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ETFGI European ETF/ETP Industry insights, May 2012
June 11, 2012-Summary for European listed ETFs
At the end of May 2012, the European ETF industry had 1,319 ETFs, with 4,612 listings, assets of US$265.6 Bn, from 39 providers on 21 exchanges.
ETF assets have decreased by 8.7% from US$290.9 Bn in April 2012 to US$265.6 Bn in May 2012.
YTD through end of May 2012, ETF assets have decreased by 0.7% from US$267.6 Bn to US$265.6 Bn.
Flows
In May 2012, ETFs saw net inflows of US$3.5 Bn. YTD through end of May 2012, ETFs saw net inflows of US$5.0 Bn.
iShares gathered the largest net inflows in May with US$4.9 Bn, followed by SPDR ETFs with US$0.4 Bn and Source Markets with US$0.2 Bn net inflows.
iShares gathered the largest net inflows YTD with US$4.7 Bn, followed by Source Markets with US$1.7 Bn and SPDR ETFs with US$1.1 Bn net inflows.
ETFlab Investment experienced the largest net outflows in May with US$0.5 Bn.
db x-trackers experienced the largest net outflows YTD with US$1.3 Bn, followed by EasyETF with US$0.7 Bn and Lyxor Asset Management with US$0.6 Bn net outflows.
Summary for European listed ETFs/ETPs
Including other Exchange Traded Products (ETPs), at the end of May 2012, the European ETF/ETP industry had 1,917 ETFs/ETPs, with 5,837 listings, assets of US$297.5 Bn, from 45 providers on 22 exchanges.
Assets
ETF/ETP assets have decreased by 8.8% from US$326.2 Bn in April 2012 to US$297.5 Bn in May 2012. YTD through end of May 2012, ETF/ETP assets have decreased by 0.9% from US$300.1 Bn to US$297.5 Bn. Flows
In May 2012, ETFs/ETPs saw net inflows of US$3.0 Bn. YTD through end of May 2012, ETFs/ETPs saw net inflows of US$5.7 Bn.
iShares gathered the largest net inflows in May with US$4.8 Bn, followed by SPDR ETFs with US$0.4 Bn and HSBC/Hang Seng with US$0.1 Bn net inflows.
iShares gathered the largest net inflows YTD with US$4.6 Bn, followed by Source Markets with US$1.6 Bn and SPDR ETFs with US$1.1 Bn net inflows. ETFlab Investment experienced the largest net outflows in May with US$0.5 Bn.
db x-trackers experienced the largest net outflows YTD with US$1.3 Bn, followed by EasyETF with US$0.7 Bn and Lyxor Asset Management with US$0.6 Bn net outflows.
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Source: ETFGI
One in six European ETFs on "death list"- data
241 out of 1,711 ETFs on "death list"-Lipper
Fewer than 50 ETFs account for 50 pct of assets under mgt
Top industry players see need for consolidation
June 11, 2012--Around one in six exchange-traded-funds (ETFs) for sale in Europe may be on a so-called "death list", with fewer than 50 accounting for nearly 50 percent of industry assets, data from Lipper, a Thomson Reuters company, showed on Monday.
Lipper's death list is defined as those ETFs that are more than three years old and have less than 100 million euros ($124.7 million) in assets, which could mean they are under review for profitability reasons.
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Source: Reuters
Markets jump on Spain bank rescue, concern lingers
June 11, 2012--World markets rallied Monday after Spain won a huge rescue loan for its banks, but the deal failed to banish fears over its debt or the risk of a Greek-driven eurozone breakup.
Spain's eurozone partners agreed to extend up to 100 billion euros ($125 billion) to salvage a banking sector weakened by reckless lending in a property bubble that collapsed in 2008.
The rescue, which represented a U-turn by Madrid, eased concern about the risk of a Spanish financial sector calamity, but the sheer size of the loan fed concerns over Spain's fast-growing public debt.
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Source: EUbusiness
Italian economy shrinks 0.8% in first quarter
June 11, 2012--Italy's economy shrank by 0.8 percent in the first quarter, the official data agency Istat said on Monday confirming an earlier estimate that showed the country's recession deepening.
