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Monday Morning Memo: Review of the European ETF Market, July 2016
August 15, 2016--The promoters of exchange-traded funds (ETFs) enjoyed healthy net inflows for July in a prospering market environment. Increasing markets lifted the assets under management in the European ETF industry from €452.8 bn for June to a new all-time high of €473.6 bn at the end of July.
The increase of €20.8 bn for July was mainly driven by the performance of the underlying markets (+€12.8 bn), while net sales contributed €8.0 bn to the overall growth in assets under management in the ETF segment.
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Source: Thomson Reuters Lipper
Brexit May Be Delayed Until Late 2019, Sunday Times Says
August 14, 2016--New ministry for Brexit still hiring staff, Sunday Times Says
Tension rising beween Fox, Johnson over policy, Telegraph Says
Britain's exit from the European Union could be delayed until late 2019 as new departments set up for the transition may not be ready to start negotiations as early as predicted, the Sunday Times reported.
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Source: Bloomberg
Euribor's 'critical' tag opens way for more contested EU benchmark rulings
August 12, 2016--The Euro Interbank Offered Rate's designation as "critical" today is a quick and expected move to fill a gap in oversight of the key interest-rate benchmark.
But the formal step also opens the way for what may become a contentious process to tag other financial indexes for stricter rules this year.
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Source: mlexfs-core.com
Voice brokers make a City comeback
August 11, 2016--So much for the long-predicted demise of voice brokers at the hands of ever more sophisticated technology.
In recent months, interdealer brokers BGC Partners and Tullett Prebon have been scooping up hundreds of brokers...
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Source: FT.com
Russian Economy Shrinks Less Than Forecast as Crisis Peters Out
August 11, 2016--GDP dropped 0.6% last quarter, the least since recession began
Hurdles for recovery include cheaper oil, weak consumer demand
Russia's economy shrank the least since a contraction began at the start of last year, putting it on the cusp of exiting the longest recession in two decades.
Gross domestic product lost 0.6 percent in the second quarter from a year earlier after a decline of 1.2 percent in the previous three months, the Federal Statistics Service said on Thursday, citing preliminary data.
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Source: Bloomberg
Deutsche Boerse says shareholder acceptances for LSE merger above 75 percent
August 10, 2016--Deutsche Boerse (DB1Gn.DE) said on Wednesday that more than 75 percent of its shares have been tendered for its agreed $29 billion (£22.21 billion) merger with the London Stock Exchange Group (LSE.L).
Deutsche Boerse Chief Financial Officer Gregor Pottmeyer said passing the 75 percent mark was a strong vote of confidence in the deal.
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Source: Reuters
Russia Consumer Sentiment Ticks Up in July
Business Conditions For Big Ticket Purchases Fuel Sentiment
August 10, 2016-Consumer sentiment in Russia improved further in July, moving back to levels seen before the series low recorded in May.
The MNI Russia Consumer Sentiment Indicator increased 5.4% to 71.3 in July from 67.6 in June. Sentiment is now 0.7% higher than the same month
a year ago and up 3% since the start of the year.
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Source: MNI Indicators
Bats Europe to Launch New European Equities Large in Scale Negotiation Facility Called Bats LIS
August 9, 2016--Bats LIS to be Powered by BIDS Trading Software, A Proven and Experienced Leader in Block Trading in the U.S.
Bats Europe, the region's largest stock exchange operator, and BIDS Trading LP (BIDS), the largest block trading ATS by volume in the U.S., announced today that Bats Europe has agreed to license BIDS technology to launch Bats LIS, a new block trading service for the European equity market.
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Source: Bats Global Markets, Inc.
DB-Synthetic Equity & Index Strategy-European Monthly-ETF Market Review-EM Equity and Debt ETFs Benefit in
August 9, 2016--Data in this report is as of 29th July 2016
European ETP Monthly Highlights (Assets & Flows)
Assets: European ETPs assets increased by €21bn and stood at $559bn (€500bn) at the end of Jul'16, up by 4.4% (MoM in € terms).
Flows: European domiciled ETPs registered strong inflows of +€9.6bn across all major asset classes (equity, fixed income and commodity). Fixed Income ETFs lead with inflows of +€4.9bn followed by Commodity ETPs (+€€2.5bn) and Equity ETFs (+€2.1bn).
New Product Launches-5 new products
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Source: Deutsche Bank Markets Research-Europe-Synthetic Equity & Index Strategy
LSE August 2016 ETF & ETP Monthly Report
August 8, 2016--Listings
5 new ETFs/ETPs were listed on London Stock Exchange in July. 88 new ETFs and 9 new other ETPs have been listed in 2016.
There are now 894 ETFs (available as 1,344 lines through multi-currency offerings) and 402 other ETPs (available as 461 lines) on our London market.
LSE welcomed ICBC Credit Suisse Asset Management (International) (ICBCCS) as a new ETF issuer who has partnered with WisdomTree to launch their first UCITS ETF tracking the S&P China 500 index. The ICBCCS WisdomTree S&P China 500 UCITS ETF Class B USD is the first European-listed ETF to combine exposure to all China equity share classes in a single UCITS ETF, offering investors unique and efficient market access.
Further establishing London's position as the centre of Green Finance, iShares listed 2 ESG ETFs: iShares Sustainable MSCI USA SRI UCITS ETF and iShares Sustainable MSCI Emerging Markets SRI UCITS ETF. Both ETFs will invest in a subset of equity securities within the benchmark index which are issued by companies with higher ESG ratings.
WisdomTree launched 1 smart beta ETF: the WisdomTree Eurozone Quality Dividend Growth UCITS ETF, which tracks in-house Quality Dividend Growth Index that targets firms considered likely to increase their dividend payouts in the future.
Lyxor listed the Lyxor UCITS ETF FTSE 100-Monthly Hedged C-USD which aims to track FTSE 100 TR index, offsetting the impact of monthly variations of the index local currency vs. the USD.
Trading Activity
Total on-exchange value traded for ETFs and other ETPs in July 2016 was £37.1 billion (323k trades), up by 77% compared to July 2015.
Total on-exchange value traded for ETFs and ETPs, year to date, is £216.7 billion (2.1m trades), up by 42% compared to the same period last year.
Orderbook value traded for ETFs and other ETPs in July 2016 was &pund;9.3 billion (207k trades), up by 47% compared to July 2015. This is the second highest monthly orderbook turnover on record, following June 2016.
Orderbook value traded for ETFs and other ETPs, year to date, is &pund;55.2 billion (1.4m trades), up by 18% compared to same period last year.
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Source: London Stock Exchange Group
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