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Morgan Stanley-US ETF Weekly Update
September 12, 2011--Weekly Flows: $1.7 Billion Net Inflows
ETF Assets Stand at $1.0 Trillion, up 1% YTD
Launches: 4 New ETFs
Rydex Changes Russian Ruble ETF Ticker
US-Listed ETFs: Estimated Flows by Market Segment
For the fourth consecutive week, ETFs posted net inflows ($11.4 bln over the past 4 weeks)
ETFs posted net inflows of $1.7 bln last week, primarily driven by Fixed Income & Commodity ETFs
ETF assets stand at $1.0 tln, up 1% YTD; Fixed Income market share is at 17% versus 14% at year-end 2010
13-week flows were mixed among asset classes; combined $21.0 bln net inflows
Fixed Income ETFs up $9.0 bln; US Sector & Industry ETFs down $4.4 bln
We estimate ETFs have generated net inflows 22 out of 36 weeks in 2011; net inflows are up 39% YOY
US-Listed ETFs: Estimated Largest Flows by Individual ETF
Health Care Select Sector SDPR (XLV) generated net inflows of $755 mln, the most of any ETF
ETFs that exhibit more defensive qualities posted some of the largest net inflows last week (health care,
precious metals, Treasuries)
Conversely, the SPDR S&P 500 ETF (SPY) snapped a 3-week winning streak last week posting net outflows
of $1.4 bln
8 out of the 10 ETFs to exhibit the largest net outflows last week were US equity based
US-Listed ETFs: Change in Short Interest
Data Unchanged: Based on data as of 8/15/11
SPY exhibited the largest increase in USD short interest since last updated
$23.5 billion in additional short interest
Highest level of shares short for SPY of all time
XLU exhibited the largest decline in USD short interest since last updated
$237 million in reduced short interest
XLU’s decline in shares short comes amid its relative market outperformance vs. the S&P 500 over 7/29-8/15 time period
IndexIQ files with the SEC
September 12, 2011--IndexIQ has filed a Post-Effective Amendment No. 20, registration with the SEC.
view filing
Source: SEC.gov
IndexIQ files with the SEC
September 12, 2011--Index IQ has filed a post-effective amendment,registration statement with the SEC.
view filing
Source: SEC.gov
CFTC.gov Financial Data for Futures Commission Merchants Update
September 12, 2011--Selected FCM financial data as of July 31, 2011 (from reports filed by August 31, 2011) is now available.
view updates
Source: CFTC.gov
State Street files with the SEC
September 12, 2011--SSgA Active ETF Trust has filed a pre-effective amendment, registration statement with the SEC for the SPDR SSgA Real Assets ETF
SPDR SSgA Income Allocation ETF
SPDR SSgA Conservative Allocation ETF
SPDR SSgA Global Allocation ETF
SPDR SSgA Aggressive Allocation ETF
SPDR Blackstone/GSO Senior Loan ETF
view filing
Source: SEC.gov
CME Group Sets Records for OTC Clearing Volumes, Expands OTC Product Offering for Open Clearing Solution
September 12, 2011-- CME Group, the world's leading and most diverse derivatives marketplace, today announced it set new daily and monthly records for clearing both interest rate swaps (IRS) and credit default swaps (CDS).
CME Group cleared daily customer volume records of $827 million of IRS on September 9, and over $1 billion of CDS on September 8.
Additionally, CME Group has set monthly records for volume cleared in September. The company has cleared over $1.5 billion in interest rate swap customer volume in September to date, exceeding the previous record monthly total of $1.2 billion in August. The company also has cleared $2.4 billion in credit default swaps customer volume in September to date, surpassing the previous record monthly total of $287 million in August.
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Source: CME Group
McGraw-Hill Announces Comprehensive Growth and Value Plan to Increase Shareholder Value
To Separate Into Two Industry-Leading Public Companies, One Focused On Key Global Markets and the Other On Education
Enables Company to Streamline Operations and Reduce Costs
Will Accelerate Share Repurchases to $1 Billion in 2011
September 12, 2011--The McGraw-Hill Companies (NYSE: MHP) today announced that its Board of Directors has unanimously approved a comprehensive Growth and Value Plan that includes separation into two strong public companies: McGraw-Hill Markets, primarily focused on capital and commodities markets, and McGraw-Hill Education, focused on education services and digital learning.
The three-part Plan is designed to accelerate growth and increase shareholder value by:
1. Creating two "pure-play" companies with the scale, and the capital and cost structures to fully leverage their world-class franchises, iconic brands, and leading market positions
2. Reducing costs significantly to ensure efficient operating structures for the two new companies
3. Accelerating the pace of share repurchases to a total of $1 billion for the full year 2011 (approximately $540 million repurchased year to date)
The Growth and Value Plan will create two focused operating companies with deeper customer engagement, right-sized cost structures, and increased management focus and accountability. The creation of two companies with tailored capital structures and financial policies will also enhance strategic and financial flexibility and establish two attractive equity currencies.
read more
Source: The McGraw-Hill Companies
CFTC.gov Financial Data for Futures Commission Merchants Update
September 12, 2011--Selected FCM financial data as of July 31, 2011 (from reports filed by August 31, 2011) is now available.
view updates
Source: CFTC.gov
Volcker Rule Delay Is Likely
September 12, 2011--U.S. financial regulators are likely to miss an October deadline for the Volcker rule, a hotly contested part of last year's financial-overhaul law that limits financial firms from trading with their own money.
According to the Dodd-Frank law, regulators have until Oct. 18 to "adopt rules to carry out" the provision. But regulators haven't agreed yet on even a draft proposal of the rule, which is named for former Federal Reserve Chairman Paul Volcker, who first proposed the trading curbs.
read more
Source: Wall Street Journal
NYSE Euronext welcomes German Federal Financial Supervisory Authority (BaFin) approval of merger of Deutsche Börse and NYSE Euronext
September 12, 2011-- NYSE Euronext today issued the following comment regarding the news that Germany’s Federal Financial Supervisory Authority (BaFin) has approved the merger of Deutsche Börse and NYSE Euronext.
“NYSE Euronext welcomes the approval by the German Federal Financial Supervisory Authority (BaFin) for our industry transforming merger. With this approval, we have cleared another significant regulatory hurdle as we continue to make progress on completing the transaction by the end of the year.”
Completion of the transaction is subject to other relevant competition and financial, securities and other regulatory authorities in the U.S. and Europe.
Source: NYSE Euronext
