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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
