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NASDAQ OMX Welcomes NXP Semiconductors, NASDAQ's Largest European IPO of 2010, to The NASDAQ Stock Market
August 11, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), the world's largest exchange company, announced that the trading of NXP Semiconductors, (Nasdaq:NXPI) commenced on August 6 on The NASDAQ Stock Market. NXP Semiconductors, whose products are used in a wide range of automotive, identification, wireless infrastructure, lighting, industrial, mobile, consumer, and computing applications, is NASDAQ's largest European IPO of 2010, raising proceeds totaling $476 Million.
NXP Semiconductors was one of five companies to hold an IPO on The NASDAQ Stock Market last week. Gordman Stores (Nasdaq:GMAN), and healthcare companies, NuPath, Inc. (Nasdaq:PATH), Trius Therapeutics, Inc. (Nasdaq:TSRX), and D. Medical Industries, Inc. (Nasdaq:DMED) all also chose NASDAQ as their listing exchange. In 2010, NASDAQ has maintained a stronghold in the technology and healthcare sectors, capturing 67 percent and 86 percent of global IPOs respectively.
"NASDAQ is home to companies that offer innovative and groundbreaking products and services to their respective industries," said Bruce Aust, Executive Vice President, Corporate Client Group, NASDAQ OMX, "NASDAQ OMX is excited to welcome NXP Semiconductors and four other IPOs to The NASDAQ Stock Market this week that showcase that commitment to growth and innovation."
NASDAQ IPOs have raised more than $4.98 Billion in proceeds in 2010, and NASDAQ has captured 48 new listings across a variety of sectors. Other distinguished companies who have recently listed on NASDAQ include: SMART Technologies (Nasdaq:SMT), the largest IPO of 2010, which raised more than $660 Million in proceeds in its first day of trading, and CBOE Holdings, Inc. (Nasdaq:CBOE).
Source: NASDAQ OMX
Opening Statement, Meeting of: The CFTC-SEC Joint Advisory Committee on Emerging Regulatory Issues, Washington, DC
August 11, 2010--Good morning. I am pleased to open the third public meeting of the CFTC-SEC Joint Advisory Committee on Emerging Regulatory Issues. Today we will continue our examination of the market events that took place on May 6, 2010.
I thank SEC Chairman Mary Schapiro for co-chairing today’s meeting and the Committee. I look forward to continuing to work closely with Chairman Schapiro on issues relating to May 6 as well as implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Dodd-Frank Act for the first time brings over-the-counter derivatives under comprehensive regulation. To best protect the American public, the CFTC will work closely and consultatively with the SEC on each of our rulemakings. Staff from both agencies have already begun meeting and working together on proposed rulemakings.
I would also like to welcome and thank the members of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues as well as our expert panelists. I look forward to hearing investor perspectives on the contributing factors to the May 6 market events.
I also would like to thank the staff of the CFTC and SEC for all of their hard work planning this meeting and reviewing the circumstances surrounding May 6.
Lastly, I want to recognize and thank my fellow CFTC Commissioners, Mike Dunn, Jill Sommers, Bart Chilton and Scott O’Malia.
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Source: CFTC.gov
Alps files with the SEC
August 10, 2010--Alps has filed a post effective amendedment, registration statement with the SEC for
ALERIAN MLP ETF (Ticker: AMLP)
view filing
Source: SEC.gov
Eaton Vance files with the SEC
August 9, 2010--Eaton Vance has filed an application for exemptive relief with the SEC for actively managed ETFs.
The Initial Funds are as follows:
Eaton Vance Enhanced Short Maturity ETF.
Eaton Vance Government Limited Maturity ETF
Eaton Vance Intermediate Municipal Bond ETF
Eaton Vance Prime Limited Maturity ETF
Eaton Vance Short Term Municipal Bond ETF
view filing
Source: SEC.gov
State Street Global Advisors Expands Innovation within Lincoln Financial Group's Variable Life and Annuity Solutions
August 10, 2010-State Street Global Advisors (SSgA), the investment management business of State Street, today announced that it has been selected by Lincoln Financial Group to sub-advise variable life insurance and variable annuity investment options, which employ a tactical asset allocation strategy and invest in a wide range of investment solutions.
