Americas ETP News

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U.S. Corporate Credit-Risk Index Increases as New Series Begins Trading

September 20, 2010--A benchmark indicator of U.S. corporate credit risk rose as banks, hedge funds and other money managers started moving trades into a new series of the index.
Series 15 of the Markit CDX North America Investment Grade Index, a credit-default swaps benchmark that investors use to hedge against losses on corporate debt, traded at 106.6 basis points as of 6:37 p.m. in New York, 5.1 basis points wider than Series 14, according to broker Phoenix Partners Group.

New versions of the index are created every six months to replace companies that are no longer investment grade. Issues are also taken out of the index if they’re no longer among the most actively traded in the $25 trillion credit swaps market or fail to meet other index criteria.

Most of the difference between the two series “is probably coming from the fact that you’re rolling to a longer maturity,” said Andrew Kuan, senior trader at Primus Asset Management in New York. “It’s only one name coming in and out. It’s not really changing the makeup of the risk that people have on.”

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Source: Bloomberg


INVESTOR BRANDSCAPE™: 2010-Cogent Research

INVESTOR BRANDSCAPE™: 2010
Measuring the Impact of Brand and Loyalty on Revenue in the Affluent Marketplace
September 20, 2010--The leading industry standard for understanding what drives investment product and brand selection, Investor Brandscape™ is a critical element of any branding and distribution strategy. Tracking the attitudes and behaviors of affluent investors since 2006, the report explores investors’ awareness, perceptions, usage, share of wallet, and loyalty to the top investment distributors, mutual fund managers, ETF manufacturers, and VA providers in the US today.

Areas of Inquiry
Investment Mindset – How do affluent investors feel about risk and the current environment? What proportion of their assets are they comfortable managing on their own?

The Role of Advisors – Who uses an advisor and to what extent? How satisfied and loyal are investors to providers? Why do some investors use advisors and have (will) their behaviors change?

Asset Allocation and Product Mix – What products are investors using, to what extent, and why?

Brand Equity and Momentum – Which brands dominate unaided consideration? What do awareness levels look like? Which providers are winning on share of wallet and which brands are at risk?

What firms garner the greatest satisfaction and loyalty? What is driving specific brands’ strengths – or weakness?

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Source: Cogent Research


Exchange-Traded Funds: US ETF Weekly Update-Morgan Stanley - September 20, 2010

September 20, 2010--Highlights
Weekly Flows: $10.4 Billion Net Inflows
ETFs Traded $296 Billion Last Week
Launches: 2 New ETFs
2 State ETFs to Close-Islamic ETF to Close

US-Listed ETFs: Estimated Flows by Market Segment

For the third week in a row, ETFs generated net inflows $10.4 blnlast week
Weekly net inflows were the third largest of the year; net inflows driven by SPY last week-ETF assets stand at $864 bln; up 11% YTD

13-week flows were mixed among different asset classes
$25.8 bln net inflows into ETFs over 13 wks; International

EM eclipsed Fixed Income over past 13 wks

SPY posted net inflows of $8.1 blnlast week, the most of any ETF
SPY has generated net inflows of $10.9 blnover past 2 weeks; still in the red for the year

Over 13-wk period, 2 EM equity funds (EEM & VWO) have taken in most new money ($9.6 blncombined)

US-Listed ETFs: ETF Dollar Volume
Market share of mthly ETF volume as % of listed volume has more than doubled over 5 yrs

US Large
Cap accounts for 45% weekly ETF volume, but only has 21% of market cap

Fixed Income accounts for only 4% weekly ETF volume, but has 16% of market cap

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Source: ETF Research-Morgan Stanley


Pimco Rolls Out Build America Bonds ETF

As muni market risks rise, passive indexation can emphasize the wrong issuers. Pimco's new ETF, however, is the first to offer active management of BABs.
September 20, 2010--AT FIRST GLANCE, Tuesday's scheduled launch of Pimco's latest municipal exchange-traded fund might seem more a matter of style than substance.

After all, the Pimco Build America Bond Strategy Fund (ticker: BABZ) joins an ETF party 10 months late. The first, Invesco PowerShares Build America Bond Portfolio (BAB) has attracted more than $547 million in assets since its launch last December, according to fund-tracker Morningstar, a pace of inflows that is beating some of the industry's biggest asset gathers.

Until now, it has faced only one other competitor: the SPDR Nuveen Barclays Capital Build America Bond ETF (BABS), which was launched five months after BAB and hasn't found nearly the traction with investors.

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Source: Barrons


Morningstar may drop star ratings for leveraged, inverse ETFs

September 20, 2010--Morningstar Inc., a Chicago-based research firm, may stop rating leveraged and inverse exchange- traded funds on a scale of one to five stars because of concerns about their suitability for individual investors.

The company is considering removing the ETFs from broader fund categories and putting them in a separate group, Scott Burns, Morningstar's director of ETF research, said in a telephone interview. The change would also end the funds' star ratings, he said.

