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U.S. Department of the Treasury Economic Statistics - Quarterly Data Update
June 3, 2010--The U.S. Department of the Treasury Economic Statistics - Quarterly Data has been updated.
view report
Source: U.S. Department of the Treasury
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
June 3, 2010--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Thursday, June 3, 2010:
* Rockgate Capital Corp. (TSXVN:RGT) will be removed from the index.
* The company will graduate to TSX where it will trade under the same ticker symbol.
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
NASDAQ OMX to Deliver World's Fastest Trading Platform to Singapore Exchange
June 3, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced that it will deliver an ultra low latency trading platform to Singapore Exchange (SGX). The new trading platform, named SGX Reach, will be powered by NASDAQ OMX's Genium INET, the fastest trading technology in the world. SGX's migration to the new trading platform will commence with cash equities in 2011.
The partnership between NASDAQ OMX and SGX dates back to the launch of a new derivatives trading platform in 2004. Since then the partnership has been extended to also include cash trading, derivatives clearing, commodities trading & clearing, and market data. The new Genium INET powered platform will enable significant latency and transaction capacity advantages and help strengthen SGX's position as the Gateway to Asia.
The Genium INET technology can deliver an average production roundtrip latency of sub-200 microseconds, with a throughput of over one million messages per second. Benchmark tests for SGX have shown an average latency below 90 microseconds.
Anna Ewing, Chief Information Officer at NASDAQ OMX, said, "SGX has truly earned its legacy as an innovator and early adopter of transformative exchange technology, and this is a significant milestone in our longstanding partnership. The commitment to migrate to our high performance Genium INET platform puts SGX at the technology forefront of exchanges, and sets the foundation for continued growth, both within and outside Asia."
Bob Caisley, Chief Information Officer at SGX, commented, "We are deploying the most advanced trading system in the world, thereby raising the bar for speed, capacity and scalability and providing our customers with a strong competitive advantage. The ultra low-latency and performance benefits of Genium INET will strengthen our position as the Asian Gateway and enable us to attract a wider range of market participants."
Source: NASDAQ OMX
Dow Jones Index Data Monthly Reports
June 2, 2010--The following Index Data Monthly Reports are now available:
Asia Pacific Edition
Europe Edition
U.S. Edition
MENA Edition
Dow Jones Islamic Market Indexes
Dow Jones-UBS Commodity Indexes
Latin America Edition
Dow Jones Brookfield Infrastructure Indexes
visit Dow Jones Indexes for more info
Source: Dow Jones Indexes
U.S. International Reserve Position
June 2, 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 $124,176 million as of the end of that week, compared to $124,972 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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May 28, 2010 |
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A. Official reserve assets (in US millions unless otherwise specified) 1 |
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124,176 |
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(1) Foreign currency reserves (in convertible foreign currencies) |
Euro |
Yen |
Total |
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(a) Securities |
8,814 |
14,309 |
23,123 |
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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 |
12,901 |
7,015 |
19,917 |
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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 |
11,159 |
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(3) SDRs 2 |
54,376 |
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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) |
4,560 |
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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) |
4,560 |
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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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II. Predetermined short-term net drains on foreign currency assets (nominal value) |
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Source: U.S. Department of the Treasury
Morgan Stanley-ETF Weekly Update
June 2, 2010--Highlights
Weekly Flows: $4.3 Billion Net Inflows
Launches: 1 New ETF
ETF Securities Receives SEC Approval to
Sell Additional Shares
Estimated Flows by Market Segment
Despite choppy equity markets, ETFs had net cash inflows of $4.3 bln last week
Net inflows last week is a sharp turnaround from largest net outflows of the year, which occurred last week
Flows driven by commodities and emerging market equities.
Over 13-week period, Fixed Income ETFs exhibit strongest net inflows
$36.3 bln net inflows into US-listed ETFs over past 13 weeks with almost all categories exhibiting net inflows.
GLD has strongest net inflows of all US listed ETFs on a 1-, 4-, and 13-week basis.
Appreciation plus net inflows has pushed GLD to almost $50 billion in assets.
ETFs focused on the Russell 2000 and S&P 600 represent 2 of the 4 ETFs with weakest 1-week flows.
