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Lyxor's diversification is a success
February 14, 2014--In releasing its results on 12 February 2014, Societe Generale provided for the first time a few more details on its specialized
asset management company, Lyxor Asset Management.
Lyxor is in good financial health. Its assets under management rose by 6% and +5 billion euros in 2013, to 80 billion euros
and its revenues were up 8.6%, thanks to positive inflows driven by the widening in its product range, particularly in 2013.
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Source: Societe Generale
EU watchdog calls for common derivatives definition
February 14, 2014--The European Union's markets watchdog has asked the bloc for an urgent definition of derivatives, two days after mandatory reporting of the financial contracts began.
The European Securities and Markets Authority (ESMA) said there is no common pan-EU definition for some foreign exchange and physically settled commodity derivatives, making it difficult to apply the bloc's new reporting rules.
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Source: Reuters
Euronext Monthly ETF Activity Report
February 14, 2014--Listings
In January, there were 4 new ETF listings on Euronext Paris-2 Lyxor ETFs, 1 EasyETF, and 1 Amundi ETF
At the end of January, Euronext's markets counted 658 listings of 568 ETFs from 17 issuers.
Trading activity
Average daily value traded on-book in January of €269.6 million, an increase of 16.3% vs December 2013, and up 18.3% vs January 2013.
Total value traded on-book amounted to €6.2 billion, an increase of 33.7% vs December 2013, and up 18.3% vs January 2013.
Average of 7,625 on-book trades (single-counted) executed daily last month, an increase of 16.4% vs December 2013, and up 23.6% vs January 2013.
Total of €1.14 billion exchanged in block trades in January, up 357.1% from the €249.5 million in December 2013, and up 35.7% vs January 2013.
Overall, block trade volume represented 18.4% of the total regulated market ETF trading activity on Euronext.
Assets Under Management (AUM)
At the end of January 2014, the combined AUM of all ETFs listed on Euronext's markets totalled €160.8 billion.
Market Quality
In January, 5 LPs took on responsibilities for 17 new LP contracts on 17 different ETFs:
Optiver expanded their current activity with a total of 11 ETFs: 8 Lyxor ETFs, 2 Amundi ETFs, and 1 iShares ETF.
BNP Paribas Arbitrage took the lead on the new Easy ETF and Amundi ETFs.
SG Securities took the lead on the new Lyxor ETFs.
Flow Traders added 1 Lyxor ETF to their list.
Goldenberg Hehmeyer started activity on 1 additional iShares ETF.
Median spread for all listed ETFs of 27.4 bps, an improvement of 31% vs December 2013 and up 9% vs January 2013.
23 Liquidity Providers currently active on ETFs.
view the EU Euronext Monthly ETF Report
view the US Euronext Monthly ETF Report
Source: NYSE Euronext
EBA publishes risk dashboard of EU banking sector
February 14, 2014--The European Banking Authority (EBA) publishes today the risk dashboard for Q4 2013, summarising the main risks and vulnerabilities in the banking sector in the European Union (EU). The dashboard looks at the evolution of Key Risk Indicators (KRI) from 55 banks across the EU in the third quarter of 2013.
Data in this edition of the EBA dashboard illustrates that EU banks' capital positions were fairly stable, although declining RWAs contributed to higher capital ratios. The quality of banks' loan portfolios is still a source of concern, in light of the weak macroeconomic scenario across the EU. Profitability remains at low levels, as the low interest rates environment along with declining lending volumes continue to affect net interest margins. Deleveraging is still progressing, although at a slower pace. Further adjustments in banks' balance sheets are likely to continue in the forthcoming quarters.
view the EBA Risk dashboard Q4 2013
Source: EBA
ESMA asks Commission to clarify derivative definition under MiFID/ EMIR
February 14, 2014--The European Securities and Markets Authority (ESMA) has today sent a letter to the European Commission asking them to clarify the definition of a derivative or derivative contracts under the European Market Infrastructure Regulation (EMIR).
ESMA's letter says that currently these definition is not harmonised across the EU which could have a detrimental effect on the consistent application of EMIR. The EMIR definition of derivatives cross-refers to the list of financial instruments mentioned in the current Markets in Financial Instruments Directive (MiFID). The different transpositions of MiFID across Member States mean that there is no single, commonly adopted definition of derivative or derivative contract in the European Union, thus preventing the convergent application of EMIR.
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Source: ESMA
OECD Euro area: Economic challenges and policy recommendations report
February 14, 2014--OECD has published the OECD Euro area: Economic challenges and policy recommendations report.
view the OECD Euro area: Economic challenges and policy recommendations report
Source: OECD
Big ETF houses plot European expansion
February 14, 2014--Three large US exchange traded fund groups, Guggenheim, ProShares and Charles Schwab, are examining how best to enter the European ETF market on the back of a flurry of recent mergers and acquisitions in Europe.
Two US companies have bought European ETF houses in the last few weeks, after the ETF market in Europe witnessed a 20 per cent jump in assets in 2013 to $395bn, illustrating its growing importance to asset management groups worldwide.
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Source: FT.com
Lyxor Asset Management chief exec departs
February 14, 2014--Inès de Dinechin has stepped down from her position as chief executive of Lyxor Asset Management, the latest high-profile departure to hit the group.
Lionel Paquin has been appointed as chief executive of the Société Générale-owned firm, which manages $110.3bn (£66.2bn) in ETF, alternative, structured, active quantitative and specialised investments
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Source: Fundweb.co.uk
Boost Welcomes UK Treasury Review of the Spread Betting Tax Loophole whilst Spread Betting Market Shrinks by 8% in Stark Contrast to a 15% Global Growth of the Short and Leverage ETP Market
February 14, 2014--BOOST welcomes Treasury review of spread betting tax loophole
BOOST believes spread betting should be subject to tax on gains and off settable for losses which is the case for similar investment products
BOOST believes such a move will position short and leverage Exchange Traded Products (ETPs)favourably when compared to spread betting and Contracts For Differences (CFDs)
Spread betting market shrinks by 8% in 2013 compared to 52% increase in trading volumes of short and leveraged ETPs
BOOST ETP, Europe's award winning, specialist Short and Leverage (S&L) Exchange-Traded Product (ETP) provider, welcomed the recent announcement from Treasury Spokesman, Lord Newby, who commented that ministers "ought to look" at the apparent "loophole" that allows spread betters to avoid income and capital gains tax.
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Source: Boost
Global AUM for Short & Leveraged ETPs Hits $56bn despite Souring Sentiment on Risk Assets
February 13, 2014-The AUM of short & leveraged (S&L) ETPs reached a record of $56 billion at the end of January, up $0.9 billion (or 1.7%) from December, as investors continue to increase their usage of S&L ETPs globally
Inflows of $331 million into short US equity ETPs, the largest global inflow of such equity ETPs in January, combined with outflows of $150 million from long US equity ETPs suggests a bearish sentiment taking hold in US equities
S&L investors bought $162 million of short European equity ETPs, while they also sold $177 million of long European equity ETPs ($339m net short), reversing the moderate upbeat sentiment in European equity markets in December 2013
S&L investors shifted bullish positioning to Japan, which has enjoyed the strongest inflows in S&L equity ETPs of $1.2 billion
Inflows into short US Treasury ETPs have slowed from $1.2 billion in December to $0.4 billion in January 2014
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Source: Boost
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