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U.S. International Reserve Position
November 2, 2010--The Treasury Department today released U.S. reserve assets data for the latest week. As indicated in this table, U.S. reserve assets totaled $136,117 million as of the end of that week, compared to $135,793 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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October 29, 2010 |
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A. Official reserve assets (in US millions unless otherwise specified) 1 |
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136,117 |
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(1) Foreign currency reserves (in convertible foreign currencies) |
Euro |
Yen |
Total |
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(a) Securities |
9,810 |
16,151 |
25,962 |
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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 |
14,589 |
7,934 |
22,523 |
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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 |
13,068 |
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(3) SDRs 2 |
58,391 |
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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) |
5,132 |
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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) |
5,132 |
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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: U.S. Department of the Treasury
National Stock Exchange Launches New Network Solution - "Exchange in a Box"
November 2, 2010--The National Stock Exchange, Inc.(NSX®) has partnered with Sidera Networks (formerly RCN Metro), a premier provider of fiber optic-based network solutions, to create a new network solution called Exchange in a Box.
Exchange in a Box provides connectivity to NSX via any of the major financial data centers in the New York Metro area at a reduced cost, enabling NSX customers to take advantage of micro-second connections.
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Source: National Stock Exchange, Inc.(NSX)
ISE is First Options Exchange to List Additional Near Term Expiration Months for Most Actively Traded Options Classes
November 2, 2010--The International Securities Exchange (ISE) announced today that it has expanded the number of expiration months available for 20 of the most actively traded options classes on its exchange. ISE pioneered the pilot program, which allows all US options exchanges to list up to two additional, consecutive expiration months. Each options exchange can select up to 20 options classes for the pilot.
“In response to member demand, ISE has started an industry-wide pilot program to list additional near term expiration months for the most actively traded, liquid options classes,” said Boris Ilyevsky, Managing Director of ISE’s options exchange. “We are very excited to provide investors with expanded trading opportunities in the most popular options products.”
The pilot program, which began on November 1, enables ISE to list a total of six expiration months for its most actively traded options classes. ISE is now able to list four consecutive expiration months as well as two additional months for the options classes in the pilot. A list of the products selected for the program is available on ISE’s website.
For more information on the new pilot program, contact ISE Business Development at bizdev@ise.com.
Source: International Securities Exchange (ISE)
CME Group Volume Averaged 11.4 Million Contracts Per Day In October 2010, Up 6 Percent
November 2, 2010--CME Group, the world's leading and most diverse derivatives marketplace, today announced that October volume averaged 11.4 million contracts per day, up 6 percent from October 2009. Total volume for October was 240 million contracts, of which 83 percent was traded electronically.
In October 2010, CME Group interest rate volume averaged 4.7 million contracts per day, up 6 percent compared with the prior October. Treasury futures volume averaged 2.1 million contracts per day, up 17 percent compared with the same period in 2009, and Treasury options volume averaged 367,000 contracts per day, up 61 percent.
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Source: CME Group
S&P says new rules will hit big bank profits
November 2, 2010-The new regime of financial regulation will hit annual profits at the US’s eight biggest banks by between $19.5bn and $22bn, according to one of the first assessments of the new law.
Standard & Poor’s analysts say there will be a noticeable loss of income as a result of restrictions on proprietary trading, credit card fees and derivatives activity at Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, PNC Financial, US Bancorp and Wells Fargo.
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Source: FT.com
Vanguard launches Global ex-U.S. Real Estate ETF
November 2, 2010--Today Vanguard introduced a new international real estate ETF, further rounding out our ETF lineup across multiple asset classes. Vanguard Global ex-U.S. Real Estate ETF (VNQI) is benchmarked to the S&P Global ex-U.S. Property Index. The new ETF is a share class of Vanguard Global ex-U.S. Real Estate Index Fund, which also offers traditional share classes. The fund invests in real estate investment trusts (REITs) and real estate operating companies (REOCs) in developed and emerging markets excluding the United States.
The Global ex-U.S. Real Estate ETF can serve as a complement to Vanguard REIT ETF (VNQ), which holds only domestic real estate securities.
