10 Dec 2021

ECMI Statistical Package – Key findings

Apostolos Thomadakis

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This report provides an overview of the key findings of the ECMI Statistical Package 2021, a comprehensive collection of the most relevant data on various segments of European and global capital markets. It enables users to trace trends so as to highlight the ongoing transformation of capital markets, including the structural changes brought about by competitive forces, innovation and regulation. It represents an important step towards overcoming the existing data fragmentation on the evolution of European capital markets by offering a ‘one-stop-shop’ for market participants, regulators, academics and students. The 2021 version contains data on equity markets, debt securities, securitisation, covered bonds, exchange-traded and over-the-counter derivatives, asset management, mutual funds, insurance companies and pension funds, and global comparative data.

Highlights

Equity market

  • The market capitalisation of listed companies in the EU-27 increased marginally by 0.8 % in 2020.
  • The capital raised through initial public offerings increased by 20 % in 2020.
  • The number of listed exchange-traded funds (ETFs) in the EU-27 rose by 40 % to 7 857 and the total value of ETF trading by 63 % to EUR 503 billion.

Debt securities

  • The global amount of outstanding debt securities saw an increase in 2020, totalling EUR 105 trillion.
  • Notional amounts of outstanding debt in the EU-27 rose, in terms of both value (+14 %) and GDP share (standing at 166 %).
  • Issuance of securitised products fell 10 % to EUR 195 billion in the EU-27, while in the US it increased 76 % to EUR 3.3 trillion.

Exchange-traded derivatives

  • The trading of interest rate derivatives (IRDs) in Europe slowed (-8.8 %) to EUR 383 trillion in 2020.
  • Global trading in commodity derivatives remained stable at EUR 120 trillion, while the number of contracts reached 7.8 billion.

Over-the-counter derivatives

  • The notional amount of over-the-counter traded derivatives increased by 2.6 % in 2020 and the gross market value by 34 %.
  • Euro-denominated IRDs grew 11 % to EUR 116 trillion, representing 28 % of all contracts.
  • Central clearing for IRD contracts shrank 3.5 %. At the end of 2020, 72 % of IRDs were cleared with central clearing counterparties.

Investment funds

  • The number of undertakings for collective investment in transferable securities (UCITS) funds increased by 0.5 % in 2020 and the number of non-UCITS funds by 1.8 %.
  • The net assets of UCITS funds totalled EUR 9.6 trillion, while those of non-UCITS reached EUR 6.4 trillion.
  • Equity and bond funds represented 29 % and 24 % respectively of the total EU-27 investment fund market in terms of net assets.