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Deutsche Bank-Synthetic Equity & Index Strategy-Europe Monthly ETF Market Review-Record outflows from gold in February
March 7, 2013--Global Summary
Global ETF industry assets increased by 5.9% YTD and closed the month at $1.78 trillion while the European ETF industry ended the month at €263.3bn.
The month of February was marked by cash inflows into equities (+$10.5bn) and fixed income ETFs (+$2.8bn) and outflows from commodity ETPs (-$5bn), notably gold products.
Globally, gold ETPs have lost over -$5.5bn in outflows over the month of Feb’13. This represents the largest monthly outflows from gold on record.
Regional cash flow summary
Gold outflows partially offset equity and fixed income inflows in Europe
Cash flows into European domiciled ETFs continued in February, albeit at a slower pace as compared to the previous two months. European domiciled ETFs received cash flows of +€1.6bn, +€4.6bn and +€5.3bn in the months of Feb’13, Jan’13 and Dec’12 respectively.
Equity ETFs had the lion’s share of the monthly cash flows contributing +€1.2bn, with fixed income ETFs adding +€681mn. Commodity ETPs recorded outflows totalling -€848mn over the month of February. Gold ETPs alone recorded cash outflows of -€1.1bn.
Within the equity asset class, developed markets (DM) attracted the majority of cash flows (+€1.2bn). Emerging markets witnessed outflows of -€244mn (inflows of €1.1bn in Jan’13). Dividend strategies attracted greater cash flows in the month (+€348mn) than any country, sector or other equity category except US equities (+€355mn).
Equity cash flows dominate in the US; largest monthly outflows from gold
As in Europe, cash flow activity slowed down across US domiciled ETFs in the month of February which recorded +$11.4bn of inflows as compared to +$30.2bn received in Jan’13. Equities registered monthly inflows of $9.4bn as compared to +$28.7bn in Jan’13.
Within equities, ETFs tracking developed markets (DM) benchmarks were the largest beneficiary registering cash inflows of +$3.1bn. ETFs tracking US sectors, small caps, quant and dividend focused strategies collected monthly cash inflows of +$3.1bn, +$1.4bn, +$1.4bn and +$1.1bn respectively. Large cap and emerging market (EM) benchmarked ETFs recorded cash outflows of -$4.1bn and -$1.1bn in February.
Fixed income ETFs received cash flows of +$1.8bn, a modest increase over the +$1.1bn received in the month of Jan’13. Most fixed income segments recorded positive cash flows over February, except sovereigns which recorded cash outflows of -$280mn (YTD -$2bn). Corporates continued to attract healthy flows; +$862mn in monthly flows taking the total to +$2.6bn YTD. ETFs holding a mix of sovereign & corporate bonds received +$574mn in monthly flows.
Commodity ETVs registered cash outflows of -$3.8bn over the month, mostly due to outflows from gold products (-$4.1bn).
Outflows from EM equities in Asia, DM received modest cash inflows
The Asia-Pacific ETP market experienced cash outflows for the second consecutive month this year. The region’s ETP cash flows totaled -$394mn in February taking the YTD total to -$670mn.
In contrast to January, EM equity ETFs recorded outflows of -$898mn (+$533mn in Jan) while DM equity ETFs recorded inflows of +$372mn during February (-$1.2bn in Jan).
ETFs offering exposure to China, registered outflows of -$472mn, followed by South Korea (-$216mn) and Taiwan (-$210mn), while Japan witnessed +$253mn of inflows followed by Hong Kong (+$103mn). Leveraged long equity ETFs lost -$271mn in cash outflows while short ETFs received +$155mn of inflows during February.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - Europe
First warrants on the Spanish Exchange on the IBEX 35 SHORT and IBEX 35 LEVERAGE indices
They comprise four series of call warrants
Societe Generale is the first issuer of investment products on these four indices
Over 5,000 products are traded on the Spanish stock exchange’s warrants platform
March 7, 2013--The Spanish stock exchange has admitted to trading the first exchange-traded products linked to the daily performance of the IBEX 35(R) Triple Leverage Net, IBEX 35(R) Triple Short, IBEX 35(R) Leverage Net X5 and IBEX 35® Short X5 indices.
These indices offer triple and quintuple exposure to the daily performance of the IBEX 35® Net Return, incorporating a financing component in order to reach the desired level of leverage.
By means of an example, if on a given trading session the IBEX 35® Net Return increases by 1%, the IBEX 35® Triple Leverage Net will grow by approximately 3% and the Short will decrease that same 3%.
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Source: Bolsas y Mercados Españoles
BATS Chi-X Europe Reports New Daily Record of 16.2% Market Share in Spain
BATS Chi-X Europe's Market Share in the IBEX 35 Continues to Grow Rapidly
March 7, 2013--BATS Chi-X Europe, the largest pan-European equities market operator, today reported 16.2% market share in Spain's IBEX 35, inclusive of the closing auction, a new one-day record and the first time BATS Chi-X Europe has closed above 15% in this key market.
Today marked the third consecutive record market share day in the IBEX 35 for BATS Chi-X Europe with the previous record set yesterday with 14.6%.
Mark Hemsley, CEO of BATS Chi-X Europe, commented: "We have seen sustained demand for the trading of Spanish securities on our platform and worked to open opportunities for customers. Whilst there is still not a level playing field for MTFs in Spain, particularly in the post-trade infrastructure, our growing market share demonstrates a thriving demand for competition in the Spanish market, which can offer benefits in terms of liquidity, price discovery and trading costs."