"Modest exposure to real estate investments in a broadly diversified investment portfolio can help moderate overall portfolio volatility and serve as a hedge against inflation," Vanguard Chief Investment Officer Gus Sauter said. "With international real estate securities representing a growing portion of the overall real estate market, a counterpart to our domestic REIT ETF is a natural addition to our ETF lineup."
Low costs
Vanguard Global ex-U.S. Real Estate ETF, with an estimated expense ratio of 0.35%, continues the Vanguard tradition of offering mutual funds and ETFs with expense ratios that are among the lowest in the industry. In fact, competing international real estate ETFs charge an average expense ratio of 0.55%, (source: Morningstar, Inc., as of December 31, 2009).
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Source: Vanguard
Joint Statement by CFTC Chairman Gary Gensler and European Commissioner Michel Barnier on Financial Oversight
November 2, 2010--United States Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler and European Commissioner Michel Barnier met today in Chicago to discuss a range of issues concerning the oversight of commodity markets and the regulation of over-the-counter (OTC) derivatives. Chairman Gensler also accompanied Commissioner Barnier to meetings with the Chicago Mercantile Exchange, industry traders and intermediaries and the Chicago Climate Exchange.
Chairman Gensler and Commissioner Barnier reaffirmed their commitment to strong regulation and enhanced transparency of the commodity markets. They also expressed general support for the IOSCO Task Force on Commodity Futures Markets and related efforts in the G20, which are working to improve the regulatory oversight and transparency of futures and physical commodity markets.
Commissioner Barnier and Chairman Gensler discussed position concentration in commodity markets and the role that position limits play in the oversight of physical commodity futures and swaps markets. They also discussed potential reforms to the Markets in Financial Instruments Directive and the Market Abuse Directive, which will assist in the overall efforts to reform commodity oversight in Europe.
read more
Source: CFTC.gov
Minutes of the Meeting of the Treasury Borrowing Advisory Committee Of the Securities Industry and Financial Markets Association
November 2, 2010--The Committee convened in closed session at the Hay Adams Hotel at 9:03 a.m. All Committee members were present. Assistant Secretary for Financial Markets Mary Miller, Deputy Assistant Secretary (DAS) for Federal Finance Matthew Rutherford and Director of the Office of Debt Management Colin Kim welcomed the Committee. Other members of Treasury staff included Fred Pietrangeli, Moji Jian, Jennifer Imler and Alfred Johnson. Federal Reserve Bank of New York members Mark Cabana and Dina Marchioni were also present.
DAS Rutherford opened the discussion with a presentation to the Committee. He noted that the budget deficit for FY10 printed at $1.294 trillion. This was an improvement from the Administration's previous estimate of approximately $1.45 trillion. Rutherford noted that the recent improvement in the fiscal situation was led by improvements in tax receipts, led by a 43 percent year-over-year increase in corporate taxes. Personal income tax receipts also continue to rise, although at a more gradual pace as the economy continues to experience below potential growth. Ongoing TARP repayments have been another source of income that has reduced Treasury's borrowing needs.
Looking ahead to FY11, DAS Rutherford noted that total receipts are projected to increase to 15.8 percent of GDP. Over the coming years, receipts as a percentage of GDP are expected to gradually increase back towards the historical average of 18 percent. This improvement is built into many forecasters' estimate of the deficit. A survey of the primary dealers found that the average deficit forecast for FY11 is $1.214 trillion, over $200 billion below OMB's forecast.
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Source: CFTC.gov
Joint Statement by CFTC Chairman Gary Gensler and European Commissioner Michel Barnier on Financial Oversight
November 2, 2010--United States Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler and European Commissioner Michel Barnier met today in Chicago to discuss a range of issues concerning the oversight of commodity markets and the regulation of over-the-counter (OTC) derivatives. Chairman Gensler also accompanied Commissioner Barnier to meetings with the Chicago Mercantile Exchange, industry traders and intermediaries and the Chicago Climate Exchange.
