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BATS Announces First Primary Listings - Welcomes New iShares ETFs - Leading ETF Issuer To Launch Inaugural Listings On BATS Exchange - New ETFs Based On MSCI Indexes
January 12, 2012 – BATS Global Markets (BATS), a global operator of stock and options markets, today announced that BlackRock, Inc.’s (NYSE: BLK) iShares® Exchange Traded Funds (ETFs) business, the world's largest manager of ETFs, will list eight new ETFs on BATS Exchange, marking BATS’ first primary listings.
The iShares MSCI Norway Capped Investable Market Index Fund is scheduled to commence trading on BATS Exchange on January 24 and the remaining seven funds will begin trading soon after.
“iShares is one of the leading global providers of exchange-traded products and we are proud to kick off the new year by welcoming their new products to our market. The innovation and leadership that iShares brings to capital markets makes them the perfect partner for our first primary listings,” said Joe Ratterman, Chairman and CEO of BATS Global Markets. “iShares’ decision to list on BATS underscores the commitment that we are placing on ensuring our market is issuer-focused and concentrates on market quality.”
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Source: BATS Global Markets
Financial Times Says ETFs Are Reaching A Saturation Point
January 12, 2012--The U.S. ETF market may be getting saturated, says the Financial Times, as the appetite for new funds wanes. Last year, a record 302 exchange traded products were launched, a little less than the 389 funds that made up the entire market in 2007. At the end of 2011, there were 1,369 ETPs with more than $1 trillion in assets under management.
However, of the 190 ETFs launched in the first six months of 2011, 79% failed to reach the profitability mark of $30 million in assets under management, according to XTF, an ETF-focused research house. This was up from 62% in 2010 and less than half in 2009. Fewer assets in the funds means less liquidity and wider bid-ask spreads. Mel Herman, the head of XTF, says, said: “Most popular indices already have an ETF tracking them, so issuers are launching more and more niche products.”
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Source: Bullfax,com (story from Lawrence Carrel)
State Street Global Advisors Introduces the First Emerging Asia Pacific Small Cap Exchange Traded Fund
January 12, 2012 — State Street Global Advisors (SSgA)*, the asset management business of State Street Corporation (NYSE: STT), today announced that the SPDR® S&P® Small Cap Emerging Asia Pacific ETF (Symbol: GMFS) began trading on the NYSE Arca on January 12, 2012.
The first emerging Asia Pacific small cap ETF, the new fund provides investors with access to companies poised to benefit from the growth of emerging Asia’s middle class. Its annual expense ratio is 0.65 percent.
The SPDR S&P Small Cap Emerging Asia Pacific ETF seeks to track the performance of the S&P Asia Pacific Emerging Under $2 Billion Index. The Index is a float-adjusted market capitalization weighted benchmark that includes publicly listed companies with a total market capitalization between $100 million and $2 billion. Each individual stock is capped at a maximum of 25 percent of the index weight, and the top five stocks are capped at a maximum of 50 percent of the index weight. Among the countries historically covered in the Index are China, India, Indonesia, Malaysia, Philippines, Taiwan, and Thailand. As of December 31, 2011, the Index was comprised of 1,455 securities.
“Emerging market small cap stocks are an attractive opportunity for many investors, as broad emerging market equity funds are often dominated by large cap companies that rely on developed world demand,” said James Ross, senior managing director and global head of SPDR Exchange Traded Funds at State Street Global Advisors. “In providing investors with precise access to an asset class with the potential to provide portfolio growth and diversification benefits, the SPDR S&P Small Cap Emerging Asia Pacific ETF enhances our family of emerging market SPDR ETFs, which includes the SPDR S&P Emerging Markets Small Cap ETF.”
State Street manages more than $271** billion in SPDR ETF assets worldwide (as of December 31, 2011) and is one of the largest ETF providers globally.
Source: State Street Global Advisors (SSgA)
Canadians can’t get enough of exchange traded funds. In 2011, asset growth hit 13 per cent, pushing the total figure now invested in ETFs to $43-billion, according to National Bank Financial
January 12, 2011--Canadians can’t get enough of exchange traded funds. In 2011, asset growth hit 13 per cent, pushing the total figure now invested in ETFs to $43-billion, according to National Bank Financial.
While the latest annual jump isn’t as large as the few years prior, it was still an impressive feat considering that the ETF market is becoming more mature. NBF analysts attributed the continued growth to investors seeking income and safety, and that shows in the top selling ETFs, which included covered call strategies and bond funds. Conversely, commodity ETFs that centre on crude and natural gas saw the biggest outflows last year.
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Source: Globe and Mail
CFTC.gov Financial Data for Futures Commission Merchants Update
January 12, 2012--Selected FCM financial data as of November 30, 2011 (from reports filed by January 2, 2012) is now available.
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Source: CFTC.gov
WisdomTree Announces Investment Sub-Advisory Relationship with Western Asset Management for Fixed Income ETFs In Credit Space
Western Asset Management is One of the World’s Leading Global Fixed Income Managers
January 12, 2012 – WisdomTree (NASDAQ: WETF), an exchange-traded fund (“ETF”) sponsor and asset manager, today announced a new investment sub-adviser relationship with Western Asset Management, a subsidiary of Legg Mason (NYSE: LM). The collaboration will be in the global fixed income area with a focus on credit products.
“We are pleased to tap the expertise of the Western team, one of the world’s leading fixed income managers, as we look to build on our progress in the international fixed income space,” said Bruce Lavine, WisdomTree President & COO.
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Source: Wison Tree
FlexShares files with the SEC
January 12, 2012--FlexShares has filed a pre-effective amendment, registration statement with the SEC for the FlexSharesSM Morningstar Developed ex-US Markets Factor Tilt Index Fund.
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Source: SEC.gov
FlexShares files with the SEC
January 12, 2012-FlexShares has filed a second and restated application for exemptive relief with the SEC for actively-managed ETFs.
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Source: SEC.gov
Vanguard files with the SEC
January 12, 2011--Vanguard has filed a post-effective amendment, registration statement with the SEC.
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Source: SEC.gov
Opening Statement, Eighth Open Meeting to Consider Final Rules, Pursuant to the Dodd-Frank Act-Commissioner Jill E. Sommers
January 11, 2012--Thank you Mr. Chairman. And, as always, I thank the teams who have worked so diligently on the proposal and final rules we are considering today.
Today we are considering a Volker Rule proposal and final rules relating to registration of swap dealers and major swap participants, external business conduct standards, and segregation of collateral for cleared swaps. The Volker proposal and the external business conduct rules are lengthy and extremely complex and I do not think we have taken sufficient time to fully consider all of their implications. This is due in part to the fact that much of our time over the past few weeks has been taken up with considering a host of policy questions regarding how best to address segregation and bankruptcy issues for both futures and swaps, and whether we should forge ahead with final rules that fail to include futures. I am troubled that this is the path the Commission has chosen. I am also very concerned that in just two weeks we will again be voting on rules that are both massive in length and extremely complicated without taking sufficient time to consider all of their implications. I have been advised that on January 25th, the Commission and the SEC will vote to finalize joint rules defining the terms swap dealer and major swap participant, and that the CFTC will also vote on internal business conduct standards and final rules for CPOs and CTAs. I don’t think this schedule is workable, and if we go through with these votes two weeks from now, I think that will be ill-advised.
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Source: CFTC.gov
