|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|
|Russia's 'Massive' Rate Rise Seen Halting Ruble Tumble|
|December 16, 2014--The Russian central bank took a big enough step to halt the ruble's record decline by unexpectedly raising the benchmark interest rate to 17 percent, according to Alliance Bernstein LP and Stone Harbor Investment Partners.|
|Russian cenbank moves to limit pricing manipulation in futures market|
|December 15, 2014--The Russian central bank said on Monday it had sent an order to the Moscow Exchange to halt trading in certain instruments in order to prevent possible manipulation of the equity futures market.|
|New Source ETF launched in XTF segment on Xetra|
|ETF offers currency-hedged access to the S&P 500|
December 12, 2014--A new equity index ETF issued by Source has been tradable in the XTF segment on Xetra since Friday.
ETF name: Source S&P 500 UCITS ETF-EUR Hedged
Asset class: equities
Total expense ratio: 0.15 percent
|European Commission adopts first equivalence decision for the purposes of credit risk weighting Regulation (EU) No 575/2013|
|December 12, 2014--Today, the Commission adopted its first 'equivalence' decision for the purposes of credit risk weighting under Regulation (EU) No 575/2013 ('Capital Requirements Regulation').|
|Borsa Italiana-ETFstat November 2014|
|December 12, 2014--New Listing
In November 2 new ETFs and 1 new ETC were listed on ETFplus market
At the end of November 2014 there were listed 919 instruments (669 ETFs and 250 ETCs/ETNs)
|ECB's liquidity auction falls short of expectations|
|December 11, 2014--ECB's liquidity auction falls short of expectations...doubts about policy makers' efforts to stave off stagnation.|
|Lyxor UCITS ETF iBoxx Germany 1-3Y (DR) launched on Xetra|
|ETF tracks German government bonds
December 11, 2014-- A new exchange-listed bond index fund issued by Lyxor Asset Management has been tradable in Deutsche Börse's XTF segment since Thursday.
ETF name: Lyxor UCITS ETF iBoxx Germany 1-3Y (DR)
Asset class: bond index ETF
|ESMA-MiFID-Conduct of Business, fair, clear and not misleading information|
|December 11, 2014--Summary|
The European Securities and Markets Authority (ESMA) has conducted a peer review of how national regulators (national competent authorities or NCAs) supervise MiFID conduct of business rules on providing fair, clear and not misleading information to clients.
|Lyxor switches Government Bond range to physical replication|
|December 11, 2014--Lyxor Asset Management has announced that the rest of its Government Bond ETF range will switch to the direct replication model known as "physical" replication.|
|BOOST launches Europe's first 3x Short and 3x Leverage Banks ETPs on Borsa Italiana as trading volumes reach $1bn|
|December 10, 2014--Europe's first 3x Leveraged and 3x Short Banks ETPs listed on Borsa Italiana
5x Leverage EUR-USD and 5x Short EUR-USD ETPs also listed on Borsa Italiana
BOOST ETP's short and leverage platform hits new AUM record as Boost expands into FX, offering now covers equities, commodities, fixed income and FX
|'Pension passport' still under scrutiny|
|December 10, 2014--The City regulator is considering ways to offer savers a "Pension Passport",|
|Eurex Adds to Swap-Future Lineup as Rules Reshape Market|
|December 10, 2014--Eurex plans to offer a futures contract that mimics an interest-rate swap, the latest effort by an exchange operator to win a piece of the $421 trillion market for rate swaps.|
|Emerging Turkey: Lessons from an Economy in Transition|
|December 10, 2014--Highlights
Turkey's solid economic performance over the past decade is a source of inspiration for many emerging markets and offers some valuable lessons for their policy makers.
|Euro area securities issues statistics|
|December 9, 2014--The annual rate of change of the outstanding amount of debt securities issued by euro area residents decreased from -0.5% in September 2014 to -0.8% in October. For the outstanding amount of quoted shares issued by euro area residents, the annual growth rate was 1.6% in October 2014, compared with 1.5% in September.|
|ETFGI's research finds the global ETF/ETP industry has reached a new record of 2.76 trillion US dollars in assets at the end of November 2014|
|ETFGI's research finds the global ETF/ETP industry has reached a new record of 2.76 trillion US dollars in assets at the end of November 2014
December 9, 2014--ETFGI's research finds 2014 is proving to be a very good year for the Global ETF/ETP industry.
