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Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues Announces Agenda, List of Participants for August 11 Meeting
August 6, 2010-- The Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) today announced the agenda and participant list for the third meeting of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues on August 11, 2010.
The Joint Committee will continue its examination of the unusual market events of May 6, focusing on retail investor perspectives and the role exchange traded funds (ETFs) may have played.
The meeting at the CFTC headquarters building at 1155 21st Street NW, Washington DC, will be open to the public with seating on a first-come, first-served basis. The meeting also will be webcast on the CFTC’s website.
Joint CFTC-SEC Advisory Committee Meeting Agenda and Panelists
9:00 Introduction and Opening Statements from CFTC Chairman Gary Gensler and SEC Chairman Mary L. Schapiro
9:15 Panel Discussion: Investor Perspectives on May 6 with a Focus on ETFs
Panelists:
Michael Mendelson, Principal, AQR Capital Management
Noel Archard, Head of U.S. Products, Blackrock
Charles Rotblut, Vice President and Editor, American Association of Individual Investors
Chris Nagy, Managing Director, Order Routing Sales and Strategy, TD Ameritrade
Kevin Cronin, Director of Global Equity Trading at Invesco
Pamela J. Craig, Chief Financial Officer, Accenture
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Source: CFTC.gov
CBOE Holdings, Inc. Reports Second-Quarter 2010 Financial Results - Net Income Of $24.9 Million, Or $0.27 Per Diluted Share - Revenues Of $112.6 Million, Up 3 Percent - Average Daily Volume Of 5.3 Million Contracts, Up 13 Percent From Second-Quarter 2009
August 5, 2010--CBOE Holdings, Inc. (NASDAQ: CBOE), today reported operating revenues of $112.6 million and net income of $24.9 million, or $0.27 per diluted share, for the second quarter ended June 30, 2010. These results compare to operating revenues of $109.0 million and net income of $28.1 million, or $0.31 per diluted share, for the second quarter of 2009. Comparisons of current quarter financial results were impacted by the following items:
the recognition of $4.7 million in access fee revenue in the second quarter of 2009 that related to fees assessed and deferred in the first quarter of 2009,
second-quarter 2010 expense of $1.7 million related to the index options litigation,
a $0.4 million increase in severance expense in the second-quarter 2010 and
the recognition of $0.6 million for stock-based compensation for the second-quarter 2010.
For the six months ended June 30, 2010, the company reported total operating revenues of $213.7 million and net income of $47.6 million, or $0.52 per diluted share. For the comparable period last year, the company reported total operating revenues of $207.1 million and net income of $52.4 million, or $0.58 per diluted share.
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Source: CBOE
Opening Statement, Meeting of: The Agricultural Advisory Committee
Chairman Gary Gensler
August 5, 2010--Good morning. Thank you Commissioner Dunn for chairing today’s meeting of the Agricultural Advisory Committee and for your leadership. I also join Commissioner Dunn in thanking my fellow Commissioners and the expert panelists and staff that have joined us this morning.
I note the importance of the timing of today’s meeting. This is the first public meeting of the Commission since the President signed the historic Dodd-Frank Wall Street Reform and Consumer Protection Act. That legislation will, for the first time, bring comprehensive regulation to the over-the-counter derivatives marketplace. Specifically, the Dodd-Frank Act will subject all derivatives dealers to comprehensive oversight and require standardized derivatives to be traded on transparent trading platforms and be centrally cleared. This will greatly reduce risk in our economy and will benefit the American public.
As the CFTC works to implement the Dodd-Frank bill, the Agricultural Advisory Committee’s views and recommendations will be important. In addition to asking questions today about wheat convergence and ICE’s cotton contract, I am particularly interested in hearing the views of this committee regarding how rules should be written for agricultural swaps. Don Heitman from our staff will give an overview of how Dodd-Frank specifically impacts agricultural commodities, and I encourage panelists to share their thoughts.
