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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
ESMA publishes updated Q&A on EMIR Implementation
June 6, 2013--Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories ("EMIR") entered into force on 16 August 2012.
Most of the obligations under EMIR needed to be specified further via regulatory technical standards and they will take effect following the entry into force of the technical standards. On 19 December 2012 the European Commission adopted without modifications the regulatory technical stand-ards developed by ESMA. These technical standards were published in the Official Journal on 23 Feb-ruary 2013 and enter into force on 15 March 2013.
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Source: ESMA
ESMA and the EBA publish final principles on benchmarks
June 6, 2013--The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) have published their final report setting out their Principles for Benchmark-Setting Processes in the EU.
The Principles are designed to address the problems identified with benchmark-setting processes and will provide benchmark users, administrators, calculation agents, publishers and data submitters with a common framework for carrying out these activities. The application of the Principles will also help in the transition to any potential future EU legal framework for benchmarks.
view the Final Report-ESMA-EBA Principles for Benchmark-Setting Processes in the EU
Source: ESMA
BATS Chi-X Europe Sets New Records In Spain, Sweden And Depositary Receipts Trading In First Month As Recognised Investment Exchange
U.S. Equities Market Share 10.4%; U.S. Options 3.8%
June 6, 2013--BATS Global Markets (BATS) today reported that BATS Chi-X Europe set a monthly market share record of 14.0% for Spain's IBEX 35 while also establishing a one-day record of 34.6% in Sweden's OMXS30 Index.
BATS Chi-X Europe also earned 8.1% market share in Depositary Receipts (DR) trading, exceeding its previous record of 7.1% set last month.
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Source: BATS Global Markets, Inc.
Market losses continue, bond yields surge after PM's remarks on protests
June 6, 2013--June 6, 2013--Turkey's main benchmark index and the domestic currency continued to plunge after a one-day recovery due to ongoing violent street protests over an urban development program in the country's financial capital İstanbul.
The losses mainly stemmed from statements by Prime Minister Recep Tayyip Erdoğan late on Thursday when he was expected to soften his position on the protests but failed to. The Bourse İstanbul was down 4,7 percent through the end of the afternoon session on Thursday at 75.895, its lowest in more than two months. The Turkish lira lost value against the US dollar and the euro. One US dollar was traded at TL 1.89 and a euro at TL 2.48. Turkey's benchmark two-year yield surged 28 basis points to 6.70 percent. Thursday also saw this week's second-worst decline in markets after Monday's more-than-10-percent loss.
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Source: Todays Zaman
New services launched to support trading in VSTOXX derivatives
VSTOXX Advanced Services available on Eurex website since 6 June
June 6, 2013--Effective today, the international derivatives market Eurex Exchange is offering new research tools via its website enabling interested investors to obtain a comprehensive insight into the world of analysis, valuation and trading of volatility derivatives.
The VSTOXX Advanced Services offering is primarily aimed at portfolio managers, proprietary traders, client traders, and brokers, as well as risk managers and institutional investors, all of whom can hedge their portfolios much better with the volatility derivatives listed on Eurex Exchange.
Source: Eurex
Euronext Glitch Delays Trading From Paris to Amsterdam
June 6, 2013--NYSE Euronext (NYX), the operator of stock exchanges in Paris, Brussels, Lisbon and Amsterdam, said a technical malfunction stopped users from entering orders and delayed the start of trading on its European bourses.
Equity markets opened at 9 a.m. London time, an hour later than normal. The breakdown affected stocks, bonds, exchange-traded funds, warrants and certificates on Euronext’s cash markets and some trading in derivatives, New York-based NYSE said in an e-mailed notice to clients.
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Source: Bloomberg
Changes to MDAX and SDAX
June 5, 2013--On Wednesday Deutsche Börse decided on changes in its selection indices that will become effective 24 June 2013.
The following changes will be made to the MDAX Index: The shares of LEG Immobilien AG will be included in the index and will replace the shares of Hamburger Hafen & Logistik AG.
Consequently, the shares of Hamburger Hafen & Logistik AG will be included in SDAX. Furthermore, the shares of RTL Group S.A. will be included in SDAX. The shares of Constantin Medien AG and IVG Immobilien AG will leave the index.
The next regular index review will be held on 4 September 2013.
Source: Deutsche Börse
Second estimate for the first quarter of 2013-Euro area GDP down by 0.2% and EU27 down by 0.1%
-1.1% and -0.7% respectively compared with the first quarter of 2012
June 5, 2013--GDP fell by 0.2% in the euro area1 (EA17) and by 0.1% in the EU271 during the first quarter of 2013, compared with the previous quarter, according to second estimates2 published by Eurostat, the statistical office of the European Union.
In the fourth quarter of 2012, growth rates were -0.6% and -0.5% respectively.
Compared with the same quarter of the previous year, GDP fell by 1.1% in the euro area and by 0.7% in the EU27
in the first quarter of 2013, after -1.0% and -0.7% respectively in the previous quarter.
During the first quarter of 2013, GDP in the United States grew by 0.6% compared with the previous quarter (after +0.1% in the fourth quarter of 2012). Compared with the same quarter of the previous year, GDP rose by 1.8% (after +1.7% in the previous quarter).
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Source: Eurostat
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