Istat also revised down to 1.4 percent the contraction on a 12-month comparison compared to an earlier estimate of 1.3 percent.
Italy's economy has been shrinking since the third quarter of 2011.
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Source: EUbusiness
Spain- Financial System Stability Assessment
June 8, 2012--EXECUTIVE SUMMARY
1. The past four years have witnessed a crisis in the Spanish financial sector
unprecedented in its modern history. While external factors contributed to the turmoil, a domestic real estate boom-bust exposed weaknesses in the savings bank sector, shortcomings
in the policy and regulatory framework, and an over-reliance on wholesale funding.
2. A major and much-needed restructuring of the banking sector is now under way (Figure 1). This has involved an important reform of the savings banks’ legal framework
together with financial support from the state-owned recapitalization vehicle Fondo de Reestructuración Ordenada Bancaria (FROB). Substantial progress has been made in
addressing balance sheet weaknesses and recently announced measures show promise of further progress.
3. The team’s stress tests show that while the core of the system appears resilient, vulnerabilities remain. Although important caveats attach to the team’s assessment, including the extent to which lender forbearance—which the supervisory authorities have indicated they are monitoring closely—may have affected the underlying data and the risk of an even more severe downside shock than embodied in the analysis, the results suggest that:
view the IMF Country Report-Spain Financial System Stability Assessment
Source: IMF
Statistical release: UK Official holdings of international reserves May 2012
June 7, 2012--This monthly press notice shows details of movements in May 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 May 2012: No intervention operations were undertaken.
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Source: HM Trasury
NYSE Euronext Monthly ETF Activity Report-May 2012
June 7, 2012--Listings
In May, there were no new ETF listings. At the end of the month NYSE Euronext had 686 listings of 590 ETFs from 16 issuers.
Trading activity
The average daily value traded on-book last month was €267.3 million, down 34.4% vs. May 2011. The total value traded on-book amounted to €5.8 billion, up 3.9% month-on-month;
An average of 6,852 on-book trades (single-counted) was executed daily last month, a decrease of 15.1% vs May 2011, but up 0.1% month-on-month;
A total of €842.1 million was exchanged in block trades in May, up 2.7% from the €819.9 million in the previous month. Overall, block trade volume represented 14.3% of total regulated market ETF trading activity on NYSE Euronext.
Assets Under Management (AUM)
At the end of May 2012, the combined AUM of all ETFs listed on the NYSE Euronext European markets totalled €129.9 billion.
Market Quality
Last month, NYSE Euronext welcomed Citigroup Global Markets as a new Liquidity Provider; Citigroup now officially provides liquidity on two EasyETF products.
Our high-capacity, low-latency technology, combined with the flow from client orders, competitive market makers and our 23 first-class Liquidity Providers, contributed to a median spread for all listed ETFs of 31.15 bps.
view the NYSE Euronext Monthly ETF Activity Report-May 2012
Source: NYSE Euronext
Corruption and crisis linked in Europe, says world watchdog
June 7, 2012--Links between Europe's financial crisis and corruption can no longer be ignored, with Greece, Italy, Portugal and Spain doing the least against malpractice, Transparency International said Wednesday.
More accustomed to tracking corruption in poorer African or Asian states, the organisation said links between the private and public sector favoured abuse of power, misappropriation and fraud, while also undermining economic stability.
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Source: EUbusiness
Bankers warn Basel III leading to credit crunch
June 7, 2012--Top bankers warned Thursday that problems raising fresh capital were pushing European banks to cut back on lending so as to meet tough new regulations and urged a delay in putting them into force.
"De-leveraging in many European financial entities and the European economy at large has gone too far," said Charles Dallara, director general of the bank lobby Institute of International Finance.
Under pending international Basel III rules and European directives, banks must significantly increase their capital-to-assets ratios to strengthen their ability to withstand future financial crises.
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Source: EUbusiness
ESMA publishes the responses to the call for evidence on transaction reporting
June 7, 2012--ESMA has published the responses to the call for evidence on transaction reporting.
view responses
Source: ESMA
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