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Deutsche Bank-Equity Derivatives and Quantitative Strategy Research -Europe
August 14, 2012--Please find attached the most recent issue of the Weekly European ETF Market Monitor. The report includes key statistics on the European ETF market as well as global ETF market highlights.
For more detailed coverage please refer to our monthly report, issued in the first week following the end of each month.
The following link will be available for 90 days. For more information, please click on the link for the full PDF. If you have any trouble viewing the link, copy and paste the link in a browser.
http://pull.db-gmresearch.com/p/547-F3C5/36969760/ETF_Research.pdf
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
IPO sentiment indicator on the primary market remains subdued
Deutsche Börse publishes forecast for Q3 2012
August 13, 2012--Deutsche Börse published the IPO sentiment indicator forecasting issuing activity for the 3rd quarter of 2012 on Monday.
The IPO climate, which reflects the mood of market participants, remained at the low level seen in the previous quarter and even fell slightly from 31.35 to 29.94 points.
The uncertainty on the equity markets as a result of the persisting euro crisis is also continuing to have a direct impact on the primary market. In the face of price increases on the equity market and sideways volatility, the Deutsche Börse IPO indicator was unable to rise despite a slight improvement in overall sentiment. High price fluctuations in equities trading are having a major influence on sentiment in the primary market. One possible explanation for the impact of volatility on issuing activity is the uncertainty that larger price movements mean for an IPO's proceeds and thus for the success of the IPO from the point of view of the companies and banks involved.
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Source: Deutsche Börse
Asian ETF market boosted by product launches
August 10, 2012-The Asian exchange-traded fund market has seen its assets under management boom in the first seven months of this year driven by new cash flows and new product launches
The growth underlines a broader macro-trend which is seeing inflows move away from Europe and into the Asia-Pacific region.
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Source: Finacial News
Independent Review into Libor publishes discussion paper
August 10, 2012--Martin Wheatley, head of an independent review set up by the Government into Libor, has today launched a discussion paper setting out initial proposals for reforming the current framework for setting and governing Libor.
The paper now seeks feedback from all stakeholders over a four week period and sets out initial analysis on:
the role that Libor play in financial markets;
the flaws in the current structure of setting Libor, its governance and oversight; and
a range of options for reform, including the issue of transition.
Mr Wheatley said:
“It is clear that regardless of the outcome of ongoing international investigations, trust in a vital part of the financial system has been badly damaged and timely action is needed to repair it. Today, we are taking the first step in this process by launching the Wheatley Review discussion paper, which seeks responses from a wide range of market experts and international stakeholders. This review aims to ensure that LIBOR is reformed in whichever way fully restores credibility and trust.”
read moreview the Independent Review into Libor publishes discussion paper
Source: HM Treasury
ESMA publishes responses to consultation on the Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories
August 10, 2012--ESMA published today the responses it received to its consultation on the Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories which ended on August 5.
The responses received are available here.
Source: ESMA
The EU's new budgetary 'golden rules'
August 10, 2012--The EU's fiscal treaty, which France's Constitutional Council, ruled Thursday does not require a constitutional amendment, aims to reinforce budgetary discipline in the wake of the debt crisis.
Signed by 25 European Union states minus the Czech Republic and the United Kingdom, the treaty was a German demand as the price of financial solidarity with debt-laden, recession-hit eurozone partners and will introduce "golden rules" making balanced budgets mandatory. En route to winning office, French President Francois Hollande threatened to block ratificaton but settled for agreement on extra measures to boost growth.
Here are the main points of the treaty:
The 'golden rule'
Countries that ratify commit to balanced budgets, ideally in surplus over the course of economic cycles. The structural deficit, which strips out one-off effects such as debt repayments and the economic cycle, should be capped at 0.5 percent of gross domestic product. Countries with debts comfortably below the 60-percent-of-GDP EU threshold will get more leeway, up to 1.0 percent of GDP for the structural deficit.
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Source: EUbusiness
New milestones achieved in Eurex's Futures on French government bonds
August 9, 2012--The international derivatives market Eurex Exchange announced today that it has set several new records in its Euro-OAT Futures.
