0.55 percent
|SPDR(R) ETFs Launches World First ETF on Emerging Market Inflation-Linked Bonds|
|SPDR ETF Research Shows Nearly Half of Asset Managers and Pension|
Professionals Across Europe Plan to Increase their Exposure to EM bonds in Next Three Years
April 25, 2013--SPDR ETFs, the exchange traded funds (ETF) platform of State Street Global Advisors (SSgA), announced today that it has launched the SPDR Barclays EM Inflation-Linked Local Bond UCITS ETF on the Deutsche Börse-the world's first ETF giving pure exposure to EM inflation-linked debt.
|BlackRock's Credit Suisse deal in holding pattern over Ireland|
|April 25, 2013--BlackRock's acquisition of Credit Suisse's exchange traded fund arm may be delayed after Irish and UK watchdogs launched an initial investigation into the deal.|