Industry Updates

Gap between European and US ETF markets remains prominent

George Geddes

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The orderbook value traded for ETPs on the London Stock Exchange (LSE) was $49bn for the first six months of 2019, down 13% versus the same period last year.

According to the exchange, for June alone, the orderbook value traded for ETPs was $8.7bn, 9% higher than the figure in June 2018.

A total of 16 ETFs listed on the LSE in June, with a further seven multi-currency line products also made available. This brings the total number of ETFs listed on the exchange to 1,243 as well as 450 ETCs/ETNs from a total of 32 issuers.

Some of the listings include Franklin Templeton's emerging market range, Invesco's competitively price gilt ETFs and Vanguard's global aggregate bond ETF.

At the end of June, the European ETF market had $850bn in assets. While the continent is quickly approaching the $1tn milestone, the US still holds a significant market share with $3.98tn in assets, according to the New York Stock Exchange.


To add some perspective to how much more developed the US market is, it had 2280 ETFs listed at end of Q2 2019 with an average daily value of US ETF transactions in the sum of $87.9bn. With nearly $4tn in assets in the US, the average ETF has $1.7bn in Assets Under Management.

However, fixed income ETFs are growing in popularity on both sides of the Atlantic. The NYSE's fund flows were dominated by fixed income ETFs in Q2 as the asset class took in nearly $40bn, significantly ahead of US equity with roughly $23bn.

At the LSE, five out of the 16 new ETFs listed in the month of June were fixed income, with the asset class now accounting for 22% of all ETFs listed on the exchange.

Other key statistics include 150 members, from 19 countries, are connected to the LSE’s orderbook as well as 23 market makers registered to provide pricing and liquidity on the exchange’s orderbook at the end of Q2.

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