2019 ECMI Statistical Package: Key findings

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This report provides an overview of the key findings observed in the 2019 ECMI Statistical Package, a comprehensive and annually updated database on the dynamics of European and global capital markets (covering the US, Japan, China and other relevant markets).* The key trends gleaned from the Package on equity markets, debt securities, exchange-traded derivatives, over-the-counter derivatives and asset management are outlined below.

Information on the 2019 ECMI Statistical Package and how to download it can be found here.

Key Highlights

Equity Markets

  • Market capitalisation in the EU-27 decreased by 13.7% in 2018, while the number of companies admitted for listing in European exchanges showed positive growth.
  • Capital raised though IPOs declined by 30.8%.
  • The number of listed ETFs (exchange-traded funds) in Europe rose by 9.2%, although the total value of ETFs trading shrank by 6.2%.

Debt Securities

  • The amount global of outstanding debt securities in 2018 saw an increase, totalling €88 trillion.
  • Notional amounts of outstanding debt in the EU-27 fell, both in terms of value (down by 2.0%) and GDP share (standing at 138.5%).
  • Notional amounts of debt issued by governments continued to grow, while those by non-financial institutions and corporates declined.
  • Outstanding volumes of covered bonds grew by 3.9% in 2018, predominantly driven by increasing amounts of mortgage bonds.

Exchange-traded derivatives

  • The trading of interest rate derivatives in Europe showed a growth rate of 13.4% in 2018.
  • Global trading in commodity derivatives increased by 11.3% and the number of contracts reached 4.9 billion.
  • The stock futures market and the stock option market recorded an increase of 41% and 8% in 2018, respectively.

Over-the-counter derivatives

  • The notional amount of OTC traded derivatives decreased by 7.2% in 2018, while the gross market value fell by 7.6.
  • Gross market value of EUR-, GBP-, and USD-denominated IRD (interest rate derivative) contracts declined by 23.2%, 28.1% and 37.5%, respectively.
  • The notional amount of outstanding CDSs was €7,109 billion (down by 8.8% to 2017), and the notional amount of equity-linked derivatives increased by 17.2% at €6,417 billion.
  • Central clearing continues to make inroads for IRD contracts and increased by 8.6%. At the end of 2018, 76.1% of IRD were cleared with CCPs.

Investments funds

  • The number of European investment funds increased by 1.8% in 2018, while the total assets decreased by 3.0%.
  • The number of UCITS funds increased by 4.3% in 2018, and the number of Non-UCITS funds decreased by 1%.
  • Net assets totalled by UCITS funds were €8,691 million, while the Non-UCITS reached €5,474 billion in 2018.

* The ECMI Statistical Package retrieves, compiles and analyses data from publicly available sources and reports as follows: Section 1: WFE, FESE and trading venues; Section 2: BIS, ECB, ECBC, AFME, WFE, FESE and trading venues; Section 3: BIS, WFE, FESE and trading venues; Section 4: BIS and WFE; Section 5: EFAMA, OECD, Pensions Europe and Insurance Europe; Section 6 to 8: Eurostat, IMF and World Bank.

Silvia Tadi is Research Assistant and Apostolos Thomadakis, Ph.D. Researcher at ECMI.