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European ETFs Q3: Recent Trends & Challenges Ahead: from Lipper
November 27, 2013--The European ETF market is highly concentrated and this pattern will not change in the foreseeable future, according to Detlef Glow, Lipper's head of EMEA research, in his latest analysis.
Highlights follow below:
Assets under management grew by €32.30bn or 11.43% over the last twelve months (30.09.2012-30.09.2013) up to €282.55bn.
Only 45 of the 1810 European ETFs hold assets above €1bn. The majority of these funds (32) are equity funds, followed by bond funds (11) and commodity funds (2) that invest in physical gold.
The largest ETF (iShares DAX) holds 5.24% of overall AuM, down from 5.29% in Q3 2013.
The ten largest ETFs account for 23.75% of overall assets under management in the European ETF segment. The 45 ETFs with more than 1 billion in assets under management account for 44.59% of the overall AuM.
Detlef Glow concludes, "Looking at these recent trends, I believe that assets under management in the European ETF sector will continue to grow in the months ahead, although the growth rate will be lower than in the past. The number of funds will also grow further; ETFs focusing on bond markets and investment strategies might become the key driver for future growth. We could also see innovation in the overall European ETF landscape, as new promoters enter the market, new distribution models are introduced, and regulation increased at all levels."
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Source: Lipper Thomson Reuters
ECB Financial Stability Review suggests alleviation of financial market tensions, challenges remain
November 27, 2013--Stress indicators and euro area fundamentals suggest alleviation of financial market tensions,especially on the banks' funding side.
However, financial stability conditions remain fragile and euro area adjustment process is incomplete.
Euro area financial stress has remained moderate over the last half year despite bouts of considerable global financial market turbulence, according to the new Financial Stability Review of the European Central Bank (ECB), released today. Indicators measuring systemic stress have fallen back to close to their pre-crisis levels.
Euro area fundamentals have continued to improve,albeit at an uneven pace. Several countries need to continue to strengthen government balance sheets as well as carry forward structural reforms.
At the European level, further steps are needed to create a genuine banking union. While an on-going strengthening of capital and liquidity buffers enhances banking sector resilience,further efforts are needed to correct losses in countries' competitiveness and improve profitability in the banking sector.
More generally, the comprehensive assessment launched this month by the ECB should contribute to (i) enhance the quality of information available on the condition of euro area banks,(ii) identify and implement necessary corrective actions,if and where needed; and (iii) assure all stakeholders that these banks are fundamentally sound and trustworthy.
Building on a thorough overview of macro-financial developments,this Review identifies four key risks to euro area financial stability:
Economic and financial shocks that affect asset valuations and bank profitability, eroding confidence in the euro area financial sector. Continued action is needed to mitigate lingering scepticism regarding euro area bank balance sheets. The ECB’s comprehensive assessment will be a significant step forward in that respect.
Renewed tensions in sovereign debt markets as a result of delayed national reforms, unforeseen bank recapitalisation needs or a rise in global bond yields. Amid a fragile return of market confidence, policy progress needs to continue-complacency or reform fatigue must be avoided.
Global financial market turbulence,with asset mispricing and low market liquidity. Banks,insurers and pension funds need sufficient buffers for an eventual normalisation of compressed risk premia. Stable and predictable macroeconomic policies,including notably forward guidance,should help facilitate a smooth exit from central banks' non-standard policies.
view the ECB Financial Stability Review November 2013
Source: ECB
ESMA publishes updated Q&A on ETFs and other UCITS issues
November 27, 2013--ESMA has published an updated Questions and Answers (Ref. 2013/1547) concerning the Guidelines on ETFs and other UCITS issues
view the Questions and Answers-ESMA's Guidelines on ETFs and other UCITS issues
Soure: ESMA
Boost Trade Idea of the Week-Weak yen bullish for Japanese equities, if not spoilt by 'taper delay'
November 26, 2013--Summary
Yen weakness is underpinned by two opposing driving forces: the easing of monetary policy framed around explicit inflation targeting by Japan and the tightening of monetary policy by the Fed as it contemplates pairing back QE.
