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CFTC.gov Commitments of Traders Reports Update
July 16, 2010--The Commitments of Traders Reports has been updated. The current reports for the week of July 13, 2010 are now available.
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Source: CFTC.gov
Goldman to pay US$550M to settle SEC charges
July 15, 2010--The U.S. Securities and Exchange Commission says it has extracted its largest ever penalty from a Wall Street bank, a US$550-million settlement from Goldman Sachs Group Inc. over improper disclosure for one of its hedge funds.
The SEC has accused Goldman of creating and marketing a debt product linked to subprime mortgages, dubbed ABACUS 2007-AC1, without telling investors that a prominent hedge fund helped choose the underlying securities and was betting against them.
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Source: Financial Post
Global X files with the SEC
July 16,l 2010--Global X has filed a post-effective amendment, registration statement with the SEC for
Global X Aluminum ETF
Global X Lithium ETF
Global X Uranium ETF
Global X Fishing ETF
Global X Food ETF
Global X Shipping ETF
Global X Waste Management ETF
view filing
Source: SEC.gov
NYSE Euronext US ETFs Monthly Flash
July 16, 2010--The NYSE Euronext US ETFs Monthly Flash June 2010 is now available.
In Q2 2010, approximately 33 new ETFs listed on NYSE Arca (U.S), an increase of approximately 30% from Q2 2009
In June, consolidated dollar volume turnover for exchange traded products (ETPs) in the U.S. represented approximately 31% of all consolidated U.S. dollar volume traded.
view report
Source: NYSE Euronext
Gold ETF Assets May Grow 8-Fold in Japan, Mitsubishi UFJ Says
April 17, 2010--Assets held in Japan’s first exchange-traded funds backed by gold and other precious metals may increase eight-fold in a year as investors seek to protect their wealth in the country with the world’s biggest public debt, its largest publicly traded bank said.
ETFs backed by gold, silver, platinum and palladium stored in Japan may hold as much as 30 billion yen ($337 million) in July next year, from the initial 3.5 billion yen, said Osamu Hoshi, deputy general manager at Mitsubishi UFJ Trust and Banking Corp., a member of Mitsubishi UFJ Financial Group Inc. The yen-based funds from the bank were listed on the Tokyo Stock Exchange on July 2.
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Source: Bloomberg Businessweek
Morningstar Reports U.S. Mutual Fund and ETF Asset Flows Through June 2010
July 15, 2010-- Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today reported estimated U.S. mutual fund and exchange-traded fund asset flows through June 2010. After registering outflows in May, flows into U.S. mutual funds reached $13.5 billion in June. Mutual funds saw inflows in five of the last six months, gathering $166.7 billion in the first half of 2010, which is about 24% higher than total inflows for the same period in 2009. June marked the fifth consecutive month of inflows for U.S. ETFs. Investors poured more than $9.9 billion into ETFs during the month, bringing the year-to-date total to $34.0 billion.
Additional highlights from Morningstar's report on mutual fund flows:
Investors added $17.6 billion to taxable-bond funds in June, bringing the total inflows to $119.6 billion during the first two quarters of 2010. Municipal-bond funds took in nearly $2.0 billion in June and $19.5 billion for the year-to-date period.
Despite the year-to-date losses sustained by the MSCI EAFE Index and continuing worry about the downturn in foreign stocks, year-to-date inflows for international-equity funds reached $19.6 billion, while domestic-stock funds experienced outflows of nearly $17.0 billion.
Alternative mutual funds, many of which were launched since the credit crisis, have recorded record inflows. PIMCO Fundamental Advantage Total Return has the led the way, taking in nearly $3.3 billion over the past 12 months through June.
Money market funds have lost $790.5 billion in assets over the past 12 months, with almost 80% of those outflows coming from institutional share classes.
Additional highlights from Morningstar's report on ETF flows:
In June, as well as for the year-to-date period and the trailing one-year period, taxable-bond ETFs led all ETF asset classes with more than $4.7 billion in net inflows.
Inflows of roughly $2.6 billion in June into SPDR S&P 500 SPY bolstered overall flows for domestic-stock ETFs, which reached $2.7 billion in the month. While large- and mid-cap U.S. stock ETFs had net inflows in June, small-cap ETFs saw large outflows.
While flows into iShares MSCI Germany Index EWG and iShares FTSE/Xinhua China 25 likely represent investors repositioning their international-stock exposure to include Germany and China amid the sovereign debt crisis in Europe, most single-country ETFs experienced outflows in June.
SPDR Gold Shares GLD was the second-most popular ETF in June, with inflows of $2.1 billion. Gold ETFs experienced strong inflows during the month, while funds that provide exposure to energy markets by rolling one-month futures contracts led outflows for commodities ETFs.
view Morningstar DirectSM Fund Flows Update report
Source: Morningstar
CFTC Chairman Gensler Comments on Passage of Wall Street Reform and Consumer Protection Act
April 15, 2010--Commodity Futures Trading Commission Chairman Gary Gensler today commented on the Senate passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The House of Representatives previously passed the bill, which now heads to the President’s desk.
