European certificates market on the rise, says EUSIPA
The turnover of investment certificates and leverage products traded on European exchanges rose significantly in the first quarter of 2013.
Volumes were up by 19.97 per cent to EUR24.9bn year on year.
This is shown by the latest market data collected by the European Structured Investment Products Association (EUSIPA) from its members and analysed by Derivative Partners Research.
For the first time EUSIPA has also released open interest data from the deepest European markets. At stock exchanges in Germany, Austria and Switzerland open interest in the first quarter of 2013 amounted to EUR246.9bn, up 1.3 per cent from the previous quarter. In the first quarter investment products accounted for a market volume of EUR234.9bn with the volume rising by 1.5 per cent in comparison with end of December figures. Leverage products accounted for open interest of EUR12.1bn with the volume declining by 2.8 per cent quarter on quarter.
In the first three months of this year the trading volume of investment products recorded by exchanges was up by 19.7 per cent in comparison with the previous quarter, rising to around EUR12bn. Investment certificates accounted for 48.3 per cent of the total volume at the end of the first quarter.
Trading in leverage products also improved significantly in comparison with the last quarter of 2012 with volumes growing by 20.3 per cent to EUR12.9bn. Leverage products accounted for 51.7 per cent of total turnover.
On the exchanges of the EUSIPA member countries the products on offer at the end of March comprised 449,227 investment certificates and 612,957 leverage products. Compared with the previous quarter the number of listed products grew by 7.9 per cent. The number of investment products had grown by 4.1 per cent year on year while that of leverage products had risen by 15.4 per cent on the figure recorded in the first quarter of 2012.
Banks listed 553,857 new products in the first three months of this year. The number of new issues rose by 15.7 per cent in comparison with the previous quarter. A total of 144,483 investment certificates were issued. This accounted for 26.1 per cent of new issues while 403,374 new products (73.9 per cent) were leverage products.
The members of EUSIPA include: Zertifikate Forum Austria (ZFA), Association Française des Produits Dérivés de Bourse (afpdb), Deutscher Derivate Verband (DDV), Associazione italiana certificati e prodotti di investimento (ACEPI), the Swedish Exchange Traded Investment Products Association (SETIPA) and the Swiss Structured Products Association (SSPA).
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