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DB-Synthetic Equity & Index Strategy-Europe-Europe Monthly ETF Market Review-Fixed Income ETFs dominate cash flows in Europe
October 7, 2013--Data in this report is as of 30 September 2013
Global Summary
Markets across the globe reacted positively in September after Federal Reserve's surprise decision to continue with the $85bn monthly bond buying program. Global ETP AUM was favourably impacted by this and rose by $105bn to $2.1 trillion (+14.1% YTD) last month. The European ETP industry ended the month at €289.2bn, +3.2% year-to-date.
Global ETP industry observed very strong monthly cash flows recording +$34.1bn of inflows in September. US domiciled ETFs remain major contributor receiving +$32.4bn of positive flows, followed by Europe with +$1.6bn and Asia with negligible flows. Inflows were seen across the board, except commodities, primarily in equities (+$28.1bn) and fixed income (+$6.7bn).
European cash flow summary
Europe: Another €1bn+ mark for fixed income ETFs, equities moderate and commodities recede
European domiciled ETPs witnessed positive cash flows in September recording +€1.2bn of inflows. Fixed income ETFs had the largest share in total flows registering +€1.2bn of inflows followed by equity ETFs (+€0.3bn), while commodity ETPs experienced outflows of -€0.3bn.
Within equity segments, developed markets (DM) and emerging markets (EM) ETFs remain largest movers of the month although in opposite directions. DM ETFs saw close to -€1bn of redemptions while EM ETFs recorded positive flows for the first time since Jan'13 with +€0.4bn of inflows. Similar to previous month, strategy (+€0.3n), capitalization (+€0.2bn) and sector (+€0.2bn) segments had a positive month in terms of cash flows.
Fixed income ETFs collected healthy inflows of +€1.2bn in September, surpassing +€1bn monthly inflows mark for the third occurrence in 2013. Prior to this fixed income ETFs recorded inflows of +€1bn in January and +€1.7bn in April this year. ETFs tracking sovereign bonds had the lion's share collecting +€1.1bn in cash flows, followed by corporate bonds benchmarked ETFs with +€0.2bn inflows.
Commodity ETPs continue to shrink and recorded outflows of -€0.3bn over the month of September taking YTD total to -€7.9bn. Gold ETPs led the commodity outflows with -€0.4bn of withdrawals (-€7.5bn YTD). Aftermonthly gains for two consecutive months (+6.9% in Jul'13 and 6.84% in Aug'13), gold prices fell in September (-4.73%), resulting in another month of outflows for gold ETP.
Other regions' cash flow summary
US: Equity and fixed income ETFs make strong come back
US domiciled ETPs witnessed strong monthly cash flows during September with +$32.4bn of inflows. Reversing previous month's trend, equities with majority share collected +$27.5bn in new money and fixed income collected +$5.2bn. Commodity ETPs continued its negative trend and totalled -$0.5mn of outflows.
Within equities, cash inflows were witnessed across the board in September. Primary drivers of the month were ETFs providing exposure to large caps (+$9.1bn), broad global EM (+$4.8bn), broad Europe DM (+$3.5bn), small caps (+$2.7bn), commodity theme (+$2bn), industrials sector (+$1.2bn), and Japan (+$1.2bn). Leveraged long strategy (-$1.4bn) and mid caps (-$1.4bn) ETFs were among the largest cash outflows sub-segments.
Fixed income ETFs recorded cash inflows of +$5.2bn over the month of September. On a segment level, largest movement observed in sovereign and corporate bond ETFs receiving +$2.8bn and +$2.7bn inflows respectively.
Outflows from commodity ETPs were mainly driven by redemptions from gold ETPs. In total -$0.6bn of outflows recorded by gold ETPs taking YTD total to -$23.1bn.
Asia: Overall fund flows flat, Japan and South Korea focused ETFs witness healthy inflows
Last month, Asia-Pacific ETP market observed negligible flows (+$12mn) and the YTD monthly flows average remains at +$1.4bn (+$13bn YTD in total flows). Equity ETFs collected inflows of +$240mn and majority of that offset by outflows from fixed income ETFs (-$224mn).
Within equity, on segment level, developed market (DM) benchmarked ETFs led the tally receiving inflows of +$1.3bn, while strategy based ETFs experienced -$1.2bn of withdrawals. On a sub-segment level, major inflows were recorded by ETFs providing exposure to Japan (+$1.4bn), South Korea (+$0.7bn), healthcare sector (+$0.1bn) and financial sector (+$0.1bn). Leveraged long strategy ETFs saw significant outflows (-$1.5bn) followed by ETFs focused on Taiwan (-$0.4bn), China (-$0.4bn) and Hong Kong (-$0.2bn).
