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Global AUM in Short & Leveraged ETPs at record $61bn as investors shun equities and buy bonds
March 13, 2014--The AUM of short & leveraged (S&L) ETPs reached a record $61.3 billion at the end of February 2014, a 3.7% rise from January and 6% rise YTD
S&L investors globally repositioned themselves bullishly in bonds and bearishly in equities. February saw record flows into long US debt ETPs, at $2.9 billion, which were countered by flows of $3.8 billion out of long equity ETPs
Europe saw short positions in German equity ETPs and bullish flows to broad European indices continued. In contrast, Italy, France and Sweden saw bearish flows, into short ETPs and out of long ETPs
S&L investors continue to be bullish on Japanese equities, with inflows of $451 million into long Japanese equity ETPs and global AUM in Japanese S&L ETPs is at a record $3.7 billion, of which 90% is in long leveraged ETPs
Natural gas has the strongest flows in ETCs for the 2nd month running, as S&L investors bought $311 million of natural gas ETCs, most of which was in short ETCs
AUM and trading volumes in BOOST ETPs also continue to reach new records as AUM has risen 83% this year. BOOST ETP experienced $23 million of inflows in February, the largest since Boost launched its first ETPs in December 2012
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Source: Boost
DB-Synthetic Equity & Index Strategy-Europe-ETF Research-Europe Monthly ETF Market Review-3.3bn euro into DM Equities Amidst Positive Macro Outlook
March 13, 2014--European ETP Highlights
Global equity markets registered a strong February, especially in Developed Markets (DM), recovering losses from January. Equities in Developed Europe saw the most robust performance where MSCI Europe was up over 7%, driven by improving PMI data, upbeat corporate commentary and expectations of improving credit. The ETF flows observed for February was mostly in-line with market performance except for Emerging Markets (EM) which continued to see outflows despite having a positive monthly performance.
Developed Markets over Emerging Markets continues to play out
In February 2014, global ETPs had a significant turnaround raising total assets to a new high of $2.3 trillion, a 2% increase YTD.
European domiciled ETPs had inflows of +€4.9bn during this period, where ETPs with equity exposure commanded almost 60% of inflows. Having analysed these flows in further detail, we found that DM equities experienced +€3.3bn of inflows while EM equities saw c.-€400mn of outflows which is inline with our strategists preference for DM over EM.
The benefactors within DM equities - Europe
European domiciled ETPs with European equities exposure received +€1.9bn of inflows while exposure to US saw +€0.8bn of inflows. This again supports our Equity View where we are constructive on Europe with a year-end STOXX Europe 600 target of 375..
Southern Europe on the Up
ETFs with exposure to Southern Europe continued to see net inflows since the region saw a sharp turn in PMIs in October 2013. European listed ETFs tracking equities in Spain, Italy, Greece and Portugal experienced average monthly net inflows of over +€300mn since October 2013. This compares to a monthly average of just under +€70mn from Jan 2013 to Oct 2013.
Large flows into Fixed Income ETFs
Investors trading European listed instruments exercised caution by channelling +€1.9bn into fixed income assets amidst weak data coming out of China. An Emerging Markets Bond ETF (SEMB LN) was the biggest benefactor of this inflow.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Europe
Newly launched STOXX Europe Low Beta High Div 50 Index licensed to Deutsche Bank
March 13, 2014--STOXX Limited, a leading provider of innovative, tradable and global index concepts, today introduced that the newly launched STOXX Europe Low Beta High Div 50 Index has been licensed to Deutsche Bank to be used as the basis for structured products. The index selects the 50 stocks with the lowest beta out of the members of the STOXX Europe 600 Index with a dividend yield which is higher than the EURO STOXX 50 Index's dividend yield.
It is the first index of its kind, and is designed to act as an underlying to structured products and other investable products, such as exchange-traded funds.
"The STOXX Europe Low Beta High Div 50 Index creates a hybrid portfolio of high dividend and low risk investment strategies based on Europe’s two most favored benchmarks," said Hartmut Graf, chief executive officer, STOXX Limited. "The innovative and transparent concept, combines screens based on the composition of the underlying STOXX Europe 600 Index with thresholds derived from the fundamental values of the EURO STOXX 50 Index."