The new Lincoln Variable Insurance Product (LVIP), the SSgA Global Tactical Allocation Fund incorporates a wide range of exchange traded funds (ETFs) including State Street's SPDR(R) ETFs*, as well as eight variable annuity funds currently sub-advised by SSgA Funds Management, Inc. and offered in Lincoln Variable Life and Annuity solutions including the Lincoln ChoicePlus Assurance(SM) variable annuity product platform.
"We are excited to expand our collaboration with State Street Global Advisors," said Daniel Hayes, head of Funds Management, Retirement Solutions, Lincoln Financial Group. "Lincoln Financial is committed to providing access to the most sophisticated and advanced solutions in the insurance industry, and this endeavor will further enhance our investment portfolio for our valued clients."
The fund was transitioned from its existing sub-advisor to SSgA on August 2, 2010.
"Demand for ETFs in the variable life and annuity space has been significant due to the relatively low cost of ETFs and the trading and diversification benefits that these funds provide," said Anthony Rochte, senior managing director at State Street Global Advisors. "SSgA's client-focused solutions, such as our SPDR ETFs, combined with Lincoln Financial as an innovator in the insurance industry, present a powerful proposition to both financial advisors and investors alike."
SSgA manages eight individual sub-accounts as well as the LVIP SSgA Index and LVIP SSgA Structured asset allocation offerings within the Lincoln ChoicePlus Assurance(SM) offering.
Backed by the full range of SSgA's broad product offerings, global reach and client support, SSgA's US Sub-Advisory business works with a wide range of mutual funds, defined contribution recordkeepers, variable annuity and insurance companies.
Source:State Street Global Advisors (SSgA)
Barclays Launches Eight New iPath® Exchange Traded Notes Linked to US Treasury Futures Indices on NYSE Arca
August 10, 2010--NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading eight new iPath exchange traded notes (ETNs) issued by Barclays Bank PLC. These are the first iPath® ETNs that provide exposure to fixed income strategies.
The following are the new ETNs and their exchange ticker symbols:
iPath® US Treasury Steepener ETN (STPP)
iPath® US Treasury Flattener ETN (FLAT)
iPath® US Treasury 2-year Bull ETN (DTUL)
iPath® US Treasury 2-year Bear ETN (DTUS)
iPath® US Treasury 10-year Bull ETN (DTYL)
iPath® US Treasury 10-year Bear ETN (DTYS)
iPath® US Treasury Long Bond Bull ETN (DLBL)
iPath® US Treasury Long Bond Bear ETN (DLBS)
These eight new iPath® ETNs are medium-term notes that are senior unsecured debt obligations of Barclays Bank PLC with a maturity of ten years. The ETNs will be issued in denominations of $50. The return on the ETNs is based on a participation rate of $0.10 gain or loss per each 1.00 point decrease or increase, respectively, in the level of the applicable Index, plus the income accrued from a notional investment of the value of the ETNs at the 28-day U.S. Treasury Bill rate, less certain costs and fees.
See the product website at www.iPathETN.com for the prospectuses and further information.
Source: NYSE Euronext
Global Equity Index & ETF Research -- US ETP Market Weekly Review
August 10, 2010--New Listings and Delistings
There were three funds listed over the previous week in NYSE Arca. Charles Schwab IM entered the Fixed Income space by introducing three new products offering inflation protected, short term, and intermediate-term US Treasuries exposure. As they have done with their previously listed ETFs, the new listings offer the lowest TER among their peers and $0 online trading commissions for Schwab accounts.
Net Cashflows
Total ETP inflows in the US added up to $5.8 bn during the previous week. Equity and Fixed Income ETPs had inflows of $6.0 bn and $80 mm, respectively. Commodity and Currency ETPs, on the other hand, experienced outflows of $309 mm and $24 mm, respectively.
Within Equity ETPs, Large Cap ETPs received the largest inflows ($3.4 bn) followed by Emerging Market Regional ETPs, while Small Cap ETPs saw the largest outflows ($1.1 bn).
The Fixed Income ETPs inflows were led by Corporates ETPs ($486 mm), while Sovereign ETPs experienced the largest outflows ($568 mm), almost offsetting all the other categories.
Commodity ETPs experienced outflows again, driven mainly by Crude Oil ETPs ($255 mm), it is worth to point out that Gold ETPs recorded mild positive flows ($26 mm) after a series of weeks experiencing outflows.
Turnover Avg. Daily Turnover decreased by 8.6% and totaled $62 bn at the end of the week.