I also am interested in hearing the views of this committee on the ICE Futures U.S. Cotton No. 2 contract. It is important that exchanges periodically review contract specifications and make sure that they are keeping up with changing markets. For example, it is important that exchanges review delivery points so that they best reflect the changing characteristics of the physical marketplace. I look forward to hearing the results of such a review by ICE and recommendations from our panelists.
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Source: CFTC,gov
Global Equity Index & ETF Research -- US Weekly ETP Market Review
August 5, 2010--New Listings and Delistings
There was one fund listed over the previous week. Global X Management Co LLC launched an ETF tracking the Brazilian financials sector. The product is listed in NYSE Arca.
Net Cashflows
Total ETP inflows in the US add up to $6.4 bn during the previous week. Equity and Fixed Income ETPs had inflows of $6.8 bn and $487 mm, respectively. Commodity and Currency ETPs, on the other hand, experienced outflows of $835 mm and $73 mm, respectively.
Within Equity ETPs, Large Cap ETPs received the largest inflows ($2.3 bn) followed by US Sector ETPs, while Leveraged ETPs saw the largest outflows ($326 mm).
The Fixed Income ETPs inflows were led by Corporates ETPs ($715 mm), while Overall ETPs experienced the largest outflows ($147 mm).
Commodity ETPs experienced outflows again, driven mainly by Gold ETPs ($707 mm).
Turnover
Avg. Daily Turnover decreased by 4.7% and totaled $68 bn at the end of the week.
Assets Under Management (AUM)
US ETPs AUM rose by 1.0% totaling $826 bn at the end of the week. Equity ETPs account for 73% of the assets with $603 bn, followed by Fixed Income funds with $141 bn and 17% of market share.
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Source: DB Global Equity Index & ETF Research
Exchange-Traded Funds: Strong ETF Net Cash Inflows of $32.1 Billion in the Second Quarter-Morgan Stanley
August 5, 2010--There were 47 new ETFs listed in the US during the second quarter of 2010. 20 additional ETFs
have been listed since the end of Q2, bringing total issuance this year to 121. However, 23 ETFs have
been closed, resulting in net new issuance of 98. As of July 30, 2010, there were 35 issuers with 934
ETFs listed in the US.
Inflows into US-listed ETFs were $32.1 billion during the second quarter of 2010. This represents a strong rebound from the first quarter in
which ETF flows totaled just $7.7 billion. In addition, the $32.1 billion in net inflows is well
above the average quarterly net cash inflows of $25.3 billion over the past six years.
The largest net cash inflows went into ETFs tracking fixed income and international indices. These asset classes had net cash inflows of $20.0 and $9.4 billion, respectively, in the first half of 2010. ETFs tracking gold also had strong net inflows of $8.2 billion over the same period, of which $7.7 billion was into the SPDR Gold Trust (GLD).
US ETF industry assets of $825 billion are still 9% higher than their level at the end of 2009. Despite the growth of the ETF market, it remains concentrated with three providers and 20ETFs accounting for roughly 79% and almost 50% of industry assets, respectively.
ETF net cash inflows rebounded in the second quarter to $32.1 billion, bringing industry net cash inflows to $39.8 billion in the first half of 2010. The $32.1 billion in net cash inflows was well above the average quarterly rate of $25.3 billion over the past six years. Although ETF assets have declined from their recent highs, as of July 30, 2010, ETF total assets were $825 billion, which is still well above the $757 billion at the end of 2009. So far in 2010, three providers have entered the market and 121 ETFs have been launched, bringing the total number of USlisted ETFs to 934.
There have been 118 US-listed ETFs terminated since the end of 2007. Although 121 ETFs have been launched in 2010, there have also been 23 liquidations, which leads to net new issuance of 98 ETFs this year. We note that the pace of liquidations has slowed from 2008 (44) and 2009 (51).
