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DB Index Research -- Weekly ETF Reports -- Europe
September 16, 2009--Highlights
ETF Volume
Exchange based Equity ETF turnover declined by 1.2% on the previous week. Daily turnover for the previous week was E1.1bn. European fixed income ETF turnover declined by 1.2% to E185.7m, with money market ETFs continuing to be the main focus.
In exchange based bond ETFs, db x-trackers II EONIA TR Index ETF has the highest daily turnover of E19.71m. Among the Equity ETFs, iShares DAX (DE) has the highest daily turnover of E63.86m.
here was one new listing in the last week. BNP Paribas listed one new fixed income ETF on the NYSE Euronext Paris.
European Style ETFs, led by short and leveraged products, kept its position as the leading product area with total turnover of E346m accounting for 31.15% of total ETF turnover, followed by European Regional ETFs with total turnover of E309m with 27.82% of total turnover. The DAX ETFs remain the dominant country products with total average daily volume of E135m across the nine listed products and accounting for 12.2% of all equity ETF volume.
DJ Euro STOXX 50 ETFs accounted for 14.6% of turnover trading E161m per day with liquidity split across 25 ETFs and 41 different listings on 9 exchanges.
Market Share
The Deutsche Borse XTF platform has the largest market share with 37.0% of total turnover. The Euronext NextTrack platform has 21.2% market share. The LSE’s combined Italian Exchange and London market share is now 24.4%.
Assets under Management (AUM)
Total European Equity related AUM rose by 1.7% to E96.4bn during last week. AUM for DJ Euro STOXX 50 ETFs was E19.3n accounting for 20.0% of total European AUM. Fixed Income ETF AUM remained at about the same level at E32.7bn.
Overall, the largest ETF by AUM was the Equity based ETF, Lyxor ETF DJ Euro STOXX 50 with AUM of E5.0bn. The largest Fixed Income ETF by AUM was the iShares € Corporate Bond with AUM of E3.1bn.
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Source: Aram Flores and Shan Lan -DB Index Research
ETF Landscape: European DJ STOXX 600 Sector ETF Net Flows, week ending 11-Sep-09
September 16, 2009--This is a new weekly publication covering European Sector ETF Net Flows, analysing all ETFs listed in Europe tracking the DJ STOXX 600 sectors.
Highlights:
Last week saw US$97.0 Mn net inflows to DJ STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Telecommunications with US$41.6 Mn and Health Care with US$41.4 Mn while Banks experienced net outflows of US$53.8 Mn.
Year-to-date, Utilities has been the most popular sector with US$173.9 Mn net new assets, followed by Basic Resources with US$166.3 Mn net inflows. Retail sector ETFs have been the least popular with US$68.4 Mn net outflows YTD.
We hope you find this publication of interest. If any of your colleagues would like to subscribe please have them send their name, title, company name, postal address, email and phone to ETFresearch@barclaysglobal.com
Source: ETF Research and Implementation Strategy, BGI
LSE swoop shows strength of the subcontinent
September 16, 2009--When the world’s biggest exchanges go hunting for tech-savvy companies to help upgrade their trading systems, the last place they tend to look is Sri Lanka, a country known more for the civil war that has ravaged it for more than two decades.
But that is where the London Stock Exchange on Wednesday made a $30m commitment, snapping up a little-known – but rapidly growing – company called MillenniumIT.
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Source: FT.com
Barclays creates $12bn credit vehicle
September 16, 2009--Barclays has unveiled a plan to sell more than $12bn of risky credit assets to a company it has created to try to reduce the risk of further writedowns.
Protium Finance, a partnership of so-far undisclosed investors , will buy the securities using a $12.6bn loan extended by the bank. Protium will be managed by Stephen King, the head of mortgage trading at Barclays, and Michael Keeley, a member of the Barclay’s Capital management committee.
FT.com
Source: FT.com
New db x-trackers strategy ETFs launched on Xetra
September 16, 2009--Four additional db x-trackers index funds from Deutsche Bank‘s ETF offering have been admitted to trading on Xetra®.
ETF name: db x-trackers DJ STOXX 600 Basic Resources Short Daily ETF
Asset class: Strategy ETF
ISIN: LU0412624354
Management fee: 0.5 percent
Distribution policy: non-distributing
Benchmark: Dow Jones STOXX© 600 Basic Resources Short Index
ETF name: db x-trackers DJ STOXX 600 Industrial Goods Short Daily ETF
Asset class: Strategy ETF
ISIN: LU0412624511
Management fee: 0.5 percent
Distribution policy: non-distributing
Benchmark: Dow Jones STOXX© 600 Industrial Goods Short Index
ETF name: db x-trackers DJ STOXX 600 Utilities Short Daily ETF
Asset class: Strategy ETF
ISIN: LU0412624867
Management fee: 0.5 percent
Distribution policy: non-distributing
Benchmark: Dow Jones STOXX© 600 Utilities Short Index
ETF name: db x-trackers DJ STOXX 600 Insurance Short Daily ETF
Asset class: Strategy ETF
ISIN: LU0412624602
Management fee: 0.5 percent
Distribution policy: non-distributing
Benchmark: Dow Jones STOXX© 600 Insurance Short Index
The four new db x-trackers ETFs track the reverse performance of the supersectors Basic Resources, Industrial Goods, Utilities and Insurance from the Dow Jones STOXX© 600 index family. For the first time, investors will be able to participate in falling performance of leading companies from the commodities, industrial goods, supply goods and insurance sectors based in Western Europe.
