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DB Global Equity Index & ETF Research : European Weekly ETP Review: ETFs in all Flavors- 38 New Listings Across Europe
September 17, 2010--Net Cash flows
The market temperature remained on positive figures for second week in a row after a series of weeks in the downside. The Euro Stoxx 50 index was up 1.2%, the CAC 40 index was up by 1.5%, the DAX index rose by 1.3% and the FTSE 100 did alike, up by 1.4%. The Euro was down against the US Dollar by 1.7% while the price of gold (USD/oz) remained flat on the week ending on September 10th 2010
Weekly total European ETP inflows totaled €759 million (vs. €1.0 billion inflow in previous week). Flows remain moderate with more than €2.0 billion pouring into European ETPs during the last three weeks.
Equity ETPs experienced inflows of €626 million (vs. €560 million inflow last week). Fixed Income saw almost-flat inflows of €14 million (vs. €418 million inflow last week). Commodity ETPs registered inflows of €103 million inflow (vs. €139 million inflow during the previous week).
Equity ETF inflows were driven by investment in Emerging Markets Regional equity indices (€199 million), while Leveraged Long ETFs (€87 million) and Other Thematic ETFs (€42 million) experienced outflows.
Fixed income flows were very timid with no major significant flows overall. Sovereign ETPs received the largest inflows (€66 million) and Money Market ETPs experienced the largest outflows (€85 million).
Commodity ETP inflows were driven by Broad Benchmarked Commodity (€58 million) and Natural Gas (€57 million) products, while Copper (€11 million) and Gold (€10 million) related ETPs ranked among the largest outflows.
New Listings
The listing calendar was back in full with 6 new products and 32 new cross listings, across four different trading venues. These new alternatives, brought to the market by four issuers, range from equity products tracking developed and emerging markets at a country and regional level both inside and outside Europe to fixed income ETPs tracking the returns of Euro-Country Government debt and Cash. The new offering also includes a handful of Strategy products as well.
Turnover
On-exchange daily average ETP turnover for this week declined by 2.2%, to €1.70 billion.
Average daily equity ETF turnover declined by 2.7%, reaching €1.24 billion. Fixed Income ETF turnover decreased by 2.3%, reaching €208 million. Commodity turnover was up by 0.7%, to €238 million.
Assets Under Management (AUM)
European ETP assets were up 1.6% in line with the European equity markets performance, finishing the week at €205.9 billion. Year to date, European ETP AUM are up by 21.0%.
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Source: DB Global Equity Index & ETF Research
Private equity faces EU curbs on asset stripping
EU president says more talks on new rules this month
Britain concerned with EU compromise so far
UK regulator watching hedge funds for systemic risks
September 17, 2010--Private equity groups face curbs on asset stripping as part of efforts to end a logjam over new European Union rules to regulate alternative funds, EU president Belgium said on Thursday.
The alternative investment fund managers directive (AIFM) has been bogged down for months as EU governments and the European Parliament fail to agree on a common text.
Didier Reynders, finance minister for EU presidency Belgium, said there will more talks later this month in a bid to reach a deal before parliament votes in early October. The EU is already trailing the United States in implementing global pledges to crack down on hedge funds.
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Source: Reuters
SIX Swiss Exchange celebrates tenth anniversary of its ETF segment
Impressive growth ever since the start – best conditions for the success story to continue.
September 17, 2010--As one of the first European exchanges to do so, SIX Swiss Exchange launched an ETF trading segment on 18 September 2000. Over the past ten years, through good markets and bad, this segment has recorded impressive growth in all respects and in practically all market situations.
Year after year, trading turnover in the ETF segment of SIX Swiss Exchange has registered new highs. In 2009, it totaled more than CHF 50 billion, and a new record can be expected yet again this year. The number of available products has also increased continually. In recent years, this growth has even accelerated: alone in 2010, more than 200 new ETFs have been listed thus far, thereby exceeding the collective total for the years 2000 through 2008.
During the course of their successful growth, ETFs have moved on from just covering stock indices to now include other asset classes such as government and corporate bonds, the money market, commodities and real estate investment companies. And an ever-increasing array of regions and countries, corporate sectors, investment strategies as well as investment segments and themes are being addressed by an expanding number of issuers.