|Rand/dollar at 6-year low on deficit news|
|December 8, 2014--The rand has fallen to its worst level against the dollar in six years after SA's third-quarter|
|Eurozone ministers disagree on 'Tobin' tax|
|December 8, 2014--Eurozone ministers failed to find common ground on a long promised financial transaction tax, official sources said on Monday, put into jeopardy by sharply differing views on its implementation.|
|World Bank Revises Its Growth Projections for Russia for 2015 and 2016|
|December 8, 2014--The World Bank has updated its economic outlook for Russia for 2015 and 2016 to reflect a further decline and increased volatility in global oil prices. The revised outlook is articulated through three scenarios-a baseline, an upper, and a lower-case-based on different oil price assumptions.|
|The end looms for 'Alice in Wonderland' fees|
|December 7, 2014--The asset management industry suffered a shock last month when an influential panel that advises the UK regulator on policy issued a damning report on the state of the fund market.|
|Defining 'closet tracking' is a hotbed of regulatory arbitrage|
|December 7, 2014--The active versus passive investment debate has taken a new turn. Esma, the European watchdog of securities markets, is to take a closer look at so-called "closet trackers", with a view to identifying whether a co-ordinated pan-European policy response is needed.|
|IMF-Kingdom of the Netherlands-Netherlands: Selected Issues Paper|
|December 5, 2014--OVERVIEW|
House Prices, Consumption, and the Household Debt Overhang In the Netherlands
Deflated housing prices that were fueled by robust borrowing often leave in their wake households with heavy debt burden. This "debt overhang" forces level of debt to sustainable levels.
|UPDATE 1-EU may ditch plan to separate bank trading activities|
|December 5, 2014--The European Union may ditch plans to force banks to keep high-risk trading activities separate from their main businesses because of opposition from some member states.|
|Assessment of Basel capital regulations in the European Union concluded by the Basel Committee|
|December 5, 2014--The Basel Committee on Banking Supervision has today published a report assessing the implementation of the Basel capital framework in the nine EU Member States that are members of the Basel Committee.|
|UBS Global Asset Management launches medium duration fixed income ETFs|
|December 5, 2014--UBS Global Asset Management has broadened the range of its fixed-income ETFs with the listing of three ETFs on the London Stock Exchange.|
|New UBS bond index ETF launched on Xetra|
|ETF offers access to liquid US corporate bonds
December 4, 2014--A new bond index fund issued by UBS Global Asset Management on liquid US corporate bonds has been tradable in the XTF segment on Xetra since Thursday.
|New SPDR bond index ETF launched on Xetra|
|ETF tracks performance of euro-zone government bonds
December 4, 2014--A new SPDR bond index ETF issued by State Street Global Advisors has been tradable in the XTF segment on Xetra since Thursday.
ETF name: SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF
Asset class: bond index ETF
|Euro zone bond yields rise as some trim ECB QE bets|
|December 4, 2014--Peripheral bond yields lead rise post-Draghi comments
ECB's Draghi says to consider govt bond purchases in 2015
|London Stock Exchange December 2014 ETF & ETP Monthly Report|
|December 4, 2014--Listings
7 new ETFs and 1 new ETN listed on London Stock Exchange in November 2014
There are now 737 ETFs (available as 1,128 lines through multi-currency offerings) and 359 ETCs/ETNs (available as 410 lines) on our London market
Pimco/Source became the second issuer to launch an International ETF on London Stock Exchange
|Russia ETF Rush Halted as Kremlin Faces Recession|
|December 3, 2014--Investors who piled into the biggest exchange-traded fund tracking Russian stocks at a record pace last month have started pulling out as the government acknowledged that the country is headed toward a recession.|
|Invesco Powershares: smart beta in demand|
|December 3, 2014--Demand for smart beta indices across Europe is growing, according to research by exchange-traded fund (ETF) provider, Invesco PowerShares.|
|Boerse Stuttgart reports November turnover in region of EUR 6.4 billion|
|December 2, 2014--Based on its order book statistics, Boerse Stuttgart turned over around EUR 6.4 billion in November 2014.|
|Russia expects recession in 2015 as sanctions, oil prices bite|
|December 2, 2104--Low oil prices and sanctions imposed on Moscow over Ukraine will send the Russian economy into recession next year, government officials said on Tuesday, a dramatic change to an earlier forecast of 1.2 percent gross domestic product growth.|
|PIMCO issues first actively managed fixed income ETF in Euroclear's international structure|
|December 2, 2014--PIMCO, a world-leading investment manager, has today made history by launching the first actively managed fixed income ETF in Euroclear Bank's international structure.|
|State Street names Rory Tobin head of European business|
|December 1, 2014--Asset management company State Street Global Advisors appointed Rory Tobin as head of its European distribution.|
|IMF Turkey: Selected Issues Paper|
|December 1, 2014--THE EXTERNAL IMBALANCE: BOOSTING NATIONAL SAVINGS WILL LIMIT THE BURDEN OF ADJUSTMENT1|
Turkey's current account deficit is expected to remain elevated at around 5½-6 percent of GDP through 2019. Reducing the deficit to a more sustainable level around 2½-3 percent of GDP should be a key policy priority.
