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Deborah Fuhr: happy twelfth birthday ETFs
May 2, 2012--A review of the exchange traded fund (ETF) industry in Europe seemed appropriate as April marked the twelfth anniversary of the first ETF in Europe.
In April 2000 the first ETFs launched in Europe were the iShares DJ STOXX 50 listed on the Deutsche Börse on 11 April 2000, followed by the iShares FTSE 100 on the London Stock Exchange on 28 April 2000. The first two ETFs were originally branded as ‘LDRS’, sponsored by Merrill Lynch International and later acquired by iShares in September 2003.
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Source: City Wire
European ETF/ETP industry as at end of April 2012 -Preliminary findings
May 2, 2012--Summary for European listed ETFs
At the end of April 2012, the European ETF industry had 1,295 ETFs, with 4,579 listings, assets of US$291.0 Bn, from 37 providers on 21 exchanges.
Assets
ETF assets have decreased by 3.4% from US$301.3 Bn in March 2012 to US$291.0 Bn in April 2012.
YTD through end of April 2012, ETF assets have increased by 8.8% from US$267.6 Bn to US$291.0 Bn.
Flows
In April 2012, ETFs saw net outflows of US$4.7 Bn. Equity ETFs experienced net outflows of
US$5.2 Bn, resulting primarily from ETFs tracking European indices with US$5.0 Bn net outflows. Fixed income ETFs gathered net inflows of US$228 Mn, where US$407.7 Mn went into government bond ETFs, while money market ETFs saw net outflows of US$731.7 Mn. Commodity ETFs gathered net inflows for the month of US$126.5 Mn, of which US$237.3 Mn went into ETFs providing exposure to precious metals, while ETFs tracking agriculture, energy, industrial metals and broad commodity indices experienced net outflows totalling a combined US$110.8 Mn.
YTD through end of April 2012, ETFs saw net inflows of US$1.5 Bn. Commodity ETFs gathered US$1.2 Bn net inflows, of which US$1.0 Bn went into ETFs providing exposure to precious metals. Fixed income ETFs saw net inflows YTD of US$1.1 Bn, of which US$2.6 Bn went into corporate bond ETFs, while government bond ETFs experienced US$1.2 Bn net outflows. Equity ETFs saw net outflows of US$1.9 Bn YTD, with US$6.8 Bn net outflows from ETFs tracking European equity indices, while US$2.9 Bn net inflows went into ETFs tracking emerging market equity indices.
YTD through end of April 2012, leveraged inverse ETFs gathered net inflows of US$0.4 Bn, inverse ETFs experienced US$0.2 Bn net inflows, while leveraged ETFs saw net outflows of US$0.4 Bn.
ETFlab Investment gathered the largest net inflows in April with US$0.6 Bn, followed by Source Markets with US$0.4 Bn and Credit Suisse Asset Management with US$0.3 Bn net inflows.
Source Markets gathered the largest net inflows YTD with US$1.5 Bn, followed by UBS Global Asset Management with US$1.2 Bn and ETFlab Investment with US$0.8 Bn net inflows.
iShares experienced the largest net outflows in April with US$4.3 Bn.
db x-trackers experienced the largest net outflows YTD with US$1.4 Bn, followed by Commerzbank with US$0.6 Bn and EasyETF with US$0.6 Bn net outflows.
Summary for European listed ETFs/ETPs
Including other Exchange Traded Products (ETPs), at the end of April 2012, the European ETF/ETP industry had 1,892 ETFs/ETPs, with 5,802 listings, assets of US$326.3 Bn, from 43 providers on 22 exchanges.
Assets
ETF/ETP assets have decreased by 3.1% from US$336.7 Bn in March 2012 to US$326.3 Bn in
April 2012.
YTD through end of April 2012, ETF/ETP assets have increased by 8.7% from US$300.1 Bn to US$326.3 Bn.
Flows
In April 2012, ETFs/ETPs saw net outflows of US$4.7 Bn. Equity ETFs/ETPs experienced net outflows of US$5.2 Bn, resulting primarily from ETFs/ETPs tracking European indices with US$5.0 Bn net outflows. Fixed income ETFs/ETPs gathered net inflows of US$228.3 Mn, where US$407.7 Mn went into government bond ETFs/ETPs, while money market ETFs/ETPs saw net outflows of
US$731.7 Mn. Commodity ETFs/ETPs gathered net inflows for the month of US$133.3 Mn, of which US$268.9 Mn went into ETFs/ETPs providing exposure to precious metals, while ETFs/ETPs tracking agriculture, energy and broad commodity indices experienced net outflows totalling a combined US$180.3 Mn.
