NYSE behöll titeln som ledande börs för ETFer 2017

NYSE behöll titeln som ledande börs för ETFer 2017 ETF Börshandlade fonderNYSE behöll titeln som ledande börs för ETFer 2017

The New York Stock Exchange (NYSE), ett helägt dotterbolag till Intercontinental Exchange (NYSE: ICE), NYSE behöll titeln som ledande börs för ETFer 2017 bland sina amerikanska konkurrenter. Vid slutet av 2017 hade NYSE börshandlade fonder listade som tillsammans hade 2,8 biljoner dollar i förvaltade tillgångar (AUM). Detta motsvarade 83 procent av amerikanska AUM och 22 procent av amerikanska ETF-handelsvolymen. Den här starka utvecklingen förväntas fortsätta 2018 med en solid pipeline av innovativa ETFer som skall komma att lanseras under året.

För det tionde året i rad attraherade NYSE Arca den största andelen och antalet nya ETF-emissioner, inklusive 149 nya listningar värda till 5,8 miljarder dollar i AUM. Detta innebar bland annat den största utgivningen på en dag på mer än fem år, då Franklin Templeton lanserade 16 nya ETFer i november. NYSEArca välkomnade också 13 helt nya ETF-emittenter till sitt börsnoterade samfund.

Ytterligare ett rekordår för ETF-tillväxten

”2017 var ytterligare ett rekordår för ETF-tillväxten där vi såg branschen notera ett nytt rekord på 3,4 miljarder dollar i AUM, vilket motsvarar 35 procents tillväxt jämfört med 2016. NYSEArca är nöjd att stödja industrins tillväxt genom att förbättra marknadsstrukturen och stödja våra emittenters förmåga att lansera innovativa nya produkter”, säger NYSEs chef för Exchange Traded Funds, Douglas Yones.

NYSEArca Highlights

  • Nya listningar: 149 nya listningar motsvarande 54 procent av alla nya emissioner. Per 31 december 2017 fanns 1 498 ETF på NYSE Arca.
  • ETF Trading: NYSE handlade mer än två gånger volymen av nästa största börs, med 22% marknadsandel för alla amerikanska ETFer.
  • Marknadskvalitet: NYSE Arca har de smalaste spreadarna av alla ETF-handelsplatser.
  • NYSE Arca välkomnade 13 nya ETF-emittenter – Advisor Asset Management, Brandometry, Change Finance, ClearShares, EntrepreneurShares, Fieldstone, GraniteShares, Inspire, Nationwide, Transamerica, SerenityShares, SL Advisors och USAA, vilket ger det totala antalet ETF-emittenter på NYSE Arca till mer än 80.
  • Synbarhetsmöjligheter: NYSE ordnade över 100 ETF-evenemang, samt ett ETF-reglerande toppmöte och en ETF Trading Summit.

Läs här för ytterligare information om listningar och handel med ETFer på NYSE

Volatility Reigns as Policymakers Vacillate

Volatility Reigns as Policymakers Vacillate

ETFS Multi-Asset Weekly Volatility Reigns as Policymakers Vacillate

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Highlights

Agricultural commodities get boost from weather.

China A-shares investors waiting for MSCI.

USD weakness unlikely to last.

Volatility has been a pervasive force not only across asset classes, but across regions, as uncertainty over the global economic recovery lingers. Not only has ECB president Draghi warned investors to be prepared for more bond market volatility, but IMF Head Lagarde has muddied the waters by urging the US Fed to delay rate hikes despite an improving outlook because of the potential consequences that rising volatility and a strong USD could have. Indeed EM have not been excluded, with Chinese equities rebounding from recent slump, as optimism over the potential inclusion in the MSCI indices rises ahead of this week’s decision..

