Published on 10/01/2019 12:26:26 PM | Source: ICICI Securities Ltd

Indian Exchanges - Monthly tracker – December 2018 - ICICI Sec

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Monthly tracker – December 2018

*Equity cash

* In Dec’18, NSE’s ADTV remained flat YoY (down 2% MoM) to Rs300bn while BSE posted a sharp 47% YoY decline (15% MoM decline) to Rs25bn given higher base.

* In FY19-TD, NSE’s market share stood at 91% from 87% in FY18 and 84% in FY17 in the equity cash segment. In Dec’18, NSE’s market share stood at 92%.


* Equity derivatives

* NSE’s total equity derivatives’ ADTV continues to record strong growth despite flattish cash volumes, increasing by 40% YoY to Rs9.6trn (considering notional turnover in the case of options) in Dec’18, driven by 46% YoY growth in equity options’ ADTV.

* Currency derivatives

* In Dec’18, NSE’s currency derivatives’ ADTV grew 79% YoY to Rs371bn and BSE’s ADTV grew 54% YoY to Rs258bn. Due to high INR volatility in FY19-TD, both NSE and BSE have witnessed a surge in currency derivatives ADTV (up 65% and 72% respectively).

* In Dec’18, NSE strengthened its market share in the currency derivative segment to 59%, driven by market share gains in currency options. In FY19-TD, NSE held a dominant 52% share of the overall currency derivatives market.


* Mutual fund and FPI flows

* Number of orders traded on BSE’s mutual fund platform doubled YoY (up 3% MoM) to an all-time high of 3.3mn in Dec’18. NSE posted 46% YoY growth in the number of mutual fund orders traded to 1.0mn. In value terms, BSE’s market share in online mutual fund stood at 78% in Dec’18 vs 83% in Nov’18.

* Indian mutual funds recorded net outflows of Rs1.4trn (US$19bn) in Dec’18, driven by liquid fund outflows. Equity-oriented schemes witnessed their slowest inflow in two years at Rs44bn (US$628mn), down 59% sequentially.

* However, investors continue to add money through the Systematic Investment Plan (SIP) route despite weakness in equity markets, recording Rs80bn inflows in Nov’18 (flat MoM and up 35% YoY).

* FPI equity inflows stood at US$332mn in Dec’18. However, they remain net sellers in FY19-TD.


* Commodity derivatives

* MCX reported ADTV of Rs262bn for Dec’18, up 32% YoY and 1% MoM. NCDEX’s ADTV at Rs18bn was down by a sharp 31% YoY and 38% MoM. MCX maintained its overall market share in FY19-TD at 92% in commodity derivatives segment.

* In Nov’18, BSE’s gold ADTV was equivalent to 10% of MCX’s gold ADTV. However, it declined in Dec’18 to ~5% of MCX’s gold ADTV. BSE’s silver ADTV is equivalent to just 1% of MCX’s silver ADTV in Dec’18. On an overall basis, BSE accounts for ~3% market share of bullion futures market in India, down from 6% seen in Nov’18.


* Depository services

* CDSL continues to gain the larger share of incremental demat accounts, with 65% of new accounts opened in FY19-TD. CDSL’s overall share was 48% as at Dec’18-end.


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