In step with the market growth of the ETF segment on SIX Swiss Exchange, liquidity has also increased steadily. The broadening circle of market makers has led to narrower spreads between bid and ask prices, even as competition between the ever-growing number of issuers has had a favorable influence on cost developments as well as spurred product innovation and diversity.
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Source: SIX Swiss Exchange
United Kingdom Country Analysis Brief-U.S. Energy Information Administration
September 17, 2010--Background
The United Kingdom (UK) is the largest producer of oil and second-largest producer of natural gas in the European Union (EU). After years of being a net exporter of both fuels, the UK became a net importer of natural gas and crude oil in 2004 and 2005, respectively. Production from UK oil and natural gas fields peaked in the late 1990s and has declined steadily over the past several years, as the discovery of new reserves has not kept pace with the maturation of existing fields.
In response, the government has begun a three-pronged approach to address the predicted domestic shortfalls: 1) increasing domestic production; 2) establishing necessary import infrastructure, such as liquefied natural gas (LNG) receiving terminals and transnational pipelines; and 3) investing in energy conservation and renewables.
Oil
According to Oil and Gas Journal (OGJ), the UK had 3.1 billion barrels of proven crude oil reserves in 2010, the most of any EU member country. In 2009, the UK produced 1.5 million barrels per day (bbl/d) and consumed 1.7 million bbl/d of oil.
Exploration and Production
The UK Continental Shelf (UKCS), located in the North Sea off the eastern coast of the UK, contains the bulk of the country's oil reserves. There are also sizable reserves in the North Sea north and west of the Shetland Islands. Besides these offshore assets, the UK also has the Wytch Farm field located in the Wessex Basin, the largest onshore oil field in Europe, which has produced more than 400 million barrels of oil over its 35-year life.
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Source: U.S. Energy Information Administration (EIA)
Turkey to engineer drought-resistant grain
September 17, 2010--Turkey will engage in research to produce a drought-resistant strain of grain at an agricultural research and development unit to be established in the central province of Konya next month.
The Ministry of Agriculture and Rural Affairs will launch the Drought Test Center in Konya where research on the water utilization capacity of various kinds of wheat and barley will be conducted to isolate the most drought-resistant strain, whose ability to withstand water shortages will be genetically enhanced.
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Source: Europe
Stocks to be included in ISE Stock Indices between 10/1/2010 – 12/31/2010
September 16, 2010--ISE 100, ISE 50, ISE 30 and ISE Banks 10 indices will be revised as shown in the table, for the fourth quarter of 2010 (10/1/2010 – 12/31/2010):
| Stocks to be included in ISE 100 Index | Stocks to excluded from ISE 100 Index | Substitute stocks for ISE 100 Index | ||||
| KENT GIDA KEREV?TA? GIDA MARSHALL BE??KTA? FUTBOL YATIRIMLARI | TAT KONSERVE ANADOLU HAYAT EMEKL?L?K COCA COLA ?ÇECEK GOLDA? KUYUMCULUK | BOYNER MA?AZACILIK TRABZONSPOR SPORT?F BOSCH FREN S?STEMLER? BR?SA Y ve Y GMYO | ||||
| Stocks to be included in ISE 50 Index |
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Source: Istanbul Stock Exchange (ISE)
ETF Landscape: European STOXX 600 Sector ETF Net Flows, week ending 10-Sep-10
September 15, 2010--Last week saw US$11.6 Mn net outflows from STOXX Europe 600 sector ETFs. The largest sector ETF net outflows last week were in Personal & Household Goods with US$21.6 Mn and Food & Beverage with US$20.5 Mn while Insurance experienced net inflows of US$24.9 Mn.
Year-to-date, STOXX Europe 600 sector ETFs have seen US$152.5 Mn net inflows. Media sector ETFs have seen the largest net inflows with US$202.6 Mn, followed by Banks with US$174.1 Mn while Telecommunications has experienced the largest net outflows of US$98.4 Mn YTD.