YTD through end of April 2012, ETFs/ETPs saw net inflows of US$2.7 Bn. Commodity ETFs/ETPs gathered US$2.0 Bn net inflows, of which US$1.3 Bn went into ETFs/ETPs providing exposure to precious metals. Fixed income ETFs/ETPs saw net inflows YTD of US$1.1 Bn, of which US$2.6 Bn went into corporate bond ETFs/ETPs, while government bond ETFs/ETPs experienced US$1.2 Bn net outflows. Equity ETFs/ETPs saw net outflows of US$1.9 Bn YTD, with US$6.8 Bn net outflows from ETFs/ETPs tracking European equity indices, while US$2.9 Bn net inflows went into ETFs/ETPs tracking emerging market equity indices.
YTD through end of April 2012, inverse ETFs/ETPs gathered net inflows of US$0.5 Bn, leverage inverse ETFs/ETPs experienced US$0.4 Bn net inflows, while leveraged ETFs/ETPs saw US$0.3 Bn net outflows.
ETFlab Investment gathered the largest net inflows in April with US$0.6 Bn, followed by Source Markets with US$0.4 Bn and Credit Suisse Asset Management with US$0.3 Bn net inflows.
Source Markets gathered the largest net inflows YTD with US$1.6 Bn, followed by UBS Global Asset Management with US$1.2 Bn and ETFlab Investment with US$0.8 Bn net inflows.
iShares experienced the largest net outflows in April with US$4.3 Bn.
db x-trackers experienced the largest net outflows YTD with US$1.4 Bn, followed by Commerzbank with US$0.6 Bn and EasyETF with US$0.6 Bn net outflows.
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Source: ETFGI
S&P cuts Turkey rating outlook to stable from positive
May 1, 2012--Standard & Poor's cut the outlook on Turkey's 'BB' sovereign credit rating to stable from positive on Tuesday, saying risks to its creditworthiness had risen as a result of its high debt and worsening terms of trade as demand for its exports weakens.
Data on Tuesday showed Turkey's exports fell 2.9 percent year-on-year in April to $11.41 billion but were 5.9 percent higher, at $45.66 billion, in the first four months of the year.
"Less-buoyant external demand and worsening terms of trade have, in our view, made economic rebalancing more difficult, and have increased the risks to Turkey's creditworthiness given its high external debt and the state budget's reliance on indirect tax revenues," S&P said in a statement.
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Source: Todays Zaman
Euro area economic and financial developments by institutional sector-4th Quarter 2011
April 30, 2012--In the fourth quarter of 2011, the annual growth rate1 of households' gross disposable income
decreased to 1.8%, down from 2.4% in the previous quarter (see Table 2). The annual growth rate of households' consumption expenditure was 1.6% in the fourth quarter compared with 2.9% in the
previous quarter.
The annual growth rate of households’ gross saving increased significantly to 3.6% in the fourth quarter compared with -0.9% in the previous quarter.
The annual growth rate of households’ financing decreased to 1.6% (2011Q3: 2.0%) and that of financial investment decreased to 1.9% (2011Q3: 2.1%). The annual growth rate of households’ net worth2 decreased to -0.6% in the fourth quarter, compared with an increase of 0.7% in the previous quarter.
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Source: ECB
Deutsche Boerse completes Eurex takeover
Acquisition of SIX Swiss Exchange's 50-percent share closed
April 30, 2012--Deutsche Börse Group today completed its full acquisition of Eurex Zürich AG.
Representatives of SIX Swiss Exchange/SIX Group AG and Deutsche Börse AG jointly finalized the transaction in Zurich and signed the corresponding closing documents. Deutsche Börse is to pay 295 million euros and transfer approx. 5.3 million Deutsche Börse AG shares to the SIX Group. This gives the SIX Group a stake of around 2.7 percent in Deutsche Börse AG. In return, Deutsche Börse has acquired the SIX Group’s share in the Eurex Group, the derivatives market provider that was previously under joint operation. The transaction was agreed on 7 June 2011.
Retroactive as of 1 January 2012, Deutsche Börse Group will receive all Eurex Group profits as sole shareholder of Eurex Zürich AG. Deutsche Börse Group previously received 85 percent of Eurex Group’s profits. Deutsche Börse Group is fully acquiring all subsidiaries and shareholdings of Eurex Group, including International Securities Exchange Holdings (ISE), Inc., as well as the stakes in Direct Edge Holdings, LLC and the European Energy Exchange AG. Moreover, it is acquiring all Eurex software and trademark rights. Eurex’s Swiss markets will continue to be operated by Eurex Zürich AG.
