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AdvisorShares files with the SEC
February 6, 2013--AdvisorShares has filed a second amended and restated application for exemptive relief with the SEC.
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Transparent Value Advisors, LLC files with the SEC
February 6, 2013--Transparent Value Advisors, LLC has filed an application for exemptive relief with the SEC.
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ETFs and ETPs listed in the United States reach a new all-time high of $1.42 trillion at the end of January
February 6, 2013--Assets invested in Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs) listed in the United States reached a new record high of $1.42 trillion at the end of January 2013. ETF and ETP assets have increased by 5.5% from $1.35 trillion to $1.42 trillion during January, according to figures from ETFGI's monthly United States ETF and ETP industry insights.
Market performance contributed to the increase in the value of assets held in ETFs and ETPs as 18 of the top 20 markets globally showed gains in January. Two of the markets with strong gains were the US and the UK where history has shown that a strong January tends to be a good predictor for the rest of the year. A review of history in both markets shows that strong January performance is typically followed by positive returns in the subsequent 11 months.
The S&P 500 index was up 5.0% in January, which ranked as the 12th best January since 1950 and the 19thJanuary since 1950 when the index was up more than 4%. Again, since 1950, January gains of at least 4% in the S&P 500 have been followed on average by gains of 15.1% in the subsequent 11 months of the year. Only once since 1950 did the S&P 500 rise by more than 4% in January and then finish the year lower than it did at January’s end – and that was in 1987.
International Securities Exchange and IndexIQ Announce Broad Partnership to Develop and Launch Innovative Exchange-Traded Products
February 6, 2013--The International Securities Exchange (ISE), a leading U.S. options exchange, and IndexIQ, a leading asset management firm, announced today their partnership agreement to support and promote new exchange traded products (ETPs) focusing on physical commodities.
“This is an exciting partnership that couples ISE’s ETP experience with IndexIQ’s reputation for creating innovative products,” said Kris Monaco, Head of ISE’s ETF Ventures team. “We look forward to working with IndexIQ to provide investors with more efficient access to new segments of the commodities market. Much like physically backed commodity trusts like “GLD” securitized gold, we hope to provide investors with similar benefits in different segments of the commodities market.”
FINRA: Cut Equity-Trade Reporting to 10 Seconds
February 6, 2013--The Financial Industry Regulatory Authority is seeking a rule change that would require brokerages to report trades within 10 seconds rather than 30.
The rule would apply to all equity transactions, including companies not listed on an exchange, and order cancellations, Finra said in a Feb. 1 filing to the U.S. Securities and Exchange Commission. The change will help ensure that trade data reflects the current market, according to Finra’s proposal.
Finra also strengthened language to prohibit delays in reporting and said brokers should program systems to report executions as soon as possible. More than 99 percent of transactions executed by brokers away from the exchanges already report within 10 seconds, said the group that oversees 4,300 brokerages.
NASDAQ OMX to Introduce Derivatives Trading on U.S. Treasuries
Exchange-traded derivatives on U.S. Treasuries will provide access to new trading and investing vehicles that allow investors to hedge interest rate risk with more precision, using an 'on the run' convention. NASDAQ OMX and BNY Mellon will offer a flexible, cost-efficient offering for investors who wish to trade derivatives contracts on specific, underlying U.S. Treasury 10-year notes and 30-year bonds. Options contracts on U.S. Treasury Securities may be traded by qualified investors in securities brokerage accounts.
FTSE launches new FTSE Cyclical and Defensive Index Series
The FTSE Cyclical Index Series is designed to be sensitive to the economic cycle, whilst the FTSE Defensive Index is designed to be relatively insensitive, thereby providing a mechanism for investors to implement an informed economic view. The index series spans global, regional and single country indices.
Van Eck files with the SEC Morgan Stanley-ETF Fund Flows-ETFs Exhibited Net Inflows of $59.4 This is well above the average quarterly rate of net cash inflows over
the past three years of $36.3 billion. For 2012, net cash inflows were
$192.8 billion, which is the biggest year on record. The prior high
mark was 2008, when US-listed ETF net cash inflows were $174.6
billion.
The largest net cash inflows this past quarter went into US Large-Cap ETFs. These ETFs had net cash inflows of $17.3 billion this past quarter, bringing 2012 net inflows to $40.6 billion, the
second most of any category. ETFs tracking emerging markets equity indices had the next highest net cash inflows this past quarter at $15.4 billion, bringing 2012 net inflows to $29.9 billion.
