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June 10, 2013-Global Summary
Global ETP industry assets increased by 9.2% YTD and closed the month above $2 trillion while the European ETP industry ended the month at €290.7bn. The month of May was marked by cash inflows into equity (+$22.9bn) and fixed income ETFs (+$5bn), and cash outflows from commodity ETPs (-$6.4bn), notably gold products.
Regional cash flow summary
Equities and fixed income outshine commodities in Europe
In contrast to the previous month when cash flows went into negative territory, European domiciled ETFs received positive cash flows of close to +€700mn during the month of May. Previously, European domiciled ETFs had recorded cash flows of +€4.5bn, +€1.7bn, +€0.2bn and -€0.3bn in the months of Jan’13, Feb’13, Mar’13 and Apr’13 respectively.
Equity ETFs had the largest share contributing +€1bn towards the monthly cash flows. ETFs benchmarked to fixed income indices also added +€0.6bn to the total cash flows. Commodity ETPs witnessed record monthly outflows totalling -€1.9bn primarily driven by outflows from gold ETPs (-€1.9bn) over May.
Among equity segments, developed market (DM) benchmarked ETFs brought in +€1.2bn of cash flows while emerging (EM) benchmarked equity ETFs recorded continuing monthly outflows of -€825mn during May. Style and sector ETFs also contributed towards equity ETFs’ positive run and received cash inflows of +€345mn and +€251mn respectively.
Equity continues to dominate cash flows in the US; fixed income inflows continue, while commodities witness further outflows
US ETFs experienced inflows of +$22bn during May vs. +$17.8bn the previous month. Equity ETFs had the lion’s share of the monthly cash flows contributing +$17.8bn, with fixed income ETFs adding +$3.9bn. Commodity ETPs witnessed monthly outflows totalling -$3.9bn primarily driven by outflows from gold ETPs (-$3.4bn) over May.
Within equities, ETFs focused on large caps, Japan, financial sector, dividends and IT sector were the biggest gainers collecting monthly cash inflows of +$5.4bn, +$3.7bn, +$2.8bn, +$2bn and +$1.5bn respectively. ETFs benchmarked to broad emerging markets and leveraged long strategy experienced cash outflows of -$2.1bn and -$1.2bn respectively in May.
Fixed income ETFs received strong cash flows of +$3.9bn over the month of May. Corporates continued to attract healthy flows; +$1.8bn in monthly flows taking the total to +$9.7bn YTD. Sovereign and broad fixed income benchmarked ETFs received inflows of +$1.4bn and +$0.7bn respectively, over the same period.
DM equities record inflows in Asia, EM outflows continue
During the month of May, Asia-Pacific ETP market experienced monthly cash inflows of +$4.2bn setting the YTD monthly flows average at +$1.2bn (+$6bn YTD in total cash flows). Developed market equity ETFs recorded inflows of +$4.3bn while emerging market equity ETFs registered outflows of -$0.8bn.
ETFs focused on Japan and short strategy ETFs recorded inflows of +$4.4bn and +$0.2bn respectively while China, Taiwan and Hong Kong focused ETF experienced outflows of -$719mn, -$168mn and -$121mn. Fixed income ETFs gained traction with inflows of +$385mn over the same period.
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Source: Deutsche Bank -Synthetic Equity & Index Strategy -Europe
ESMA Risk Dashboard
June 10, 2013--The overall level of systemic risk in EU securities markets decreased throughout 4Q12, as conditions in equity and bond markets improved.
Since mid-December, systemic risk has remained stable. Notwithstanding monetary policy support, the underlying sources of market uncertainty remain in place. Market clustering and fragmentation, funding risk, the low interest rate environment and obstacles to orderly market functioning remained important sources of uncertainty for EU financial stability. The recent restructuring of one national banking sector underlined the continued prevalence of the sovereign debt and banking crisis as a source of risk. On this basis, our outlook on liquidity, market and contagion risks remains unchanged.
view the ESMA ESMA Risk Dashboard-No. 2, 2013
Source: ESMA
U.K. Fights EU Short-Sale Powers After Bank Bonus Defeat
June 10, 2013--The U.K., defeated in a campaign to derail European Union curbs on banker bonuses, goes to the bloc's top court tomorrow in a bid to overturn the powers of an EU agency to ban short selling.
Britain will argue at the Luxembourg-based EU Court of Justice that the European Securities and Markets Authority’s decision-making ability comes at the expense of national supervisors, in the latest skirmish against the EU’s growing powers over financial services
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Source: Bloomberg
ESMA publishes report on Prospectus Directive liability regimes in the EU
June 10, 2013--The European Securities and Markets Authority (ESMA) has published a report on the Comparison of liability regimes in Member States in relation to the Prospectus Directive.