Source: Deutsche Börse
FSB Publishes Interim Report on Securities Lending and Repos
April 27, 2012--The Financial Stability Board (FSB) published today a report entitled Securities Lending and Repos: Market Overview and Financial Stability Issues. The report describes the segments, operations and practices of these securities financing markets, which may constitute an important element of the shadow banking system.
The FSB is examining the regulation of securities financing markets from a financial stability perspective as part of its wider work on shadow banking, on which the FSB will issue recommendations by the end of 2012.
The report released today is an Interim Report of the FSB Workstream on Securities Lending and Repos and is preliminary to its work to develop policy recommendations in this area. The Workstream has reviewed current market practices through discussions with market participants, and classified the markets into four main, inter-linked segments:
a securities lending segment which comprises lending of securities by institutional investors to banks and broker-dealers against the collateral of cash or securities;
a leveraged investment fund financing and securities borrowing segment which comprises financing of leveraged investment funds’ long positions by banks and broker-dealers using both reverse repo and margin lending secured against assets held with the prime broker, as well as securities lending to hedge funds by prime brokers to cover short positions;
an inter-dealer repo segment which comprises primarily government bond repo transactions amongst banks and broker-dealers that are typically cleared by central counterparties (CCPs); and
Hedge funds bet against eurozone
April 27, 2012--Hedge fund managers make for unlikely supporters of François Hollande, the French socialist presidential candidate.
But it is Mr Hollande’s potential victory in the coming second round of the French elections, and with it a sharp deterioration in sentiment surrounding France’s creditworthiness in the bond market, that many hedge funds are now anticipating.
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Source: FT.com
Second Meeting of the Financial Stability Board Regional Consultative Group for Europe
April 27, 2012--In November 2010, the Financial Stability Board (FSB) announced arrangements to expand and formalise outreach beyond its membership.
To this end, six regional consultative groups1 were established to bring together financial authorities from FSB member and non-member countries to exchange views on vulnerabilities affecting financial systems and on initiatives to promote financial stability.
Today, the Financial Stability Board hosted the second meeting of the FSB Regional Consultative Group for Europe in Basel. Members discussed the FSB’s evolving policy framework for the shadow banking system, extension of the G-SIFI policy framework to the domestic systemically important banks and non-banking entities, and the process of deleveraging in the European financial sector. Discussions on shadow banking included the areas of banks’ interaction with shadow banking entities, money market funds, other shadow banking entities, retention requirements and transparency in securitisation, and securities lending and repos (repurchase agreements). The discussions on the extension of the G-SIFI framework included the policy development work underway at the Basel Committee on Banking Supervision and the International Association of Insurance Supervisors, as well as the implications of the initiative for the member countries. The group also discussed the nature and impact of deleveraging in the European financial sector.
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Source: FSB
Spain in 'crisis of enormous magnitude' as unemployment rate nears 25%
April 27, 2012--The hole in Spain's economy is getting deeper.
The government reported Friday that unemployment rose to 24.4 per cent in the first quarter-compared with 22.9 per cent in the fourth quarter- and that more than half of Spaniards under 25 are now without jobs.
The bleak employment report came one day after ratings agency Standard & Poor’s downgraded the country’s debt.
The Spanish economy is in recession for the second time in three years as the damage from a housing bust persists. Foreclosures are rising, Spain’s banks are in worse financial shape and the government’s deficit is hitting worrisome levels.
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Source: The Star
Deutsche Boerse introduces DAX ex Financials Index
April 26, 2012--Deutsche Börse has launched the DAX ex Financials Index, which measures all stocks in the German blue-chip DAX index except for banks and financial services companies.
The DAX ex Financials Index is geared toward institutional investors who want to access the performance of leading German companies without exposure to the financials industry. This index responds to client demand for a flexible yet transparent, rules-based solution for their benchmarking and passive investment needs.
The DAX measures the performance of the 30 largest and best performing companies on the German equities market and represents around 80% of the listed market capitalization in Germany. The DAX ex Financials Index currently comprises 25 of the 30 DAX components, as it excludes stocks that are members of the Banks, Financial Services, Insurance and Real Estate sectors according to the Deutsche Börse classification scheme.
Source: Deutsche Börse
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