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Senate Hearings-Market Microstructure: Examination of Exchange-Traded Funds (ETFs).
October 17, 2011--On October 19, 2011, the Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance and Investment will meet in OPEN SESSION to conduct a hearing entitled “Market Microstructure: Examination of Exchange-Traded Funds (ETFs).” The witnesses will be: Ms. Eileen Rominger, Director, Division of Investment Management, U. S. Securities and Exchange Commission; Mr. Eric Noll, Executive Vice President Transaction Services, NASDAQ OMX; Mr. Noel Archard, Managing Director, BlackRock I-Shares; and
Mr. Harold Bradley, Chief Investment Officer, Ewing Marion Kauffman Foundation. Additional witnesses may be added at a later date.
All hearings are webcasted live and will not be available until the hearing starts. Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the committee clerk at 202-224-7391 at least three business days in advance of the hearing date.
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Source: U.S. Senate Committee on Banking, Housing, and Urban Affairs
WisdomTree files with the SEC
October 17, 2011--WisdomTree has filed a Form S-1 registration statement with the SEC.
view filing
Source: SEC.gov
Federal Reserve Board Approves Final Rule Implementing The Resolution Plan Requirement Of The Dodd-Frank Act
October 17, 2011--The Federal Reserve Board on Monday announced the approval of a final rule to implement the resolution plan requirement in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The final rule requires bank holding companies with assets of $50 billion or more and nonbank financial firms designated by the Financial Stability Oversight Council for supervision by the Board to annually submit resolution plans to the Board and the Federal Deposit Insurance Corporation.
Each plan will describe the company's strategy for rapid and orderly resolution in bankruptcy during times of financial distress. A resolution plan must include a strategic analysis of the plan's components, a description of the range of specific actions the company proposes to take in resolution, and a description of the company's organizational structure, material entities, interconnections and interdependencies, and management information systems.
Under the final rule, companies will submit their initial resolution plans on a staggered basis. The first group of companies, generally those with $250 billion or more in non-bank assets, must submit their initial plans on or before July 1, 2012; the second group, generally those with $100 billion or more, but less than $250 billion, in total non-bank assets, must submit their initial plans on or before July 1, 2013; and the remaining companies, generally those subject to the rule with less than $100 billion in total non-bank assets, must submit their initial plans on or before December 31, 2013.
view final rule to implement the resolution plan requirement in the Dodd-Frank Wall Street Reform and Consumer Protection Act
Source: Federal Reserve Board
DB Global Equity Research: US ETF Market Weekly Review: Market rally adds $50bn to ETP AUM and sends it back above $1.0 trillion
October 17, 2011--Net Cash Flows Review
Last week, Equity markets in the US (S&P 500) had their best week since March 2009 and soared by almost 6.0%. Other developed and emerging markets outside the US did alike, the MSCI EAFE (in USD) and the MSCI EM (in USD) rose by 4.50%, and 5.89% during the week, respectively. Moving on to other asset classes, the 10Y Treasury yield continued its uptrend path rising by 16bps; while the DB Liquid Commodity Index was up by 5.14% aided by strong gains in WTI Crude Oil (+4.6%) and the Agriculture sector (DB Diversified Agriculture Index: +4.31%).
Gold and Silver were also positive and delivered gains of 2.62% and 3.34%, respectively. Last but not least, Volatility (VIX) kept trending lower and dropped by 22.0% falling back into sub-30 territory at the end of last week.
The total US ETP flows from all products registered $6.6bn of inflows during last week vs $0.68bn of outflows the previous week, setting the YTD weekly flows average at +$2.0bn.
Although too soon to call on a risk-off trade reversal, ETP flows suggest increased risk appetite from investors as the equity market completed a two-week winning streak. Equity, Fixed Income, and Commodity ETPs experienced flows of +$5.5bn, +$1.3bn, and -$0.3bn last week vs. -2.6bn, +$2.1bn, and -$0.4bn the previous week, respectively.
Within Equity ETPs, Large Cap products experienced the largest inflows (+$2.4bn), followed by Leveraged Short products (+$1.3bn), while Leveraged vehicles experienced the largest outflows (-$1.1bn). Within Fixed Income ETPs, Corporates products experienced the largest inflows (+$1.1bn), while Sovereign vehicles experienced the largest outflows (-$0.4bn). Within Commodity ETPs, all sectors experienced mild outflows with Energy products leading the ranking table (-$0.1bn), and Precious Metals following from short distance.
