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WisdomTree Announces First Quarter 2010 Results
May 3, 2010-WisdomTree, an exchange-traded fund (“ETF”) sponsor and asset manager, today
reported a GAAP net loss of $3.6 million in the first quarter of 2010, as compared to
$5.0 million for the fourth quarter of 2009. Proforma operating net loss, which excludes
stock-based compensation, depreciation and amortization, and interest and investment
income, was just below $1.0 million in the first quarter, a 34.3% improvement from a
proforma operating net loss of $1.5 million in the fourth quarter.
WisdomTree CEO Jonathan Steinberg commented, “WisdomTree garnered more than
7% of the ETF industry market share in the first quarter and continued to raise assets in
emerging market equities and currencies. We continued to build awareness of emerging
market currencies as an asset class, led by the WisdomTree Dreyfus Chinese Yuan Fund
(CYB). CYB is now our second largest fund and is poised to benefit from the potential
appreciation of the Chinese yuan, a trend many investors are watching.”
Mr. Steinberg continued, “We are off to a strong start in the second quarter with an
impressive $423 million in net inflows already captured as of April 29, 2010.
On the back of this progress, the Company has further strengthened its financial position and is now generating positive cash-flow. We continue to balance prudent cost management while still investing in important growth initiatives and we believe we are positioned to see significant operating leverage in the business going forward.”
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Source: Wisdom Tree
CME Group Volume Averaged 11.9 Million Contracts Per Day in April 2010, Up 31 Percent
Double-digit monthly volumes in interest rates, foreign exchange, commodities and alternative investments, energy and metals
Record energy average daily volume of 1.7 million contracts, up 33 percent
Record month for WTI and refined products, up 56 and 50 percent, respectively
May 4, 2010--CME Group, the world's leading and most diverse derivatives marketplace, today announced that April volume averaged 11.9 million contracts per day, up 31 percent from April 2009, and represented the highest year-over-year growth since January 2008. Total volume was 263 million contracts for April, of which 84 percent was traded electronically.
In April 2010, CME Group interest rate volume averaged 5.6 million contracts per day, up 69 percent compared with the prior April, and represented the highest year-over-year growth for the past several years. Treasury futures volume averaged 2.0 million contracts per day, up 82 percent compared with the same period in 2009, and Treasury options volume averaged 265,000 contracts per day, up 16 percent. Eurodollar futures volume averaged 2.4 million contracts per day, up 68 percent versus April 2009, while Eurodollar options volume averaged 841,000 contracts per day, up 64 percent.
CME Group equity index volume averaged 2.6 million contracts per day, down 15 percent from April 2009. CME Group foreign exchange (FX) volume averaged 842,000 contracts per day, up 87 percent compared with the same period a year ago, reflecting average daily notional value of $110 billion. On April 28, FX volume hit a new record with 1,476,662 contracts traded, reflecting notional value of $193 billion.
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Source: CME Group
ISE Expands Market Data Offering with Launch Of ISE Order Feed
May 4, 2010--The International Securities Exchange (ISE) today announced that it will expand its
market data product offering with the introduction of the ISE Order Feed. The ISE Order Feed notifies subscribers
when a new order is placed on ISE’s order book, and it shows the size of the individual orders that comprise the
Best Bid and Offer (BBO) on the exchange.
“We are very excited to launch the ISE Order Feed, which provides subscribers with a real-time snapshot of
orders that are not immediately executed at the BBO and hence are resting on ISE’s order book. Subscribers will
have access to information about the size of the individual orders that comprise ISE’s BBO, rather than only
aggregated order information,” said Jeff Soule, Head of ISE’s Market Data business. “The new data feed does not
include any quotes, and, therefore, requires less bandwidth and processing overhead than the Options Price
Reporting Authority (OPRA) feed. This feature makes the ISE Order Feed an attractive product for those
customers that are only interested in order flow information.”
The ISE Order Feed is the latest offering in ISE’s suite of market data products. Also available are the ISE Depth of Market Feed, ISE TOP Quote Feed, ISE Spread Book Feed, as well as put/call product offerings and historical market data.
For more information about the ISE Order Feed, please visit www.ise.com/orderfeed. For more information about
ISE’s suite of market data products, please visit www.ise.com/marketdata.