“Star ratings are meant for investment vehicles and these are trading vehicles,” Burns said.

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Source: Investment News


U.S. International Reserve Position

September 20, 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 $130,249 million as of the end of that week, compared to $129,482 million as of the end of the prior week.

I. Official reserve assets and other foreign currency assets (approximate market value, in US millions)

 

 

 

September 17, 2010

A. Official reserve assets (in US millions unless otherwise specified) 1

 

 

130,249

(1) Foreign currency reserves (in convertible foreign currencies)

Euro

Yen

Total

(a) Securities

9,271

15,164

24,435

of which: issuer headquartered in reporting country but located abroad

 

 

0

(b) total currency and deposits with:

 

 

 

(i) other national central banks, BIS and IMF

13,673

7,431

21,104

ii) banks headquartered in the reporting country

 

 

0

of which: located abroad

 

 

0

(iii) banks headquartered outside the reporting country

 

 

0

of which: located in the reporting country

 

 

0

 

 

(2) IMF reserve position 2

12,231

 

 

(3) SDRs 2

56,636

 

 

(4) gold (including gold deposits and, if appropriate, gold swapped) 3

11,041

--volume in millions of fine troy ounces

261.499

 

 

(5) other reserve assets (specify)

4,802

--financial derivatives

 

--loans to nonbank nonresidents

 

--other (foreign currency assets invested through reverse repurchase agreements)

4,802

B. Other foreign currency assets (specify)

 

--securities not included in official reserve assets

 

--deposits not included in official reserve assets

 

--loans not included in official reserve assets

 

--financial derivatives not included in official reserve assets

 

--gold not included in official reserve assets

 

--other

 

 

 

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Source: U.S. Department of the Treasury


S&P And The Options Clearing Corporation Bring Central Counterparty Clearing To OTC Index Options

September 20, 2010--Standard & Poor's, the world's leading index provider, and The Options Clearing Corporation (OCC), the world's largest equity derivatives clearing organization, announced today that S&P has licensed the OCC to clear Over-The-Counter (OTC) options based on the S&P 500.

This landmark agreement represents the first time that central counterparty clearing will be available for OTC options based on the S&P 500, and marks OCC's first step into OTC equity derivatives clearing.

The licensing agreement between S&P and OCC, which also covers the S&P MidCap 400 and S&P SmallCap 600, will provide for greater risk management in the OTC equity derivatives marketplace served by these key indices. OCC will leverage its existing systems to provide clearing services. Pending regulatory approval, OCC expects to launch the service in summer 2011.

"OCC is pleased to work with S&P in taking this first step toward bringing the CCP clearing benefits of greater efficiency and risk reduction to the OTC equity derivatives arena," said Wayne P. Luthringshausen, OCC Chairman and CEO. "We will continue to work with our clearing members and market participants to best serve the needs of this evolving marketplace."

"This landmark licensing agreement is a prime example of Standard & Poor's helping to bring greater transparency and precision to the U.S. marketplace," says Alex Matturri, Executive Managing Director at S&P Indices. "It also marks the first time that any index provider has licensed its indices for central counterparty clearing."

Widely considered the single best gauge of the U.S. equity market since its launch in 1957, the S&P 500 is the world's most followed stock market index with $1.1 trillion directly indexed and $4.83 trillion benchmarked to it.

Source: Standard & Poors


Semi-Annual Changes to the NASDAQ OMX Clean Edge Smart Grid Infrastructure Index

September 20, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) and Clean Edge, Inc. announced today the results of the semi-annual evaluation of the NASDAQ OMX Clean Edge Smart Grid Infrastructure Index (Nasdaq:QGRD), which will become effective with the market open today.

The following four securities will be added to the Index: Wasion Group Holdings Ltd. (3393 HK), Hubbell Inc. (HUB/B UN), Red Electrica Corp SA (REE SM), and Thomas & Betts Corp. (TNB UN).

The Index is designed to act as a transparent and liquid benchmark for the smart grid and electric infrastructure sector. The Index includes companies that are primarily engaged and involved in electric grid; electric meters, devices, and networks; energy storage and management; and enabling software used by the smart grid and electric infrastructure sector. The securities must also meet other eligibility criteria which include minimum requirements for market capitalization and average daily dollar trading volume. The NASDAQ OMX Clean Edge Smart Grid Infrastructure Index is evaluated semi-annually in March and September. For more information about the NASDAQ OMX Clean Edge Smart Grid Infrastructure Index, including detailed eligibility criteria, visit https://indexes.nasdaqomx.com/.

The First Trust NASDAQ(R) Clean Edge(R) Smart Grid Infrastructure Index Fund (Nasdaq:GRID) is an exchange traded fund that seeks investment results that correspond generally to the price and yield, before the Fund's fees and expenses, of the NASDAQ OMX(R) Clean Edge(R) Smart Grid Infrastructure Index.

As a result of the evaluation, no securities will be removed from the Index.

