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ISE Trades 20 Millionth Contract through Implied Order Functionality
Unique Functionality Improves Executions of Multi-Legged Orders on ISE
October 15, 2013--The International Securities Exchange (ISE) today announced that trading of multi-legged strategy orders through its Implied Order* functionality has exceeded 20 million contracts. ISE's Implied Order functionality has accounted for approximately seven percent of all non-crossing, multi-legged contract volume executed on ISE year-to-date.
With the ongoing success of Implied Orders, the functionality has tightened spreads on ISE's regular order book, improving executions for exchange members with both single- and multi-legged orders.
"We are very pleased to have surpassed 20 million contracts through our Implied Order functionality, further validating ISE as the industry leading destination for multi-legged orders," said Boris Ilyevsky, Managing Director of ISE's Options Exchanges. "We look forward to introducing further enhancements to our multi-legged order functionality, and to continuing to grow this important segment of our business."
NYSE Euronext new listings- 2 iShares ETFs
October 15, 2013-Summary: NYSE Euronext (NYSE:NYX) is pleased to announce that on Wednesday, October 17, 2013, the following ETFs will be listed on NYSE Arca and will begin trading as a new issue
iShares 0-5 Year Investment Grade Corporate Bond
Trading Symbol:SLQD
iShares 0-5 Year High
Yield Corporate Bond
Trading Symbol: SHYG
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DBX files with the SEC
October 15, 2013--DBX has filed a amended application for exemptive relief with the SEC.
view filing
Credit Suisse Announces October Monthly Coupon Payments on its Gold Shares Covered Call ETN and on its Silver Shares Covered Call ETN
October 14, 2013--On October 14, 2013, Credit Suisse declared $0.0829 per ETN monthly Coupon Payment for the Gold Shares Covered Call ETN (the "GLDI ETN") and declared $0.1554 per ETN monthly Coupon Payment for the Silver Shares Covered Call ETN (the "SLVO ETN").
The respective Coupon Payments are payable on October 25, 2013 to holders of record on October 22, 2013. The ex-dividend date is October 18, 2013.
The Coupon Payments represent a current yield of approximately 6.78% per annum on the GLDI ETN and a current yield of approximately 10.88% per annum on the SLVO ETN. The "current yield" equals the current monthly Coupon Payment annualized and divided by the Closing Indicative Value of the applicable ETN on October 11, 2013.
NYSE Euronext new listings-Renaissance Capital
October 14, 2013--Summary: NYSE Euronext (NYSE:NYX) is pleased to announce that on Wednesday, October 16, 2013, the following ETF
will be listed on NYSE Arca
and will begin trading as a new issue
Renaissance IPO ETF.
Trading symbol: IPO
view more
NASDAQ OMX Expands the NASDAQ BulletShares Index Family
NASDAQ BulletShares Ladder Indexes Start Disseminating Today
October 14, 2013--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) is launching eight new indexes today in the NASDAQ BulletShares(R) Index Family.
The new NASDAQ BulletShares Ladder Indexes are traditional bond ladders implemented through indexes utilizing target maturity bond ETFs.
"These new indexes will provide the financial community a benchmark for tracking one of the most common types of fixed-income investing, bond-laddering," said John Jacobs, Executive Vice President, NASDAQ OMX Global Indexes. "The NASDAQ BulletShares Ladder Indexes are the next step for NASDAQ and Accretive Asset Management in creating new ways to measure fixed income investing."
Statement from Chairman and CEO Richard G. Ketchum on FINRA's Report on Conflicts of Interest
October 14, 2013--Today, FINRA published a report on conflicts of interest in the broker-dealer industry to highlight effective conflicts management practices that may go beyond current regulatory requirements and identify potential problem areas.
In July 2012, FINRA initiated a dialogue with several large firms to review their conflicts management practices to better understand how the industry identifies and manages conflicts.
