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DB Global Equity Index & ETF Research : US ETP Market Weekly Review
August 31, 2010--New Listings and Delistings
There were two products launched during the previous week. Alerian, the MLP index provider, launched the first ETF tracking Master Limited Partnerships through ALPS Fund Services Inc. Although there are another 5 ETNs tracking MLPs in the US, this new ETF removes the inherent credit risk associated with ETNs and provides a tax structure which may allow investors to benefit from their MLP holdings in a more efficient way. Similarly, Van Eck Funds launched an equity ETF tracking the Indian Small-Cap sector. Both ETFs are listed in NYSE Arca
Net Cashflows
Total ETP outflows in the US added up to $142 mm during the previous week. Fixed Income and Commodity ETPs had inflows of $1.6 bn and $256 mm, respectively. Equity and Currency ETPs, on the other hand, experienced outflows of $2.0 bn and $14 mm, respectively.
Within Equity ETPs, Small Cap ETPs received the largest inflows ($1.0 bn) followed by Leveraged ETPs, while Large Cap ETPs saw the largest outflows ($1.2 bn).
The Fixed Income ETPs inflows were led by Sovereign ETPs ($573 mm), while no significant outflows were recorded on a sub segment level.
Commodity ETPs experienced a quiet week in terms of flows, with Crude Oil ($151 mm) and Natural Gas ($88) leading the shy inflows.
Turnover
Avg. Daily Turnover remained at about the same level and totaled $60 bn at the end of the week.
Assets Under Management (AUM)
US ETPs AUM along with an almost-flat market, remained at about the same level at the end of last week, totaling $813 bn. Among all asset classes, Fixed Income has accumulated the largest increase in AUM with $72 bn YTD, almost twice as much AUM as they held at the end of last year.
To request a copy of the report
Source: Deutsche Bank Global Equity Index & ETF Research
Preliminary Annual Report on U.S. Holding of Foreign Securities
August 31, 200--Preliminary data from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2009 were released today. Final survey results, which will include additional detail as well as revisions to the data, will be reported on October 29, 2010.
The survey was undertaken jointly by the U.S. Department of the Treasury, the Federal Reserve Bank of New York and the Board of Governors of the Federal Reserve System.
A complementary survey measuring foreign holdings of U.S. securities also is conducted annually. Data from the most recent such survey, which reports on securities held on June 30, 2010, are currently being processed. Preliminary results are expected to be reported on February 28, 2011.
Overall Preliminary Results
The survey measured U.S. holdings at year-end 2009 of approximately $6.0 trillion, with $4.0 trillion held in foreign equities, $1.6 trillion in foreign long-term debt securities (original term-to-maturity in excess of one year), and $0.4 trillion held in foreign short-term debt securities. The previous such survey, conducted as of year-end 2008, measured U.S. holdings of $4.3 trillion, with $2.7 trillion held in foreign equities, $1.3 trillion in foreign long-term debt securities and $0.3 trillion held in foreign short-term debt securities.
Table 1. U.S. holdings of foreign securities, by type of security, as of survey dates[1]
(Billions of dollars)
|
Type of Security |
Dec. 31, 2008 |
Dec. 31, 2009 |
|
|
|
|
|
Long-term Securities |
4,009 |
5,589 |
|
Equity |
2,748 |
3,995 |
|
Long-term debt |
1,261 |
1,594 |
|
Short-term debt securities |
282 |
387 |
|
|
|
|
|
Total |
4,291 |
5,977 |
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Source: U.S. Department of the Treasury
Minutes of the Federal Open Market Committee-August 10, 2010
August 31, 2010--The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on August 10, 2010.
The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Report.
The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting.
view the Minutes of the Federal Open Market Committee
August 10, 2010
Source: Federal Reserve Board
Federal Reserve Board:Approval Of Proposal By China Investment Corporation To Acquire Indirectly Up To 10 Percent Of The Voting Shares Of Morgan Stanley
August 31, 2010--The Federal Reserve Board on Tuesday announced its approval of the application by China Investment Corporation, Beijing, People's Republic of China, to acquire indirectly up to 10 percent of the voting shares of Morgan Stanley, New York, New York.
view order
Source: Federal Reserve Board
CBOE Holdings' C2 Options Exchange To Launch In Late October
Trading Access And Initial Rollout Details Announced
August 31, 2010-- CBOE Holdings, Inc. (NASDAQ: CBOE) today announced that C2 Options Exchange, Incorporated (C2), the company's new all-electronic exchange, will launch in late October 2010. Details on C2 trading access, connectivity and an overview of the market model were also announced.