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Source: STOXX
Euro area securities issues statistics
March 12, 2014--The annual rate of change of the outstanding amount of debt securities issued by euro area
residents was -0.5% in January 2014, compared with -1.1% in December 2013.
For the outstanding amount of quoted shares issued by euro area residents, the annual growth rate was
1.3% in January 2014, the same as in December 2013.
New issuance of debt securities by euro area residents totalled EUR 890 billion in January 2014.
Redemptions stood at EUR 811 billion and net issues amounted to EUR 97 billion.1 The annual rate of change of outstanding debt securities issued by euro area residents was -0.5% in January 2014, compared with -1.1% in December 2013/
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Source: ECB
ESMA sees improved securities market conditions, although risks remain elevated
March 12, 2014--The European Securities and Markets Authority (ESMA) has published its first Report on Trends, Risks and Vulnerabilities No. 1, 2014, and its Risk Dashboard for 4Q 2013. The report looks at the performance of EU securities markets, assessing both trends and risks in order to develop a comprehensive picture of systemic and macro-prudential risks in the EU that can serve both national and EU bodies in their risk assessments.
Overall, ESMA's report finds that EU securities markets and investment conditions in the EU improved in the second half of 2013, based on better macro-economic prospects, which also contributed to reduced systemic risk in that period. However, overall risks remained at high levels for EU securities markets as reflected in by the rapid propagation of uncertainty from emerging markets (EM) countries to EU markets early 2014.
view the ESMA Trends
Risks Vulnerabilities report
Source: ESMA
New db x-trackers equity index ETF launched on Xetra
ETF is based on the performance of Asian stock corporations with currency hedging
March 12, 2014--A new db x-trackers from the ETF section of Deutsche Asset & Wealth Management has been tradable in the XTF segment on Xetra since Wednesday.
ETF name: db x-trackers MSCI AC Far East ex Japan Index UCITS ETF (DR)
Asset class: equity index ETF
ISIN: IE00BGDWNL65
Total expense ratio: 0.7 percent
Distribution policy: non-distributing
Benchmark: MSCI AC Far East ex Japan Monthly EUR hedged TRN Index
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Source: Xetra
Amundi switches to FTSE for European real estate ETF
March 12, 2014--Amundi, a Paris-based provider of exchange-traded funds, has changed the underlying index of its &euro40 million European real estate ETF.
At its inception in August 2009, the Amundi Real Estate REIT IEIF ETF, as it was then known, tracked the Euronext IEIF REIT Europe Index. As of mid February, the fund has tracked the FTSE EPRA/NAREIT Developed Europe Index and been known as the Amundi ETF FTSE EPRA Europe Real Estate UCITS ETF.
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Source: etfstrategy.com
Virtu IPO filing reveals European growth
March 11, 2014--US high-frequency trading firm Virtu Financial has filed for an initial public offering with US regulators, revealing strong revenue growth at its Dublin outpost
Virtu, founded in 2008, will seek to raise $100 million in the flotation, potentially valuing the company at around $3 billion
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Source: Financial News
Euronext Markets Halted for an Hour on Technical Malfunction
March 11, 2014--Euronext NV is investigating the cause of a technical glitch after trading on its European exchanges was halted for more than an hour today because of a technical malfunction, preventing transactions in companies ranging from Royal Dutch Shell Plc to Sanofi.
Citing a problem with market data, Euronext paused trading at 12:15 p.m. Paris time, according to a notice on its website. Trades for stocks and bonds resumed at 1:10 p.m., and for other products including exchange-traded funds at 1:15 p.m.
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Source: Bloomberg
CME to Start Europe Exchange April 27 Following Approval
March 11, 2014--CME pushed back the start date for its first new bourse as it awaited a decision from the Bank of England, which had to approve the market before the FCA.
CME Europe Ltd. was originally intended to open in September. The new London-based exchange will offer trading in 30 currency pairs and commodities including biodiesel contracts, Lee Betsill, chief executive officer of CME Clearing Europe Ltd., said in an interview today.
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Source: Bloomberg BusinessWeek
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