Source: Morgan Stanley
Schwab Introduces Three Low-Cost Bond Exchange-Traded Funds (ETFs)
New Bond ETFs Have Low Operating Expenses and No Online Trading Commissions for Schwab Clients
August 5, 2010--Charles Schwab, a marketplace leader of ETFs, today announced the launch of three proprietary bond ETFs, adding to a suite of eight equity Schwab ETFs™. The Schwab Bond ETFs provide single-investment exposure to three types of U.S. Treasuries – short-term, intermediate-term and inflation-protected securities.
“Fixed Income ETFs are the fastest growing segment of the ETF market. We see tremendous potential for their continued growth.”
“There is growing demand from investors, traders and advisors for ETFs at a low cost,” said Peter Crawford, senior vice president at Schwab. “Fixed Income ETFs are the fastest growing segment of the ETF market. We see tremendous potential for their continued growth.”
Schwab ETFs offer investors an impressive value: they have low operating expense ratios (expenses) for exchange-traded funds and also offer commission-free online trading for clients through their Schwab accounts.
The three new Schwab ETFs are the Schwab U.S. TIPS ETF™ (SCHP), Schwab Short-Term U.S. Treasury ETF™ (SCHO) and Schwab Intermediate-Term U.S. Treasury ETF™ (SCHR).
Charles Schwab is an established leader in the ETF market with nearly twenty-five percent of total U.S. retail ETF assets as of year-end 2009, according to FUSE Research Network and Schwab. Schwab’s eight equity ETFs have $1.4 billion in assets under management as of July 30, 2010 and all eleven of Schwab’s ETFs offer among some of the lowest expenses in the industry.
Schwab Bond ETFs may be appropriate for investors who seek to add exposure to core fixed-income holdings in a diversified portfolio and can be purchased in increments as small as one share per trade. Schwab ETFs are immediately marginable by Schwab clients. Schwab ETFs are listed on NYSE Arca, and can also be traded on other exchanges.
Beyond Schwab’s comprehensive ETF lineup, the firm continues to build out the resources and tools in the proprietary ETF Center to help clients learn about the role of ETFs can serve in a portfolio and choose ETFs that may best serve their investment needs.
Commission-free online trading of Schwab ETFs is available to individual investors at Schwab, to the more than 6,000 independent investment advisor firms who use Schwab’s custodial services through Schwab Advisor Services and through Schwab retirement accounts that permit trading of ETFs.
Source: Charles Schwab Investment Management
Claymore Launches Broadly Diversified China ETF
August 5, 2010--The Claymore China ETF seeks investment results that correspond generally to the total return (before fees and expenses) of the AlphaShares China All-Cap Index, which is a broadly diversified Chinese equity index invested in publicly-traded companies based in mainland China. Unlike other major China equity indices, the AlphaShares China All-Cap Index is diversified across all sectors and market capitalization of the Chinese economy and is less concentrated with a maximum weight of 35% to any sector and 5% to any stock.
“China continues to be one of the most important economies and markets in the world today and we believe investing in China has become an integral part of a well diversified portfolio. It is expected that China will continue to outpace many developed and emerging market countries in terms of growth, yet investors continue to be underweight China in their portfolios.” said Som Seif, President & CEO of Claymore Investments, Inc. “We are pleased to be working with Dr. Burton Malkiel and AlphaShares LLC. to offer investors this intelligent, low cost, and efficient way gain broad exposure to the China market.”
Chief Investment Officer of AlphaShares and world renowned Princeton University economist, Dr. Burton G. Malkiel also noted, “China is the leading driver of global GDP growth today and has recently surpassed Japan to become the second largest economy in the world. However, Canadian investors have less than 2% of their portfolio invested in China. Claymore’s CHI is a valuable addition to the growing suite of products designed to provide investors with this much needed exposure.”
Source: Claymore Investments, Inc.
