MARKET COMPASS FOR THE UNITED STATES
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1 MARKET COMPASS FOR THE UNITED STATES HOW TO MAKE THE U.S. YOUR NEXT EMERGING MARKET A SECURITIES SERVICES PUBLICATION The bank for a changing world
2 The United States of America Innovation-based growth The United States (U.S.) has been the major growth engine of the world economy since the end of World War II. It has one of the most diversified and most technologically advanced economies in the world and is at the forefront of most major technological innovation, especially in the computer, internet, medical and aerospace industries. The U.S. has a mixed economy because privately owned businesses and government both play important roles. Private businesses produce most goods and services, and almost two-thirds of the nation s total economic output goes to individuals for personal use while the remaining one-third is bought by government and business. The consumer role is so great that the U.S. is sometimes described as having a consumer economy. Some characteristics of the U.S. economy include: A large consumer market with a high purchasing power A comparatively young population, while other developed countries such as those in Europe and Japan or even developing ones such as China are ageing at a rapid pace Stability of its institutional framework Economic openness to the world Energy resources, ranking second in the production of coal, oil and gas At a glance Population 267 m Gross Domestic Product $ 1994 GDP $7,308 bn GDP per capita $27,800 Population the 3rd most populated country (Source: IMF) 319 m Gross Domestic Product $ 2014 GDP $17,419 bn Sovereign risk rating: AA+ with a stable outlook (Standard & Poors) GDP per capita $54,600 2
3 One of the oldest financial markets in the world The New York Stock Exchange (NYSE), founded in 1867, is by far the world s largest stock exchange by market capitalization of its listed companies at US$19.2 trillion as of January In 2014, the NYSE led the world s markets in global capital for the fourth consecutive year, raising more than $70 billion. More specifically, it led in technology IPOs (Initial Public Offerings) with $29 billion in proceeds and was host of the largest IPO in history, Alibaba, the Chinese ecommerce company, which raised $25 billion. The Nasdaq (National Association of Securities Automated Quotations) was created in 1971 by the National Association of Securities Dealers and was the world s first electronic stock market (a revolutionary model at the time). Today it is the second-largest exchange in the world by market capitalization. These two major stock exchanges keep attracting new companies, domestic and worldwide. The U.S. IPO market had a very strong year in 2014, with 304 debut companies raising $87.1 billion, the most since 2000 in terms of volume and value. Foreign companies with an international reach or in fast-developing sectors like tech or biotech industries are prone to list on U.S. exchanges in order to gain access to the sophisticated U.S. investment community. This trend is likely to continue: non-u.s. issuers made up approximately 24% of all IPOs in However, despite the entrenched position of the two major exchanges, new competition such as BATS Global Markets has taken some market share. The NYSE and Nasdaq now account for 40% of the total U.S. equity markets. The largest equity market in the world $3.3 tn Nasdaq $12.4 tn NYSE Market capitalization NYSE No. of listed companies 2,214 Nasdaq No. of listed companies 3,214 (source: World Federation of Exchanges, January 2015) $6.8 tn Nasdaq $19.2 tn NYSE Market capitalization NYSE No. of listed companies 2,464 12% foreign companies Nasdaq No. of listed companies 2,786 20% foreign companies 3
4 A global currency The U.S. Dollar (USD) is the world s most traded currency and is the currency most used in international transactions. Eight countries (among them, Ecuador, El Salvador, Panama, Zimbabwe) use the U.S. dollar as their official currency. In addition, fifteen countries (including some in Latin America) use it as the de facto currency where the U.S. dollar is treated as legal tender. The Dollar supremacy End of 2014 U.S. Dollar The U.S. Dollar s share increased among the currency reserves of Central banks The U.S. Dollar 44.6% makes up of all SWIFT payments 63% (source: SWIFT, International Monetary Fund, IMF, 2014) 4
5 Investing in the U.S. capital markets The primary facility to invest in the U.S. capital market is through a broker dealer, who buys and sells securities on its clients behalf. There are no market entry restrictions for foreign investors for stocks and bonds. However, U.S. 40 Act Mutual Funds may have restrictions for non-u.s. resident investors. Each fund will indicate in its prospectus whether it permits foreign investors. Foreign ownership of U.S. stocks totaled 16% in 2014, the highest levels since such records have been kept. This global diversification trend in the equities markets is projected to continue. Britons and Canadians are the biggest foreign investors in U.S. stocks, each accounting for 12%, while Japanese investors account for 6%. Markets infrastructure Combining governmental regulatory bodies and non-governmental organizations The Securities and Exchange Commission (SEC) is the main regulatory body of the securities industry in the United States. It requires any stock exchanges and brokers outside