For 2012, ETFs tracking fixed income indices had the highest net cash inflows at $50.2 billion, including $8.9 billion in net inflows this past quarter.
US Small-& Micro-Cap ETFs had the largest net cash outflows in the fourth quarter of 2012. Net cash outflows from these ETFs were $1.5 billion, bringing net cash inflows for 2012 down to $1.5
billion. For 2012, only Currency ETFs and Leveraged/Inverse ETFs had net cash outflows ($2.6 billion and $0.7 billion, respectively).
US ETF industry assets of over $1.4 trillion are ~5% higher year
to date. Despite the growth of the ETF market, it remains concentrated with three providers and 20 ETFs accounting for almost 80% and 47% of industry assets, respectively. CFTC.gov Commitments of Traders Reports Update The Budget and Economic Outlook: Fiscal Years 2013 to 2023 view the CBO The Budget and Economic Outlook:
Fiscal Years 2013 to 2023 Effective Date of New Circuit Breakers Postponed Goldman Sachs Asset Management Chairman Jim O'Neill to Retire DBX files with the SEC Vanguard, BlackRock pressured over firearms investments
Market Participants Will Benefit From More Precise Hedging and Price Transparency
February 6, 2013--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), the world's largest exchange group, in cooperation with BNY Mellon, the global leader in investment management and investment services, today announced plans to introduce options trading on U.S. Treasury Securities at NASDAQ OMX PHLX(R), the largest equity options exchange in the U.S.
The first day of trading will take place on February 19th, 2013.
February 6, 2013--FTSE Group ("FTSE"), the award winning global index provider, today announces the launch of the FTSE Cyclical and Defensive Index Series.
The index series aims to offer contrasting degrees of sensitivity to the economic cycle in order to improve the transparency of market dynamics.
February 5, 2013--Van Eck has filled a post-effective amendment, registration statement with the SEC for the Treasury-Hedged High Yield Bond ETF (THHY).
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February 5, 2013--There were 25 new ETFs listed in the US in the fourth quarter of 2012. In 2012, 155 ETFs were issued and four providers entered the ETF market. There were also 82 ETF liquidations in 2012. An
additional ETF was launched in January and as of 1/30/13, there were 37 issuers with 1,237 ETFs listed in the US.
Net inflows into US-listed ETFs were $59.4 billion during 4Q12.
The current reports for the week of February 5, 2013 are now available.
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February 5, 2013--Economic growth will remain slow this year, CBO anticipates, as gradual improvement in many of the forces that drive the economy is offset by the effects of budgetary changes that are scheduled to occur under current law.
After this year, economic growth will speed up, CBO projects, causing the unemployment rate to decline and inflation and interest rates to eventually rise from their current low levels. Nevertheless, the unemployment rate is expected to remain above 7½ percent through next year; if that happens, 2014 will be the sixth consecutive year with unemployment exceeding 7½ percent of the labor force—the longest such period in the past 70 years.
February 5, 2013--The Financial Industry Regulatory Authority has pushed back the implementation of new price bands and market-wide circuit breakers by two months.
The regulator of securities brokers said it filed rule changes with the Securities and Exchange Commission that will move the start of new price bands and market-wide circuit breakers to April 8, from February 4.
February 5, 2013--Goldman Sachs Group Inc. (GS) economist Jim O'Neill, who bound Brazil to Russia, India and China to form the BRIC investing strategy, will retire this year.
O’Neill, 55, will step down from his current role as chairman of the asset-management division, which he has held since 2010, the New York-based firm said yesterday in a statement. He joined the company in 1995 as a partner, became head of global economics, commodities and strategy research in 2001 and was added to the European management committee in 2006.
February 5, 2013--DBX has filed a post-effective amendment, registration statement with the SEC for the db X-trackers Municipal Infrastructure Revenue Fund.
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February 5, 2013--Chicago mayor Rahm Emanuel has called on fund managers including Vanguard and BlackRock to divest from gun manufacturers opposing "commonsense gun reforms."
In letters sent last week to six fund industry chief executive officers, Mr Emanuel said the industry needs to exert its influence with companies blocking reforms including required background checks and an assault weapons ban.
