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DB Research-Europe-Synthetic Equity & Index Strategy-Europe Monthly ETF Market Review
June 11, 2014--European ETP Highlights
As of the end of May 2014, global ETP assets approached $2.41 trillion (€1.77
trillion) rising by $57.2bn for the month of May. European ETPs received
+€4.6bn of cash inflows. Equity exposed ETFs benefitted most by gathering
+€3.5bn, while fixed income products had yet another positive month
collecting +€1.4bn of cash in-flows. Commodity based ETFs listed in Europe
saw modest outflows of -€0.3bn
ETF flows show no clear trend in equity allocation
Our analysis suggests that investment in ETFs with equity exposure to be
distributed across North America, Europe and Emerging Markets, with no clear
preference for regions.
In the fixed income space, we continue to see investment being made into Emerging Market Government Bond indices as shown in our Top 10 monthly Fixed Income inflows on Figure 56. We also observed mixed flows among ETFs benchmarked to European Sovereigns likely due to the uncertainty of the extent of monetary policy easing at the ECB meeting on June 5th.
iShares to merge three US ETFs listed in Europe
iShares announced its plan to merge three European listed ETFs with exposure
to US equity markets to create a single large fund. The ETFs concerned are
iShares S&P 500 UCITS ETF (SACC LN), iShares Core S&P 500 UCITS ETF
(CSSPX SW) and MSCI USA Large Cap UCITS ETF (CSUSL SW). The newly
consolidated ETF will have assets under management of over €2.9bn and will
be competitively priced at 0.07% TER.
12 further db x-Trackers ETFs to convert to physical
Deutsche Asset & Wealth Management announced that 12 products will be
converted from synthetic replication to physical replication. The ETFs are
mostly with exposure to Asia Pacific region and has in aggregate
approximately €2.5bn of assets under management. The conversion will be
carried out between July 7th 2014 and December 31st 2014.
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Source: Deutsche Bank Research-Europe-Synthetic Equity & Index Strategy
ESMA Working Paper- Monitoring the European CDS market through networks: Implications for contagion risks
June 11, 2014--Based on a unique data set referencing exposures on single name credit default swaps (CDS) on European reference entities, we study the structure and the topology of the European CDS market and its evolution from 2008 to 2012, resorting to network analysis. The structural features revealed show bilateral CDS exposures describing growing scale-free networks whose highly interconnected hubs constitute both a strength and weakness for the stability of the system.
The potential "super spreaders" of financial contagion, identified as the most interconnected participants, consist mostly of banks. For some of them net notional exposures may be particularly large relative to their total common equity. Our findings also point to the importance of some non-dealer/non-bank participants belonging to the shadow banking system.
view the ESMA Working Paper-Monitoring the European CDS Market through networks: Implications for contagion risks
Source: ESMA
ESMA Working Paper-The systemic dimension of hedge fund illiquidity and prime brokerage
June 11, 2014--Summary: We analyse the potentially vulnerable and systemically relevant financial intermediation chain established by hedge funds and prime brokers in.
Our dataset covers the 306 largest global hedge funds and their prime brokers over the period July 2001 to December 2011. The study illustrates that hedge funds and prime brokers act as complementary trading partners in normal times. However, we observe that this form of financial intermediation may be severely impaired in times of market distress. This can be explained by the hoarding of liquid securities by prime brokers who are eager to avert runs by their clients.
view the ESMA Working Paper-The Systemic Dimension of
Hedge Fund Illiquidity and Prime Brokerage
Source: ESMA
Buried in the garden or locked away in a secure bank safe-where Germans keep their gold
Bank deposit boxes and safes are considered secure options, but only a small number of people use either of them
June 11, 2014--Almost half of all Germans have at some time bought gold, or given or received it as a gift. So storing this precious metal in as secure a manner as possible is an important issue for many Germans.
The national crime statistics for 2013 highlight just how important it is to keep gold well hidden; the number of home break-ins rose again last year-by as much as 30 percent in some federal states.
Germans believe that bank deposit boxes are the safest place to store gold. This was the finding of a representative study with over 1,000 respondents conducted by the opinion polling institute TNS Emnid on behalf of Deutsche Börse Commodities.
Of those surveyed, 72 percent said that they would store gold in a bank deposit box, followed by a safe in their own home. Only around one in five said that they would consider keeping their gold in drawers, cupboards, jewellery boxes or other unsecured places.