the U.S. willing to provide services to American investors to comply with the SEC s regulation. The SEC works with the Federal Reserve and some self-regulatory bodies such as the Financial Industry Regulatory Authority (FINRA). INDUSTRY REGULATORS The Securities and Exchange Commission (SEC) was empowered by Securities Exchange Act of 1934 with broad authority over all aspects of the securities industry. The SEC is made up of five Commissioners who are appointed by the President of the United States with advice and consent of the Senate The Financial Industry Regulatory Authority (FINRA) is the largest self-regulatory, not-for-profit organization authorized by Congress to protect the U.S. investors by making sure the securities industry operates fairly and honestly. FINRA conducts surveillance across 99% of the market for U.S. listed equities. CENTRAL BANK The Federal Reserve has four main responsibilities: Conduct the monetary policy Supervise and regulate banks and other important financial institutions Maintain the stability of the financial system Provide certain financial services to the U.S. government, U.S. financial institutions, and foreign official institutions 5
6 Depository infrastructure For more than 40 years, the Depository Trust & Clearing Corporation (DTCC) has been the primary infrastructure for the post-trade processing of most types of securities transactions. It serves as the centralized clearing house for more than 50 exchanges and equity trading platforms in the U.S. Its subsidiaries, the National Securities Clearing Corporation and the Fixed Income Clearing Corporation act as central counterparties for on-exchange transactions. In 2012, the Financial Stability Oversight Council designated the DTCC and its subsidiaries as Systematically Important Financial Market Utilities (SIFMUs) in accordance with the Title VIII of the Dodd-Frank Act. The Federal Reserve operates the main government securities depository and clearing system. It also operates the Fedwire electronic payment system. FINANCIAL INSTRUMENTS US treasury securities Equities and Fixed Income Securities issued by federal government agencies, government sponsored enterprises and certain international organizations POST TRADE INFRASTRUCTURE CSDs CENTRAL COUNTERPARTIES (CCPs) DTCC Depository Trust and Clearing Corporation The Depository Trust Company (DTC) The world s largest depository with $1.6 quadrillion in transactions every year! For on-exchange transactions: National Securities Clearing Corporation (NSCC) for equities Fixed Income Clearing Corporation (FICC) for fixed income The Federal Reserve Settlement cycles are T+3 for equities, corporate and municipal bonds and T to T+1 for government bonds. DTCC has outlined the rationale for supporting a move to shorten the settlement cycle (T+2) in the U.S. financial markets for equities, corporate and municipal bonds and unit investment trust trades. Expected implementation is scheduled for Q
7 Continued growth of mutual fund investing The asset management industry has experienced strong growth in the United States over the past quarter century, from both asset appreciation and strong demand from households. Funds now play a major role in U.S. financial markets: they are among the largest groups of investors in the American stock, commercial paper, and municipal securities markets. U.S. mutual funds and ETFs: more than half of assets under management worldwide The assets of U.S. registered investment companies exceeded $18 trillion for the first time in 2014, steadily growing despite the two financial markets crisis of the 2000s. The most popular investment vehicles are by far mutual funds and exchange-traded funds (ETFs) which manage a combined 17.8 trillion in assets! A steady growth in U.S. mutual funds and ETFs a total of $8,614 bn a total of $18,216 bn , ,974 15, Others (closed-end funds, unit investment trust, ) ETFs Mutual funds (source: 2015 Investment Company Fact Book) 7
8 Mutual funds: the largest asset opportunity in the U.S. Mutual funds are the most accessible structure to investors, regardless of asset size, distribution outlet (i.e., direct, advisor, retirement plan), or investment objective. Ownership of mutual funds Number of households owning mutual funds 53.2 million Percentage of households owning mutual funds Median mutual fund assets of fund-owning households Median number of mutual funds owned 43.3% $103,000 4 (source: 2015 Investment Company Fact Book) In the early 1990s, the SEC determined that compliance with the Investment Advisers Act did not necessitate that foreign managers change the way they conduct business with their foreign clients. These removed hurdles to entering the U.S. market and put foreign managers on a level playing field with their domestic counterparts. Consequently, for asset managers seeking access to a wide range of investors through a single investment vehicle, mutual funds remain the more attractive option for managers launching investment strategies in the U.S. According to the Investment Company Institute (ICI), as of June 2013, 15.8% of assets of U.S. mutual funds were managed by foreign-owned asset managers. For mutual funds, one way to lower costs and ramp-up time, thereby improving the prospects for profitability, is to enter the space through a multiple series trust. This can be significantly easier than a manager launching a new mutual fund of their own. Though the structure has been around for a couple of decades, in recent years, multiple series trusts have become a popular approach for firms entering the U.S. market for the first time as they may provide lower breakeven points and expenses. Series trusts allow multiple managers to pool their costs by sharing board of trustees, chief compliance officers, and a number of back-office functions. The cost and time savings of a series trust make this an attractive solution for non U.S. managers looking to enter the U.S. mutual fund marketplace. 8
