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U.S. International Reserve Position
August 9, 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 $131,216 million as of the end of that week, compared to $129,162 million as of the end of the prior week.
I. Official reserve assets and other foreign currency assets (approximate market value, in US millions)
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August 6, 2010 |
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A. Official reserve assets (in US millions unless otherwise specified) 1 |
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131,216 |
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(1) Foreign currency reserves (in convertible foreign currencies) |
Euro |
Yen |
Total |
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(a) Securities |
9,428 |
15,252 |
24,680 |
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of which: issuer headquartered in reporting country but located abroad |
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0 |
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(b) total currency and deposits with: |
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(i) other national central banks, BIS and IMF |
13,914 |
7,475 |
21,389 |
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ii) banks headquartered in the reporting country |
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0 |
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of which: located abroad |
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0 |
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(iii) banks headquartered outside the reporting country |
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0 |
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of which: located in the reporting country |
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0 |
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(2) IMF reserve position 2 |
12,416 |
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(3) SDRs 2 |
56,804 |
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(4) gold (including gold deposits and, if appropriate, gold swapped) 3 |
11,041 |
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--volume in millions of fine troy ounces |
261.499 |
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(5) other reserve assets (specify) |
4,886 |
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--financial derivatives |
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--loans to nonbank nonresidents |
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--other (foreign currency assets invested through reverse repurchase agreements) |
4,886 |
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B. Other foreign currency assets (specify) |
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--securities not included in official reserve assets |
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--deposits not included in official reserve assets |
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--loans not included in official reserve assets |
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--financial derivatives not included in official reserve assets |
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--gold not included in official reserve assets |
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--other |
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Source: US. Department of the Treasury
CFTC.gov Commitments of Traders Reports Update
August 6, 2010--The CFTC.gov Commitments of Traders Reports for the week of August 3, 2010 are now available.
view reports
Source: CFTC.gov
CFTC.gov Financial Data for Futures Commission Merchants Update
August 6, 2010--Selected FCM financial data as of June 30, 2010 (from reports filed by July 31, 2010) is now available.
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Source: CFTC.gov
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
August 6, 2010--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Friday, August 6, 2010:
•Nayarit Gold Inc. (TSXVN:NYG) will be removed from the index.
Pursuant to a business combination agreement, the shares of the company will be exchanged for shares of Capital Gold Corporation (TSX:CGC).
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poors
Old Mutual sheds US life unit
August 6, 2010--Old Mutual has sold its US life business to hedge fund Harbinger Capital for $350m (£219m) in a deal that will help the Anglo-South African financial services company pay down debt, as it jettisons businesses that hurt its financial position during the crisis.
The sale would cut Old Mutual’s capital position by about £100m, the company said, but will also reduce significantly its exposure to credit risk by shedding a business that was carrying mark-to-market losses of more than $2bn at the depths of the crisis.
“The sale will reduce our capital surplus by about £100m, but because our risks will be significantly reduced we will target a lower surplus,” said Julian Roberts, chief executive. “Our continuing business is almost entirely capital-light, unit-linked savings products."
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Source: FT.com
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