Source: ISE
FINRA to Perform NYSE Regulation's Market Oversight Functions
May 4, 2010-- NYSE Euronext (NYSE: NYX) and the Financial Industry Regulatory Authority (FINRA) today announced that they have agreed that FINRA will assume responsibility for performing the market surveillance and enforcement functions currently conducted by NYSE Regulation. The agreement is subject to review by the Securities and Exchange Commission.
Under the agreement announced today, FINRA would assume regulatory functions for NYSE Euronext's U.S. equities and options markets – the New York Stock Exchange, NYSE Arca and NYSE Amex. FINRA currently provides regulatory services to the NASDAQ Stock Market, NASDAQ Options Market, NASDAQ OMX Philadelphia, NASDAQ OMX Boston, The BATS Exchange and The International Securities Exchange.
The final agreement is expected to be completed in the next several weeks, with an effective date anticipated to be at or prior to the end of June.
"This agreement will strengthen market regulation by consolidating surveillance and enforcement responsibilities across multiple markets into one regulator," said NYSE Euronext COO Lawrence Leibowitz. "Today, trading is dispersed among numerous venues, and no single regulator has responsibility for monitoring data and pursuing activity across markets. Aggregating our surveillance and enforcement functions with those already performed by FINRA for other markets is an important step on the road to creating a consistent and completely integrated approach to regulation."
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Source: FINRA
DB Index Research -- Weekly ETP Market Review - US
May 5, 2010--Highlights
New Listings and Delistings
There were 4 new listings in the last week (Figure 8). ProShares launched 4 products offering long leverage country/regional exposure on Brazil, Mexico, Europe and Pacific ex-Japan, this launch complements the short leveraged range listed last year in June, giving investors the option to go either long or short with a leverage of 2x on the countries and regions previously mentioned. All four ETFs were listed in NYSE Arca.
Net Cashflows
This week, $4.3 bn flowed into ETPs. Equity, Fixed Income and Commodity ETPs had inflows of $2.5 bn, $1.0 bn, and $611 mm, respectively. Currency ETPs, on the other hand, experienced outflows of $102 mm.
In the equity asset class, Large Cap ETPs had the highest inflows of $2.0 bn followed by Mid Cap ETPs, while US sector ETPs experienced the largest outflows of $692 mm, followed by Small Cap ETPs.
Sovereign and Corporate products contributed the most to the positive cash flows into Fixed Income ETPs.
Within Commodity ETPs, those tracking Gold saw the largest inflows followed by those tracking broad commodity benchmarks. Meanwhile, Crude Oil and Oil ETPs experienced the largest outflows.
Alternative ETPs continued to experience significant inflows during the previous week. Largely fueled by volatility ETNs, $298 mm were poured into this asset class.
Turnover
ETP turnover rose significantly by 9.2% during the last week and reached $71.5 bn.
Turnover in Large Cap and US Sector ETPs had the most significant increase within Equity ETPs (Figures 30 and 33). For Fixed Income ETPs, turnover in the Sovereign space increased the most.
Commodity ETP turnover bounced back from the previous week, as Gold ETPs experienced increased trading activity.
Assets Under Management (AUM)
US ETPs AUM slightly shrank by less than 1% totaling $848 bn at the end of last week. Equity ETPs had the lion’s share with $633 bn and 75% of market share, followed by Fixed Income funds with $127 bn and 15% of market share.
To request a copy of the report
Source: Aram Flores and Shan Lan -DB Index Research
CME Group Announces Request to List Twelve New Agricultural Swaps
MAy 5, 2010--CME Group, the world’s leading and most diverse derivatives marketplace, today announced the submission of a petition to the Commodity Futures Trading Commission (CFTC) for approval to list twelve new agricultural swaps to be available on CME ClearPort, a set of flexible clearing services open to over-the-counter (OTC) market participants to substantially mitigate counterparty risk and provide neutral settlement prices across asset classes. These contracts will be listed with, and subject to, the rules and regulations of CME and CBOT.
“Many customers want to bring OTC transactions involving agricultural products such as grains, oil seeds and livestock to a central clearing facility in order to mitigate their counterparty credit risk,” said Tim Andriesen, CME Group Managing Director of Commodity Products and Services. “These new grain swaps will complement our grain futures and options contracts, which market participants rely on as global price benchmarks.”