The product offering in Xetra’s XTF segment currently comprises 485 exchange-traded index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of over €9 billion, makes Deutsche Börse’s XTF segment Europe’s leading trading venue for ETFs.
Source: Deutsche Boerse
The Euro Turns 10: How The Next 10 Years Will Shape The Euro Zone
September 15, 2009-The global economic crisis is expected to further pan-European interests as the region's financial markets gain strength in 2010 and the euro maintains its status as a major world currency, said leading financial experts at a panel discussion organized by STOXX Limited.
Economic crisis should lead to greater demand for pan-European solutions, as opposed to national ones, in years to come "The global financial crisis has defined the issues that will be among those at the very top of the European Union agenda for the foreseeable future. First, better EU regulation of the financial sector, including the 'parallel banking system,' will have to be fashioned. Further, better micro- and especially macro-prudential supervision will have to be designed and implemented, with a special emphasis on common EU, if not world, standards," said Dr. Giuseppe Ammendola, an international business economist and adjunct professor, New York University.
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Source: Mondovisione
SocGen bankers quit to launch hedge fund
September 15, 2009--Thirty senior bankers from Société Générale’s alternative asset management team have left to set up their own hedge fund business with backing from an American private equity firm.
The team – including the head of SocGen’s $12.7bn global hedge funds business,
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Source: FT.com
LSE Share Value Boosted By The “Rolet” Effect - London Stock Exchange Group Sees 11.3 Per Cent Rise In Share Value In August - Overall Share Value Of Listed Exchanges Decreases By 1.3
September 14, 2009--The London Stock Exchange Group saw its share value rise in August by 11.3 per cent, according to the Mondo Visione Exchanges Index, continuing the positive impact of new CEO Xavier Rolet.
The LSE Group rise was achieved against a backdrop of a slight fall in overall share values for listed exchanges during August, which saw a decrease in capital returns of -1.3%
The index, which aims to reflect market sentiment and is a key indicator of exchanges performance, closed at 22196.55 on 31 August, 2009, with 11 of its 18 listed exchanges experiencing an increase in share value.
Seven exchanges showed decreases during August with the ASX in Australia and the Hong Kong Exchanges and Clearing showing the biggest decline in share price with recorded figures of -10.7% and -7.7% respectively.
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Source: Mondovisione
LSE poised to acquire Sri Lankan technology company
September 14, 2009--London Stock Exchange is expected to announce, possibly as early as Tuesday, the acquisition of Millennium IT, a Sri Lankan trading technology company, as the group embarks on a massive upgrade of its trading platform.
The move marks the biggest step yet taken by Xavier Rolet, chief executive, to dismantle the legacy of his predecessor Clara Furse.
read full story
Source: FT.com
Dow Jones UK Smaller Companies Index launched
September 14, 2009--Dow Jones Indexes has launched the Dow Jones UK Smaller Companies Index, which provides market participants with a measure of the UK's small and micro cap segments.
The index currently includes 188 stocks from the London Stock Exchange, including those traded on the Alternative Investment Market.
The index is designed to provide a complete view of the UK small and micro cap segment and will serve Dow Jones Newswires as a benchmark for its extended UK small cap coverage.
"The Dow Jones UK Smaller Companies Index was created as a result of the demand for a single go-to instrument to measure the performance of the broad UK small and micro cap market," says Michael A. Petronella, president, Dow Jones Indexes. "The inclusion of stocks traded on the Aim makes this index a unique benchmark and will provide Dow Jones Newswires and market participants with a more accurate tool to analyse and evaluate the UK small and micro cap segment."
Dow Jones Newswires has been expanding its coverage of smaller UK companies and plans to use the new index as a reference.
The index universe for the Dow Jones UK Smaller Companies Index consists of all equity issue stocks, Reits or similar securities with readily available prices that trade in the UK, including those listed on the Aim. To be included in the index, stocks must fall between the 97 per cent and 99 per cent of cumulated free-float market capitalization of the index universe. A buffer rule avoids major turnover in the index, excluding only components which fall either below the 96 per cent quantile or above the 99.25 per cent quantile during the regular review.
The index is available in price and total return versions, and is reviewed quarterly in March, June, September and December. The index is also examined on an ongoing basis to account for corporate actions such as mergers, de-listings or bankruptcies.
It is calculated in pounds sterling and US dollars, and is weighted by float-adjusted market capitalization. Daily historical index values are available back to 30 June 2006, with the base value of the index being set at 1,000.
Source: Dow Jones
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