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SIFMA Research: Studie zu den internationalen Kapitalmärkten

1. Dezember, 2007 ·

Eine umfangreiche Studie von SIFMA (Scurities Industry and Financial Markets Association) zu den internationalen Kapitalmärkten (PDF).

Kann als gute und aktuelle Research-Quelle genutzt werden. Hier die zentralen Erkenntnisse aus der Zusammenfassung:

  • Global securities industry revenues exceeded an estimated $794 billion dollars in 2006, an increase of 35.9 percent over 2005.
  • The value of global capital markets (the total market capitalization of all equity markets, the value of all bonds outstanding and the gross market value of listed and OTC derivatives) rose to $133.6 trillion in 2006, 19 percent above the $112.7 trillion recorded in 2005.
  • The total market capitalization of the world’s equity markets reached $54.2 trillion in 2006, while the total face value of outstanding bonds totaled $67.4 trillion. Derivatives markets accounted for an additional $12 trillion in gross market value. Including commercial bank assets of $74.2 trillion to these totals, the size of global capital markets exceeded $207 trillion in 2006.
  • Global debt and equity issuance climbed to a record $7.84 trillion in 2006 from $6.62 trillion in 2005, an 18.4 percent increase. For the first three quarters of 2007, global debt and equity issuance totaled 6.43 trillion.
  • Global annual trading volume of exchange traded futures contracts grew 33.3 percent to reach $5.3 trillion in 2006 while that of exchange traded options contracts grew 10.8 percent to reach $6.6 trillion.
  • Global announced mergers and acquisitions surged 32 percent to reach $3.7 trillion in 2006. The value of completed mergers and acquisitions worldwide increased by 27.1 percent in 2006 to reach $2.89 trillion. The value of completed deals stood at $3.5 trillion at the end of the third quarter 2007, suggesting to the belief that the value of completed transactions may surpass the record $3.71 trillion set in 2000.
  • Global bond market issuance in 2006 reached $12.9 trillion, a record volume and 13.6 percent above $11.3 trillion issued in 2005. The global bond market has increased in size by 313 percent from 1990 to the first quarter of 2007.
  • Government bonds account for 37 percent of world bond market totals, financial institutions 52 percent and corporates the remaining 11 percent.
  • U.S. bond issuance accounted for 49 percent of the global total in 2006, compared with 51 percent for all of 2005. Eurozone issuance accounted for 24 percent of the world bond markets in 2006 and 19 percent in 2005. Japanese issuance accounted for 13.4 percent of the world bond markets in 2006 and 13 percent in 2005.
  • Average daily bond trading volume remained strong. Trading volume of world government bonds reached $947 billion in 2006, up 4.0 percent from the $911 billion in 2005. The US accounted for 52 percent of this volume, while the UK and the Eurozone accounted for 30 percent and Asia accounted for 18 percent of the total.
  • The value of equity shares traded for all of 2006 reached an all-time high of $67.9 trillion, an increase of 42.8 percent over the prior year, and breaking the previous record level of $47.9 trillion, which was set in 2000.
  • The issuance of asset backed securities (ABS) in the U.S. set a record of $1.3 trilion in 2006, posting its second consecutive trillion dollar year.
  • The notional value of OTC credit derivatives outstanding reached $34.4 trillion at the end of 2006, more than twice that outstanding at the end of 2005 and a 37 fold increase since the end of 2001.
  • The corporate bond global default rate declined to 0.46 percent (1.14 percent for speculative grade bonds) in 2006 from 0.57 percent (1.41 percent for speculative grade bonds) in 2005. On a 12-month trailing basis, the default rate was 0.43 (1.02 percent of speculative grade bonds) as of August 2007, near the historic low.
  • Global net assets of mutual funds has doubled in just over eight years to $22.7 trillion. During this time period Hong Kong has grown the most rapidly, increasing by 559 percent in the developed nations grouping.
  • The United States accounted for 62 percent of the global hedge funds’ assets under management in 2006, a sharp decline from the 82 percent share in 2002. Europe’s share of hedge fund’s assets under management has grown from 9 percent to 26 percent during the same time period, while Asia has not grown as fast, rising from 5 percent to 8 percent.
  • The United States dominates global assets under management (conventional investment management) with well over 50 percent of the assets, or $32.32 trillion, which consists of $15.89 trillion in pension funds, $6.01 trillion in insurance assets and $10.4 trillion in mutual funds.

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