Americas ETP News
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Nasdaq looks to derivatives to boost margins
February 8, 2011---Outside the office window of Robert Greifeld, chief executive of Nasdaq the global exchange operator, progress on the Ground Zero rebuilding is visible, with the Freedom Tower up to 40 storeys.
Mr Greifeld, meanwhile, is presiding over Nasdaq’s own transformation, from a stock exchange to a more diversified group, the fruits of which he hopes will soon be visible to investors.
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Source: FT.com
Hedge funds search for way to short munis
February 8, 2011--How do you “short” an indebted US state? As fears grow over the scale of a crisis some believe could rival the debt problems of the eurozone, hedge funds and other investors are looking at how to trade the market in America’s municipal debt.
For decades, this $3,000bn bond market was safe, predictable and dull. The traditional buyers of the bonds issued by states, cities and other local bodies were wealthy local residents lured to them by the tax breaks on offer for individual investors. They bought the bonds, held them until they matured and then bought more.
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Source: FT.com
CBOE To Begin Publishing Values For CBOE S&P 500 Skew Index
February 7, 2011---- The Chicago Board Options Exchange (CBOE) announced today that on Wednesday, February 23, the Exchange will begin publishing values for the CBOE S&P 500 Skew Index (ticker symbol: SKEW), a benchmark measure of the perceived risk of extreme negative moves — often referred to as "tail risk" or a "black swan" event — in U.S. equity markets.
"We are excited about adding yet another valuable tool to our rapidly growing suite of volatility benchmarks," CBOE Chairman and CEO William J. Brodsky said. "The CBOE S&P 500 Skew Index will join our highly successful CBOE Volatility Index (VIX) in measuring the market's expectation of stock market risk based on S&P 500 options prices. It offers an important new measure for investors who are concerned about potential market moves driven by unusual, high-impact events."
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Source: CBOE
Credit Suisse files with the SEC
February 7, 2011--Credit Suisse has filed a Pricing Supplement Addendum No.8 with the SEC for Exchange Traded Notes due April 20, 2020 Linked to the Credit Suisse Long/Short Index (Net) (“ETNs”).
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Source: SEC.gov
SEC sets sights on mortgage disclosures
February 7, 2011--US securities regulators investigating the role of banks in the mortgage crisis are homing in on the question of whether investors were misled about the home loans used to back securities.
The Securities and Exchange Commission and other regulators have been investigating a wide range of banking activities in connection with mortgages that were packaged into securities and sold to investors.
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Source: FT.com
Emerging Global Advisors Names Marten S. Hoekstra CEO
Former CEO of UBS' Wealth Management America to Lead Emerging Markets Asset Manager
February 7, 2011--Emerging Global Advisors, an asset management company specializing in more precise exposures to emerging market investment opportunities, today announced that Marten S. Hoekstra has joined the firm as Chief Executive Officer.
Mr. Hoekstra was most recently CEO of UBS Wealth Management Americas and a member of parent company UBS' Group Executive Board.
He assumes the CEO position from founder Robert Holderith, who will continue as president and concentrate on investment product development, a discipline that has been a primary focus throughout Mr. Holderith’s career.
"Emerging markets are becoming an increasingly important area for US investors pursuing growth strategies and we are on the forefront of offering more preciseinvestment exposures with better tools to execute these strategies,” said Mr. Holderith. “We aim to be the leading brand for emerging market investing and Marten has the global vision and experience to ensure we achieve our goals and objectives. We are significantly advantaged having him lead our team.”
Emerging Global Advisors is advisor to the EGShares family of exchange-traded funds (ETFs), which target specific investment sectors or themes and allow investors access to more precise market exposures. The company currently manages nine emerging market ETF products offering exposures to the energy, financial, and mining and minerals sectors, emerging market consumers, and the respective infrastructures of Brazil, India, or China. Additional ETFs and other investment products are planned.
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Source: Emerging Global Advisors
Exchange-Traded Funds: US ETF Weekly Update Morgan Stanley
February 7, 2011--Weekly Flows: $2 Billion Net Outflows
ETFsTraded $309 Billion Last Week
Launches: 2 New ETFs-DirexionAnnounces Reverse Share Splits
Sector SPDR Expense Ratios Cut
Egypt ETF Stops Accepting Creation Units
US-Listed ETFs: Estimated Flows by Market Segment
ETFs had net outflows of $2 billion last week; second consecutive week of net outflows
Net outflows were led by EM Equity and US Large-Cap ETFslast week (combined $6 billion net outflows)
ETF assets stand at more than $1 trillion, nearly doubling overthe past two years
13-week flows are mixed among asset classes
$31 billion of net inflows into ETFs over past 13 weeks (89% into US Equity ETFs)
The $4.2 billion of net outflows for Emerging Markets (EM) ETFsis primarily related to the $9.6 billion of net outflows for iSharesEM Index Fund (EEM). Over the same period, Vanguard EM ETF (VWO) had net inflows of $3.8 billion.
