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DB-Synthetic Equity & Index Strategy-Europe-Europe Monthly ETF Market Review - -of 2.5bn euro in January
February 10, 2014--Data in this report is as of 31 January 2014.
Global Summary
Global equity markets remained bearish in January due to concerns over emerging markets economies. This impacted the Global ETP assets which reduced by $68.6bn (-3% YTD) and closed the month at $2.2 trillion. European ETP assets reached to $409bn (€304bn) at the end of January.
> Overall cash flows for the global ETP industry were negative recording outflows of -$6.9bn in January. US domiciled ETPs experienced the largest outflows (-$15.2bn), while ETPs in Europe and Asia-Pac regions recorded inflows of +$4.9bn (+€3.6bn) and +$3.4bn respectively.
Fixed income ETFs witnessed positive flows across all the regions with total new creations of +$3.2bn.
European cash flow summary
Europe: Equity ETFs collected healthy inflows, fixed income ETFs followed suit
Amid bearish equity markets, Europe domiciled ETPs started the year with strong cash flows recording +€3.6bn of inflows in January. Equity and fixed income ETFs recorded inflows of +€2.6bn and +€1.5bn respectively, while commodity ETPs experienced outflows of -€0.5bn.
Within equity, developed markets ETFs had the lion’s share collecting +€2.5bn in new money. Conversely, emerging markets ETFs continue to lose ground and experienced -€0.4bn of outflows. Among other segments, sector and capitalization based ETFs brought inflows of +€0.2bn each over the last month.
Fixed income ETFs witnessed inflows of +€1.5bn in January. ETFs benchmarked to corporate and sovereign bond indices were the largest cash flows receivers of the month recording +€0.8bn and +€0.7bn of cash inflows respectively.
After losing close to -€10bn in redemptions in 2013, commodity ETPs continue to see outflows this year as well and recorded -€0.5bn of cash flows in January. Despite some recovery in gold prices during January (+3%), gold ETPs lost -€0.4bn in monthly outflows.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Europe
Nasdaq OMX will offer anonymous trading in Scandinavia
February 10, 2014--Nasdaq OMX Group plans to give market participants the option of trading anonymously on its four exchanges in Scandinavia.
The bourses allow traders to see the identity of potential counterparts. However, starting March 24, traders can choose whether they want to display their identity.
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Source: SmartBrief
EU rules to light up derivatives markets set for shaky start
February 10, 2014--New rules coming into force in Europe this week to shine more light on the $700 trillion derivatives markets will take years to produce a clearer picture of these complex products which were at the heart of the financial crisis.
When Lehman Brothers collapsed in 2008 markets were in the dark over a tangle of derivatives on the U.S. investment bank's books. Financial markets froze because of uncertainty about who was exposed to Lehman's derivatives, such as credit default swaps or interest rate swaps. U.S. insurer AIG also ran up big losses linked to derivatives.
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Source: Reuters
Deutsche Bank cuts Europe ETF prices to win institutional business
February 10, 2014--Deutsche Bank will cut commissions on four of its biggest European exchange-traded funds, or ETFs, in a move to take market share from rivals such as Vanguard and BlackRock and win over big institutional investors.
Deutsche Asset & Wealth Management (DAWM) aims to increase its German ETF market share to 20 percent from 12.5 percent by the end of 2015 and has rebuilt some of its most successful ETFs to hold shares rather than tracking indexes synthetically.
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Source: Reuters
S&P revises Turkey's outlook to negative
February 9, 2014--Turkey's credit outlook was lowered to negative by Standard & Poor's, which pointed to smoldering political turmoil and risks of a hard economic landing casting doubts over the Turkish economy.
The change by the international credit rating agency came after a quarrel between the Turkish Central Bank and the government over raising interest rates to reverse the lira's fall.
Amundi launches ETF for US equity fund range view more Euronext Fund Service to launch in France view more Moscow Exchange launches an ETF on the MSCI China Index view more The Spanish Stock Exchange traded 74.8 bn.Euro in January, up 10.5Euro year on year
Equities
The number of trades in January reached a monthly record high, at 7.3 million, up 121% from the same month a year earlier. view more BME presents the book "Active Management of Fixed Income portfolios"
Mario Bass has held positions of responsibility in the area of private banking in the financial sector and is a professor in Instituto BME, the training division of BME, and in the Escuela de Finanzas Aplicadas. Emilio Rodriguez has developed his career in the treasury and capital markets areas in the financial sector and is a professor in Instituto BME and in the Centro de Estudios Garrigues. view more
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February 7, 2014--Amundi Group's ETF division has expanded its US equity fund range and listed an exchange-traded fund on the NYSE Euronext in Paris.
Investors are now able to gain exposure to the small cap segment of the US equity market through the ETF, which tracks the Russell 2000 Net Total Return Index constituting the smallest 10% of stocks in the US market by market capitalisation.
Source: Portfolio Advisor
February 6, 2014--Euronext, a wholly owned subsidiary of IntercontinentalExchange Group (NYSE: ICE), welcomes the publication in France of the decree authorising active open-end funds to be admitted to trading on regulated markets or multilateral trading facilities.
Following this legislative change, Euronext will soon admit active open-end funds to trading on its regulated market in Paris. These will be available for trading on the Net Asset Value (NAV) Trading Facility. Euronext is working closely with asset managers and key market participants to develop this new service.
Source: NYSE Euronext
February 6, 2014--Moscow Exchange on 6 February launched trading in the FinEx MSCI China UCITS ETF (FXCN).
The ETF tracks the MSCI China Index, which comprises 138 Chinese securities. BNY Mellon will act as the custodian and administrator, while FINAM will be the market maker for the ETF. The fund's shares will be traded on Moscow Exchange's securities market in RUB.
Source: Moscow Stock Exchange
February 5, 2014--MONTHLY TRADING STATEMENTS FOR BME MARKETS
Fourth consecutive month of growth in trading volumes
THE SPANISH STOCK EXCHANGE TRADED €74.8 BILLION IN JANUARY, UP 10.5% YEAR ON YEAR
Monthly record high in the number of trades in January: 7.3 million, up 121% from the same month a year earlier
In January the trading volume in ETFs grew by a multiple of four from the same month in 2013
Derivatives trading in January was 5 million contracts, up 5.2% from the same month in 2013
Corporate Debt trading reached €90.8 billion in January, down 40.8% year on year. The trading volume and the number of trades increase on SEND and SENAF
The equity trading volume on the Spanish Stock Exchange in January was €74.8 billion, up 10.5% year on year, representing the fourth consecutive month of growth.
Source: BME
February 5, 2014--BME presented yesterday the book "Active management of Fixed Income portfolios: a practical approach", published as part of his collection "Estudios & Investigaciín". The book is aimed at professionals in portfolio management but is also geared to a wider public interested in gaining insight into the theoretical and practical aspects of Fixed Income management.
Its authors are the portfolio managers and finance professors Mario Bass and Emilio Rodriguez, who are currently working in the asset management division of the Bank of Spain.
Source: BME