The widening US interest rate differential, both in real and nominal terms, signals the fundamental driving forces behind the prevailing weakness of JPY/USD.
Until the Q4 results season begins the longer term underpinnings of yen weakness may be bullish for Japanese equities.
However, the overly bearish positioning of speculators in the Yen could cut the rally short if US payrolls on 6 December disappoint by a wide margin. While seen as benign, Investors may seek to hedge their long Japanese equity positions into the numbers.
Investors who share this sentiment may consider, amongst the Boost equity ETPs product platform (www.boostetp.com/Products), the following positions in Japan equities:
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Source: Boost
SIX strengthens market for structured products in Switzerland
November 26, 2013--As of 1 January 2014 the brand identity of the exchange for structured products will be integrated into SIX and the Swiss Exchange business area.
Backed by the strength of the SIX brand, the Swiss exchange for structured products will be able in future to address the special characteristics of the Swiss market and contribute to its continuing development.
The market for structured products is of great strategic importance to SIX and represents an important part of its business portfolio.
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Source: SIX Swiss Exchange Ltd
Advisers' passive use near 'ceiling': Schroders
November 26, 2013--Schroders' managing director for UK intermediary says there is a reduction in number of advisers looking to increase their clients' allocation to passives.
The survey of 328 investment-focused advisers conducted during November found 61 per cent had added to passive investments in the past year, but 75 per cent said they were likely to have the same exposure in 12 months' time.
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Source: FT Adviser
DB-Synthetic Equity & Index Strategy-ETF Research - European Weekly ETF Market Review
November 26, 2013----The most recent issue of the European Weekly ETF Market Review is now available. The report includes key statistics on the European ETF market as well as global ETF market highlights.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Europe
STOXX Changes Composition of Indices
Results of the Fourth Regular Quarterly Review to be Effective on December 23, 2013
Novembe 26, 2013--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced the new composition of the STOXX Benchmark and their sub-and sector indices, among them the STOXX Europe 600 Index, STOXX North America 600 Index and STOXX Asia/Pacific 600 Index.
Effective as of the open of European markets on December 23, 2013, the following stocks will be added to and deleted from the STOXX Europe 600 Index and its respective size and sector indices:
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Source: STOXX
New SPDR equity index ETF launched on Xetra
ETF tracks MSCI World Small Cap Index for the first time
November 26, 2013--A new exchange-listed equity index fund issued by SPDR (State Street Global Advisors) has been tradable in the XTF segment on Xetra since Tuesday.
ETF name: SPDR MSCI World Small Cap UCITS ETF
Asset class: equity index ETF
ISIN: IE00BCBJG560
Total expense ratio: 0.45 percent
Distribution policy: non-distributing
Benchmark: MSCI World Small Cap Index
The new SPDR equities index ETF enables investors to participate in the performance of small-sized stock corporations from 24 different industrialised countries for the first time. The underlying MSCI World Small Cap Index consists of more than 4,000 constituents from countries such as Germany, France, Japan, USA or the UK, thus covering around 14% of the free float market capitalisation in each country for investors.
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Source:Xetra
Equity investors were bullish in October, as Global Short & Leverage ETF/ETP assets up 15% in 2013 to $52bn YTD
November 26, 2013--Global S&L AUM remains at around $52bn, up nearly $7bn this year
Of the $34.4bn in S&L equity ETPs, 59% is long, up from 54% in August. S&L equity inflows totalled $865m in October
Fixed income investors remain unanimously bearish
Commodity ETP investors were bullish on oil and natural gas, while remaining indecisive on gold and silver in October
Trading volume in BOOST ETPs up 5x since start of September with record inflows into a variety of indices and leverage factors
BOOST ETP, the award winning and independent exchange-traded product (ETP) provider, has released its Global Short & Leverage ETF/ETP report for October 2013. Global Short and Leveraged (S&L) ETP assets have risen by $6.6bn (15%) in the first ten months of 2013 to $51.5bn, as investors continue to increase their use of S&L ETPs. Demand for S&L ETPs was also supported by volumes in BOOST ETPs having risen by 5x since early September.
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Source; Boost
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