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European certificates market on the rise

Exchange turnover significantly higher in the first quarter /market volumes slightly up

Thanks to the positive mood on European financial markets 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 percent to EUR 24.9 billion 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 AG.
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).

In the first three months of this year the trading volume of investment Products recorded by exchanges was up by 19.7 percent in comparison with the previous quarter, rising to around EUR 12 billion. Investment certificates accounted for 48.3 percent 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 percent to EUR 12.9 billion. Leverage products accounted for 51.7 percent 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 percent. The number of investment products had grown by 4.1 percent year on year while that of leverage products had risen by 15.4 percent 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 percent in comparison with the previous quarter. A total of
144,483 investment certificates were issued. This accounted for 26.1 percent of new issues while 403,374 new products (73.9 percent) were leverage products.
For the first time EUSIPA also has important data on European market volume. At stock exchanges in Germany, Austria and Switzerland open interest in the first quarter of 2013 amounted to EUR 246.9 billion. Open interest had increased by 1.3 percent in comparison with the previous quarter. In the first quarter investment products accounted for a market volume of EUR 234.9 billion with the volume rising by 1.5 percent in comparison with the end of December. Leverage products accounted for open interest of EUR 12.1
billion with the volume declining by 2.8 percent quarter on quarter.