February 2, 2023


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Excessive launch degree of structured merchandise set to proceed in Europe



  • EUR 289 billion open curiosity throughout reporting markets / turnover barely falling

Turnover in funding and leverage merchandise on reporting European monetary markets was down 1 p.c quarter on quarter and 10 p.c 12 months on 12 months within the third quarter of 2022, bringing the overall to EUR 31 billion. These and different market knowledge have been sourced by the European Structured Funding Merchandise Affiliation (EUSIPA) from its members and analysed by Avaloq Evolution AG.

The members of EUSIPA who present the figures for the market report embrace Zertifikate Discussion board Austria (ZFA), the Belgian Structured Funding Merchandise Affiliation (BELSIPA), Affiliation Française des Produits Dérivés de Bourse (AFPDB), Deutscher Derivate Verband (DDV), Associazione Italiana Certificati e Prodotti di Investimento (ACEPI), the Netherlands Structured Funding Merchandise Affiliation (NEDSIPA), the Swedish Trade Traded Funding Merchandise Affiliation (SETIPA), the Swiss Structured Merchandise Affiliation (SSPA), and the Luxembourg Structured Funding Merchandise Affiliation (LUXSIPA).

Third-quarter turnover in funding merchandise on European buying and selling venues amounted to EUR 8 billion, 25 p.c of complete traded quantity. Funding product turnover decreased by 16 p.c quarter on quarter and by 39 p.c 12 months on 12 months. Turnover in leverage merchandise (Warrants, Knock-Out Warrants, and Fixed Leverage Certificates) reached EUR 23 billion within the interval from July to September, representing 75 p.c of complete turnover. Turnover in leverage merchandise elevated by 6 p.c 12 months on 12 months and by 4 p.c from Q2 2022.

On the finish of September, buying and selling venues positioned in reporting EUSIPA markets have been providing 414,250 funding merchandise and 1,641,658 leverage merchandise. As such, the variety of listed merchandise elevated by 3 p.c on a quarterly foundation and by 14 p.c on the earlier 12 months.

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Banks issued 1,695,647 new funding and leverage merchandise within the third quarter of 2022, down 1 p.c on the earlier quarter and up 35 p.c yearly. In complete, 130,895 new funding merchandise have been launched, accounting for 8 p.c of recent points; the 1,564,752 new leverage merchandise symbolize 92 p.c of the overall. There have been 10 p.c extra funding merchandise launched than in the identical quarter of 2021. On the leverage merchandise facet, issuance elevated by 37 p.c on an annual foundation.

For Austria, Belgium, Germany and Switzerland, the market quantity of funding and leverage merchandise issued as securities decreased by 3 p.c 12 months on 12 months and by 6 p.c from the earlier quarter to a complete of EUR 289 billion.

On the finish of September, the market quantity of funding merchandise stood at EUR 280 billion – down 6 p.c quarter on quarter and three p.c 12 months on 12 months.

The excellent quantity of leverage merchandise totalled EUR 9 billion on the finish of September. This represents a 13 p.c lower on a year-on-year foundation.