Fixed income ETFs recorded -$224mn of outflows in September. Among fixed income ETFs, sovereign ETFs experience largest outflows of -$252mn.
request report
Source: Deutsche Bank-Synthetic Equity & Index Strategy-Europe
EM local bond exposure available in GBP on LSE
October 7, 2013--PIMCO, a leading global investment management firm and Source, a specialist provider of exchange traded products are pleased to announce that PIMCO EM Advantage Local Bond Index Source ETF can now be traded in GBP on the London Stock Exchange under the ticker EMLP.
The ETF, which was previously tradable in USD only, has assets of US$ 176 million,
The recent market volatility has created entry points for investors looking to make a strategic allocation to emerging markets. The PIMCO EM Advantage Local Bond Index Source ETF offers exposure to local emerging market sovereign debt via the PIMCO EM Advantage Local Currency Bond Index ("EM Advantage"), an innovative, GDP-weighted index, offering exposure to 12 emerging market countries.
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Source: Source
Deutsche Borse will be exclusive licensor of BSE market data to international clients
New partnership gives market participants easier access to market data and information products of both exchange groups
October 7, 2013--Deutsche Börse Market Data + Services and BSE today announced a partnership under which Deutsche Börse will act as the exclusive licensor of BSE market data and information products to all international clients.
The new cooperation will benefit existing and potential customers by giving them access to both exchanges' market data products under a single license agreement. A signing ceremony was held in Frankfurt on 2 October 2013.
The partnership also allows Deutsche Börse to deepen its client service capabilities in important Asian markets such as India, as well as strengthen the strategic alliance between the two exchanges.
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Source: Deutsche Börse
Crackdown on UK fund market raises alarm
October 6, 2013--The UK financial regulator has met the chief executive of every large fund company as part of a drive to crack down on misconduct in the fund industry.
The news comes after the Financial Conduct Authority fined Aberdeen Asset Management £7.2m for failing to protect client assets adequately, and Axa Wealth £1.8m for mis-selling products to thousands of retail clients.
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Source: FT.com
Pull closet indexing out of the closet
Fund manager practice is a tax on millions of investors
October 4, 2013--In the UK, people are trying to pull closet indexing out of the closet. It is a fight that could have global implications.
This is one issue on which there is no need to sit on the fence. The debate between..
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Source: FT.com
Tradeweb Exchange-Traded Funds Quarterly Update- Q3 2013
October 3, 2013--The following data is derived from trading activity on the Tradeweb European-listed ETF platform from 1 July to 30 September 2013.
Volume by ETF asset class
Equity-based ETFs saw a 4 percentage point increase in volume on Tradeweb during the third quarter of 2013 while activity in fixed income and commodity-based ETFs each fell by 2 percentage points.
In contrast to the second quarter, there was a strong buying trend during the period, particularly in fixed income ETFs, which saw an 8 percentage point increase in buys during the third quarter.
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Source: Tradeweb
UK Official holdings of international reserves, September 2013
October 3, 2013--In summary this month's release shows that, in September 2013:
No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
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Source: HM Treasury
Trading volume at Boerse Stuttgart rises to around EUR 7 billion in September
Strong growth in debt instrument trading/increases also recorded in trading in equities and exchange-traded products
October 2, 2013--Boerse Stuttgart generated turnover of around EUR 7 billion in September 2013, according to its order book statistics.
This represents an increase of more than 7 percent in comparison with August. Trading in securitised derivatives accounted for the largest share of the total turnover. The trading volume in this asset class was around EUR 3 billion. Turnover in leverage products was around EUR 1.2 billion, while investment products contributed around EUR 1.8 billion to the total turnover.
Turnover in debt instrument trading was just under EUR 2 billion in September. This represents growth of around 23 percent on the trading volume for August, with an increase being recorded in emerging market bonds, among others. The trading volume of emerging market bonds was EUR 83.5 million, almost three times the volume recorded in September 2012.
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Source: Boerse Stuttgart
ESMA delivers second set of advice on EMIR equivalence
October 2, 2013--The European Securities and Market Authority (ESMA) has published its second set of advice to the European Commission on the equivalence of the regulatory regimes for OTC derivatives clearing, central counterparties (CCPs), and trade repositories (TR) of non-EU countries with the European Markets Infrastructure Regulation (EMIR).
Following a first set of advice published on 9 September 2013, ESMA has now published its equivalence assessments of the regulatory regimes of Canada, India and South Korea and supplements to its equivalence assessments for Australia, Hong Kong, Singapore and Switzerland.
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Source: ESMA
Europe stock ETFs see record inflow-BlackRock
October 2, 2013--Exchange-traded funds (ETFs) focused on European equities attracted record monthly inflows in September, with investors lured by the region's improving economy, data from BlackRock shows.
Pan-European equity ETFs saw some $5.3 billion of inflows last month, taking inflows for the year-to-date to $12.5 billion, with the majority of investors choosing to invest in total market products as opposed to ones tied to a specific sector.
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Source: Reuters
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