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AMF publishes 2013 Risk and Trend Mapping for Financial Markets and Savings
July 11, 2013--On July 4, 2013 the French financial regulator, the AMF, has inventoried the main risks facing financial markets in mid-2013, more than five years after the crisis began. From this perspective, it analyses market diversity and changing trends in household savings and collective investment, along with the consequences for investor protection, financial
stability and the financing of economic activity.
The economic and financial situation remains under persistent pressures, while sovereign and banking
risks are still interacting significantly, particularly in Europe. On stock exchanges, trading volumes
continued to contract during the period under review, amid high levels of risks, especially liquidity
risk.
Financial institutions moved ahead with efforts to adapt to a highly uncertain economic environment. Regarding household saving, 2012 saw net outflows from life insurance and a loss of public interest in equity funds.
view the AMF-2013 Risk and Trend Mapping for Financial Markets and Savings report
Source: AMF ( Autorité des marchés financiers)
France wants changes to EU financial transaction tax
July 11, 2013-France's finance minister said on Thursday that a European Commission proposal for a financial transaction tax must be improved so it can be implemented in the European Union as a whole and not discourage investors.
The tax, proposed by the EU executive as a way of making banks contribute to the cost of cleaning up after the financial crisis, resurrects an idea first conceived by U.S. economist James Tobin more than 40 years ago.
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Source: Reuters
Exchange-Traded Products Based on NASDAQ OMX Commodity Indexes are Introduced
July 11, 2013--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced exchange-traded product (ETP) provider BOOST ETP will launch nine new exchange-traded products (ETPs) in the United Kingdom (UK) that are based on indexes in the NASDAQ Commodity Index FamilySM.
They are the second set of BOOST ETP products linked to the NASDAQ Commodity Index Family and the total number of BOOST's ETPs on this Family increases to 25.
"The introduction of these commodity ETPs reaffirms the success of our index construction and our rules-based, objective and transparent index methodology," said John Jacobs, NASDAQ OMX EVP and Head of NASDAQ OMX Global Indexes. "BOOST ETP has again succeeded in leveraging our indexes to quickly and efficiently develop innovative products for a wide range of investors."
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Source: NASDAQ OMX
DB-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review
July 11, 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. For more detailed coverage please refer to the monthly report, issued in the first week following the end of each month.
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Source: Deutsche Bank -Synthetic Equity & Index Strategy -Europe
Turkey's hot money exodus sends currency wars into reverse
July 10, 2013--Turkey's efforts to pull the lira off record lows on Monday are likely to be emulated across emerging markets as central banks fight to avert an exodus of foreign capital driven by the impending turn in US policy.
It's all a far cry from a year or so ago, when emerging market exporters were battling rising exchange rates and Brazil was accusing Western policymakers of waging currency wars by flooding the world with cheap money. Turkey is now tightening its policy as the US Federal Reserve considers reducing the flood of cheap money that has stoked the investment boom in emerging financial markets.
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Source: Today's Zaman
Euro area securities issues statistics
May 10, 2013--The annual rate of change of the outstanding amount of debt securities issued by euro area residents was -0.1% in May 2013, compared with -0.3% in April. For the outstanding amount of
quoted shares issued by euro area residents, the annual growth rate was 0.5% in May 2013, compared with 0.3% in April.
New issuance of debt securities by euro area residents totalled EUR 808 billion in May 2013.
Redemptions stood at EUR 716 billion and net issues amounted to EUR 105 billion.1 The annual rate of change of outstanding debt securities issued by euro area residents was -0.1% in May 2013, compared with -0.3% in April (see Table 1 and Charts 1 and 3). The annual rate of change of outstanding short-term debt securities was -8.3% in May 2013, compared with -9.2% in April. For long-term debt securities, the annual growth rate was 0.8% in May 2013, compared with 0.6% in April. The annual growth rate of outstanding fixed rate longterm debt securities was 3.6% in May 2013, compared with 3.7% in April. The annual rate of change of outstanding variable rate long-term debt securities was -7.8% in May 2013, the same as in April.
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Source: ECB
UBS lists a new ETF tracking the MSCI World index on the London Stock Exchange
July 10, 2013--UBS Global Asset Management lists a new Exchange Traded Fund (ETF) on the London Stock Exchange: The UBS-ETF MSCI World offers investors efficient exposure to global developed equity markets tracking a widely diversified underlying index.
The UBS-ETF MSCI World index provides investors the opportunity to invest in key companies operating across an extensive variety of sectors and countries via physical replication. The underlying index, the MSCI World, covers over 1,600 leading large and mid-cap companies from 24 industrialized economies. The index captures approximately 84% of the free float-adjusted market capitalisation in each country. The ETF is domiciled in Luxembourg.
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Source: UBS
DB-Synthetic Equity & Index Strategy-Europe-ETF+ Quarterly Directory-Q2 2013 European ETP listings
July 9, 2013--The updated version of the Deutsche Bank European ETP directory is now available. This document includes all European domiciled exchange-traded funds (ETFs) and exchange-traded commodities (ETCs).