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Source: CME Group
BNY Mellon ADR Index Monthly Performance Review
May 5, 2010--BNY Mellon ADR Index Monthly Performance Review is Now Available
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Source: BNY Mellon
Krueger testimony before the joint economic committee
May 5, 2010--Chair Maloney, Ranking Member Brady, Vice Chairman Schumer and other members of the Committee, thank you for giving me the opportunity to discuss jobs in the United States. We are meeting at a time when the U.S. labor market is beginning to show signs of what I expect will be sustained improvement after moving through the worst downturn since the 1930s by some measures, and since the early 1980s by other measures. The current unemployment rate is 9.7 percent. That is down from a recent high of 10.1 percent last October.
This is an improvement, but the rate is still unacceptably high. The economy gained an average of 54,000 jobs per month in the first quarter of 2010, a vast improvement over the 750,000 jobs lost per month in the first quarter of 2009. Yet even with the recent improvement, losses since the start of the recession amount to 8.2 million jobs.
While the collapse in the job market in the wake of the financial crisis has been devastating, job growth in the earlier part of the 2000s was also poor compared to the preceding decade. In my testimony I will focus on two periods: First, I will contrast job growth in the decade of the 1990s with job growth in the 2000s prior to the most recent recession; and second, I will analyze the job losses in the recession that began in December 2007 and the recent stabilization and probable improvement of the job market.
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Source: U.S. Department of the Treasury.
BlackRock Announces Changes to Membership of U.S. iShares Exchange Traded Funds Boards
May 3, 2010--BlackRock, Inc. (NYSE: BLK) today announced the election of George Parker, Ph.D., Dean Witter Distinguished Professor of Finance, Emeritus, at Stanford University: Graduate School of Business, to replace Lee Kranefuss as the Chairman of the Board of Trustees of iShares Trust and the Board of Directors of iShares, Inc. effective April 30th. Dr. Parker has served as Lead Independent Trustee/Director of iShares Trust and iShares, Inc. since 2006 and as a Trustee/Director on each Board since 2000. Mr. Kranefuss has served as an interested Trustee/Director and Chairman of each Board since 2003.
In addition, the Boards elected Robert Kapito, President of BlackRock, and Michael Latham, Managing Director at BlackRock and Head of U.S. iShares, to join each Board. Mr. Latham has served as President of iShares Trust and iShares, Inc. since 2007.
"We are delighted to have George as Chairman and welcome Rob as a member of the Board as we look forward to their substantial contributions in guiding the iShares business in the years ahead," said Mr. Latham. "We also sincerely thank Lee for his remarkable contributions and dedication in helping advance the iShares business to its leading industry position with over $500 billion in global assets under management1 in ten short years. Lee recognized early the prospects of ETFs and was instrumental in the growth of a business that has changed, and continues to change, the way individuals invest."
"It has been a wonderful experience helping build iShares and serving our investors," said Mr. Kranefuss. "I have enjoyed working with the new leadership to help them to continue to be well-positioned advocates for iShares ETFs as a mainstream investment for many investors. I look forward to seeing new iShares successes in the next ten years and beyond."
Source: BlackRock
ELX Futures Sets Record Average Daily Volume In April
May 3, 2010--ELX Futures, L.P. (ELX) announced today that record average daily volume (ADV) was set in the month of April at 61K contracts, the highest in the nine full months since launch. It also set a daily volume record on April 27 with 95K contracts traded for the combined five U.S. Treasury futures products as well as trading 70K contracts for six days in April. ELX also announced in April that it will launch its Eurodollar Futures contract on Friday, June 18, 2010.
Monthly Highlights:
* Record ADV was set in April with 61K contracts, the highest ADV in the nine months since launch.
* ELX set a new daily volume record on April 27 with 95K contracts traded for the combined five U.S. Treasury futures products.
* ELX traded 70K contracts for six days in the month of April.
* Total monthly volume was also set in April with 1.3M contracts.
* Monthly average daily OI in April was the highest
* ELX set monthly volume records in the 10 Year Treasury Note with 371K contracts traded and an ADV of 18K contracts.
* A single day volume record was set in the 2 Year Treasury Note with 27K contracts traded on April 27.
* ELX finished the month of April with a 2.8% market share.
* ELX will launch its Eurodollar Futures contract on Friday, June 18, 2010.
Neal Wolkoff, Chief Executive Officer of ELX Futures, said, “I am pleased to see ELX continuing to increase its volume and setting new monthly volume records in April. In addition to attracting new customers, ELX is busy preparing to launch its highly anticipated Eurodollar Futures contract on June 18, which will provide cross margining opportunities and add to our to suite of interest rate futures.”
Source: ELX Future