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High-Frequency Traders to Face More SEC Scrutiny, Chairman Schapiro Says
May 9, 2011--Securities and Exchange Commission Chairman Mary Schapiro gave the strongest signal yet that she plans to increase scrutiny of high-frequency traders blamed for exacerbating the May 6, 2010, stock market crash.
The SEC is considering whether to impose trading obligations on the firms, which can submit hundreds or thousands of orders every second and typically don’t hold positions overnight, Schapiro said in Washington yesterday. A reassessment of the “entire regulatory structure” surrounding the firms is needed, in part to determine whether the algorithms or strategies used to generate and send orders are “programmed to operate properly in stressed market conditions,” she said.
Source: SEC.gov
Muni debt set for $29bn refinancing
May 9, 2011--US states, cities and other local entities are gearing up to refinance a record $29bn of expiring bank guarantees this quarter, which have to be completed to avoid potential credit rating downgrades and defaults.
If the guarantees are not refinanced, borrowers, such as states or cities, could have to pay much higher interest rates on the bonds backed by the guarantees and be forced to repay them more quickly.
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Source: FT.com
Russell files with the SEC
May 9, 2011--Russell has filed a post-effective amendment, registration statement with the SEC for the Russell Global Opportunity ETF (NYSE Arca Ticker Symbol: ONEO)
Russell Bond ETF (NYSE Arca Ticker Symbol: ONEB)
and
Russell Real Return ETF (NYSE Arca Ticker Symbol: ONER)
view filing
Source: SEC.gov
Rydex has filed with the SEC
May 9, 2011--Rydex has filed a post-effective amendment, registration statement with the SEC for the Rydex S&P MidCap 400 Equal Weight ETF
Rydex S&P SmallCap 600 Equal Weight ETF.
view filing
Source: SEC.gov
ProShares files with the SEC
May 9, 2011--ProShares has filed a registration statement with the SEC.
view filing
Source: SEC.gov
AdvisorShares files with the SEC
May 9, 2011--AdvisorShares has filed a post-effective amendment, registration statement with the SEC for the Accuvest Global Opportunities ETF.
view filing
Source: SEC.gov
First Trust files with the SEC
May 9, 2011--First Trust has filed a post-effective amendment, registration statement with the SEC for the First Trust Mega Cap AlphaDEX(R) Fund.
view filing
Source: SEC.gov
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
May 9, 2011--Standard & Poor's Canadian Index Operations announces the following index changes:
The shareholders of Consolidated Thompson Iron Mines Limited (TSX:CLM) have accepted the $C17.25 cash per share takeover offer from Cliffs Natural Resources Inc. (NYSE:CLF).
Consolidated Thompson will be removed from the S&P/TSX Composite and Capped Composite, the S&P/TSX Equity, Capped Equity and Equity Completion, the S&P/TSX Completion and the S&P/TSX Capped Materials indices after close on Friday, May 13, 2011.
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 & Poors
Morgan Stanley-US ETF Weekly Update
May 9, 2011--US ETF Weekly Update
Weekly Flows: $4.2 Billion Net Outflows
ETFs Traded $445 Billion Last Week
Launches: 6 New ETFs
Van Eck Reduces Expenses on Five ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net outflows of $4.2 billion last week, the largest weekly net outflow in 2011
US Small- & Micro-Cap ETFs were the biggest drag on flows, exhibiting net outflows of $2.5 billion last week
ETF assets stand at $1.1 trillion, up 9% YTD; combination of market appreciation and net new money
13-week flows were mostly positive among asset classes
$34.7 billion net inflows into ETFs over past 13 weeks (International-Developed took in $10.6 billion)
We estimate ETFs have generated net inflows 12 out of 18 weeks YTD
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR DJIA ETF (DIA) generated net inflows of $1.1 billion last week, the most of any ETF
7 out of the top 10 ETFs that exhibited net outflows last week tracked US Equity indices
Given the drop in precious metals prices last week it does not come as a surprise that the SPDR Gold Trust
(GLD) and iShares Silver Trust (SLV) posted a combined net outflow of $1.9 billion
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume declined to 27% of listed trading volume in April (down from 30% in March)
Weekly ETF $ volume spiked last week, up 46% from the prior week
Commodity ETFs accounted for 17% of weekly ETF volume last week, more than doubling its 13-week
average volume
request report
Source: Morgan Stanley
International Securities Exchange Elects New Member To Board Of Directors
May 9, 2011--The International Securities Exchange (ISE) today announced that Stanley Choung has been elected to its Board of Directors, effective immediately. Mr. Choung, Managing Director of the Institutional Equity Division for Morgan Stanley, will serve as an industry director representing ISE’s Primary Market Makers (PMMs). He replaces Sean Flynn of Timber Hill LLC, who is retiring due to term limits.
In addition, Mark Dehnert, a Partner at Goldman Sachs & Co. responsible for the Quantitative Equities Trading businesses in their Securities Division and previously an ISE industry director representing Electronic Access Members (EAMs), was re-elected to the ISE Board as a Competitive Market Maker (CMM) representative. Slade Winchester, Head of U.S. and international business development, technology and operations for the Citigroup Derivatives Markets, Inc. options market makers and previously an ISE industry director representing CMMs, was re-elected to ISE’s Board as an EAM representative. The following non-industry directors were also re-elected: Michael Kuhn, Chief Information Officer of Deutsche Börse AG; Michael Monaco, Senior Managing Director of Conway Del Genio Gries & Co., LLC; Joseph Stefanelli, a non-industry director of ISE since 2007, and; Kenneth Vecchione, Chief Operating Officer of Western Alliance Bancorp. Gary Katz, President and Chief Executive Officer of ISE, was re-elected as ISE’s Chief Executive Officer Director.
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Source: International Securities Exchange (ISE)