Chairman Gensler said:
“The Wall Street reform bill passed today is historic and comprehensive. Over-the-counter derivatives dealers will – for the first time – be subject to robust oversight for their derivatives activities. Standardized derivatives will be required to trade on open platforms and be submitted for clearing to central counterparties. This will greatly improve transparency and lower risk in the marketplace. I look forward to the President signing this crucial legislation. The CFTC stands ready to implement the Dodd-Frank Act to best protect the American public.”
Source: CFTC.gov
CFTC Issues Proposed Business Continuity and Disaster Recovery Regulation for DCMs and DCOs and Conforming Amendments to the Core Principle Guidance Applicable to DCMs.
July 15, 2010--The Commodity Futures Trading Commission (CFTC) today proposed a regulation that would establish a recovery standard for designated contract markets (DCMs) and derivatives clearing organizations (DCOs) that the Commission determines to be critical financial markets in the event of a wide-scale disruption that affects such entities’ trading or clearing operations.
The proposal would require those DCMs and DCOs to maintain a business continuity and disaster recovery (BC-DR) plan and BC-DR resources sufficient to satisfy a same-day recovery time objective for trading and clearing as well as geographic dispersal of infrastructure and personnel sufficient to achieve that objective. The CFTC also has proposed conforming amendments to the application guidance and acceptable practices under the BC-DR-related core principles applicable to DCMs to harmonize the language of those provisions with parallel BC-DR-related application guidance applicable to DCOs.
Public Comment on the proposed regulation and amendments must be received within 30 days of publication in the Federal Register. Copies of the proposed regulation and amendments may be obtained by accessing the Commission’s website, www.cftc.gov.
Source: CFTC.gov
Global Equity Index & ETF Research -- US Weekly ETP Market Review
April 15, 2010--New Listings and Delistings
There were 3 listings in the previous week, all of them listed on NYSE Arca. Two of them track emerging market equity segments (size and sector) in Brazil and India, and the remaining ETF pursues an active strategy intended to create returns through a relative value investment approach.
Net Cashflows
Equity, Fixed Income and Commodity ETPs had inflows of $3.4 bn, $1.5 bn and $42 mm, respectively. Currency ETPs, on the other hand, experienced outflows of $157 mm.
Within Equity ETPs, Large Cap ETPs received the largest inflows ($3.7 bn) followed by Emerging Markets Regional ETPs, while US Sector ETPs saw the largest outflows ($697 mm)
The Fixed Income ETPs space saw strong inflows again this week, with Sovereign ETPs ($583 mm) and Corporates ETPs ($493 mm) leading the positive flows.
Commodity ETPs were almost neutral and no major trend was observed.
Turnover
After a couple of months of high turnover, Avg. Daily Turnover has dropped to pre-May levels. Turnover for this week was $74 bn, dropping 6.6% from the previous week.
Assets Under Management (AUM)
US ETPs AUM rose by 4.3% totaling $798 bn at the end of the week. Equity ETPs account for 72% of the assets with $578 bn, followed by Fixed Income funds with $136 bn and 17% of market share.
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Source: Deutsche Bank Global Equity Index & ETF Research
Horizons AlphaPro Launches Canada's First Actively Managed Corporate Bond ETF
July 15, 2010--- Jovian Capital Corporation and its subsidiary AlphaPro Management Inc. ("AlphaPro"), the manager of the Horizons AlphaPro exchange traded funds ("ETFs",) is pleased to announce the launch of Canada's first actively managed corporate bond ETF, the Horizons AlphaPro Corporate Bond ETF (the "Corporate Bond ETF"). The Corporate Bond ETF will begin trading today on the Toronto Stock Exchange under the symbol HAB.
The investment objective of the Corporate Bond ETF is to seek long-term moderate capital growth and generate high income. The Corporate Bond ETF will invest primarily in a portfolio of debt securities of Canadian and U.S. companies, directly or through investments in securities of other investment funds, including exchange trade funds.
"Corporate bonds are an often overlooked asset class by many income oriented investors. It's an asset class that has low correlation to equities and other types of bonds, offering greater diversification for an investor's portfolio and higher yield than government bonds, GICs and high interest savings accounts," said Ken McCord, President of AlphaPro.
The sub-advisor of the Corporate Bond ETF, Natcan Investment Management Inc. ("Natcan"), expects that the initial portfolio will be comprised of approximately 100 to 150 corporate bond issuers. Natcan's fixed income team, with more than $2 billion in corporate bond assets under management, will employ an active investment strategy which they expect will deliver better risk-adjusted returns than the DEX All Corporate Bond Index. Natcan's active strategy involves the use of macro-economic, fundamental and technical credit research to select the portfolio companies, together with analysis of the company's industry and growth prospects.
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Source: AlphaPro Management Inc,