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Monday Morning Memo: Spotlight on the Concentration at the Promoter Level in the European ETF Industry
May 5, 2019--Investors, market observers, and regulators always raise questions about the competitiveness of the European exchange-traded fund industry since the assets under management seem to be concentrated among a few ETF promoters. Generally speaking, I would agree with the statement that one needs to be concerned if a few players are dominating a market, but not with regard to the European ETF industry.
The graph below depicts the fact that the European ETF industry is highly concentrated at the promoter level since the 10-top promoters in Europe held 93.22% of the overall assets under management (€725.2 bn) in the European ETF industry, while the other 41 promoters that have at least one ETF registered for sales in Europe only hold 6.78%. Even worse, iShares-the largest ETF promoter in Europe-accounts €335.2 bn, or 46.22%, of the overall assets under management. This is nearly as much in assets as the other nine of the 10-top promoters combined (€340.8 bn). In any other industry, such a high concentration should be concerning for regulators and clients, as this may lead to a monopoly or an oligopoly, which might bring prices up and/or the quality down.
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Source: Refinitiv
National Statistics: UK official holdings of international reserves: April 2019
May 3, 2019--This release details movements in the international reserves of gold and assets held by the UK government.
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Source: gov.uk
Turkish inflation slows but persists above 19 per cent
May 3, 2019-- Tayyip Erdogan, Turkey's president, pledged on Thursday to lower inflation and interest rates to boost growth.
The economy slid into recession atthe end of last year. The lira has declined 12.6 per cent against the dollar this year.
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Source: FT.com
The Spanish Exchange traded 49.04 bn. Euros in April
May 3, 2019--MONTHLY TRADING STATEMENTS FOR BME MARKETS
Up 41.4% from March, it has been the highest figure since last October
Fixed Income trading in April reached €27.77 billion, up 101.6% yoy
Trading in Financial Derivatives grew 13.5% in the first four months of the year
The Spanish Exchange traded 49.03 billion euros in Equities in April, 41.4% more than in March-despite April having fewer trading sessions. It has been the best month since October last year. The year-on-year decline was 25.4%. The number of trades stood at 2.9 million, down 7% from the previous month and 0.8% less than in April 2018.
The trading volume in the ETF segment in April reached 127.1million euros, down 7.7% from the previous month and down 39.2% from the same month a year earlier. The number of trades in April reached 4,771, down 11.3% from the previous month and 1.2% less than in the same month in 2018.
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Source: BME
New HANetf Investments on Xetra: Companies from the innovative Healthcare Sector and for the first time from Kuwait
May 2, 2019--Since Thursday two new Exchange Traded Funds of the issuer HANetf are tradable via Xetra and Börse Frankfurt.
With the HAN-GINS Healthcare Innovation UCITS ETF-Acc, investors can invest in the value development of companies worldwide that are active in the fields of advanced life sciences and intelligent health care. The business areas of these companies include robotics and nanotechnology, bioengineering and bioinformatics as well as neuroscience and medical technology.
The KMEFIC FTSE KUWAIT EQTY UCITS USD Acc allows investors to participate in the performance of Kuwaiti companies listed on the Kuwait Stock Exchange that are fully tradable by foreign investors. The ETF tracks the FTSE Kuwait All Cap 15% capped index, which is weighted by market capitalisation. The individual companies are limited to 15 per cent.
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Source: Deutsche Börse Market
New iShares ETF on Xetra: Saudi Arabian Companies
May 2, 2019--Since Thursday a new Exchange Traded Fund of iShares is tradable via Xetra and Börse Frankfurt.
The iShares MSCI Saudi Arabia Capped UCITS ETF (Acc) offers investors in Europe for the first time the opportunity to invest in companies from Saudi Arabia with large to medium market capitalisation.
The fully replicating ETF tracks the MSCI Saudi Arabia 20/35 index, in which the largest issuer has a maximum weighting of up to 35 percent. The other issuers have a maximum weight of up to 20 per cent. This concept enables a diversified index composition. Earnings of the companies in the ETF are distributed.
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Source: Deutsche Börse Cas Market
Cash markets achieve turnover of 120.9 billion euros in April
May 2, 2019--Deutsche Börse's cash markets generated a turnover of €120.9 billion in April (previous year: €127.2 billion).
Of the €120.9 billion, €107.8 billion were attributable to Xetra (previous year: €117.1 billion), bringing the average daily Xetra trading volume to €5.4 billion.
Trading volume on Börse Frankfurt was €2.8 billion (previous year: €2.9 billion) and on Tradegate Exchange €10.3 billion (previous year: €7.2 billion).
By type of asset class, shares accounted for around €108.8 billion in the entire cash market. Trading in ETFs/ETCs/ETNs generated a turnover of €10.6 billion. Turnover in bonds was €0.4 billion, in certificates €0.9 billion and in funds €0.2 billion.
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Source: Deutsche Börse
New UBS ETF on Xetra: Bonds of international development banks with currency hedging
May 2, 2019--Since Thursday, a new Exchange Traded Fund from UBS Global Asset Management has been tradable via Xetra and Börse Frankfurt.
The UBS ETF-Sustainable Development Bank Bonds UCITS ETF allows investors to participate in the performance of US dollar-denominated bonds issued by multilateral development banks.
These are internationally active institutions that enable the financing of sustainable projects with a positive social and environmental impact in developing countries. Bonds issued by individual issuers are limited to 25 per cent in the ETF to ensure a diversified index composition.
The ETF is tradable as a reinvesting asset class that hedges the currency risk to the euro.
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Source: Deutsche Börse Cash Market
New HANetf Investments on Xetra: Companies from the innovative Healthcare Sector and for the first time from Kuwait
May 2, 2019--Since Thursday two new Exchange Traded Funds of the issuer HANetf are tradable via Xetra and Börse Frankfurt.
With the HAN-GINS Healthcare Innovation UCITS ETF -Acc, investors can invest in the value development of companies worldwide that are active in the fields of advanced life sciences and intelligent health care.
The business areas of these companies include robotics and nanotechnology, bioengineering and bioinformatics as well as neuroscience and medical technology.
The KMEFIC FTSE KUWAIT EQTY UCITS USD Acc allows investors to participate in the performance of Kuwaiti companies listed on the Kuwait Stock Exchange that are fully tradable by foreign investors. The ETF tracks the FTSE Kuwait All Cap 15% capped index, which is weighted by market capitalisation. The individual companies are limited to 15 per cent.
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Source: Deutsche Börse Cash Market
Boerse Stuttgart records April turnover of EUR 5,6 billion
May 2, 2019--Equities and exchange-traded products show significant increase in trading volume compared with March figures
Based on the order book statistics, Boerse Stuttgart generated turnover of around EUR 5.6 billion in April 2019. Securitised derivatives made up the largest share of the turnover.
The trading volume in this asset class was more than EUR 2.1 billion. Leverage products generated around EUR 1 billion. Investment products contributed about EUR 1,1 billion to the total turnover.
According to the order book, trading in equities produced turnover of around EUR 1,5 billion – an increase of around 17 per cent compared to the previous month. German equities contributed over EUR 1,1 billion towards this total and international equities roughly EUR 398 million.
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Source: Boerse Stuttgart
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