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CFTC.gov Swaps Report Update
December 11, 2013--CFTC's Weekly Swaps Report has been updated, and is now available.
The proposed version of the Swaps Report provides a detailed weekly snapshot of the notional outstanding (on both a gross and net basis) as of the previous Friday, as well as a detailed weekly total of the transaction volume (on both a ticket volume and dollar volume basis) ending the previous Friday, in four asset classes (interest rate swaps, credit default swaps, equity swaps, and other commodity swaps).
UBS Launches Exchange-Traded Note with Significant Monthly Income Potential and 2x Leveraged Exposure to a Closed-End Fund Index
ETRACS Monthly Pay 2xLeveraged Closed-End Fund ETN
December 11, 2013--UBS Investment Bank announced that today is the first day of trading on the NYSE Arca(R) for the ETRACS Monthly Pay 2xLeveraged Closed-End Fund ETN (NYSE:CEFL).
CEFL is linked to the monthly compounded 2x leveraged performance of the ISE High Income(TM) Index (the "Index"), reduced by investor fees.
ROBO-STOX(TM) Global Robotics and Automation ETF Surpasses $25 Million In Assets Under Management
ETF Tracking the Robotics/Automation Industry's First Benchmark Index Achieves Major Asset Milestone Following First Month of Trading
December 11, 2013-- ROBO-STOX LLC, the world leader in developing investment solutions targeting the robotics and automation space, has announced that the ROBO-STOX(TM) Global Robotics and Automation Index ETF (ROBO) amassed more than $25 million in assets under management as of November 30, 2013.
The Fund became available to investors on NASDAQ through the Exchange-Traded Concepts platform on October 22, 2013.
"The rapid accumulation of assets in our exchange-traded fund provides evidence of the overwhelming interest from investors in the worldwide robotics and automation sector," said Rob Wilson, Chief Executive Officer of ROBO-STOX.
Nasdaq plans "dark pool" for U.S. Treasuries
December 10, 2013--Nasdaq OMX Group plans to create a so-called dark pool for electronic U.S. Treasuries trading where buying and selling interest is not revealed, even on a post,trade basis, the company's chief executive officer said on Tuesday.
Nasdaq, which runs the No. 2 U.S. equities exchange, closed its $750 million acquisition of eSpeed, an electronic Treasuries-trading platform formerly run by BGC Partners Inc, in July.
Agencies Issue Final Rules Implementing the Volcker Rule
December 10, 2013--Five federal agencies on Tuesday issued final rules developed jointly to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule").
The final rules prohibit insured depository institutions and companies affiliated with insured depository institutions ("banking entities") from engaging in short-term proprietary trading of certain securities, derivatives, commodity futures and options on these instruments, for their own account.
The final rules also impose limits on banking entities' investments in, and other relationships with, hedge funds or private equity funds.
Like the Dodd-Frank Act, the final rules provide exemptions for certain activities, including market making, underwriting, hedging, trading in government obligations, insurance company activities, and organizing and offering hedge funds or private equity funds. The final rules also clarify that certain activities are not prohibited, including acting as agent, broker, or custodian.
ISE Receives "Best Risk Management Initiative" Award
December 10, 2013--International Securities Exchange (ISE) announced today that it received the "Best Risk Management Initiative" Award at the 2013 American Financial Technology Awards (AFTAs), hosted by Waters Technology.
Winners were determined by a panel of independent industry judges and Waters editorial staff.
Daniel Friel, Chief Information Officer of ISE said, "On behalf of the Technology Division at ISE, we are truly honored to receive this award for the Best Risk Management Initiative for 2013. Risk management is an important focus of our technology roadmap. We work hard to continually enhance the risk management functionality available to our member firms through our PrecISE(R) front-end execution and order management system and through our T7(TM) trading platform so that they have the utmost confidence when sending orders and quotes to ISE and ISE Gemini."
BNY Mellon ADR Index Monthly Performance-November 2013
December 10, 2013----The BNY Mellon ADR Index Monthly Performance-November 2013 Update has been published and is now available for review.
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Horizon files with the SEC
December 10, 2013--Horizon has filed a registration statement with the SEC for the
Horizons China High Dividend Yield ETF
Horizons KOSPI 200 ETF
Horizons S&P/TSX 60TM ETF
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Direxion files with the SEC
December 10, 2013--Direxion has filed a post-effective amendment, registration statement with the SEC for the Direxion Financial Bull 1X Shares.
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Market Vectors Announces the Launch of New Emerging Markets Aggregate Bond ETF (EMAG)
Fund launch completes the conversion of the Market Vectors LatAm Aggregate Bond ETF (BONO) into the more broadly diversified EMAG
December 10, 2013--Market Vectors ETFs today announced the launch of its newest ETF, Market Vectors(R) Emerging Markets Aggregate Bond ETF (NYSE Arca: EMAG), completing the conversion announced in October of the Market Vectors(R) LatAm Aggregate Bond ETF (NYSE Arca: BONO) into this new fund.