Commodities

Agricultural commodities get boost from weather. Coffee topped commodity gains, as the potential for crop damage during the Brazilian winter sparked fears of lower harvest. Stocks-to-use are at two year lows, so we expect adverse weather conditions to fuel the current rally. In the grains space, wheat also posted a better than 7% gain for the week, as hard winter wheat quality dipped and the threat of rainfall potentially delaying harvests. Meanwhile, as expected, OPEC maintained the status quo, keeping oil production unchanged. Clearly they are playing the long game. And investors anticipated the result, with managed money positions in ICE Brent crude futures have dropped by over 35% to the lowest level seen since early April. With US rig counts stabilising, commercial crude stocks have fallen for the fifth consecutive week. However, stocks remain significantly elevated compared to longer term averages and there is still scope for downside in crude prices.

Equities

China A-shares investors waiting for MSCI. After a sharp downturn for Chinese equities, a 7.5% surge back to over 7-year highs occurred last week, as investors betted that MSCI would decide (on Tuesday) to include China A-shares in its benchmark EM index. Such a move would be tempered and managed, with initial mainland allocations capped at just over 1%. Nonetheless, inclusion would see an influx of additional foreign funds, helping support the current rally. European equity slump continues on Greek concern. The threat of a Greek default remains the one factor holding back a concerted continuation of the rally that European equity benchmarks began in 2015. Despite bundling its IMF payment until end June, European equity volatility will remain until some clarity of whether a Greek debt agreement can be reached and the scope of such a deal.

Currencies

USD weakness unlikely to last. Volatility certainly has not been absent from currency markets, as policymakers prompted the EUR/USD to trade a wide 1.09-1.14 range last week. Despite the IMF’s insistence to delay rate hikes, the improving jobs environment is likely to keep the US Fed on a September rate hike path. A gradual and well communicated tightening cycle combined with the Fed maintaining a healthy balance sheet is unlikely to derail the US recovery, but it should keep the USD well supported. While US labour market conditions are a key indicator that the US Fed is looking at to give it justification for tighter policy, this week’s retail sales will also give better clarity on the health of household balance sheets and whether the Q1 weakness was a likely aberration. Meanwhile, GBP volatility is also likely to remain, with Governor Carney’s testimony on inflation to Parliament the key event of the week for UK investors.

For more information contact:

ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E  info@etfsecurities.com

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OPEC Affirms Production Ceiling of 30mbd

OPEC Affirms Production Ceiling of 30mbd

ETF Securities Commodity ETP Weekly OPEC Affirms Production Ceiling of 30mbd

Long natural gas ETPs see highest inflows since December 2014.

Oil market glut drives US$37.2mn out of long oil ETPs.

We are hosting a webinar at 2pm today to cover Friday’s OPEC meeting featuring Amrita Sen, a renowned oil analyst from Energy Aspects – find out more and register.

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Agricultural commodities were the outperformers this week, with weather remaining a catalyst. In the case of coffee, the potential for crop damage during the Brazilian winter sparked fears of lower harvest. Wheat also posted a better than 7% gain for the week, as hard winter wheat quality dipped and the threat of rainfall potentially delaying harvests. With an El Niño expected to last most of this year, weather is likely to continue to be a source of volatility in agricultural markets this year. The OPEC cartel maintained the status quo as widely expected. A better-than-expected jobs report out on Friday in the US could place upward pressure on the US dollar and weigh on commodities this week.

Long natural gas ETPs see highest inflows since December 2014. Bargain hunters drove US$19.2mn into long natural gas ETPs as the price of US natural gas fell a further 3% last week (-7% in the past month). Gas in storage rose more than expected, driving its price lower. The US summer is a seasonal high demand period, driven by the need to power air conditioning. ETC investors appear to view the recent weakness in prices as an aberration and look for demand to strengthen during the course of the summer.