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Source: BATS Global Markets
Second estimate for the fourth quarter of 2012-Euro area GDP down by 0.6% and EU27 down by 0.5%
-0.9% and -0.6% respectively compared with the fourth quarter of 2011
March 6, 2013--GDP fell by 0.6% in the euro area1 (EA17) and by 0.5% in the EU271 during the fourth quarter of 2012, compared with the previous quarter, according to second estimates2 published by Eurostat, the statistical office of the European Union.
In the third quarter of 2012, growth rates were -0.1% and +0.1% respectively.
Compared with the same quarter of the previous year, GDP fell by 0.9% in the euro area and by 0.6% in the EU27
in the fourth quarter of 2012, after -0.6% and -0.4% respectively in the previous quarter.
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Source: Eurostat
Eurex Clearing offers new "Omnibus Model" segregation service for the UK market
March 6, 2013--Europe's leading clearing house, further expands its suite of segregation services and offers a UK CASS compliant Omnibus Clearing Model as an additional alternative.
The new service complements the existing models – the Individual Clearing Model (ICM) and the Elementary Clearing Model (ECM). It allows UK-domiciled Clearing Members (CMs) to use the segregation rules for Client Assets (CASS) of the British Financial Services Authority (FSA) in respect of client margin collateral. Goldman Sachs was the first clearing member deploying the new service model for its clients. Further clearing members are preparing to use the new segregation service.
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Source: Eurex Clearing
ETFGI -$1.3 billion net inflows into ETFs and ETPs listed in Europe in February 2013 show a continuation of the rotation into equities
March 6, 2013 — In February 2013, Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs) listed in Europe had net inflows of $1.3 billion, according to new research published in the latest ETFGI Europe ETF and ETP industry insights.
ETFGI won the Best ETF Research award in 2012 in the ETF Express awards announced on February 28th in London.
In February 2013, ETFs and ETPs saw net inflows of US$1.3 billion. Equity ETFs and ETPs gathered the largest net inflows with $1.5 billion, followed by fixed income ETFs and ETPs with $403 million, and active ETFs and ETPs with $380 million, while commodity ETFs and ETPs experienced net outflows of $1.15 billion.
Year to date through end of February 2013, ETFs and ETPs have seen net inflows of $7.85 billion. Equity ETFs and ETPs gathered the largest net inflows year to date with $6.7 billion followed by fixed income ETFs and ETPs with $1.5 billion, and active ETFs and ETPs with $522 million, while commodity ETFs and ETPs experienced net outflows of $931 billion.
"The flows into equity ETFs and ETPs show investors are rotating out of cash and fixed income into equities as investor confidence continues to improve," says Deborah Fuhr, Managing Partner at London-based ETFGI.
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Source: ETFGI
UK Official holdings of international reserves, February 2013
March 5, 2013--This monthly press notice shows details of movements in December in the UK's official holdings of international reserves, which consist of gold, foreign currency assets and International Monetary
Fund assets.
These reserves are maintained primarily so that the UK Government’s reserves could be used to intervene to support Sterling, or the Bank of England’s reserves could be used to support the Bank’s monetary policy objectives.
If such interventions were to occur, then they would be shown and explained in this release. The Background note at the end of this release explains more about the reserves, and about these statistics.
In summary this month’s release shows that, in February 2013:
No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
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Source: HM Treasury
Changes to MDAX, SDAX and TecDAX
Deutsche Borse reviewed index composition/Changes are effective on 18 March 2013
March 5, 2013--On Tuesday Deutsche Börse decided on changes in its selection indices that will become effective 18 March 2013.
The following changes have been made to the MDAX Index: The shares of Norma Group AG will be included in the index and will replace the shares of Vossloh AG. Consequently, the shares of Vossloh AG will be included in SDAX and the shares of Norma Group will leave the index. In TecDAX the shares of Telefonica Deutschland Holding AG will be included, while the shares of Solarworld AG will leave the index.
The next regular index review will be held on 5 June 2013.
Source: Deutsche Borse
EMIR-what are the margin requirements for uncleared OTC derivatives?
March 5, 2013--Will there be universal initial margining, how will it be calculated, will thresholds be permitted, what will count as eligible collateral, will letters of credit be included and, if so, on what basis?
These main questions come to mind in conjunction to EMIR. A new White Paper by ReedSmith discusses the main principles of these proposals and what they mean to those working in financial markets.
request whitepaper
Source: Eurex
One year of impressive risk-adjusted performance from Deutsche Asset & Wealth Management actively managed ETF.
March 4, 2013--The first London-listed actively-managed exchange-traded fund-of-funds, the db xtrackers
SCM Multi Asset UCITS ETF, has reached its one-year anniversary since listing
(on 24th February), registering risk-adjusted outperformance versus standard benchmark
UK equities and UK Gilts indices.
The ETF, which provides exposure to a portfolio of exchange-traded products actively managed by SCM Private LLP, a third-party asset manager that specialises in running asset allocation portfolios primarily consisting of ETFs, had a Sharpe ratio- a common
measure of risk-adjusted returns – of 1.0% for the year since launch, posting returns of 7.85% p.a with volatility of 7.84% p.a.
The equivalent Sharpe ratios for the FTSE 100 Index and for the iBoxx Gilts Overall Index were, respectively, 0.79% p.a and 0.28% p.a*. The higher the Sharpe ratio the greater the return generated per unit of volatility.
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Source: Deutsche Asset & Wealth Management
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