EMAG seeks to track, before fees and expenses, the price and yield performance of the Market Vectors(R) EM Aggregate Bond Index (MVEMAG), which includes the four major categories of emerging markets bonds: 1) U.S. dollar and Euro denominated sovereigns; 2) local currency sovereigns; 3) U.S. dollar and Euro denominated corporates; and, 4) local currency corporates.
Millions of hidden share trades to be revealed
December 9, 2013-Millions of previously hidden US stock trades were revealed for the first time on Monday 9 December thanks to research from a team of academics.
Previously odd lots, which are trades of less than 100 shares, have not been revealed on the publicly available 'consolidated tape', with only big investment banks and sophisticated computer-powered high-frequency traders paying to see them from individual exchanges. It was thought they were used only by small retail investors and so were not important.
BNY Mellon Named to Support Innovative db X-trackers Harvest CSI 300 China A-Shares Fund as Provider of Custody and ETF Fund Services
Expands Relationship with Deutsche Bank Asset & Wealth Management
December 9, 2013--BNY Mellon, the global leader in investment management and investment services, has been named to support the innovative db X-trackers Harvest CSI 300 China A-Shares Fund (ASHR) by providing custody, fund accounting, administration, and transfer agency services.
The fund, launched on NYSE Euronext on November 6, 2013, is the first Renminbi Qualified Foreign Institutional Investor (RQFII) exchanged-traded fund (ETFs) available to U.S. investors to invest in physical Chinese equities listed on the Shanghai and Shenzhen exchanges.
"This expands our relationship with BNY Mellon, which is the primary service provider to Deutsche Bank's ETF business in the U.S., which now encompasses 27 funds," said Martin Kremenstein, head of passive asset management Americas for Deutsche Asset and Wealth Management. "BNY Mellon has the expertise and resources to help us quickly launch innovative and complex new funds that can provide investors with a range of choices among asset classes."
"This is another example of BNY Mellon's ability to help bring to market a pioneering product," said Joseph F. Keenan, managing director, BNY Mellon, and head of the Global ETF Services business. "Until now, most Chinese ETFs have been limited to providing exposure to Hong Kong equities. This expands the opportunities available to investors and enables them to gain direct exposure to the stocks of companies trading on the Shanghai and Shenzhen exchanges."
BlackRock Canada Announces Re-Opening of CSD, CHB and CBR With Completion of Previously Announced Changes
December 9, 2013--Announcement relating to the following iShares Funds:
iShares Advantaged Short Duration High Income ETF (formerly, iShares Advantaged Short Duration High Income Fund) ("CSD")
iShares Advantaged U.S. High Yield Bond Index ETF (CAD-Hedged)
(formerly, iShares Advantaged U.S. High Yield Bond Index Fund (CAD-Hedged)) ("CHB")
iShares Broad Commodity Index ETF (CAD-Hedged) (formerly, iShares Broad
Commodity Index Fund (CAD-Hedged)) ("CBR")
On September 17, 2013, BlackRock Asset Management Canada Limited("BlackRock Canada"), an indirect, wholly-owned subsidiary ofBlackRock, Inc. ("BlackRock"), announced certain changes to CSD, CHB,CBR and other iShares funds managed by BlackRock Canada that useforward agreements for certain investment purposes, in response toproposed new federal taxation rules first introduced in conjunctionwith the 2013 Federal Budget. Following the initial announcement ofthese proposed rules, CSD, CHB and CBR had temporarily stoppedaccepting subscriptions, except in certain limited circumstances.
DB-Synthetic Equity & Index Strategy-US ETF Market Monthly Review-Equity ETPs gathered $14.5bn in line with positive market performance
December 9, 2013--Data in this report is as of Friday, November 29th
US ETP assets higher by $28.3bn
ETP assets in the US rose by $28.3bn to $1.647 trillion (YTD +23.5%) last month. Global ETP industry assets closed at $2.227 trillion (YTD 21.1%)
Flows Review: Equity keeps on shinning
US ETPs experienced inflows of $12.8bn during November (+0.8% of last month's AUM).
Within long-only ETPs, total flows were +$12.7bn in November vs. +$26.3bn in October. Equity, Fixed Income, and Commodity long-only ETPs experienced flows of +$14.3bn, -$0.4bn and -$1.4bn, respectively.
Equity products kept gathering fresh new assets during November as investors’ risk appetite was fueled by a US recovery which brought ETPs focusing in the US to capture $9.5bn inflows last month; furthermore, flows into ETPs offering exposure to developed countries outside the US continue the strong uptrend seen since July of this year; moreover, Japanese focused ETPs (+$1.3bn) are back on track gathering once again top country (ex US) monthly inflows as the nation’s consumer inflation accelerates and factory output points to a healthy recovery; conversely, emerging market ETPs experienced strong outflows of $4.6bn, mostly due to broad exposure products. Meanwhile, in the Fixed Income space we saw allocation moving closer to neutral as investors await on clearer signs on when tapering might begin; curve positioning favored the short range (+$1.4bn) and HY (+$0.4bn) dominated quality-wise. Lastly, Commodity ETPs continue bleeding assets for the eleventh consecutive month, bringing YTD net redemptions to $27.0bn; moreover, 97% of that can be attributed to Gold ETPs (-$1.3bn, -$26.1bn YTD)
New Launch Calendar: listing activity remains strong across asset classes
There were ten new ETFs and one new ETN listed during the previous month. Eight of them were listed in the NYSE Arca, one listed in NASDAQ and the remaining two were listed in BATS. The new products offer the first non-derivative exposure to China A-Share market, short term EM debt, active short duration US government debt, US financial sector, energy infrastructure, global real estate, treasury-hedged IG debt, frontier and emerging markets, Portuguese equities, currency-hedged Korean market and income through a diversified basket of securities.