This is the first report of its kind and provides a comparison of liability regimes covering the EEA -comprising the 27 EU Member States along with Iceland and Norway and is aimed at providing clarity for market participants about the different regimes in place.
The report contains an overview of the different arrangements and frameworks in place in EEA States to address administrative, criminal, civil and governmental liability, and provides clarity to market participants about the different regimes in place.
view the Report
Comparison of liability regimes in Member States in relation to the Prospectus Directive
Source: ESMA
MLP ETF raises US$45MM, passported to Europe
MARKET UPDATE-Source's US energy infrastructure ETF raises US$45MM and is now available to European retail investors
June 10, 2013--Source, a leading European ETP provider, announces the successful passporting of the Source Morningstar US Energy Infrastructure MLP UCITS ETF, which seeks to track the Morningstar(R) MLP Composite IndexSM (TR) into a number of financial markets in Europe.
The ETF provides exposure to US energy infrastructure via Master Limited Partnerships (“MLPs”) and is the first in Europe to offer diversified exposure to this compelling segment of the US energy market.
Following widespread interest since launch in early May, the ETF now has US$45m in total assets. In addition to the United Kingdom, Ireland and Italy (institutional investors only), the ETF is now approved for sale to retail investors in the following jurisdictions: Austria, Finland, France, Germany, Norway, Sweden.
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Source: Source ETFs
NLX shows buds of growth
June 7, 2013--In its first week of operation, new European listed derivatives trading venue Nasdaq OMX NLX has shown an initial steady growth in trading volumes.
Since launching last Friday, the venue has facilitated the execution of 56,056 lots, with the highest daily figure occurring on Wednesday when trading volumes reached 16,379 lots, according to NLX's own figures.
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Source: The Trade
Markets calm, yet remain vulnerable to political tension
June 7, 2013--Turkish Prime Minister Recep Tayyip Erdoğan could have helped to cushion a sharp decline in markets on his return to İstanbul early Friday as investors held their breath waiting for a reassuring message amidst heated anti-government protests, but he didn't.
Nevertheless, Turkish markets and lira enjoyed a slight but critical recovery on Friday from significant losses through the entire week. Analysts believe Friday's recovery in markets translates into increased resilience in Turkish markets; however, the threat is not far away in the face of a turbulent political atmosphere.Market analysts describe the developments over the past week as “unique and new” to Turkey, underlining foreign investors will spend the next week trying to grasp what is really happening inside the country. Around 65 percent of shares on Bourse İstanbul (BIST) are traded by foreign investors.
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Source: Todays Zaman
STOXX-Component Changes made to Select Dividend Indices
Changes are due to fast exit rule
June 7, 2013--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced component changes in the STOXX Global Select Dividend 100 Index due to the fast exit rule.
Component changes will become effective with the open of markets on June 24th, 2013.
STOXX Global Select Dividend 100 Index In the Asia/Pacific portion of the STOXX Global Select Dividend 100 Index, the following changes will take place:
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Source: STOXX
The European ETF Market: Review Q1-2013- Recent Trends & Challenges Ahead -from Lipper
June 7, 2013--The European ETF industry appears to be in good shape, according to the latest Lipper analysis.
Highlights follow below:
Assets under management (AuM) grew by 38.89 billion Euros, 14.37%, over the twelve month period (31.03.2012-31.03.2013) up to 309.48 billion Euros and by 4.36% or 12.92 billion Euros during Q1 2013.
The number of ETFs (across all share classes) increased by 22 to 1782. Even with the broad variety of funds available for investors in Europe, the European ETF market is highly concentrated in terms of assets under management; only 54 of the 1782 ETFs hold assets above 1 billion Euros.
As expected the majority of these funds are equity funds (32), followed by bond funds (11), commodity funds (8 gold, 1 silver), as well as money market funds (1) and real estate linked equity funds (1).
The largest ETF in Europe is the iShares DAX, which holds 4.45% of the overall AuM.
The top 10 ETFs by assets under management account for 24.47% of the overall AuM, while the 54 ETFs with more than one billion Euros in assets under management account for 51.70% of the overall AuM.
“The number of new ETFs in Q1 2013 is rather small compared with launch activity over the last five years. But as the number of fund launches has decreased since Q3-2012, the launch pattern for European ETFs might have changed in general. One reason could be reflected in the high number of asset classes already covered by ETFs, leaving only a few untapped opportunities on the ETF landscape which have yet to be covered."
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Source: Lipper
Borsa Italiana: ETF Stat May 2013
June 7, 2013--The ETF Stat Report May 2013 of the Borsa Italiana is now available.
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Source: Borsa Italiana
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