The directory is organised by asset class and it has been sorted by benchmark exposure and by ETF issuer, in alphabetical order. A number of key information per product have been included in order to enable the reader to get an overview in their respective area of interest.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - Europe
DB-Synthetic Equity & Index Strategy-Europe Monthly ETF Market Review-Macro headwinds shrink the global ETP market
July 9, 2013--Global Summary
During the month of June, US Federal Reserve Chairman Ben Bernanke's comments regarding QE tapering and softer economic data from China prompted broad risk aversion in global markets. The global ETP industry was impacted by these events, suffering its first global net monthly outflows since April 2012 and closing the month at $1.9 trillion in total assets vs. $2.0 trillion at the end of May. The European ETP industry suffered its fourth successive month of net outflows, ending the month at €274.2bn, -2.1% year-to-date.
Fixed income was at the epicentre of redemptions, suffering a -$9.4bn outflow for the month. Globally, only the equity asset class managed to amass inflows, albeit somewhat anaemic. The total gain of +$5.5bn in equity funds was driven predominantly by Asia-domiciled funds (+$4.8bn) tracking Japanese, Hong Kong and leveraged Korean indices. Commodity ETPs continued to see significant withdrawals of -$4.8bn in June.
European cash flow summary and implementation
Europe: Equities cash flows positive; fixed income suffers outflows for the first time this year
In June European domiciled ETFs experienced their biggest monthly outflows for the year of -€1.1bn. Up to this point, April had been the worst month this year with -€0.3bn in outflows.
Among the three major asset classes only equities could manage to record positive cash flows and collected +€293mn of inflows in June. Within equity segments, developed market (DM) benchmarked ETFs brought in +€2.7bn of cash flows while emerging (EM) benchmarked equity ETFs recorded continuing monthly outflows of -€1.6bn during June. This reflects their relative performance (see Figure 1) and accords with our view that DM will continue to outperform EM in 2013 (The Synthesis, 19-Jun-2013).
Deutsche Bank’s European equity strategists’ preferred developed market exposures cover domestically-exposed cyclical stocks across the Eurozone and UK, together with the US. ETFs tracking the Euro STOXX50, IBEX, FTSEMIB, CAC40, FTSE 250 and S&P 500 will reflect these preferences (see European Equity Strategy, 5-Jul-2013). For a comprehensive list of European listed ETFs please refer to our Quarterly European ETF and ETC Product Directory.
Those investors committed to ongoing EM exposure may wish to mitigate risk through choosing an ETF linked to a minimum volatility EM index (see Trading DB’s Equity View via Synthetic Instruments, 28-Jun-2013).
ETFs benchmarked to fixed income indices saw monthly outflows for the first time in this year recording outflows of -€518mn.
Commodity ETPs continue to shrink and recorded outflows of -€1.8bn over the same period as gold products continue to retreat month after month (-€1.4bn). Our commodity analysts note that the sell-off in gold is still some way short of the price declines that occurred following the collapse in gold prices in the early 1980s. However, at that time real US interest rates rose rapidly as the Fed tightened monetary policy aggressively. We doubt a repeat of such action and consequently view a large part of the gold price correction may be behind us (see Commodities Weekly, 8-Jun-2013)
Other regions’ cash flow summary
US: Fixed income ETPs experience record outflows; commodities suffer ongoing withdrawal of assets
US ETFs experienced outflows of -$8.3bn during June vs. inflows of +$22bn the previous month. Fixed income ETFs witnessed their worst month on record, with outflows of -$8.6bn. Commodity ETPs continued the negative trend and saw outflows of -$2.4bn, notably gold ETPs (-$2.3bn). Equity ETFs managed to gather positive cash flows over the last month with inflows of +$363mn.
Within equities, cashflows of $1.0bn or more accrued to a disparate selection of strategies comprising leveraged long, value, Germany, commodities theme, small caps and broad global developed markets. Most of the inflows from equity ETFs were offset by outflows from broad global emerging markets, financial sector, Hong Kong and large cap focused ETFs recording -$5.3bn, -$1.6bn, -$1.1bn and - $1.1bn of outflows respectively.
Fixed income ETFs experienced record cash outflows of -$8.6bn over the month of June. All the fixed income segments experienced outflows with the exception of money market and shorter duration sovereigns. On a segment level, corporate ETFs saw the biggest outflows (-$3.6bn). Sub-sovereign and sovereign bonds benchmarked ETFs witnessed outflows of -$1.9bn and +$1.7bn respectively, over the same period.
Asia: Japan, Hong Kong and Korea equities see inflows
During the month of June, the Asia-Pacific ETP market experienced monthly cash inflows of +$4.7bn (+$10.8bn YTD in total cash flows). Developed market equity ETFs recorded inflows of +$2.5bn while emerging market equity ETFs registered inflows of +$0.5bn.
ETFs focused on Japan, Hong Kong and South Korea recorded inflows of +$2bn, +$0.5bn and +$0.4bn. In addition, leveraged long strategy ETFs received healthy inflows of +$1.6bn.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Europe
Europe ETP de-listings peak as issuers change strategy
July 9, 2013--European exchange-traded product issuers have signalled a change in strategy for the region, as the number of ETP delistings in the first half of 2013 has reached a record high.
Research by consultancy ETFGI shows that 231 ETPs have been de-listed from European exchanges in the first six months of 2013, more than in any full year, and five times the 42 de-listings seen in the US so far this year.
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Source: Financial News
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