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Euronext Monthly ETF Activity Report -December 2013
January 14, 2014--Listings
In December, Lyxor listed 4 new ETFs on Euronext Paris:
In the beginning of December, Vanguard lowered the TER of their Amsterdam-listed fund VFEM from 0.45bps to 0.29bps, making it the EM ETF in Europe with the lowest TER.
At the end of December, Euronext's markets counted 656 listings of 566 ETFs from 17 issuers.
Trading activity
Average daily value traded on-book in December of €231.9 million, an increase of 19.0% vs November 2013, and up 20.0% vs December 2012.
Total value traded on-book amounted to €4.6 billion, an increase of 13.3% vs November 2013, and up 14.4% vs December 2012.
Average of 6,550 on-book trades (single-counted) executed daily last month, an increase of 5.2% vs November 2013, and up 24.8% vs December 2012.
Total of €249.5 million exchanged in block trades in December, up 80.0% from the €138.6 million in November and down 79.4% vs December 2012.
Overall, block trade volume represented 5.4% of the total regulated market ETF trading activity on Euronext.
Assets Under Management (AUM)
At the end of December 2013, the combined AUM of all ETFs listed on Euronext's markets totalled €160.2 billion.
Market Quality
In December, 5 LPs took on liquidity responsibilities for 11 new LP contracts on 11 different ETFs:
SG Securites took the lead on the 4 new Lyxor ETFs.
Citigroup added 3 Amundi ETFs to their list.
Flow Traders started activity on 1 EasyETF and 1 Vanguard ETF.
Commerzbank ended their strong activity this year by adding 1 HSBC ETF to their list.
BNP Paribas started activity on 1 EasyETF
Median spread for all listed ETFs of 39.8 bps, an increase of 65% vs November 2013 and up 59% vs December 2012.
23 Liquidity Providers currently active on ETFs.
ETP Service Update
Further to the Info Flash plublished on 4 November 2013 regarding the launch of a multicurrency facility for Exchange Traded Products (ETPs) on Euronext, we are pleased to announce that the go-live of this new service is expected for mid-February 2014. For more information, visit https://europeanequities.nyx.com/sites/europeanequities.nyx.com/files/if131217ca_2_launch_of_multi-currencies_for_exchange-traded_funds.pdf
view the US Monthly ETP Report
Source: NYSE Euronext
Deal to regulate financial markets and products and curb high-frequency trading
January 14, 2014--Comprehensive rules to govern financial markets were agreed informally by negotiators for Parliament and the Council of Ministers on Tuesday. These rules are designed to close the loopholes in the existing legislation, ensuring that financial markets are safer as well as more efficient, investors are better protected, speculative commodity trading is curbed and high-frequency trading is regulated.
The new rules will apply to investment firms, market operators and services providing post-trade transparency information in the EU. They are set out in two pieces of legislation, a directly applicable regulation dealing inter alia with transparency and access to trading venues and a directive governing authorisation and organisation of trading venues and investor protection
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Source: European Parliament
ECB to simplify European bad loan definition in health check
January 14, 2014--The ECB is set to allow the euro zone's top banks to meet less stringent definitions for bad loans than previously planned when it makes an unprecedented review of lenders' balance sheets this year.
The 128 lenders under scrutiny by the European Central Bank were allowed to apply the softer "simplified definitions" for bad loans in their first data submissions for the asset quality review (AQR).
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Source: Reuters
UK Fund Reporting Status for Boost ETPs is Granted
January 14, 2014--Boost, the award winning and independent exchange traded product (ETP) provider,, announced that HM Revenue & Customs has approved all current Boost ETPs as "UK Reporting Funds" under the provisions of The Offshore Funds (Tax) Regulations 2009 (the "Regulations").
This means that a sale of Boost ETPs by UK taxable investors will be regarded as a disposal subject to UK capital gains tax (CGT). CGT will only be charged to the extent that the gains arising to an investor in any particular tax year exceed the relevant annual exemption threshold. Boost advises all investors to consult their own tax advisor to ascertain the implications (if any) of this information.
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Source: Boost
Euro area securities issues statistics: November 13, 2013
January 13, 2014--The annual rate of change of the outstanding amount of debt securities issued by euro area
residents was -0.6% in November 2013, compared with -0.9% in October. For the outstanding
amount of quoted shares issued by euro area residents, the annual growth rate was 1.3% in
November 2013, compared with 1.1% in October.
