Americas ETP News Older Than 1 year
If your looking for specific news, using the search function will narrow down the results
Remarks of Chairman Gary Gensler, Over-the-Counter Derivatives Reform, Energy Bar Association
February 24, 2010--Good afternoon. Thank you for inviting me to be with you. I’d like to thank Phil Johnson for introducing me this morning.
As former Chairman of the CFTC, Phil worked with former Securities and Exchange Commission Chairman John Shad to create the Shad-Johnson Accord – or as we like to call it at the CFTC, the Johnson-Shad Accord – that clarified jurisdictional issues in the regulated securities and derivatives markets. It’s a pleasure to be with you today, Phil.
I also want to thank the CFTC staff who is participating on panels and hopefully providing some good insight into what we are working on at the agency. The 2008 financial crisis left us with many lessons and many challenges to tackle. Though there were certainly many causes of the crisis, I will focus my remarks today on the need to regulate over-the-counter derivatives. CFTC Regulatory Regime
I recognize that many of the attorneys in this room have familiarity with the CFTC, but for those who don’t, I will take a moment to discuss the CFTC’s current oversight of the futures markets. Futures have traded since the Civil War, when grain merchants came together to hedge the risk of changes in the price of corn, wheat and other grains on a central exchange. It took nearly 60 years until Congress first brought Federal regulation to the futures markets, and it wasn’t until the 1930s that the Commodity Exchange Act, which created the CFTC’s predecessor, became law.
read more
Source: CFTC.gov
DB Index Research -- Weekly ETF Market Review -- US - Revamped
February 23, 2010--Highlights:
New Listings and Delistings
There were 3 new listings in the last week . Van Eck Funds listed 1 product tracking Egypt and Emerging Global Shares issued a new China ETF focusing on infrastructure. PowerShares launched an ETF tracking closed-end funds. All the new ETPs are listed in NYSE Arca.
Net Cashflows
This week, $5.80 bn flowed into ETPs. Equity, Fixed Income and Currency ETPs had inflows of $5.09 bn, $779 mm and $146 mm, respectively, while Commodity ETPs had outflows of $212 mm.
In the equity asset class, Large Cap ETPs had the largest inflows of $5.1 bn followed by Emerging Market ETPs, while US Sector ETPs experienced the largest outflows of $671 mm, followed by Leveraged ETPs.
Corporates and Sovereign contributed the most to the positive cash flows into Fixed Income ETPs
Within Commodity ETPs, those tracking Oil saw the largest outflows followed by those tracking Natural Gas. Meanwhile, Platinum and Gold ETPs experienced the largest inflows.
Turnover
ETP turnover remained at about the same level during last week and totaled $81 bn.
Turnover decreased slightly on most of Equity ETPs and increased significantly in Leveraged Short Strategy ETPs .
For Fixed Income ETPs, turnover in the Corporates space increased the most, while others remained almost flat .
Commodity ETP turnover increase was mainly driven by Gold and Oil
Assets Under Management (AUM)
US ETPs AUM rose by 2.9% totaling $766 bn at the end of last week. Equity ETPs had the lion’s share with $570 bn and 74% of market share, followed by Fixed Income funds with $116 bn and 15% of market share (Figure 7).
To request a copy of the report
Source: Aram Flores and Shan Lan -DB Index Research
Morgan Stanley Report:Exchange-Traded Funds Quarterly Report: Over $750 Billion in 856 ETFs
February 23, 2010--Assets under management in US ETFs are currently
just under $760 billion. While much of the asset gain from year-end 2008 is the result of higher asset prices,
ETFs also attracted net cash inflows of $120 billion last year. Assets remain highly concentrated with the
largest 50 ETFs accounting for the vast majority of volume and assets.
Markets accessible through ETFs
include US and international equities, commodities, and currencies, while fixed income has recently seen the greatest increase in new offerings.
ETFs provide access to our favorite markets. Morgan Stanley¡¯s global equity strategists believe that most developed equity markets are trading close to fair value, but continue to see upside in the emerging markets, particularly the ¡°BRICs¡±. In addition, many of our analysts¡¯ favored industries þu including Agriculture, US Banks, Oil Equipment and Services þu can be accessed with ETFs.
to request report
Source: Morgan Stanley
Morgan Stanley-Exchange-Traded Funds International Equity: EM Allocation Update
February 23, 2010--Morgan Stanley’s Global Emerging Market (EM)
Strategy team, led by Jonathan Garner, maintains
an EM-based country allocation model. The model is
adjusted monthly and seeks to outperform the MSCI
Country Index on a 6- to 12-month time horizon.
The team made two relative changes to the model this month. South Africa moves from an underweight
recommendation to an equal-weight recommendation relative to the MSCI EM Index. At the same time, Mexico
moves from equal-weight to underweight. The team has chosen to add back the beta variable to the model this
month with a 4% weighting as there is more than 25% upside to its year-end 2010 target price for the MSCI EM
Index.