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Source: Deutsche Börse Commodities.
Eurex Clearing launches cross-margining functionality
First CCP in Europe to offer margin offsetting within asset classes and across OTC and listed derivatives/ Entire euro-denominated yield curve covered for the first time in a portfolio margining approach
June 10, 2014--Eurex Clearing, the clearing house of Deutsche Börse Group, has introduced its second release of the new risk system Eurex Clearing Prisma.
With the new development, clearing members and clients are able to benefit from portfolio margining capabilities within an asset class as well as cross-margining between listed fixed income products and the OTC IRS business.
Eurex Clearing is Europe's first and only CCP to offer this highly user-requested approach.
Since the end of May, clearing users can realize margin offsets between listed fixed-income (Schatz, Bobl, Bund, Buxl) and money market derivatives (Eonia, Euribor), i.e. the entire euro-denominated interest rate curve. Simultaneously, they can also use their existing portfolios in these interest-rate derivatives traded at Eurex Exchange to offset their margin requirements for their interest rate swaps cleared via EurexOTC Clear.
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Source: Eurex Clearing
Two new iShares ETFs launched on Xetra
ETFs based on US companies offering high dividend yields and consumer-oriented companies with a focus on emerging markets
June 10, 2014--Two new equity index ETFs issued by iShares have been tradable in Deutsche Börse's XTF segment since Tuesday.
ETF name: iShares MSCI Emerging Markets Consumer Growth UCITS ETF
Asset class: equity index ETF
ISIN: DE000A1131M4
Total expense ratio: 0.60 percent
Distribution policy: non-distributing
Benchmark: MSCI ACWI Emerging Markets Consumer Growth Index
ETF name: iShares MSCI USA Dividend IQ UCITS ETF
Asset class: equity index ETF
ISIN: IE00BKM4H312
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Source: Deutsche Börse
Eurex Group concentrates Commodity Trading on one Platform
Trading in agricultural products to be launched on EEX in 2015
June 10, 2014--The European Energy Exchange (EEX) and Eurex Exchange have jointly decided to concentrate trading in agricultural derivatives within EEX, in which Eurex holds a majority interest of 62,57 percent. The move will give customers access to a large and standardised offering of commodity derivatives contracts via one platform.
Thus, the agricultural derivatives currently tradable on Eurex Exchange will be offered on EEX from 2015. Eurex Exchange's product portfolio comprises futures on potatoes, skimmed milk powder, whey powder, butter, hogs and piglets. All contracts are quoted in Euro and are settled in cash. Market indices which reflect the underlying physical transactions are used as reference prices.
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Source: Eurex
Further Reforms and Investment Needed to Safeguard Jobs and Recovery in Europe
June 10, 2014--Europe 2020 Competitiveness Report confirms Europe's lack of progress in bridging the competitiveness gap with the US and other advanced economies, and competitiveness divide within the EU
The "fire-fighting" phase for Europe's economy may be over, but recovery and job creation are jeopardized by inaction on driving competitiveness
The competitiveness agenda should be placed at the centre of national and European policy to meet 2020 goals of becoming a smart, inclusive and sustainable society
A failure to implement fundamental reforms associated with encouraging competitiveness is putting job creation and Europe's long-term economic strategy at risk, finds The Europe 2020 Competitiveness Report: Building a More Competitive Europe, released today by the World Economic Forum.
view the WEF The Europe 2020 Competitiveness Report-Building a More Competitive Europe
Source: WEF (World Economic Forum)
MOVES- Invesco Powershares, Willis Group, Benson Elliot, Lloyds Bank
June 9, 2014--INVESCO POWERSHARES
The investment boutique firm, part of Invesco Ltd, said it appointed Kristian Walesby as head of ETF capital markets,
EMEA as part of its ongoing push to expand in Europe.
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Source: Reuters
Source expands marketing team
Three strategic appointments support firm's wider growth aims
June 9, 2014--Source has made three strategic hires in its European marketing team. John Hurley has joined the firm as director in marketing strategy, David Scales has joined as director in investment writing, and Brooke Petersen as an associate in events.
These appointments follow the recent additions to Source's regional coverage teams and are part of the firm's wider expansion to support growth in assets, investor base and geographical reach.
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Source: Global Investor
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