The US$9.0 Bn AUM invested in the ETFs is greater than the US$4.6 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 18 out of 19 sectors.
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Source: Global ETF Research & Implementation Strategy Team, BlackRock
London Stock Exchange Group welcomes 45 Credit Suisse ETFs
New issuer for UK market
Product range expanded in Milan
Total number of London ETFs surpasses 300
September 15, 2010--45 Exchange Traded Funds (ETFs) issued by Credit Suisse have been admitted to trading across London Stock Exchange Group’s markets in the UK and Italy today. Credit Suisse has launched its London offering with 45 ETFs on the Main Market, 13 of which have also been listed on Borsa Italiana’s ETFPlus market today, expanding the firm’s existing range of products in Milan.
The products offer exposure to a wide range of benchmark indices from a variety of regions including Europe, North America, BRIC countries and other emerging markets.
Pietro Poletto, Head of Exchange Traded Products at London Stock Exchange Group, said:
“We are delighted to welcome Credit Suisse as a new issuer of ETFs on our London market today, and are pleased to accommodate the expansion of their existing product range in Milan. Europe’s exciting ETF growth story continues apace, and we are determined to continue leading it. Together, London Stock Exchange Group’s UK and Italian markets compose the largest ETF exchange in Europe by volume.”
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Source: London Stock Exchange
ETFs and ETPs Update August 2010 -London Stock Exchange
September 15, 2010--Year on year, value traded in the ETF & ETP market has been growing. This August we have seen a 38% increase from August 2009.
Credit Suisse, a new ETF issuer on the London Stock Exchange, has launched 45 ETFs on the Main Market, 13 of which have also been listed on Borsa Italiana.
HSBC and iShares have also expanded their ETF offering on the Main Market. HSBC launched its 'MSCI Pacific Ex Japan' ETF and iShares launched its 'Markit IBOXX EUR High Yield' ETF.
There are now 633 ETF & ETP offerings on the London Stock Exchange.
view ETFs and ETPs statistics for Aug 2010
Source: Lomdon Stock Exchange
Making derivatives markets in Europe safer and more transparent
September 15, 2010--As part of its ongoing work in creating a sounder financial system, the European Commission has tabled today a proposal for a regulation aimed at bringing more safety and more transparency to the over-the-counter (OTC) derivatives market. In its draft regulation, the Commission proposes that information on OTC derivative contracts should be reported to trade repositories and be accessible to supervisory authorities. More information will also be made available to all market participants. The Commission also proposes that standard OTC derivative contracts be cleared through central counterparties (CCPs). This will reduce counterparty credit risk, i.e. the risk that one party to the contract defaults. The Commission's proposal, fully in line with the EU's G20 commitments and the approach adopted by the United States, now passes to the European Parliament and the EU Member States for consideration. Once adopted, the regulation would apply from end 2012.
Michel Barnier, Commissioner for Internal Market and Services said: "No financial market can afford to remain a Wild West territory. OTC derivatives have a big impact on the real economy: from mortgages to food prices. The absence of any regulatory framework for OTC derivatives contributed to the financial crisis and the tremendous consequences we are all suffering from. Today, we are proposing rules which will bring more transparency and responsibility to derivatives markets. So we know who is doing what, and who owes what to whom. As well as taking action so that single failures do not destabilise the whole financial system, as was the case with Lehman's collapse.
Key elements of the proposal:
Greater transparency: Currently, reporting of OTC derivatives is not mandatory. As a result, policy makers, regulators but also market participants do not have a clear overview of what is going on in the market. Under the Commission's proposal, trades in OTC derivatives in the EU will have to be reported to central data centres, known as trade repositories. Regulators in the EU will have access to these repositories, enabling them to have a better overview of who owes what and to whom and to detect any potential problems, such as accumulation of risk, early on. Meanwhile, the new European Securities and Markets Authority (ESMA) will be responsible for the surveillance of trade repositories and for granting / withdrawing their registration. In addition, trade repositories will have to publish aggregate positions by class of derivatives to give all market participants a clearer view of the OTC derivatives market.
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Source: Europa
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