C2 will operate under a separate exchange license, with its own board of directors, rules, connectivity, systems architecture and access structure. The new Exchange will employ a "maker-taker" fee schedule and a modified price/time matching algorithm for multiply-listed classes.
"The launch of C2 marks a significant milestone in the continued evolution of our company, and the prospects that C2 provide are exciting. As a complementary market to CBOE, we believe C2 will appeal to a wide variety of customers and have the potential to expand our customer base," commented William J. Brodsky, Chairman and CEO, CBOE Holdings.
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Source: CBOE
Vanguard Surpasses iShares in ETF Advisor Loyalty
August 31, 2010--anguard now ranks first among ETF providers in advisor loyalty displacing the long-standing industry leader iShares. This reversal was driven not only by an increase in ETF producers’ loyalty to Vanguard, but compounded by a decrease in ETF producers’ loyalty to iShares. This and other findings are contained in the new 2010 Advisor Brandscape™ report that was released earlier this month by Cogent Research.
According to the report, which is based on a nationally representative survey of 1,560 investment advisors, Vanguard achieves a Net Promoter® Score (NPSSM) of 33% compared to iShares’ 20%. NPSSM is a standardized loyalty metric developed by Bain & Company and deployed across many industries. These results represent a ten-point gain for Vanguard since last year, and a corresponding eight-point drop for iShares. State Street/Spiders ranked third overall, while PIMCO, finishing its freshman year as an ETF provider, rounds out the list of top-four providers.
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Source: Cogent Research
SEC Issues Report Cautioning Credit Rating Agencies
August 31, 2010--The Securities and Exchange Commission today issued a report cautioning credit rating agencies about deceptive ratings conduct and the importance of sufficient internal controls over the policies, procedures, and methodologies the firms use to determine credit ratings.
The SEC's Report of Investigation stems from an Enforcement Division inquiry into whether Moody's Investors Service, Inc. (MIS) — the credit rating business segment of Moody's Corporation — violated the registration provisions or the antifraud provisions of the federal securities laws.
The Report says that because of uncertainty regarding a jurisdictional nexus between the United States and the relevant ratings conduct, the Commission declined to pursue a fraud enforcement action in this matter. The Report notes that the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act provided expressly that federal district courts have jurisdiction over SEC enforcement actions alleging violations of the antifraud provisions of the securities laws when conduct includes significant steps, or a foreseeable substantial effect, within the United States. The Report also notes that the Dodd-Frank Act amended the securities laws to require nationally recognized statistical rating organizations (NRSROs) to "establish, maintain, enforce, and document an effective internal control structure governing the implementation of and adherence to policies, procedures, and methodologies for determining credit ratings."
view SEC's Report of Investigation
Source: SEC.gov
Nuveen files with the SEC
August 31, 2010--Nuveen has filed a pre-effective amendment No. 7 to Form S-1 with the SEC for
Nuveen Diversified Commodity Fund.
view filing
Source: SEC.gov
Vanguard files with the SEC
August 31, 2010--Vanguard has filed a post-effective amendment, registration statement with the SEC for
Vanguard S&P 500 ETF.
view filing
Source: SEC.gov
Vanguard files with the SEC
August 31, 2010--Vanguard has filed a post-effective amendment, registration statement with the SEC for
Vanguard S&P 500 Value Index Fund - ETF Shares
Vanguard S&P 500 Growth Index Fund - ETF Shares
Vanguard S&P Mid-Cap 400 Index Fund - ETF Shares
Vanguard S&P Mid-Cap 400 Value Index Fund - ETF Shares
Vanguard S&P Mid-Cap 400 Growth Index Fund - ETF Shares
Vanguard S&P Small-Cap 600 Index Fund - ETF Shares
Vanguard S&P Small-Cap 600 Value Index Fund - ETF Shares
Vanguard S&P Small-Cap 600 Growth Index Fund - ETF Shares
view filing
Source: SEC.gov