While many firms have made progress in improving the way they manage conflicts, our review reveals that firms should do more. To help firms analyze the conflicts they face and implement a conflicts management framework appropriate to the size and scope of their business, we are publishing examples of how some large broker-dealer firms address conflicts. These practices-as well as those that are based on FINRA's experience and analysis-help firms of all sizes improve their conflicts management practices. Of course, there is no one-size-fits-all framework. Firms need to assess the approach that is most effective for their particular circumstances.
view the FINRA Report on Conflicts of Interest
Morgan Stanley-US ETF Weekly Update
October 14, 2013--Weekly Flows: $16 Million Net Inflows
ETFs Have Exhibited Net Inflows of $123.2 Billion YTD
ETF Assets Stand at $1.6 Trillion, up 17% YTD
Five ETF Launches Last Week
US-Listed ETFs: Estimated Flows by Market Segment
ETFs exhibited net inflows of just $16 mln last week, ending two consecutive weeks of net outflows
Last week’s net inflows were led by US Mid-Cap ETFs at $2.3 bln; conversely, US Large-Cap ETFs posted net outflows of $3.4 bln, the most of any category we measured
ETFs have exhibited net inflows 27 out of 41 weeks YTD
ETF assets stand at $1.6 tln, up 17% YTD; $123.2 bln net inflows YTD
13-week flows remain mostly positive among asset classes; combined $31.0 bln in net inflows
International - Developed ETFs generated net inflows of $18.1 bln over the last 13 weeks, the most of any category we measured; European ETFs or international equity ETFs with significant European exposure were the primary driver to the category’s large net inflows
Over the last 13 weeks, Fixed Income ETFs have posted net outflows of $3.9 bln; despite Fixed Income ETF weakness, four funds in the category actually posted $1+ bln net inflows (three short duration and one high yield ETF)
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P MidCap 400 ETF (MDY) posted net inflows of $2.2 bln this past week, the most of any ETF
Notably, the previous two weeks, MDY exhibited net outflows of $2.1 bln
The iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) exhibited net outflows of $295 mln last week and $2.5 bln over the last 13 weeks; LQD’s net outflows over the last 13 weeks are the most of any fixed income fund
Despite not posting net flows for the last two weeks, the iShares MSCI Emerging Markets ETF (EEM) has generated net inflows of $4.8 bln over the last 13 weeks, the most of any ETF
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume was essentially flat in September relative to August at 27%
Over the past 5 years, ETFs peaked at 36% of listed trading volume in November 2008
ETFs traded $349 bln last week, up $16 bln from the prior week and 26% above their 13-week average
Fixed Income ETFs accounted for only 4% of volume last week, however, make up 15% of ETF market cap
US-Listed ETFs: Short Interest Data Updated: Based on data as of 9/30/13
The SPDR Dow Jones Industrial Average ETF (DIA) had the largest increase in USD short interest at $318 mln
Shares short of the iShares MSCI Emerging Markets ETF (EEM) declined to 74.8 mln from 106.8 mln the prior period; EEM’s shares short are at their lowest level since 2/28/13
600 ETFs exhibited short interest declines while 585 experienced short interest increases over the last period
Aggregate ETF USD short interest decreased by $10.5 bln over the period ended 9/30/13
The average shares short/shares outstanding for ETFs is currently 3.9% down from 4.2% last period
For the third straight period, the SPDR Retail ETF (XRT) exhibited the highest shares short as a % of shares outstanding; XRT’s shares short are currently 247%, down from last period’s 280%
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only five ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$9.3 bln in total market cap of ETFs less than 1-year old
International Equity ETFs account for 44% of market capitalization of ETFs launched over the past year and 41% of net inflows over the last 13 weeks
After a month-long lull in issuance from the end of August through the end of September, 15 ETFs have launched over the past three weeks
106 new ETF listings and 43 closures/delistings YTD
The top 10 most successful launches make up 70% of the market cap of ETFs launched over the past year
Four 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)
Despite not cracking the top 10 most successful launches over the past year, the iShares Short Maturity Bond ETF (NEAR) generated net inflows of $90 mln last week, trailing only the $150 mln net inflows into the iShares Core MSCI Emerging Markets ETF (IEMG)
US energy revolution will end old Opec regime
American independence creates different and new supply hub for markets
October 14, 2013--Wednesday marks the 40th anniversary of the Arab oil embargo, a turning point for US energy security policy.