US-Listed ETFs: Most Successful Recent Launches by Assets
$10.6 bln in total market cap of ETFs less than 1-year old
Suggests that unique new offerings continue to gain meaningful traction
89 New ETF listings year-to-date
3 different asset classes represented - Fixed Income (5), Commodity (3), Equity (2)
request report
Source: Morgan Stanley Research
Chairman Schapiro Statement on FASB-IASB Decision to Modify Timing of Certain Convergence Projects
June 2, 2010-In February, the Securities and Exchange Commission laid out its position regarding global accounting standards, making it clear that the Commission continues to believe that a single set of high-quality globally accepted accounting standards would benefit U.S. investors.
At that time, the Commission directed its staff to execute a Work Plan, the results of which will aid the Commission in its evaluation of the impact that the use of International Financial Reporting Standards (IFRS) by U.S. companies would have on the U.S. securities market. Included in this Work Plan is consideration of IFRS, as it exists today and after the completion of various convergence projects currently underway between U.S. and international accounting standards-setters.
Today, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) announced modifications to their timetable for and prioritization of standards being developed under those boards' joint agenda.
In response, SEC Chairman Mary L. Schapiro issued the following statement:
"The boards believe that the modified plan will contribute to increased quality in the standards because it provides additional time for stakeholders to thoroughly consider the proposals and give both boards quality feedback. I view this as time that is well invested.
"Quality financial reporting standards established through an independent process are threshold criteria against which the Commission's future consideration of the role of IFRS in the U.S. reporting system will be based. I foresee no reason that the adjustment to the targeted timeline for certain joint projects should impact the staff's analyses under the Work Plan issued in February 2010, particularly when that adjustment is designed to enhance the quality of the standards. Indeed, focused efforts on those standards the boards consider highest priority for the improvement of U.S. GAAP and IFRS will facilitate the staff's analyses.
"Accordingly, I am confident that we continue to be on schedule for a Commission determination in 2011 about whether to incorporate IFRS into the financial reporting system for U.S. issuers."
Source: SEC.gov
USCF Lists US Brent Oil Fund, LP on NYSE Arca
June 2, 2010--NYSE Euronext (NYX) announced today that its wholly-owned subsidiary NYSE Arca began trading units of the US Brent Oil Fund, LP (Ticker: BNO), a commodity pool managed by United States Commodity Funds, LLC.
The investment objective of the pool is for the daily changes in percentage terms of its units’ net asset value to reflect the daily changes in percentage terms of the spot price of Brent crude oil as measured by the changes in the price of the futures contract on Brent crude oil as traded on ICE Futures Exchange that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case the futures contract will be the next month contract to expire, less the pool’s expenses.
For more details, see the pool’s prospectus and other information at www.unitedstatescommodityfunds.com.
Source: NYSE Euronext
ICE set to clear sovereign CDS trades
June 2, 2010--Intercontinental Exchange (ICE), the Atlanta-based electronic exchange group, said on Wednesday it expected to begin clearing sovereign credit default swaps within the next few months, fulfilling a central demand by regulators, who are keen to bring more transparency to the market.
Its comments came as new data indicated the sovereign CDS market was relatively liquid, suggesting that clearing may be easier than some had feared.
Figures compiled by the Depository Trust and Clearing Corporation, which runs a data “warehouse” where CDS trades are recorded, show sovereign CDS are more actively traded than most individual bespoke over-the-counter credit derivatives insuring against a default by a single company.
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Source: FT.com
Lawmakers move to toughen ‘Volcker rule’
June 2, 2010--Congressional negotiators are moving to toughen financial reform legislation, raising the chances that banks will face a strict ban on proprietary trading and a new conflict of interest rule, people involved in the deliberations say.
Lawmakers return from recess next week to merge bills passed by the House of Representatives and Senate, and a proposal – opposed by banks – to toughen a ban on proprietary trading and stop them from betting against products they sell to customers has re-emerged during preparatory work.
The provision, sponsored by Jeff Merkley and Carl Levin, two Democratic senators, would toughen the “Volcker rule”, which bans banks from trading for their own account or owning hedge funds and private equity firms, but gives regulators time to study the rule and modify it. “That is a very wishy-washy way to approach the issue,” Mr Merkley said.
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Source: FT.com