Assets Under Management (AUM)
US ETPs AUM rose by 2.3% totaling $845 bn at the end of the week. Equity ETPs account for 73% of the assets with $620 bn, followed by Fixed Income funds with $141 bn and 17% of market share.
To request a copy of the report
Source: Deutsche Bank Global Equity Index & ETF Research
United States Commodity Funds LLC Launches the United States Commodity Index Fund (USCI)
August 10, 2010-- United States Commodity Funds LLC, a sponsor of exchange traded commodity funds, listed for trading on the New York Stock Exchange Arca a new exchange traded commodity index fund, United States Commodity Index Fund, under the ticker "USCI".
The United States Commodity Index Fund (USCI) is an exchange traded product ("ETP") that seeks to reflect the performance of a diverse group of commodities. USCI issued units may be purchased and sold on the NYSE Arca. The investment objective of USCI is for the daily changes in percentage terms of its units' net asset value ("NAV") to reflect the daily changes in percentage terms of the SummerHaven Dynamic Commodity Index, less USCI's expenses.
United States Commodity Index Fund's target is a diversified basket of the most important physical commodities in the global economy. These commodity holdings are among the most actively traded futures contracts and represent the primary U.S. and non-U.S. benchmarks for each commodity. The portfolio consists of positions in listed commodity futures contracts and other commodity-related futures, forwards and swap contracts. These investments will be collateralized by cash, cash equivalents and U.S. government obligations with remaining maturities of two years or less.
Source: United States Commodity Funds LLC
Barclays Launches Eight New iPath(R) Exchange Traded Notes Linked to US Treasury Futures Indices
New iPath(R) ETNs allow investors to express views on the shape of the US Treasury yield curve
August 10, 2010--Barclays Bank PLC announced that today is the first day of trading for eight new iPath Exchange traded Notes (ETNs) on the NYSE-Arca stock exchange. These are the first iPath(R) ETNs that provide exposure to fixed income strategies.
The following are the new ETNs and their exchange ticker symbols:
iPath(R) US Treasury Steepener ETN (STPP)
iPath(R) US Treasury Flattener ETN (FLAT)
iPath(R) US Treasury 2-year Bull ETN (DTUL)
iPath(R) US Treasury 2-year Bear ETN (DTUS)
iPath(R) US Treasury 10-year Bull ETN (DTYL)
iPath(R) US Treasury 10-year Bear ETN (DTYS)
iPath(R) US Treasury Long Bond Bull ETN (DLBL)
iPath(R) US Treasury Long Bond Bear ETN (DLBS)
"The new ETNs allow investors to take a view on whether the yield curve will steepen or flatten or if specific yields might increase or decrease," said Philippe El-Asmar, Managing Director, Head of Investor Solutions at Barclays Capital. "This launch underscores our commitment to expanding the iPath ETN platform in the US and providing investors with innovative investment solutions across all asset classes. The ETN market in the US has grown tremendously since it launched in 2006 with over $10 billion assets currently under management in ETNs."
These eight new iPath(R) ETNs are senior, unsecured, unsubordinated debt securities of Barclays Bank PLC.
iPath(R) ETNs are designed to provide investors with convenient access to the returns of market benchmarks, less investor fees. Subject to the requirements described in the applicable prospectus, the securities can be sold in the secondary market during trading hours at market prices, and may typically be redeemed in at least 50,000 units on a daily basis directly to the Issuer(1).
The prospectuses can be found on EDGAR, the SEC website at: www.sec.gov, as well as on the product website at www.iPathETN.com.
Barclays Bank PLC is the issuer of iPath ETNs and Barclays Capital Inc. is the issuer's agent. BlackRock's broker dealer affiliate, BlackRock Fund Distribution Company, engages in the promotion of iPath ETNs to intermediaries.
Source: Barclays
Commodity ETF Tracking Yale Professors' Index of Raw-Material Mix Debuts
August 10, 2010--The United States Commodity Index Fund, an exchange-traded fund tied to an index designed in part by two Yale University professors whose research earlier this decade helped spur a commodities rush, begins trading today.
The index was created by SummerHaven Index Management LLC, based in Stamford, Connecticut, with the help of K. Geert Rouwenhorst, whose 2004 paper with colleague Gary Gorton, titled “Facts and Fantasies About Commodity Futures,” argued that an investment in a broad commodity index would have brought positive returns from 1959 to 2004. Both are professors of finance at the Yale School of Management.
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Source: Bloomberg