Oil market glut drives US$37.2mn out of long oil ETPs. A further US$3.8mn went into short oil ETPs, underscoring bearish sentiment. Investors widely anticipating the OPEC’s affirmation of its production ceiling of 30 million barrels per day, withdrew holdings of long oil. Managed money positions in ICE Brent crude futures have dropped by over 35% to the lowest level seen since early April. OPEC focused on the rising demand for oil as a supporting factor for its decision. In reality OPEC produces more than 31 million barrels per day, but the group claimed it will adhere to the ceiling more closely in the future, which was seen by some as a bullish signal. Nonetheless, we are skeptical. We believe that the market remains overly optimistic about the pace of supply tightening by non-OPEC producers and we could see a pull-back in price before supply does actually tighten later this year, potentially opening attractive entry points for investors. US stocks remain significantly elevated compared to longer term averages, despite rig counts falling by 60%. We acknowledge US commercial crude stocks are moving in the right direction after falling for the fifth consecutive week, but with the threat of Iran, Iraq and Syria ramping up production, the global glut could be extended.

The OPEC cartel promises to study the impact of falling investment on supply by its next meeting. It is currently concerned about the deferral of investment on oil production stability. OPEC has urged non-OPEC countries to also cooperate more in driving oil market stability. However, many markets including the shale industry in the US, do not have a forum for cooperation. These industries have many small firms operating independently. So it is doubtful that the cooperation the cartel is seeking will materialise. A possible outcome, as Saudi uses up more of its spare capacity, is that the more nimble US shale industry becomes the balancing agent in global oil supply when demand rises.

Key events to watch this week. A host of Chinese data ranging from inflation to exports to credit will give the market a sense for how the world’s largest consumer of commodities’ economy is faring. The USDA WASDE report will garner particular attention after the volatility in agricultural prices in recent weeks.

Video Presentation

Nitesh Shah, Research Analyst at ETF Securities provides an analysis of last week’s performance, flow and trading activity in commodity exchange traded products and a look at the week ahead.

For more information contact

ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E info@etfsecurities.com

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NYSE lanserar NYSE Bitcoin Index NYXBT

NYSE lanserar NYSE Bitcoin Index NYXBT

NYSE lanserar NYSE Bitcoin Index NYXBT New York Stock Exchange, NYSE, som är en del av den globala börsoperatören Intercontinental Exchange (NYSE:ICE) meddelade i veckan att denna marknadsplats har för avsikt att lansera NYSE Bitcoin Index (NYXBT). NYXBT är det första börskalkylerade indexet för Bitcoins. Indexet som lanserades i veckan kommer att representera värdet på en Bitcoin mätt i USD, och värdet beräknas på de transaktioner som verkligen går till avslut på särskilt utvalda Bitcoin-börser som uppfyller NYSEs krav.

Allt fler investerare har kommit att intressera sig för värdet på cybervalutan Bitcoin, och allt fler av dessa är nu villiga att handla och äga Bitcoins säger NYSE. Som ett globalt index ledare och förvaltare av ICE LIBOR, ICE Futures US Dollar Index och många andra framstående riktmärken har NYSE valt att ta fram ett kompletterande index baserat på börsens stränga normer och egna indexmetodik.

NYXBT använder en unik metod som bygger på regelbaserad logik för att analysera en datamängd av matchade transaktioner och verifiera integriteten hos de underliggande data som slutligen producerar ett objektiv och rättvis dagligt värde för en Bitcoin i US-dollar 16:00 Londontid. NYSE Bitcoin Index kommer inledningsvis att bygga på data som bygger på de transaktioner som genomförs på från Coinbase Exchange, den ledande USA-baserade Bitcoinbörsen.

NYSE äger en minoritetsandel i Coinbase, en handelsplattform med över 2,8 miljoner anslutna konsumenter.

NYSEs indexkommitté kommer att övervaka de regler och metoder bakom det nya indexet, och arbeta för att se till att det kontinuerligt återspeglar den nuvarande karaktär Bitcoinmarknaden i takt med att denna utvecklas.