Chairman Gensler and Commissioner Barnier reaffirmed their commitment to strong regulation and enhanced transparency of the commodity markets. They also expressed general support for the IOSCO Task Force on Commodity Futures Markets and related efforts in the G20, which are working to improve the regulatory oversight and transparency of futures and physical commodity markets.
Commissioner Barnier and Chairman Gensler discussed position concentration in commodity markets and the role that position limits play in the oversight of physical commodity futures and swaps markets. They also discussed potential reforms to the Markets in Financial Instruments Directive and the Market Abuse Directive, which will assist in the overall efforts to reform commodity oversight in Europe.
read more
Source: CFTC.gov
NASDAQ OMX Launches Innovative Alpha Indexes(TM)
Indexes Designed to Measure Performance Between Stocks and ETFs
November 1, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced the launch of five NASDAQ OMX Alpha IndexesTM designed to help market participants measure performance between stock and exchange traded funds (ETFs). The new indices, which began real-time calculation and dissemination on October 11, 2010, will highlight a suite of new derivatives products that will allow investors and traders the opportunity to generate returns even when the market is down.
NASDAQ OMX Alpha Indexes are an innovative way for market participants to track the return of a single stock or Exchange Traded Fund (ETF) against a leading ETF or another single stock of the same type, allowing investors and traders to capitalize on opportunities to generate returns. For example, if the price of a stock declines less than a specific ETF, the NASDAQ OMX Alpha Index tracking the specific relationship between the two will increase. This ability to track correlation gives market players the opportunity to adjust their portfolios in accordance with the particular market relationship being tracked.
"NASDAQ OMX Alpha Indexes have the potential for being as widely used as other indexes that are industry standards for market volatility and price," said Robert E. Whaley of Vanderbilt University's Owen Graduate School of Management. "With NASDAQ OMX Alpha Indexes, you're trading correlation—moreover, correlation between some important asset classes like bonds versus stocks, gold versus stocks or emerging market equities versus US equities. The recent financial crisis tells us how important that can be."
"NASDAQ OMX has a long history of new product and market innovation from the creation of the NASDAQ-100 Index® to PHLX sector indexes," said Eric Noll, Executive Vice President of US Transaction Services at NASDAQ OMX. "The debut of NASDAQ OMX Alpha Indexes will allow us to list proprietary options in the near future on PHLX or the NASDAQ Options Market."
The NASDAQ OMX Alpha Indexes were developed by NASDAQ OMX in conjunction with Jacob S. Sagi, Financial Markets Research Center Associate Professor of Finance, and Robert E. Whaley, Valere Blair Potter Professor of Management and Co-Director of the FMRC, both of the Owen Graduate School of Management, Vanderbilt University.
The NASDAQ OMX Alpha Indexes use a proprietary calculation, which measures the performance of a single stock or ETF, which is the target, against another single stock or leading ETF, which is the benchmark. The relative performance of the target and benchmark is calculated by comparing daily price returns plus dividends to the previous trading day. The initial Alpha Indexes have a starting point of 100.00 as of January 1, 2010.
NASDAQ OMX Alpha Indexes that are tracking highly liquid symbols are now available:
NASDAQ OMX Alpha AAPL vs. SPY Index (Nasdaq:AVSPY) shows how AAPL has performed compared to the SPDR® S&P® 500 ETF;
NASDAQ OMX Alpha GLD vs. SPY Index (Nasdaq:GVSPY) shows how SPDR® Gold Trust has performed compared to the SPDR® S&P® 500 ETF;
NASDAQ OMX Alpha TLT vs. SPY Index (Nasdaq:TVSPY) shows how treasury notes have performed compared to the SPDR® S&P® 500 ETF;
NASDAQ OMX Alpha C vs. XLF Index (Nasdaq:CVXLF) shows how Citigroup has performed compared to the Financial Select Sector SPDR® Fund;
and NASDAQ OMX Alpha EEM vs. SPY Index (Nasdaq:EVSPY) shows how iShares MSCI Emerging Markets ETF has performed compared to the SPDR® S&P® 500 ETF.
For more information on NASDAQ OMX Alpha Indexes please visit our website: http://www.nasdaqomxtrader.com/alpha
Source: NASDAQ OMX
