European certificates market continues to rise
The second quarter of 2013 saw a strong increase in turnover in investment certificates and leverage products on the European exchanges, influenced in particular by the volatility of the European financial markets. At EUR 27.1 billion, trading volumes were up 8.7 percent in comparison with the first quarter of 2013, and as much as 22.1 percent year on year. The figures are based on 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).
At around EUR 13.0 billion, the volume of investment products traded on the exchanges of member countries in the second quarter of the current year was up 8.3 percent in comparison with the first quarter. Investment certificates accounted for 48.1 percent of the total volume recorded by the exchanges of member countries at the end of June. Turnover in leverage products was also up in comparison with the previous quarter. Trading volumes grew by 9.2 percent, to EUR 14.1 billion. Turnover in leverage products accounted for 51.9 percent of the total turnover.
At the end of the second quarter, exchanges in EUSIPA member countries were offering 444,876 investment certificates and 616,525 leverage products. In comparison with the first quarter of the year, the number of products listed was down very slightly, by 0.1 percent. The number of investment products listed was down 0.5 percent year on year, while the number of leverage products offered was up 16.4 percent. Banks listed 539,032 new products during the period from April to June of the current year. There was a quarter-on-quarter decrease of 2.7 percent in issuing activity. With
423,972 new structured products, the leverage products category accounted for 78.7 percent of new issues. New investment certificates accounted for 21.35 percent, at 115,060.
Open interest on the exchanges in Germany, Austria and Switzerland at the end of June 2013 was EUR 238 billion. The market volume was down 3.6 percent compared with the previous quarter. Investment products accounted for a market volume of EUR 224.7 billion at the end of the second quarter of 2013, down 4.3 percent on the previous quarter. A total of EUR 13.4 billion was invested in leverage products, an increase of 10.6 percent as compared with the end of March this year.