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ISE Reports Business Activity for December and Full Year 2011
January 3, 2012 –Average daily volume for the full year 2011 was 3.1 million contracts, an increase of 4.4%
over 2010.
ISE is the third largest equity options exchange in 2011 with market share of 19.1%,
excluding dividend trades.
Dividend trades make up 14.3% of industry volume in December 2011 and 4.7% of total industry volume for 2011.
The International Securities Exchange (ISE) today reported average daily volume of 2.3 million contracts
in December 2011, a decrease of 10.6% over December 2010. Total options volume for the month was 47.8 million contracts.
Average daily volume for full year 2011 was 3.1 million contracts, an increase of 4.4% over 2010. Total volume for the year was 778.1 million contracts. ISE was the third largest U.S. equity options exchange in 2011 with market share of 19.1%*. Business highlights for the full year 2011 include:
New Technology
In July, ISE completed the launch of its new trading system based on Deutsche Börse Group’s OptimiseTM trading architecture.
Subsequent to the Optimise roll out, ISE completed three additional technology releases
to further improve the latency profile of the system and to introduce new functionality. The Optimise release cycle is approximately every two months.
ISE introduced several key enhancements to the risk management features offered in PrecISE Trade®, ISE’s innovative, front-
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Source: ISE (International Securities Exchange)
OIC Announces December Options Trading Volume Down 6% While 2011 Volume Sets Ninth Consecutive Record
January 3, 2012--The Options Industry Council (OIC) announced today that 320,324,954 total options contracts were traded in December, which is a 6.12 percent decrease compared to December 2010 volume of 341,207,420 contracts.
Total options trading volume for 2011 came in at 4,562,748,194 contracts, surpassing last year’s record by 17.02 percent when 3,899,068,670 total options contracts were exchanged. Equity options volume was 4,224,604,529 contracts, 17.01 percent higher than the 3,610,436,931 contracts traded the previous year.
Trading volume in 2011 marks first time volume topped 4 billion contracts in a single year and the ninth consecutive year of annual record volume.
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Source: OIC
CBOE Holdings: Daily Trading Volume Averages Record 4.8 Million Options Contracts in 2011
CBOE Volume Tops One Billion Contracts for Fourth Straight Year
CBOE Futures Exchange Record Volume Up 174% from 2010
January 3, 2012--CBOE Holdings, Inc. (NASDAQ: CBOE) today announced record 2011 options trading volume of 1.20 billion contracts for the Chicago Board Options Exchange (CBOE) and C2 Options Exchange (C2), combined, compared to 1.12 billion contracts in 2010.
Average daily volume (ADV) in 2011 reached a new all-time high of 4.78 million contracts, an eight -percent increase from 2010 ADV of 4.44 million contracts.
The year 2011 marked CBOE's fourth consecutive year of one-billion-plus contract trading volume.
CBOE Futures Exchange (CFE) trading volume achieved a new all-time high of 12.0 million contracts in 2011, surpassing the 4.4 million contracts traded in 2010 by 174 percent. CFE's record trading activity was propelled by robust volume in CFE's flagship product, futures on the CBOE Volatility Index (VIX). During CFE's record-setting year, nearly every major trading metric at the exchange achieved a new all-time high
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Source: CBOE
Direxion Names New Senior Regional Sales Director for the Northwest Region
Industry Veteran Angelo Pirri Will Service Advisors Across All Sales Channels
January 3, 3011--Direxion, a leader in alternative investment solutions, has named Angelo Pirri as its new Senior Regional Director for the Northwest Region.
Mr. Pirri is responsible for selling and distributing all of Direxion's buy-and-hold alternative investment strategy products to financial advisors across all channels, including wirehouses, regional broker dealers, registered investment advisor (RIA) and others in his territory. Mr. Pirri will serve advisors in northern California, Oregon, Washington, Hawaii, Wyoming, Idaho, Alaska, and Montana. He will be based in San Francisco and report to John Cadigan, Direxion's National Sales Manager.
