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Remarks, OTC Derivatives Reform, European Parliament, Economic and Monetary Affairs Committee, Brussels, Belgium
Chairman Gary Gensler
March 22, 2011--Good afternoon Chairwoman Bowles and members of the Economic and Monetary Affairs Committee. I thank you for inviting me to speak today on regulatory reform of over-the-counter (OTC) derivatives, or swaps. I am honored that this is the second time that you have asked me to appear before you, but as it goes, it is once again when my daughters are home on spring break. As I did last year, I would like to introduce my two daughters, Lee and Isabel.
Introduction
It has now been more than two years since the financial crisis, when both the financial system and the financial regulatory system failed. So many people in Europe and in the United States who never had any connection to derivatives or exotic financial contracts had their lives hurt by the risks taken by financial actors. But still, the effects of that crisis remain. Throughout the U.S. and Europe, we still have high unemployment, homes that are worth less than their mortgages and pension funds that still have not regained the value they had before the crisis. We still have significant uncertainty in the financial system.
read more
Source: CFTC.gov
Direxion files with the SEC
March 22, 2011-Direxion has filed a post-effective amendment, registration statement with the SEC.
view filing
Source:SEC.gov
NASDAQ OMX Nordic: NASDAQ OMX Nordic offers Market Access to US and Canada
March 21, 2011--NASDAQ OMX Nordic (NASDAQ:NDAQ) today announced the launch of a connectivity service that enables Nordic and Baltic exchange members to send orders in US and Canadian equities to North American equity markets. Market Access - US&Canada utilizes existing technology platform and offers full liquidity of the US and Canadian home markets via one gateway.Hans-Ole Jochumsen, President of NASDAQ OMX Nordic says,
"As a leading global exchange company we are very pleased to offer our exchange members the opportunity to apply existing connectivity to further broaden their choice of investment strategies. With the Market Access - US&Canada, NASDAQ OMX Nordic is taking investors to the US and Canadian home market liquidity via a direct connection to trade in all US and Canadian equities."
NASDAQ OMX will partner with US broker Citigroup to execute the order after the exchange member has sent the order via its existing NASDAQ OMX Nordic connection. With this innovative technical service, trading in US and Canadian equities, ADRs and ETFs will be within reach for all NASDAQ OMX Nordic and Baltic exchange members.
Read more at: http://nordic.nasdaqomxtrader.com/trading/equities/market_access_us/
Source: NASDAQ OMX
Morningstar Direct Fund Flows Update
February Long-Term Flows Strong, Ex-Munis
March 21, 2011--January's momentum continued in February as long-term flows hit $27.9 billion, nearly matching January's robust
$29.8 billion take. Taxable bond and U.S. stock remained the two most popular asset classes, receiving $11.9 billion and $10.1 billion, respectively.
Municipal-bond funds stood out as the only asset class to see outflows. However, the pace slowed considerably as February redemptions were $4.4 billion versus $12.5 billion the previous month.
Alternatively, even money market funds saw inflows of $16.7 billion, reversing January's exodus of more than $75 billion. Global X files with the SEC PIMCO’s ETF Hits $1 Billion With Active Success read more
Barclays considers bid for US securities read more
Morgan Stanley ETF Weekly Update 13-week flows were mostly positive among asset classes US-Listed ETFs: Estimated Largest Flows by Individual ETF request report Charles Schwab buys OptionsXpress for $1 billion read more
First Global Agribusiness Small Cap ETF (CROP) Set to Launch by IndexIQ
The CROP launch comes only one month after food prices soared 3.9% in February, representing the biggest monthly increase since November 1974. Meat and dairy prices also rose in February, boosted by higher prices for corn and soybean that are used in animal feed. Economists widely expect food prices to continue rising for the remainder of 2011. Earlier this month, the United Nations Food and Agriculture Organization announced that global food prices have risen to their highest levels since 1990, when the agency first began tracking them. read more
Source: Morningstar
March 21, 2011--Global X has filed a post-effwective amendment, registration statement with the SEC for the Global X Auto ETF.
view filing
Source: SEC.gov
March 21, 2011--Actively managed exchange traded funds (ETFs) recently hit a significant milestone as PIMCO's actively managed ETF joins the billion dollar club.
The PIMCO Enhanced Short Maturity Strategy Fund (NYSEArca:MINT) has become the first actively managed ETF to break the $1 billion milestone, and the ETF is sitting comfortably at $1.18 billion in assets, writes Hung Tran for The Mutual Fund Wire .
Source: Yahoo finance
March 21, 2011--Barclays is among a group of investors weighing a rival bid for a portfolio of mortgage-backed securities that has already drawn a $15.7bn offer from AIG, people familiar with the matter said.
The securities are owned by the Federal Reserve Bank of New York and housed within Maiden Lane II, one of the special-purpose vehicles created as part of the insurer’s $180bn rescue during the financial crisis.
Source: FT.com
March 21, 2011--US ETF Weekly Update
Weekly Flows: $7.3 BlnNet Inflows
SPDR S&P 500 ETF (SPY) Posted $5.4 BlnNet Inflows
ETFs Traded $520 Bln Last Week
Launches: 5 New ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs rebounded last week posting net inflows of $7.3 bln(second largest week of the year)
Net inflows were driven by US Large-Cap (SPY specifically), International
Developed and Commodity ETFs
ETF assets stand at more than $1 trillion, up 2.5% YTD
$14.3 blnnet inflows into ETFs over past 13 weeks (International-Developed took in $8.9 bln)
EM Equity ETFs posted meaningful net outflows ($8.9 bln) over the past 13 weeks; EM Equity net outflows have slowed recently, however, with only $685 mlnnet outflows the past 4 weeks
SPDR S&P 500 ETF (SPY) posted net inflows of $5.4 blnlast week, the most of any ETF
Despite uncertainty with events in Japan, iShares MSCI Japan Index Fund (EWJ) generated net inflows of $1.1 blnlast week; over the past 13 weeks EWJ exhibited net inflows of $2.4 bln, the most of any ETF
iSharesMSCI Emerging Markets Index Fund (EEM) had the largest net outflows over the past 13 weeks ($10.2 blnnet outflows)
Source: Morgan Stanley
March 21, 2011--Charles Schwab is buying online brokerage services provider OptionsXpress for $1 billion.
OptionsXpress stock jumped $2.51, 16.4 per cent, to $17.84 in pre-market trading. Schwab shares added 9 cents to $17.65.
Source: FT.com
IQ Global Agribusiness Small Cap ETF (CROP) provides exposure to sector where fast growth is driven by rising food prices, rapidly expanding populations and demand for alternative energy
March 21, 2011--IndexIQ, a leading developer of index-based liquid alternative investment solutions, is set to launch the IQ Global Agribusiness Small Cap ETF (NYSE Arca: CROP) on March 22, 2011, it was announced today.
CROP is the first Exchange-Traded Fund (ETF) designed to provide exposure to global small capitalization companies engaged in the fast-growing agribusiness sector, including agricultural machinery, livestock operations, crop production and farming, and biofuels and alternative energy. It seeks to track, before fees and expenses, the performance of the IQ Global Agribusiness Small Cap Index (Bloomberg Index Ticker: IQSMCROP).
Source: Index IQ