NSX Releases July 2010 ETF/ETN Data Report; Assets Exceed $800 Billion
August 4, 2010--National Stock Exchange, Inc. (NSX®) announced that assets in U.S. listed Exchange-Traded Funds (ETF) and Exchange-Traded Notes (ETN) totaled approximately $835.2 billion at July 2010 month-end, an increase of approximately 29% over July 2009 month-end when assets totaled $650 billion. At the end of July 2010, the number of listed products reached 1031, with 22 new ETFs/ETNs listed for trading during the month.
July 2010 net cash inflows from all ETFs/ETNs totaled approximately $9.5 billion, with year-to-date net cash inflows totaling $49.5 billion. Total Fixed Income and Total Global/Int’l Equities led all categories with net cash inflows of $4.59 billion and $4.51 billion respectively for the month. Total Commodities led all categories with net cash outflows of $1.77 billion for the month of July.
This data is included in the full NSX July 2010 Month-End ETF/ETN Data Report released by the Exchange, which has become a key industry source for ETF/ETN data. These Data Reports are published following the end of each calendar month.
To view the full reports go to: http://www.nsx.com/content/market-data. NSX also publishes a product-by-product breakdown of the 1031 products on which the data is based. The complete list can be accessed at: http://www.nsx.com/content/etf-product-list.
Source: National Stock Exchange, Inc. (NSX®)
BM&FBOVESPA sets new trading record for ETFs
The number of ETF trades hits new historic high of 2,247
August 4, 2010-- BM&FBOVESPA hit a new historic high today with a total of 2,247 ETF trades. In just one day the BOVA11 registered 2,134 trades (199,650 shares at the average price of BRL67.62), reaching BRL13.5 million in total financial volume. All of the other ETFs together registered a total of 113 trades. The previous record was set on February 22 of this year when a total of 1,714 ETF trades were registered, at that time 1,608 were from the BOVA11 and 97 were from all other ETFs. It should also be noted that on August 2nd the minimum lot for ETF trades was reduced from 100 units to 10 units.
ETFs
ETFs (Exchange Traded Funds) are funds which mirror indexes and which can be traded on the Exchange, allowing investors to hold all the component shares of the index without having to buy them every day. The following ETFs are currently traded at BM&FBOVESPA: BOVA11 (iShares Ibovespa Fund index); SMAL11 (iShares BM&FBOVESPA Small Cap Index Fund); MILA11 (iShares BM&FBOVESPA MidLarge Cap Index Fund); PIBB11 (PIBB Brazil Index Fund - 50 - Brazil Tracker); BRAX11 (iShares Brazil Index IBrX-100 Index Fund); CSMO11 (iShares BM&FBOVESPA Consumption Index Fund); and the MOBI11 (iShares Index BM&FBOVESPA Real Estate Index Fund).
Source:BM&FBOVESPA
BM&FBOVESPA announces the winning institution of the bidding process for the management of the Financial ETF
New ETF will be based on the BM&FBOVESPA Financial Index (IFNC)
August 4, 2010--BM&FBOVESPA has announced that Itaú Unibanco S.A. won the bidding process for the selection of a securities portfolio manager for the ETF based on the BM&FBOVESPA Financial Index (IFNC). Itaú Unibanco S.A. obtained a 3-year exclusive license for the use of the IFCN and the creation of its ETF (ETF IFCN). Four institutions submitted their proposals, and BM&FBOVESPA carried out the official opening of those proposals today. The one submitted by Itaú Unibanco S.A. contained the commitment to the highest financial volume.
The Licensing Contract for the use of the BM&FBOVESPA IFNC will be executed within the next 15 days. Itaú Unibanco S.A. will have 30 calendar days to initiate trading of the new ETF at the Exchange, after CVM and BM&FBOVESPA have duly granted their authorizations. The objective of the IFCN is to track the performance of shares issued by the most representative companies in the following sectors: financial intermediaries, diversified financial services, and insurance (life and multi-line sectors).
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Source: BM&FBOVESPA