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Global statistics – a user perspective The case of the Euro Area Securities Issues Statistics (SEC)

Global statistics – a user perspective The case of the Euro Area Securities Issues Statistics (SEC). Peter Neudorfer. WFE Workshop on Market Structures & Statistics Paris, 1-2 December 2008. Content. Euro area SEC stylised facts Production and publication

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Global statistics – a user perspective The case of the Euro Area Securities Issues Statistics (SEC)

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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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