New Launch Calendar: another ETP to trade the USDCNY
There was 1 new ETP listed on the NYSE Arca during the previous week. The new ETP joins a couple of recently launched ETPs in offering access to the Chinese currency through holding Chinese renminbi-denominated bonds. (Figure 18)
Turnover Review: Equity ETP turnover plummeted on lower volatility Total weekly turnover dropped by 32.7% to $374bn vs. $555bn in the previous week. The largest decrease was on Equity ETP turnover, which dropped by $159bn or 31.9% to $339bn. Fixed Income ETP turnover decreased by $9.9bn to $16.3bn last week. Finally, Commodity ETPs products turnover decreased by $11.1bn, totaling $15.0bn at the end of last Friday.
Assets Under Management (AUM) Review: assets grow by $50bn
US ETP AUM experienced an increase of $50.0bn or 5.1% in assets during last week. Total ETP assets were 2.6% up YTD by the end of last week, ending up at $1.02 trillion. Assets for equity, fixed income and commodity ETPs rose by $46.2bn, $2.1bn, and $1.6bn during last week, respectively.
to request report
Source: Deutsche Bank - Global Equity Research
Standard & Poor's Announces Changes in the S&P/TSX Venture Composite Index
October 17, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Monday, October 17, 2011:
PNI Digital Media Inc. (TSXVN:PN) will be removed from the index. The company will graduate to trade on TSX under the same ticker symbol.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poor's
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite, Venture Select And Venture 30 Indices
Standard & Poor's will make the following changes in the S&P/TSX Venture Indices:
The Toronto Stock Exchange announced today in the Daily Bulletin that the shares of Prophecy Coal Corp. (TSXVN:PCY) will graduate to trade on TSX at the open of trading on Wednesday, October 19, 2011.
The ticker symbol will remain "PCY" and the CUSIP number will remain 74346B 10 3. The company will be removed from the S&P/TSX Venture Composite Index after the close of trading on Tuesday, October 18, 2011.
Prophecy is also a constituent of the S&P/TSX Venture Select Index. The company will be removed from this index effective after the close of Monday, October 24, 2011, at which time it will be listed on TSX.
The Toronto Stock Exchange also announced today in the Daily Bulletin that the shares of New Millennium Iron Corp. (TSXVN:NML) will graduate to trade on TSX at the open of trading on Wednesday, October 19, 2011. The ticker symbol will remain "NML" and the CUSIP number will remain 64753V 10 6. The company will be removed from the S&P/TSX Venture Composite Index after the close of trading on Tuesday, October 18, 2011.
New Millennium is also a constituent of the S&P/TSX Venture Select Index. The company will be removed from this index effective after the close of Monday, October 24, 2011, at which time it will be listed on TSX. The company is also a constituent of the S&P/TSX Venture 30 Index. It will remain in this index, according to methodology, until the next index review after the end of January, 2012.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poor's
Schwab files with the SEC-2 ETFs
October 14, 2011--Charles Schwab has filed a post-effective amendment, registration statement with the SEC for the Schwab U.S. Small-Cap Growth ETF (SCHJ) and the
Schwab U.S. Small-Cap Value ETF (SCHK).
view filing
Source: SEC.gov
Schwab files with the SEC
October 14, 2011--Charles Schwab has filed a post-effective amendment, registration statement with the SEC for the Schwab U.S. Dividend Equity ETF (SCHD).
view filing
Source: SEC.gov
Optimists turn to ETFs to ride equities rally
October 14, 2011--The recent stampede out of equities slowed in the latest week as some investors put fresh cash into exchange traded funds in the hope of quickly joining a rebound in global stock markets.
Redemptions from mutual and exchange traded funds that buy equities fell to a four-week low of $1.37bn in the latest week, according to EPFR Global, the fund flow tracker.
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Source: FT.com
SEC Announces Agenda And Panelists For Roundtable On Conflict Minerals
October 14, 2011--The Securities and Exchange Commission today announced the agenda and panelists for a public roundtable on the agency’s required rulemaking under Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which relates to reporting requirements regarding conflict minerals originating in the Democratic Republic of the Congo and adjoining countries.
The October 18 roundtable, announced last month, will feature two panels discussing key issues related to the SEC’s required rulemaking, including what is covered by the rule, what steps will be required to comply with the rule, and reporting under the rule.
The event will begin at 12:30 p.m. in the auditorium at the SEC’s Washington, D.C. headquarters, with public seating on a first-come, first-served basis. The event also can be viewed by live webcast, and will be archived on the website for later viewing.
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Source: SEC.gov
