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Euro Area Securities Issues Statistics: Market Trends & Liquidity Analysis

Explore Euro Area Securities Issues Statistics, analyzing market trends and liquidity. Learn about production, potential roles of securities exchanges, and methodology behind SEC data collection. Discover how statistics are gathered to quantify the depth and liquidity of capital markets and assess the euro's role in international financial markets. Understand the importance of tracking gross/net flows to measure liquidity effects on actors. Delve into methodology, outstanding amounts, and data collection processes of securities issues statistics, serving various user groups. Examine the potential role of securities exchanges in providing precise data on market capitalization, share buybacks, margin debt, and more. Address challenges in reporting standards when dealing with multinational securities issuances, accurate issuer residency information, secondary markets, and structured products coverage. Stay informed about the evolving landscape of securities market statistics with a user-centered approach.

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Euro Area Securities Issues Statistics: Market Trends & Liquidity Analysis

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  1. Global statistics – a user perspectiveThe case of the Euro Area Securities Issues Statistics (SEC) Peter Neudorfer WFE Workshop on Market Structures & Statistics Paris, 1-2 December 2008

  2. Content • Euro area SEC stylised facts • Production and publication • Potential role of securities exchanges

  3. Securities issues statistics - Stylised facts • The aim of SEC is • to trace market trends and expectations • E.g. study shifts between Issuer Sector / Instrument interest type / Original Maturity and Issue Currency • to quantify the depth and liquidity of capital markets • In terms of Outstanding amounts, Gross issues, Redemptions, Net issues • to assess the role of the euro in international financial markets • Particular focus on securities denominated in euro Note: The overall benchmark for SEC statistics is to quantify the effects issues/redemptions have on the liquidity of actors, i.e. in how far gross/net flows change their cash position.

  4. Securities issues statistics - Methodology European System of Accounts 1995 ECB guideline (ECB/2007/9)

  5. Securities markets - debt DEBT SECURITIES 12,676 EUR billion Outstanding amounts Euro area residents. All currencies. End-Sep 2008

  6. Securities markets – equities QUOTED SHARES 4,423 EUR billions. Euro area residents. End-Sep 2008

  7. Securities issues statistics -Data collection and processing

  8. Securities issues statistics -Serving four user groups

  9. Potential role of securities exchanges Individual NCBs are already using information from national Stock Exchanges for SEC – but so far following national approaches. An intensified usage would require to clarify various issues: • In how far are individual Exchanges producing (and publishing) data on debt and equity instruments that match methodological standards of SEC, e.g. gross/net issuances (buy-backs), issues against cash, sector of issuer, info on secondary market, etc.? • Do Exchanges apply (or does the WEF recommend) a particular instrument classification, e.g. the ISO 10962 (CFI) ‘Classification of Financial Instruments’? • Are Exchanges liaising with National Numbering Agencies, e.g. concerning the gap between announced and and actually sold amounts? • Would it be possible to make data aggregates over local euro area Exchanges available via the WFE (or FESE) as a ‘central hub’?

  10. Potential role of securities exchanges – cont’d • More precise data requests in the context of SEC production would include monthly information for the euro area on • aggregated market capitalisation of newly listed companies (post any new capital offerings in conjunction with the listings) • aggregated market value of companies which are delisted • aggregated market values of share buy backs which lead to lower market capitalisations (due to share cancellations) • aggregated market values of share buy backs which are held as treasury shares by the issuing entity • development of margin debt • end-monthly short interest volumes

  11. Potential role of securities exchanges – cont’d • Furthermore statisticians are more and more confronted with specific features of the securities issuance and trading process that challenge traditional reporting standards, such as: • Multinational companies issue securities simultaneously on different Exchanges and/or by specialised financing entities in specific countries • How accurate is the information on the residency of issuer? • Have Exchanges already been confronted with “European Companies”? • Due to the elaborate secondary market, statistical information on holders is rather difficult to collect. • Are individual Exchanges and/or WEF collecting (and publishing) data on holders of debt and equity instruments? • Which is the coverage of structured products, such as ABS or CDOs, etc.?

  12. Thank you for your attention …

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