9 Exponential ETFs development Since the early 2000s, passive ETF product development and use particularly among institutions and advisors have increased exponentially, thus changing the dynamic between active and passive management. Over the last 10 years, investors have been attracted to ETFs due to both their structural advantages, as well as the general migration toward passive investment strategies. Today, passive investment strategies represent 30% of total assets, which is more than double its share from a decade ago. While passive strategies will continue to capture market share, active strategies will maintain a prominent place in the U.S. Some asset managers are leveraging the two strategies within their line-ups. The U.S. has the largest ETF market accounting for 73% of the ETF assets worldwide. The majority of assets in U.S. ETFs are in funds registered with and regulated by the SEC under the Investment Company Act of At year-end 2014, a small 3% of assets, primarily invested in commodities, currencies, and futures, were held out of the Investment Company Act s framework. U.S. mutual fund distribution channels The U.S. fund space can be segmented into various channels, each with its own unique characteristics and underlying dynamics. 52% The financial intermediary channel represents the main distribution opportunities at the broad channel level and is projected to see continued growth in the years ahead. The total advisor population in the U.S. is estimated to be around 300,000 in 2014 and can be broken down into: The wirehouse channel (also known as national broker/dealers ) which represents the most attractive and concentrated distribution opportunity. This channel represents advisors who are employees of the four largest broker/ dealers in the U.S.: Morgan Stanley Wealth Management, Bank of America Merrill Lynch, UBS, and Wells Fargo Advisors. Since there are only four wirehouse firms and each firm has high advisor concentrations in each of their branches, it makes it more efficient for a wholesaler to cover. With the high concentration of assets, getting onto their platforms is much more difficult than other channels. The independent/regional channel represents both independent broker/dealers and regional broker/dealers. Advisors are mainly independent contractors of their respective firms instead of employees of a firm. While the majority of firms in this channel are much smaller than the wirehouse channel, there are several large broker/dealers growing at a rapid pace, which make for attractive distribution opportunities for mutual fund managers. The bank broker/dealer, private bank, and trust channels are often mentioned in the same breath but are very distinct from each other. Bank broker/dealers have advisors that are affiliated with banking institutions. Private banks are also affiliated with banks but focus on personalized financial advice for highnet-worth and ultra-high-net-worth clients. Finally, the trust channel is much different than any of the other channels mentioned since they administer trust vehicles for high-net-worth individuals. Instead of an advisor, this channel has trust officers that have typically used their own proprietary products but have started to open up to third-party managers in recent years. One of the trends that has emerged in recent years though is the advisor shift to more independent models through independent broker/dealers and independent registered investment advisors (RIAs). These two channels grew 29% and 30.6%, respectively. 9
10 27% The second largest channel is the defined contribution space with 27% of total assets. 16% The direct or retail supermarket channel represents 16% of total mutual fund assets and includes retail investors who are purchasing mutual funds directly through discount providers such as Charles Schwab and Fidelity Investments. This channel requires a much different strategy since managers need to have strong brand recognition to drive sales at the end investor level. 5% Finally, the institutional channel controls less than 5% of long-term mutual fund assets, since this channel relies more on institutional separate accounts for its investment vehicle. Sources: FUSE Research Network, Morningstar Direct, ICI, Access Data, 2014 Find out more Articles on our Securities Services website Exploring America : A guide to accessing the U.S. fund marketplace (June 2015) Adapting to survive : Evolutionary lessons from U.S. funds of hedge funds (June 2015) How to generate incremental revenue in a low rate environment (May 2015) A horse of a different color : what makes the American financial market distinct from the rest of the world? (March 2015) Umbrella funds : how Global Managers Trust is opening the door to the U.S. fund marketplace (March 2015) Global Risk Survey : our Global Risk Survey 2015 is based on 177 interviews conducted with asset owners globally (March 2015) Transatlantic ambition (February 2015) Time trial : A shorter settlement cycle will help the United States catch up with the rest of the world, remove risk and simplify clearing for global funds (Septembe 2014) Video (BNP Paribas Economic research) on A weird recovery (June 2015) begins on a soft footing (May 2015) Market Information database on NeoLink, our client s portal, which brings in-depth information on market practices 10
