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Boost-Turmoil in EM calls for efficient hedging using short equity ETPs
February 4, 2014--Summary
US second QE tapering, contracting Chinese manufacturing and Eurozone bank stress have undermined confidence in risk assets and bolstered inflows into safe havens currencies and bonds
With Q4 earnings mixed in the US and downbeat in Europe, an uncertain outlook is expected to take hold of DM exporters and banks, hurting US, European and Japanese equity markets
Leveraged short positions may be considered by investors as a means to construct efficient hedges for their long equity market exposure
Investors who share this sentiment may consider the following short equity products from the Boost ETPs product platform
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Source: Boost
Europe money market funds hit by heavy outflows
February 4, 2014--European money market funds have recorded their highest annual net outflows since 2010 as record low interest rates encouraged investors to put their cash into higher yielding assets such as bonds and equities.
The funds, which control about €1tn in assets, saw net outflows nearly double last year to €69.2bn, the highest figure since €158.7bn was pulled out by investors in 2010, according to figures from Fitch, the rating agency.
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Source: FT.com
January turnover at Boerse Stuttgart reaches EUR 9.7 billion
January turnover at Boerse Stuttgart reaches EUR 9.7 billion
(monthly stats)
2014 kicks off with significant rise in trading activity // All asset classes post strong gains // Record month for equities trading
February 4, 2014--According to the order book statistics, turnover at Boerse Stuttgart for January 2014 stood at EUR 9.7 billion, the highest monthly trading volume since August 2011. Turnover rose by approximately 41 percent compared with the previous month on the back of substantial market movements.
By comparison with the figure for January 2013, the volume of trading was up by nearly 12 percent.
The biggest rises were attributable to trading in securitised derivatives, with turnover up by nearly 50 percent at roughly EUR 4.5 billion. Turnover from investment products ended the month around 35 percent higher at over EUR 2.4 billion. There was particularly strong demand for discount certificates, which generated a trading volume in excess of EUR 1 billion, double the figure for December.
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Source: Boerse Stuttgart
Turnover at Deutsche Borse's cash markets at 124.9 billion euros in January
February 3, 2014--Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at €124.9 billion in January (January 2013: €94.6 billion). Of the €124.9 billion,€112.9 billion were attributable to Xetra (January 2013: €85.5 billion).
€5.8 billion were attributable to the Frankfurt Stock Exchange (January 2013: €5.2 billion). Order book turnover on Tradegate Exchange* totalled approximately €6.2 billion in January (January 2013: €3.9 billion).
In equities,turnover reached €108.2 billion on Deutsche Börse's cash markets (Xetra: €99.7 billion, Frankfurt Stock Exchange: €2.9 billion,Tradegate Exchange: €5.7 billion). Turnover in bonds was €1.1 billion,and in structured products €1.8 billion. Order book turnover in ETFs/ETCs/ETNs amounted to €13.6 billion.
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Source: Deutsche Börse
Bay Markets Speed Dating by Candlelight -The Growth of Twilight Pools
February 3, 2014--With today's fragmented markets, firms are faced with an increasingly wide choice of trading venues on which they can execute their business. The majority of these fall into one of two categories; either lit markets or so-called dark pools of liquidity.
However, there is a third way. An increasing number of market operators are now starting to adopt a "twilight pool" approach, where the level of opacity is controlled to match pre-defined conditions.
A twilight pool is a liquidity venue that is essentially dark, but which illuminates certain elements of information regarding market activity for periods at certain times of day or under specific circumstances, generally for the purpose of attracting more liquidity at those times and matching buyers and sellers. Think of it as speed dating for market participants, but only under semi-lit conditions.
In practice, this can be via colour coding on a trading screen for example, with heat maps showing the best bids and offers for short period of time before hiding them again. These heat maps can show levels of activity in the market, without necessarily giving too much information away, such as any indication of size or depth on the bid or offer. All of this information can also be provided-during the “speed dating” periods - through the venue’s trading API, allowing the data to be picked up by smart order routers, for example.
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Source: Peter Fredriksson of Bay Markets
Merkel Coalition Signals Retreat on Broad Financial-Market Tax
February 3, 2014---German Chancellor Angela Merkel's coalition is ready to accept a levy on stock trades as part of a first step toward a European tax on all financial transactions amid resistance to a broader application.
The retreat, signaled by lawmakers from the two governing parties, may advance Germany’s goal of teaming up with France to enlist Italy and Spain to enact the tax in the four biggest euro-area economies. French Finance Minister Pierre Moscovici, whose country started taxing share transactions last year, said on Jan. 27 that broader fees risk driving investors away.
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Source: Bloomberg
Asset managers and consultants clash on generic advice regulation
February 3, 2014--Asset managers have thrown down the gauntlet to investment consultants by saying publicly that the generic advice they give to clients should be regulated.
The demand is contained in the Investment Management Association's response to an inquiry into fiduciary duties by the Law Commission.
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Source: Financial News
S&P Dow Jones Indices' Market Attributes: Index Dashboard Europe
January 31, 2014--This month's highlight's include:
The Europe 350(R) posted a loss of 1.7% over the month, weathering a sell-off of emerging market currencies better than the other developed markets, particularly the U.S.
Positive returns were to be found in the recovering markets of Italy, Portugal and Ireland; the U.K. market- despite posting GDP growth better than at any point since 2007-fell along with Germany and France.
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Source: S&P Dow Jones Indices
FCA PS14/1: Distribution of retail investments: referrals to discretionary investment managers and adviser complaints reporting
January 31, 2014--view rules
Source: FCA.org.uk
Trading : ETFs in Europe : Roger Aitken
January 31, 2014--CROWDED HOUSE.
Europe's exchange-traded fund (ETF) landscape has certainly become more crowded following BATS Chi-X Europe's launch of a new pan-European platform late last year.
Can the market stomach another and what's the prognosis for 2014? Roger Aitken reports.
Opaque and illiquid. That's how some have described the European ETF market. However, things are changing and there are high hopes for 2014. The evolution though is likely to differ from the US where it all began in 1993 largely for the retail segment.
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Source: Bestexecution.net