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Source: PRNewswire
Morgan Stanley-ETF Weekly Update
January 3, 2012--Weekly Flows: $1.4 Billion Net Inflows
ETF Assets Stand at $1.1 Trillion, up 5% in 2011
We Estimate ETFs Generated Net Inflows of $117.2 Billion in 2011
Vanguard Reduces Expenses on US Sector ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $1.4 bln last week; $117.2 bln net inflows in 2011
US Large-Cap ETFs led the way exhibiting net inflows of $1.8 bln last week
ETF assets stand at $1.1 tln, up 5% in 2011 as net inflows offset volatile global equity markets
13-week flows were mostly positive among asset classes; combined $41.1 bln net inflows
Fixed Income ETFs exhibited the greatest net inflows over the past 13 weeks ($15.0 bln net inflows)
Historically, ETFs have posted strong net inflows during the 4th quarter of each year; 2011 was no different
We estimate ETFs generated net inflows 32 out of 52 weeks in 2011; $6.9 bln more in net inflows than 2010
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $1.8 bln last week, most of any ETF
Over the past 13 weeks SPY generated net inflows of $5.9 bln and for the year $6.2 bln in net inflows
iShares Russell 2000 Index Fund (IWM) exhibited the largest net outflows last week ($1.2 bln net outflows) and for the year exhibited net outflows of $2.1 bln
US-Listed ETFs: Short Interest
Data Updated:
Based on data as of 12/15/11
EFA exhibited the largest increase in USD short interest since last updated
$566 million in additional short interest
Highest level of shares short for EFA since 9/30/11
XRT’s shares short divided by shares outstanding in excess of 400%
Retail continues to be one of the most heavily shorted areas of the ETF market
Based on multiple borrowings and the ability to continuously create new shares to cover shorts, short interest as a % of market cap can exceed 100%
US-Listed ETFs: Most Successful Recent Launches by Assets Source:
Data estimated as of 12/30/11 based on daily change in share counts and daily NAVs.
$7.2 billion in total market cap of ETFs less than 1-year old
Over past 13 weeks, newly launched US Dividend Income ETFs generated most net inflows at $646 mln
225 new ETF listings and 25 liquidations in 2011 (2 of the liquidations came to market in 2011);
surpassed 2010’s 179 new ETF listings
Newly issued dividend/income-focused ETFs were successful in 2011
7 different ETF sponsors and 3 asset classes represented in top 10 most successful launches
Top 10 account for 53% of market cap of ETFs launched over the past year
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Source: Morgan Stanley
Volcker rule may cost investors $315bn
January 3, 2011-Investors in US corporate bonds could suffer a $315bn paper loss as a result of the implementation of the so-called Volcker Rule, which limits banks’ trading for their own accounts, a new industry-funded study argues.
The study by Oliver Wyman, a consultancy, claims that the losses would result from a sharp decrease in market liquidity. The study was conducted for the Securities Industry and Financial Markets Association, a US trade group.
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Source: FT.com
Fed to Publish a Forecast of Rate Moves, Guiding Investors
January 3, 2011--The Federal Reserve will begin later this month to publish the predictions of its senior officials about their own decisions, hoping to increase its influence over economic activity by guiding investor expectations.
The change was approved at the most recent meeting of the Fed’s policy-making committee, in December, but was kept secret until Tuesday afternoon, when the Fed released an account of the meeting after a standard three-week delay.
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Source: NY Times
Minutes of the Federal Open Market Committee, November 28 and December 13, 2011
January 3, 2011--The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on December 13, 2011 and of the conference call held on November 28, 2011.
The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Report. The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting.
The FOMC minutes can be viewed on the Board's website
http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
Source: FRB
Fidelity Investments Looks Ready To Offer Exchange-Traded Funds
January 3, 2012--After years of ignoring one of the hottest investment options, Fidelity Investments appears to be planning a push into exchange-traded funds.
The fund giant recently filed an application with the Securities and Exchange Commission to offer a broad swath of index-based exchange-traded funds. The filing, if approved, would allow Fidelity to offer almost every type of index ETF available, including international funds and even "long/short" ETFs that mimic sophisticated hedge-fund strategies, said Kathleen Moriarty, an ETF specialist and partner at law firm Katten Muchin Rosenmann LLP.
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Source: Wall Street Journal
Halter USX China Index Announces 2011 Year End and 4Q Results and Adds New Constituents
December 31, 2011--For the fourth quarter and for the year 2011, the Halter USX China Index was up 2.40% and down 25.59% respectively. During the same period (fourth quarter and year end), the Dow Jones Industrial Average increased by 11.95% and 5.53% respectively, while the NASDAQ finished up 7.86% and down 1.80%
HXC is also pleased to announce the inclusion of 3 new constituents to its existing index of China-focused, U.S. listed companies including: China Grentech Corporation Limited engages in the manufacture and sale of wireless coverage products and services for telecommunications operators; Tudou Holdings Limited that is an online video company; and Zuoan Fashion Limited which engages in the manufacture, distribution, and retailing of men's apparel.
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Source: MarketWatch
