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European structured products market in upwards trend

Turnover in investment certificates and leverage products on the European exchanges was significantly up in the fourth quarter of 2013. In comparison with the previous quarter, the trading volume gained 10.3 percent at EUR 26.7 billion. Year on year, European exchange turnover was up 17.9 percent. This is one of the findings of an analysis by Derivative Partners Research AG of the latest market data collected by the European Structured Investment Products Association (EUSIPA) from its members. The turnover data of the Dutch market provided by the Netherlands Structured Investment Products Association (NEDSIPA) were also included in the statistics for the first time.

In the period from October to December 2013, the exchanges of member countries with investment products transacted EUR 11.2 billion. This meant a rise of 11.2 percent in comparison with the same period of 2012. Investment certificates accounted for 41.9 percent of the trading volume of the exchanges of member countries at the end of December. Leverage products recorded active trading. The trading volume in products such as Warrants and Knock-Out Securities substantially increased by 23.3 percent to EUR 15.5 billion in comparison with the comparable period of last year. Turnover in leverage products accounted for 58.1 percent of the total turnover. The range of products offered on the exchanges of EUSIPA member countries at the end of the fourth quarter comprised 471,608 investment certificates and 649,498 leverage products. The total of the listed products offered grew by 2.8 percent in comparison with the third quarter of 2013. The number of investment certificates listed was up 12.2 percent in comparison with the same quarter of 2012, and the number of leverage products was up by 15.2 percent.

Between October and December 2013, banks launched 582,512 new investment certificates and leverage products. The number of new issues of structured securities was thereby up 5.9 percent on a quarter by quarter basis. Leverage products accounted for 425.683, or 73.1 percent, of the new issues. Investment products accounted for 156,829, or 26.9 percent. The market volume – or open interest – in Austria, Germany and Switzerland at the end of 2013 was EUR 248.1 billion. The total numbers are influenced by a statistical effect  due to the Swiss National Bank having, as of Q4 2013, enlarged their reporting basis. Broad trends can thus be rebased to Q1 2014. Single country changes other than in the Swiss market can be taken from the European statistics.

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