11 Your support in the United States Expanding our franchise for 25 years Our North American activities represent an integral component of the evolution of our global strategy. Our legacy in the U.S. dates back over 25 years in providing cash financing to banks and broker dealers. Today, we offer a diversified and balanced mix of products to all market participants in the investment cycle that seek to minimize risk and maximize value. We specialize in asset servicing and deliver post trade administrative and custodial services to asset managers both traditional and alternatives, institutional investors, banks, broker-dealers and issuers. Asset managers (traditional and alternative) and asset owners Banks and broker dealers Hedge fund administration Fund dealing services Trade support and position keeping Investment reporting and performance Global funds distribution services (40-Act series trust; AIFMD and Depo-lite) Agency lending U.S. custody, local and global Settlement U.S. custody, local and global Issuers Transversal services Issuing and paying agent services for money market instruments, DTC FAST eligible bonds and private placements Listed derivatives clearing Financing services (FX, letters of credit, collateral management) Escrow agency services With a staff over 300 employees across four offices in the United States, our assets under custody are $214 billion (as of April 2015) with 1.1 million transactions settled (per annum, 2014) We are well positioned with our award-winning solutions to enable our clients to capitalize on the U.S. financial markets opportunities. Global Custodian Agent Banks in Major Markets Survey 2015: highest local market scores in the U.S. HFM 2015 U.S. Hedge Fund Services Awards: Best Administrator Managed Accounts 11
12 For additional information, please contact Philippo Bano Head of Sales and Relationship Management Financial Intermediaries Phone: +1 (212) Andrew Dougherty Head of Alternative and Institutional Solutions Phone: +1 (212) Wayne Finnegan Head of Institutional Investor Sales and Relationship Management Phone: +1 (917) John Graham Head of Sales and Relationship Management, Derivatives Clearing Services Phone: +1 (212) Jamie Pratt Head of Sales Americas, Debt Market Services Phone: +1 (212) (0) Lance Wargo Head of Agency Lending North America Phone:+1 (212) Follow us: Visit us: securities.bnpparibas.com The information contained within this document ( information ) is believed to be reliable but BNP Paribas Securities Services does not warrant its completeness or accuracy. Opinions and estimates contained herein constitute BNP Paribas Securities Services judgment and are subject to change without notice. BNP Paribas Securities Services and its subsidiaries shall not be liable for any errors, omissions or opinions contained within this document. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. For the avoidance of doubt, any information contained within this document will not form an agreement between parties. Additional information is available on request. BNP Paribas Securities Services is incorporated in France as a Partnership Limited by Shares and is authorised and supervised by the European Central Bank (ECB), the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and the AMF (Autorité des Marchés Financiers). BNP Paribas Securities Services, London branch is authorised by the ACPR, the AMF and the Prudential Regulation Authority and is subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority and regulation by the Financial Conduct Authority are available from us on request. BNP Paribas Securities Services, London branch is a member of the London Stock Exchange. BNP Paribas Trust Corporation UK Limited (a wholly owned subsidiary of BNP Paribas Securities Services), incorporated in the UK is authorised and regulated by the Financial Conduct Authority. In the U.S., BNP Paribas Securities Services is a business line of BNP Paribas which is incorporated in France with limited liability. Services provided under this business line, including the services described in this document, if offered in the U.S., are offered through BNP Paribas, New York Branch (which is duly authorized and licensed by the State of New York Department of Financial Services); if a securities product, through BNP Paribas Securities Corp. or BNP Paribas Prime Brokerage, Inc., each of which is a broker-dealer registered with the Securities and Exchange Commission and a member of SIPC and the Financial Industry Regulatory Authority; or if a futures product through BNP Paribas Securities Corp., a Futures Commission Merchant registered with the Commodities Futures Trading Commission and a member of the National Futures Association. Printed on recycled paper with vegetable inks Designed by the graphics department, corporate communications, BNP Paribas Securities Services C_MCFTUS_BR_EN The bank for a changing world
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