The embargo was imposed by the Organization of Arab Petroleum Exporting Countries after the Yom Kippur war. Oapec banned oil exports to Israel's supporters -the US and the Netherlands -tightening the oil markets to lead to a 400 per cent price rise. It used the promise of oil exports on favourable terms to separate them from Nato partners...
IMF-Regional Economic Outlook Update: Western Hemisphere-Latin America and the Caribbean
October 11, 2013--Growth in Latin America and the Caribbean (LAC) remains in low gear, reflecting a less supportive external environment and, in some cases, domestic supply-side constraints. The region's output is projected to expand by 2¾ percent in 2013, with domestic demand remaining the main driver. The growth rate is expected to edge up to 3 percent in 2014 as external demand strengthens gradually, but will remain below the average growth rate of the last decade.
In countries with low inflation and anchored inflation expectations, monetary policy should be the first line of defense if downside risks to the baseline materialize. Fiscal consolidation remains appropriate for countries with tight capacity constraints or limited fiscal space; it will also help constrain the continued widening of current account deficits. Safeguarding financial stability is a key priority in an environment of tighter global financial conditions and increased asset price volatility.
view the Regional Economic Update-Latin America and the Caribbean, October 2013
S&P Dow Jones Indices Announces Quarterly Index Reviews
October 11, 2013--S&P Dow Jones Indices Canadian Index Operations announces the following index changes as a result of the quarterly S&P/TSX Preferred Share Index and S&P/TSX Venture Select Index Reviews.
These changes will be effective at the open on Monday, October 21, 2013.
Cambria files with the SEC
October 11, 2013--Cambria has filed a amended application for exemptive relief with the SEC.
view filing
Exclusive: U.S. watchdog readies tighter new commodity limits rule
October 11, 2013--The U.S. derivatives regulator is finishing a new rule to curb speculators with large positions in commodity markets that is in parts tougher than the previous version, two sources with direct knowledge of the plan said.
Commodity Futures Trading Commission Chairman Gary Gensler is rushing to get a revamped rule out before his term runs out in December, said the sources, even while agency lawyers are preparing to defend the original position limits rule that was knocked back by a U.S. court last year.
Investors Increasingly Concerned About Interest Rate Risk, Look to Short Term Instruments in Search for Yield
State Street Global Advisors Launches Ultra Short Term Bond ETF as the category captures more than $9 billion year to date(1)
October 10, 2013--State Street Global Advisors (SSgA)*, the asset management arm of State Street Corporation (NYSE:STT), today announced the launch of the SPDR SSgA Ultra Short Term Bond ETF (Symbol: ULST). The newest actively managed SPDR ETF began trading on the NYSE Arca on October 10, 2013, and provides investors with access to a diversified portfolio of ultra short term bonds.
"The SPDR SSgA Ultra Short Term Bond ETF is an attractive option for the cash investor who is seeking incremental yield but does not want to sacrifice liquidity," said James Ross, senior managing director and global head of SPDR ETFs at SSgA. "We are seeing tremendous flows year to date in short and ultra short term bonds, as investors are increasingly anticipating rising interest rates."
CIBC Investor's Edge enhances online investment platform for self-directed investors
Launches new ETF Centre; adds research from Morningstar, Thomson Reuters
October 10, 2013--CIBC Investor's Edge Inc. today announced enhancements to its online trading platform for self-directed clients with a new ETF Centre and added tools and research from Morningstar and Thomson Reuters.
The new ETF Centre is a comprehensive, one-stop place for self-directed investors on exchange-traded funds, with extensive educational resources ...