|Turnover at Deutsche Borse's cash markets at 103.9 billion euros in November|
|December 1, 2014--Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at €103.9 billion in November (November 2013: €92.9 billion). Of the €103.9 billion, €96.1 billion were attributable to Xetra|
|HSBC says bye-bye to Bitcoin hedge fund Global Advisors|
|December 1, 2014--HSBC will no longer work with the first regulated Bitcoin investment fund amid concerns about "money laundering risk".|
|New PowerShares equity index ETF launched on Xetra|
|December 1, 2014--A new equity index fund from the ETF offering issued by PowerShares Global Funds has been tradable in the XTF segment on Xetra since Monday.
ETF name: PowerShares Global Buyback Achievers UCITS ETF
Asset class: equity index ETF
|ESMA consults on AIFMD asset segregation requirements|
|December 1, 2014--The European Securities and Markets Authority (ESMA) has published today a consultation paper on the AIFMD asset segregation requirements.|
|Roger Bootz geht zur DeAWM|
|01.12.2014--Roger Bootz verantwortet ab 01.12.2014 den öffentlichen Vertrieb passiver Anlageprodukte bei der Deutschen Asset & Wealth Management (Deutsche AWM).|
|Boost ETP hits new records including AUM and trading volumes|
|December 1, 2014--BOOST AUM reaches a record $160m, which is a rise of 332% since the end of November 2013 when AUM stood at $37m BOOST trading volumes reached a record $288m so far in November, a ten-fold increase from November 2013 when volumes were $25m.|
|Lyxor and Amundi predict big passive push|
|November 30, 2014--Record-breaking inflows this year into Europe's exchange traded funds industry have encouraged both Lyxor and Amundi to make bold predictions about future asset growth for their passive investment arms.|
|European Commission-Fact Sheet-The EU's economic governance explained|
|November 28, 2014--The lessons learned from the recent economic, financial and sovereign debt crises have led to important reforms of the EU's economic governance rules.|
|Deutsche Boerse Will Return to Currencies After 16 Years|
|November 28, 2014--Deutsche Boerse AG will re-enter currency trading 16 years after the birth of the euro prompted it to withdraw from the market.|
|ESMA submits advice on delegated acts required by the UCITS V Directive|
|November 28, 2014--On 3 July 2014 ESMA received a provisional request from the European Commission for technical advice on the content of two of the delegated acts on depositaries required by UCITS V.|
|Unscheduled free float adjustment in MDAX|
|November 28, 2014--Deutsche Börse AG has announced an unscheduled adjustment to the free float of Rhön-Klinikum AG in MDAX.|
|New PIMCO Source active ETF launched on Xetra|
|Actively managed bond ETF tradable on corporate bonds|
November 28, 2014--A new active ETF issued by PIMCO Fixed Income Source ETFS plc has been tradable in the XTF segment on Xetra since Friday.
Name: PIMCO Low Duration Euro Corporate Bond Source UCITS ETF
Asset class: active bond index ETF
|EU Annual Growth Survey 2015: A new Momentum for Jobs, Growth and Investment|
|November 28, 2014--The 2015 Annual Growth Survey (AGS) published by the European Commission today focuses on putting Europe firmly back on a path of sustainable job creation and economic growth. The arrival of the new Commission, with an ambitious agenda for Jobs, Growth, Fairness and Democratic Change, is the right moment to generate a new momentum.|
|Deutsche Borse AG publishes results for Q3/2014|
|Net revenue in Q3 increased to €496 million / Operating costs of €266 million excluding exceptional items / Adjusted earnings per share (EPS) of €0.85 / Net revenue and EPS in the first nine months up slightly on the previous year / Clearstream passes ECB stress test
October 27, 2014--Deutsche Bouml;rse AG published its figures for the third quarter of 2014 on Monday. The Group generated net revenue of €495.9 million, an increase of 8 per cent on the prior-year period (Q3/2013: €457.9 million).
|WisdomTree Europe Hires Head of Sales|
|ETF Industry Veteran Nick Shellard Adds Depth of Institutional Sales Knowledge and Relationships|
November 27, 2014--WisdomTree, an exchange-traded fund ("ETF") and exchange-traded product ("ETP") sponsor, and pioneer of dividend-weighted ETFs, announces the hire of Nick Shellard as Head of Sales at WisdomTree Europe.