Kommittén kommer också att identifiera och granska datakällor för indexberäkningsprocessen när ytterligare börser som uppfyller NYSE: s stränga normer för öppenhet, likviditet och styrning identifieras. NYSEs Bitcoin svit av index väntas ökas med nya index över tiden.

Ironiskt nog finns den enda börsnoterade produkten som har Bitcoin som underliggande tillgång noterad på Nasdaq, i Stockholm närmare bestämt.

Naturgasen värmer i vinterkylan

Naturgasen värmer i vinterkylan

Naturgasen värmer i vinterkylan. Under 2014 vande vi oss vid att se hur priset på naturgas föll i takt med lägre efterfrågan och ökade lager. Under de första veckorna under 2015 har vi emellertid sett en vändning när den stränga vintern fattade sitt grepp om större delen av nordöstra USA. Denna köldknäpp ökade efterfrågan på el i regionen något som sätter naturgasen i fokus.

Förra året fick den nästan arktiska kylan naturgaspriserna att stiga med över femtio procent, och det är många investerare som förväntar sig en upprepning i år i med tanke på att temperaturen från Mississippi till den amerikanska östkusten ligger upp till fem grader under genomsnittet. I USA, till skillnad från i Sverige, är det vanligt att använda sig av naturgas för uppvärmning. Närmare hälften av alla amerikanska hushåll har naturgas som sin primära värmekälla.

Enligt en undersökning som publicerades hos nyhetsbyrån Bloombergs kommer kylan i USA att fortsätta en bit in i mars, något som gjort att naturgasterminer varit vinnare på råvarubörserna. Detta innebär att naturgasen brutit det nedåtgående trend som denna råvara befunnit sig, men det betyder också att uppgången kan komma att få ett abrupt slut om våren kommer till USA i mars.

Naturgas

ETFer på naturgas

Det finns en börshandlad fond, United States Natural Gas ETF (NYSEARCA:UNG), som replikerar utvecklingen av naturgas, en ETF som varit vinnare de senaste veckorna. Notera emellertid att aktierna i de företagen med fokus på naturgas inte haft en lika starkt uppåtgående trend som den underliggande råvaran. Aktierna i denna sektor har rört sig marginellt uppåt, och det verkar som de flesta aktörerna som satsat på ett stigande pris på naturgasen istället valt att köpa UNG.

United States Natural Gas Fund (UNG)

Investerare som söker en direkt exponering mot naturgas, en viktig energikälla för kraftverk, kan finna att UNG är ett attraktivt alternativ. Det är den mest populära och mest likvida ETFen. Det omsätts cirka 12 miljoner andelar varje dag. UNG har cirka 757 MUSD under förvaltning och debiterar sina andelsägare en årlig förvaltningsavgift om 100 bps.

UNG replikerar förändringen, i procentuella termer, på priset på naturgasterminerna som handlas på råvarubörsen NYMEX. Denna börshandlade fond tar position i frontmånadskontraktet och rullar således dessa terminskontrakt varje månad. Eftersom priserna på de terminskontrakt som ligger längre bort prissätts högre än frontmånadskontrakten innebär detta att UNG förlorar pengar varje gång terminerna rullas då det blir mindre pengar att köpa nya terminer för. Detta brukar benämnas att råvarupriset befinner sig i contango.

UNG har för närvarande två terminskontrakt, NYMEX Natural Gas NG APR15 och ICE Naturgas LD1 H APR15.
Med tanke på en otrolig prisökning på sistone på naturgasmarknaden, något som skett trots svag efterfråge/utbuds fundamenta, är råvaran sannolikt föremål för ett kommande prisomslag.

Temperaturen kommer sannolikt att stiga över USA när våren kommer och den naturliga efterfrågan på naturgas faller då. Detta är sannare mot bakgrund av det faktum att nuvarande lager överstiga femåriga genomsnittet, men med knapp marginal.

United States Natural Gas Fund (UNG)