In August 2012, open interest exceeded for the first time the 100,000 threshold with 104,869 contracts. Trading volume in July also set a new record, both in average daily volume with about 19,600 contracts and in total with 431,000 contracts. Total volume since launch is close to 1.5 million contracts. The OAT futures were launched on 16 April and are based on the notional long-term bonds issued by the French Republic (Obligations Assimilables du Trésor – OAT).
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Source: Eurex
DB - Equity Research-European ETF Market Monthly Monitor : Industry growth review: In the 2012 olympic arena, what medal are ETFs in the running for?
August 9, 2012--The ETF Olympic spirit
In a month where the Olympic spirit, competition, sports and medals are on the forefront it is only appropriate that we review how well the ETF market is doing in terms growth prospects. Our current global ETF industry growth projection (published in January of this year) is for asset growth between 15-20% over 2012.
Asset percentage 2012 YTD growth: Gold for Asia
China and the US are competing head to head for Olympic medals in London currently. It does seem that ETF industry regional growth for the first seven months of this year presents a similar picture. The Asian ETF market has registered asset growth of 23.8% this year and it has been leading the asset percentage growth tables. This strong growth is based on overall strong cash flow patterns throughout the year but it has been given a big lift by two new Chinese product launches that brought close to $8 billion of new flows to the Asian ETF industry over May 2012. The fifth month of 2012 registered flows that accounted for close to 65% of the Asia region’s 2012 YTD new flows.
Cash flows 2012 YTD: Gold for the US
In terms of net new flows, the US ETF industry leads the charts, with $87.9 of new inflows YTD. It is no surprise that the US ETF industry generated the highest flows given that it is home to close to three quarters of global ETF assets. However, US ETF flows for the first seven months of 2012 present a new record. They are the highest absolute level of cash flows ever received by the US ETF industry over a comparable period. The level of flows underpins the US market’s strong capacity to draw new money across asset classes. Close to 60% of the US ETF market’s was received by equity ETFs ($35.5 billion) while fixed income ETFs received almost the remaining 40% ($29.2 billion). This is a very different picture from the Asian market, where equity ETFs received the overwhelming majority of new flows (92%). Asia equity ETFs make over 90% of the region’s total ETF assets. The US ETF market grew by 15.3% in the first seven months of 2012.
European ETF market growth 2012 YTD: Bronze across the board
Europe ranked firmly in the bronze medal position both with regards to new flows and asset growth. The European ETF industry registered $9.9 billion of new flows and 11.6% asset growth for 2012 YTD. The region’s sovereign crisis has undoubtedly impacted equity trading patterns across the board. European cash equities turnover is down 28.2% year over year for the first seven months of 2012. In this month’s European ETF monthly market report we are examining the reasons behind the European ETF market’s slower growth performance and their implications on future growth prospects.
The following link will be available for 90 days. For more information, please click on the link for the full PDF. If you have any trouble viewing the link, copy and paste the link in a browser.
http://pull.db-gmresearch.com/p/595-9E48/26532188/European_ETF_Market_Monthly_Monitor.pdf
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
Financial News: Exchange Rivals Unite to Forge Single Trading Tape
August 9, 2012--Two former executives from rival European trading platforms have joined forces to accelerate the creation of a consolidated tape of European equity data, which would pull together prices from across all trading venues.
Producing a single pricing tape is one of the most pressing issues facing the industry.
Ex-NYSE Euronext data chief Mark Schaedel and Graham Dick, formerly of Bats Chi-X Europe, have co-founded consultancy The Coba Project, according to recent filings with Companies House.
Coba will focus on pan-European market transparency issues, including the creation of a single feed of equities data, according to sources familiar with the situation
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Source: Wall Street Journal
Commerzbank removes agriculture from fund on food fears
Germany's 2nd largest bank gives few details about move
Lobby group Foodwatch says ethical concerns behind decision
Speculation has been blamed for fuelling food price hikes
S&P Dow Jones Indices says not change indexes based on debates
AUgust 9, 2012--Germany's Commerzbank has removed agricultural products from a commodity index fund after accusations that speculation has pushed up food prices and fuelled unrest in some poor countries.
Commerzbank followed at least two other German banks in restricting investments in agriculture, while most banks and fund managers have defended investment in commodities, saying that price jumps have been due to heavy demand and shortages.
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Source: Reuters
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