Turnover Review: Floor activity decreased by 26% in November
ETP turnover totaled $1.073 trillion last month, 25.9% (-$374.7bn) lower than the previous month figure of $1.448 trillion, and 8.1% below last year's monthly average of $1.168 trillion. Equity, Fixed Income and Commodity ETPs turnover decreased by $335.2bn (-25.8%), $19.0bn (-21.8%) and $15.1bn (-33.7%) during November, respectively.
ETP trading made up 24.4% of all US cash equity trading in November, down from this year's peak of 32.0% in June, and still below its 3-year monthly average of 28.1%.
Morgan Stanley-US ETF Weekly Update
December 9, 2013--US ETF Weekly Update
Weekly Flows: $2.7 Billion Net Outflows
$158.9 Billion Net Inflows YTD
ETF Assets Stand at $1.6 Trillion, up 22% YTD
Two ETF Launches Last Week
EGShares Announces Index Changes for Three ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted their first net outflows in four weeks ($2.7 bln in net outflows)
Last week's net outflows were led by International - Emerging ETFs at $964 mln; despite posting net outflows as a whole, only 18% of ETFs in the category exhibited net outflows
Eight of the 15 categories we measure posted net outflows last week
ETFs have exhibited net inflows 33 out of 49 weeks YTD
ETF assets stand at $1.6 tln, up 22% YTD; $158.9 bln net inflows YTD
13-week flows remain mostly positive among asset classes; combined $70.6 bln in net inflows
International-Developed ETFs generated net inflows of $24.5 bln over the last 13 weeks, the most of any category we measured; US Large-Cap ETFs followed closely behind, posting net inflows of $23.1 bln over the same time period
Commodity ETFs have struggled the past year driven by a decline in certain commodity prices and net outflows; Commodity ETF market share has declined to 4% from 9% at this point last year
US-Listed ETFs: Estimated Largest Flows by Individual ETF
PowerShares QQQ (QQQ) posted net inflows of $466 mln this past week, the most of any ETF
Notably, five of the top 10 ETFs to generate net inflows last week were US fixed income oriented, with a heavy skew to US Treasuries
The iShares MSCI EAFE ETF (EFA) posted another strong week of net inflows ($234 mln in net inflows); EFA has not posted a net outflow in 11 weeks; International-Developed ETFs, driven by Europe and Japan, have experienced strong demand this year
The Vanguard FTSE Emerging Markets ETF (VWO) and iShares MSCI Emerging Markets ETF (EEM) exhibited a combined $1.0 bln in net outflows last week; interestingly, over the last 13 weeks, VWO has posted $3.1 bln in net outflows; however, EEM has actually generated $4.1 bln in net inflows
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume dropped to 24% in November (had been essentially flat the prior four months)
ETF monthly $ volume as a % of listed trading volume is at its lowest level since May 2008
ETF $ volume rebounded last week to $307 bln, up $143 bln from the holiday-shortened prior week
US Large-Cap ETFs accounted for 43% of ETF $ volume last week, but make up only 25% of ETF market share
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 11/15/13
The SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest at $5.1 bln
SPY's shares short (268.0 mln) are 13% above their one-year average
591 ETFs exhibited short interest increases while 604 experienced short interest declines over the last period
Aggregate ETF USD short interest increased by $7.9 bln over the period ended 11/15/13
The average shares short/shares outstanding for ETFs is currently 4.1%, down slightly from last period
Six of the 10 most heavily shorted ETFs as a % of shares outstanding are industry based
The SPDR Retail ETF (XRT) regained the top spot as the most heavily shorted ETF with a shares short as a % of shares outstanding of 277%
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only seven ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$6.4 bln in total market cap of ETFs less than 1-year old
Active ETFs account for 25% of market capitalization of ETFs launched over the past year, the most of any category; over the last 13 weeks, recently launched Active ETFs have generated net inflows of $465 mln
135 new ETF listings and 48 closures/delistings YTD
The top 10 most successful launches make up 49% of the market cap of ETFs launched over the past year
Eight ETF sponsors and two asset classes represented in top 10 most successful launches; we note that the representation of funds with an income orientation is currently five (down from seven at the end of the second quarter)
The Vanguard Total International Bond ETF (BNDX) generated net inflows of $42 mln last week (most of any recently launched ETF) and has a current market capitalization of $757 mln (highest of any recently launched ETF); BNDX provides exposure to international investment grade debt markets and is unique in that it hedges its currency risk