Source: NASDAQ OMX Global Index Group


Semi-Annual Changes to the NASDAQ OMX Clean Edge Global Wind Energy Index

September 20, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) and Clean Edge, Inc. announced today the results of the semi-annual evaluation of the NASDAQ OMX(R) Clean Edge(R) Global Wind Energy Index (Nasdaq:QWND), which will become effective with the market open today.

The following three securities will be added to the Index: Innergex Renewable Energy Inc. (INE CN), RWE AG (RWE GY), and Theolia SA (TEO FP).

The Index is designed to act as a transparent and liquid benchmark for the global wind energy sector. The Index includes companies that are primarily manufacturers, developers, distributors, installers, and users of energy derived from wind sources. The securities must also meet other eligibility criteria which include minimum requirements for market capitalization and average daily dollar trading volume. The NASDAQ OMX(R) Clean Edge(R) Global Wind Energy Index is evaluated semi-annually in March and September. For more information about the NASDAQ OMX(R) Clean Edge(R) Global Wind Energy Index, including detailed eligibility criteria, visit https://indexes.nasdaqomx.com/.

The NASDAQ OMX Clean Edge Global Wind Energy Index is the basis for the PowerShares Global Wind Energy Portfolio (Nasdaq:PWND), which seeks investment results that correspond generally to the price and yield of the NASDAQ OMX Clean Edge Global Wind Energy Index before fees and expenses.

As a result of the evaluation, the following six securities will be removed from the Index: Broadwind Energy Inc. (BWEN UQ), Centrica PLC (CNA LN), Clipper Windpower PLC (CWP LN), Greentech Energy Systems (GES DC), PNE Wind AG (PNE3 GY), and Terna Energy SA (TENERGY GA).

Source: NASDAQ OMX


CFTC.gov Commitments of Traders Reports Update

September 17, 2010--The CFTC.gov Commitments of Traders Reports for the week of September 14, 2010 is now available.

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Source: CFTC.gov


SEC Filings


July 01, 2025 Natixis ETF Trust files with the SEC
July 01, 2025 Vanguard Malvern Funds files with the SEC-3 ETFs
July 01, 2025 Northern Lights Fund Trust files with the SEC-DF Tactical 30 ETF
July 01, 2025 BlackRock ETF Trust II files with the SEC-iShares Short Duration High Yield Muni Active ETF
July 01, 2025 Vanguard Fixed Income Securities Funds files with the SEC-Vanguard High-Yield Active ETF

view SEC filings for the Past 7 Days


Europe ETF News


June 16, 2025 ESMA's activities in 2024 focused on strengthening the EU capital markets and putting citizens and businesses at the heart of it
June 12, 2025 Janus Henderson launches active fixed income ETF
June 12, 2025 ifo Institute Raises Growth Forecast for Germany
June 10, 2025 ESMA publishes latest edition of its newsletter
June 06, 2025 Active ETF fever grips selectors-is the end in sight for mutual funds?

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Asia ETF News


June 25, 2025 QFIIs Gain Access to Onshore ETF Options As A-share Market Opening Deepens
June 18, 2025 Mirae Asset Global Investments Launches MIRAE ASSET TIGER CHINA GLOBAL LEADERS TOP3 PLUS ETF, Tracking Solactive-KEDI China Global Leaders TOP3Plus Index
June 13, 2025 Post-Adjustment ChiNext Index Attracts Global Assets with Low Valuation and High Growth Potential
June 13, 2025 Unlocking Consumption to Sustain Growth in China -World Bank Economic Update
June 13, 2025 US trading firm Virtu weighs foray into China market-making business

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Global ETP News


June 14, 2025 Global Economic Prospects-Global Economy Faces Trade-Related Headwinds
June 12, 2025 Disclosing Public Debt Boosts Investor Confidence, Cuts Borrowing Costs 
June 10, 2025 Global Economy Set for Weakest Run Since 2008 Outside of Recessions
June 03, 2025 Trade Reckoning

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Middle East ETP News


June 19, 2025 GCC: Growth on the Rise, but Smart Spending Will Shape a Thriving Future
June 16, 2025 Saudi Exchange leads market losses across the GCC

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Africa ETF News


June 24, 2025 East Africa's regional 20 share index
June 16, 2025 African Credit Rating Agency to Launch September 2025
May 27, 2025 African Economic Outlook 2025-Africa's short-term outlook resilient despite global economic and political headwinds

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ESG and Of Interest News


June 18, 2025 Global Energy Transition Gains Ground, but Security and Capital Challenges Persist
June 17, 2025 Pacific Economic Update: Slowing Growth Highlights Need for More Inclusive Workforce
June 10, 2025 Global Carbon Pricing Mobilizes Over $100 Billion for Public Budgets
June 07, 2025 Accelerating Blue Finance: Instruments, Case Studies, and Pathways to Scale
June 03, 2025 The Longevity Dividend

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White Papers


May 30, 2025 IMF Working Paper-Interest Rate Sensitivity Scenarios to Guide Monetary Policy

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