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) exhibited largest net outflows last week
SPY & EEM posted net outflows over past 1-, 4-, 13-wk periods
Powershares QQQ (QQQQ) generated net inflows of $827 mlnlast week, the most of any ETFS
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Source: ETF Research-Morgan Stanley
DB Index & ETF Research: US ETF Market Weekly Review : Strong inflows of $11 bn defy January's usual drought
February 4, 2011--New content and New Measures for the New Year
Following our annual review recess, with this report we resume the publication of our weeklies. In addition, we have made some enhancements to our report, such as a weekly commentary section, ETN data reported separately from ETP data, and new weekly turnover measure. Please see our “Message to Our Readers” section for more details.
Strong ETP Flows kick off the 2011 game
ETPs had a fantastic year on 2010 cashing in a $115 bn across-the-board inflow, topped with a year-ending of around $1 trillion in AUM. In the same line, without a sign of slowing down, the ETP industry opened the year at full speed with 19 new product launches, strong asset inflows of $11 bn YTD, and a great outlook for its main asset class: US Equities.
Total US ETP flows for the last week registered $2.7 bn of outflows vs $2.1 bn inflows the previous week, setting the YTD weekly flows average at +$2.8 bn. US ETPs AUM keep establishing a threshold above the trillion dollar with $1.01 trillion so far.
Equity ETPs, driven by US equities reallocation, gathered $10.7 bn since the beginning of the year, coming out of the January outflow pattern we have seen since 2007. Emerging Markets ETPs flows, the big equity story of 2010, stands shamefully at a $2.4 bn outflow. While throughout 2010, Broad EM ETPs sheltered the bulk of the new assets, we have seen investors favoring country EM ETPs during 2011 instead. In addition, Fixed Income ETPs have cashed in a surprising $3.1 bn of new flows YTD (Corporates,+$2.0 bn; Sovereign, +$943 mm). Finally, Gold ETPs have experienced their largest outflow (-$2.7 bn), during the same 4-week period. Please see the weekly commentary section for more details.
New Launch Calendar: Quantity and diversity sets the tone
After a quiet year ending, new product activity jump-started with 19 new products coming to market in the first four weeks of the year. The new products listed at NYSE Arca, provide investors with new choices to access distinct return streams in the way of Alternative, Equity, Fixed Income, and Commodity ETPs.
Turnover Review
Turnover has picked up since the end of last year. Last week’s total ETP turnover was $349 bn vs $253 bn the previous week. This represented an increase of about 38% from the previous week (with 4 days only), and a 3.7% increase over last year’s weekly average. Week over week, turnover increased more substantially in Equity (+$81 bn, 37%) and Commodity (+$10 bn, 61%) ETPs.
Assets Under Management (AUM) Review
Mainly driven by a small correction in the equity markets and a flight from emerging markets equities and gold, overall assets decreased by 0.6%, from the previous week, sitting at $1.01 trillion at the end of the week. Year to date US ETPs AUM have increased $8.0 bn or 0.8%.
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Source: Deutsche Bank Global Equity Index & ETF Research
U.S. International Reserve Position
February 4, 2011--The Treasury Department today released U.S. reserve assets data for the latest week. As indicated in this table, U.S. reserve assets totaled $133,945 million as of the end of that week, compared to $133,303 million as of the end of the prior week.
I. Official reserve assets and other foreign currency assets (approximate market value, in US millions)
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I. Official reserve assets and other foreign currency assets (approximate market value, in US millions) |
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January 28, 2011 | |||
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A. Official reserve assets (in US millions unless otherwise specified) 1 |
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133,945 | |
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(1) Foreign currency reserves (in convertible foreign currencies) |
Euro |
Yen |
Total | |
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(a) Securities |
9,491 |
15,849 |
25,341 | |
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of which: issuer headquartered in reporting country but located abroad |
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0 | |
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(b) total currency and deposits with: |
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(i) other national central banks, BIS and IMF |
14,331 |
7,772 |
22,103 | |
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ii) banks headquartered in the reporting country |
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0 | |
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of which: located abroad |
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0 | |
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(iii) banks headquartered outside the reporting country |
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0 | |
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of which: located in the reporting country |
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0 | |
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(2) IMF reserve position 2 |
12,689 | |||
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(3) SDRs 2 |
57,720 | |||
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(4) gold (including gold deposits and, if appropriate, gold swapped) 3 |
11,041 | |||
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--volume in millions of fine troy ounces |
261.499 | |||
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(5) other reserve assets (specify) |
5,051 | |||
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--financial derivatives |
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--loans to nonbank nonresidents |
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--other (foreign currency assets invested through reverse repurchase agreements) |
5,051 | |||
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B. Other foreign currency assets (specify) |
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--securities not included in official reserve assets |
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--deposits not included in official reserve assets |
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--loans not included in official reserve assets |
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--financial derivatives not included in official reserve assets |
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--gold not included in official reserve assets |
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--other |
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Source: US Department of the Treasury
CFTC.gov Commitments of Traders Reports Update
February 4, 2011--The current reports for the week of February 1, 2011 are now available.
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Source: CFTC.gov