|Amundi launches Nikkei 400 ETF|
|November 26, 2014--Amundi has bolstered its Japanese equities ETF range with its cheapest exchange-traded fund yet.|
|S&P Dow Jones Indices-Europe Index Dashboard-November 2014|
|November 28, 2014--It was not a great month for Europe's bureaucrats. The OECD criticized the European Central Bank's efforts to combat economic stagnation and warned that Europe was the "locus of weakness" in the global economy; European Commission President Jean-Claude|
|Boost launches triple leveraged gilts ETP on LSE|
|November 26, 2014--Boost, a leading European provider of short and leveraged exchange-traded products and a division of WisdomTree Europe,|
|Euronext Paris to relocate|
|November 25, 2014--Euronext Paris, which houses the pan-European operational headquarters of the group, today announced plans to relocate to the Praetorium site at La Défense, the business district west of Paris.|
|Lyxor unveils growth plans in business restructure|
|November 25, 2014--Lyxor Asset Management has restructured its business into three areas in an effort to achieve an ambitious growth objective over the next three years.|
|Borsa Italiana-ETFstat October 2014|
|November 24, 2014--New Listing
In October 4 new ETFs and 19 new ETCs/ETNs were listed on ETFplus market
At the end of October2014 there were listed 917 instruments (668 ETFs and 249 ETCs/ETNs)
|RBS admits European stress test blunder|
|November 23, 2014--The Royal Bank of Scotland has accepted that it got its sums wrong over the European Banking Authority stress tests last month.|
|European markets watchdog examines closet trackers|
|November 23, 2014--The European markets watchdog is probing "closet tracking", which critics say is enabling fund managers to charge high active fees while in practice doing little more than hugging an index.|
|Lyxor and db X-trackers Shake Things Up|
|Two of the largest ETF providers in the industry have begun offering physical ETFs, marking a departure from their roots|
November 21, 2014--The largest synthetic ETF providers in Europe, Lyxor and db X-trackers, have announced they are venturing into the physical ETF market.
|IMF Executive Board Concludes 2014 Article IV Consultation with Turkey|
|November 21, 2014--On November 21, 2014, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Turkey.1|
|DELISTING OF NORDEA BANK AB (publ) 4 ETN´S|
|November 21, 2014--EXCHANGE NOTICE 21.11.2014 ETN
DELISTING OF NORDEA BANK AB (publ) 4 ETN'S
|Eurozone growth at 16-month slow point|
|November 20, 2014--Growth in the eurozone has slowed to its slowest pace in 16 months as new orders dipped,survey company Markit said Thursday,|
|Securities financing transactions: Council agrees transparency rules|
|November 20, 2014--The Permanent Representatives Committee agreed, on behalf of the Council, its negotiatingstance on a draft regulation aimed at improving the transparency of securities lending and repurchase transactions.|
|WisdomTree Lists Two Emerging Markets UCITS ETFs on London Stock Exchange|
|November 20, 2014--WisdomTree, an exchange-traded fund ("ETF") and exchange-traded product ("ETP") sponsor, and pioneer of dividend-weighted ETFs, today announced the launch of two UCITS ETFs listed on the London Stock Exchange (LSE).|
|'Yes' vote in Swiss referendum not certain to lift gold prices-Deutsche Bank|
|November 20, 2014--A vote in favour of boosting Switzerland's gold holdings at a Nov. 30 referendum won't necessarily lift bullion prices, Deutsche Bank said in a note, adding there was a "considerable" chance the motion would pass.|
|Turkey keeps interest rates on hold as inflation stays high|
|November 19, 2014-Inflation among highest in emerging markets
Most economists expected no change in rates
Bank sees inflation falling in 2015
|Forecasts for the UK economy: November 2014|
|November 19, 2014--Forecasts for the UK economy is a monthly comparison of independent forecasts.|
|ISE removes daily disclosure requirement for Actively-Managed ETFs listed on ISE|
|November 19, 2014--The Irish Stock Exchange (the "ISE") has, with immediate effect, removed the requirement to provide daily disclosure of the holdings of actively managed ETFs listed on the ISE.|
|Deutsche Bank AG Name Change Announcement-db x-trackers MSCI EMU INDEX UCITS ETF (DR)|
|REG-Deutsche Bank AG Name Change Announcement-db x-trackers MSCI EMU INDEX UCITS ETF (DR)|
November 19, 2014--Name Change Announcement-db x-trackers MSCI EMU INDEX UCITS ETF (DR)
Investment Company with Variable Capital