New issuance of debt securities by euro area residents totalled EUR 668 billion in November 2013.
Redemptions stood at EUR 589 billion and net issues amounted to EUR 88 billion.1 The annual
rate of change of outstanding debt securities issued by euro area residents was -0.6% in
November 2013, compared with -0.9% in October
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Source: ECB
New PIMCO active ETF launched on Xetra
First actively managed bond ETF on the global market for covered bonds for the first time
January 13, 2014--A new active ETF issued by PIMCO Fixed Income Source has been tradable in the XTF segment on Xetra since Monday.
ETF name: PIMCO Covered Bond Source UCITS ETF
Asset class: active bond index ETF
ISIN: IE00BF8HV717
Total expense ratio: 0.38 percent
Distribution policy: non-distributing
Benchmark: Barclays Euro Aggregate Covered 3% Cap Index
The PIMCO Covered Bond Source UCITS ETF enables investors to participate in the performance of globally issued covered bonds via an actively managed ETF. Covered bonds are characterised by hedges against issuer default risk via additional investments, with the investor entitled to the securing assets in the case of default.
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Source: Source: Deutsche Börse
Clearstream enables direct investor access to ETFs through Vestima
PIMCO Covered Bond Source UCITS ETF is the first actively managed ETF available with daily fixing at 'net asset value' (NAV) on Vestima/Efficiency gains: Investors now able to buy and sell shares in this ETF the same way as mutual funds/ETF also traded on Deutsche Börse as of 13 January 2014/Further milestone in Clearstream's efficiency agenda for ETF issuance and processing
January 13, 2014--Clearstream-a Deutsche BÖrse Group company- offers investors for the first time direct access to an actively managed PIMCO Source exchange-traded fund (ETF) through Vestima,
the largest global fund processing platform
The PIMCO Covered Bond Source UCITS ETF is listed on Deutsche Börse as of 13 January 2014 and is the first ETF directly available on Vestima at end-of-day net asset value (NAV), thus providing additional access to this fund. Investors are now able to directly buy and sell shares in this ETF through Vestima in the same way as for a mutual fund, thereby benefiting from Vestima’s proven efficiencies.
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Source: Clearstream
Interest in exchange-traded gold products remains high
Interest in exchange-traded gold products remains high
January 13, 2014--Xetra-Gold from Deutsche BÖrse Commodities GmbH remains by far the most traded ETC on Xetra, as in previous years. Trading volume was around €1.7 billion in 2013. Xetra-Gold (DE000A0S9GB0) alone thus accounted for a good 28% of all ETC trading. db Physical Gold Euro Hedged ETC (DE000A1EK0G3) took second place and db Physical Gold ETC (EUR) (DE000A1E0HR8) took third.
This means that the three top ETCs in 2013 were all gold products -just like in the previous year.
"Although the gold price fell sharply in 2013, exchange traded gold products continued to experience strong demand. Many investors probably used the low prices to enter the market. Amongst all the gold ETCs Xetra-Gold excelled with the highest trading revenues. Investors value this simple, flexible and safe way of participating in the performance of the gold price," said Martina Gruber, managing director at Deutsche BÖrse Commodities GmbH.
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Source: Deutsche BÖrse
Pimco Offers First Actively-Managed Covered Bond ETF With Source
January 13, 2014--Pacific Investment Management Co. has joined with London-based exchange-traded products provider Source UK Services Ltd. to offer the first actively-managed ETF focused on covered bonds.
Kristion Mierau, head of Pimco's European covered bond portfolio management team, runs the Pimco Covered Bond Source UCITS ETF, according to a statement on Source's website. The fund is traded on Deutsche Boerse and has a first year annual management fee of 0.38 percent to be paid monthly.
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Source: BusinessWeek
Amendments to Basel III's leverage ratio issued by the Basel Committee
January 12, 2014--The Basel Committee has today issued the full text of Basel III's leverage ratio framework and disclosure requirements following endorsement on 12 January 2014 by its governing body, the Group of Central Bank Governors and Heads of Supervision (GHOS).
A consultative version of the leverage ratio framework and disclosure requirements was published in June 2013. After carefully considering comments received and thoroughly analysing bank data to assess potential impact, the Committee adopted a package of amendments, which pertains to the leverage ratio's exposure measure. These technical modifications to the June 2013 proposals relate to:
view the Basel III's leverage ratio framework and disclosure requirements
Source: BIS
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