ETFs are available for most countries in Garner’s model. Currently, US-listed ETFs are available for approximately 98% of the market cap of the MSCI EM Index and 99.5% of the recommended Morgan Stanley weights. ETFs may offer an efficient way to access EMs. The costs associated with them may be lower than the costs traditionally associated with other EM investments. Moreover, ETFs trade on exchanges, provide intra-day liquidity, many have options available, and most ETFs can be easily shorted.
to request report
Source: Morgan Stanley
BM&FBOVESPA Authorizes Three New Exchange Traded Funds (ETFs) For Trading
February 23, 2010--BM&FBOVESPA authorized, on February 23, 2010, three new Exchange Traded Funds (ETFs) for trading, all of which are managed by BlackRock Brasil Gestora de Investimentos Ltda. and administered by Citibank Distribuidora de Títulos e Valores Mobiliários S.A.
iShares IBrX – Brazil Index (IBrX-100) Fund
ETF Ticker Symbol: BRAX11
Trading Name: iShares BRAX
IOPV Ticker Symbol: BRAX
iShares BM&FBOVESPA Consumer Index
ETF Ticker Symbol: CSMO11
Trading Name: iShares CSMO
IOPV Ticker Symbol: CSMO
iShares BM&FBOVESPA Real Estate Index Fund
ETF Ticker Symbol: MOBI11
Trading Name: iShares MOBI
IOPV Ticker Symbol: MOBI
Source: BM&FBOVESPA
Pomerantz Law Firm Investigating ProShares Funds on Behalf of Investors
February 23, 2010-- Pomerantz Haudek Grossman & Gross LLP is representing investors of ProShares Funds in several class actions. The Firm is also investigating claims against ProShares Ultra Basic Materials Fund (NYSE:UYM - News), the ProShares UltraShort Russell MidCap Value Fund (NYSE:SJL - News) and the ProShares UltraShort Russell2000 Growth Fund (NYSE:SKK - News), collectively ("the Funds").
The investigation is on behalf of all persons who purchased or otherwise acquired shares in the Funds, exchange-traded funds ("ETF") offered by ProShares Trust ("ProShares"), pursuant or traceable to ProShares' false and misleading Registration Statement, Prospectuses, and Statements of Additional Information issued in connection with the Fund's shares.
Those who invested are advised to contact Teresa Webb at 888-476-6529 or 212-661-1100 or http://www.globenewswire.com/newsroom/ctr?d=184961&l=2&a=tlwebb%40pomlaw.com&u=mailto%3Atlwebb%40pomlaw.com.
Source: Pomerantz Haudek Grossman & Gross LLP
Quarterly Banking Profile-FDIC
Industry Reports Fourth Quarter Net Income of $914 Million
Loss Provisions Remain High but Register First Year-Over-Year Decline in More Than Three Years
Full-Year Net Income Totals $12.5 Billion
February 23, 2010--Fourth Quarter Earnings Are Slightly Above Break-Even
The benefits of a recovering economy and stable financial markets in year-over-year comparisons were
evident in the performance of insured depository institutions in the fourth quarter. The small profit reported by
the industry in the quarter essentially represented break-even performance, but it contrasted sharply with the
record quarterly loss posted in the fourth quarter of 2008.
Fourth quarter bank net income for the industry was
$914 million, compared with a $37.8 billion net loss a year earlier. While much of the year-over-year earnings
improvement was concentrated among the largest banks, there was also evidence of a broader improving
trend. For the first time in three years, more than half of insured institutions reported year-over-year
improvement in net income. The percentage of institutions reporting a net loss for the quarter was lower than a
year ago. The average return on assets (ROA) for all four of the asset size groups featured in the Quarterly
Banking Profile was better than a year ago, although only the largest size group—institutions with more than
$10 billion in assets—had a positive average ROA for the quarter.
view report
Source: FDIC
U.S. International Reserve Position
February 23, 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 $128,061 million as of the end of that week, compared to $129,053 million as of the end of the prior week.
I. Official reserve assets and other foreign currency assets (approximate market value, in US millions)
|
|
|
|||
|
|
February 19, 2010 |
|||
|
A. Official reserve assets (in US millions unless otherwise specified) 1 |
Euro |
Yen |
Total |
|
|
(1) Foreign currency reserves (in convertible foreign currencies) |
|
|
128,061 |
|
|
(a) Securities |
9,544 |
14,131 |
23,675 |
|
|
of which: issuer headquartered in reporting country but located abroad |
|
|
0 |
|
|
(b) total currency and deposits with: |
|
|
|
|
|
(i) other national central banks, BIS and IMF |
14,097 |
6,920 |
21,017 |
|
|
ii) banks headquartered in the reporting country |
|
|
0 |
|
|
of which: located abroad |
|
|
0 |
|
|
(iii) banks headquartered outside the reporting country |
|
|
0 |
|
|
of which: located in the reporting country |
|
|
0 |
|
|
(2) IMF reserve position 2 |
11,170 |
|||
|
(3) SDRs 2 |
56,226 |
|||
|
(4) gold (including gold deposits and, if appropriate, gold swapped) 3 |
11,041 |
|||
|
--volume in millions of fine troy ounces |
261.499 |
|||
|
(5) other reserve assets (specify) |
4,932 |
|||
|
--financial derivatives |
|
|||
|
--loans to nonbank nonresidents |
|
|||
|
--other (foreign currency assets invested through reverse repurchase agreements) |
4,932 |
|||
|
B. Other foreign currency assets (specify) |
|
|||
|
--securities not included in official reserve assets |
|
|||
|
--deposits not included in official reserve assets |
|
|||
|
--loans not included in official reserve assets |
|
|||
|
--financial derivatives not included in official reserve assets |
|
|||
|
--gold not included in official reserve assets |
|
|||
|
--other |
|
|
|
|
read more
Source: U.S. Department of the Treasury
Treasury Issues Debt Management Guidance on the Supplementary Financing Program
February 23, 2010--The U.S. Department of Treasury today issued the following statement on the Supplementary Financing Program (SFP):
"Treasury anticipates that the balance in the Treasury's Supplementary Financing Account will increase from its current level of $5 billion to $200 billion. This will restore the SFP back to the level maintained between February and September 2009.
This action will be completed over the next two months in the form of eight $25 billion, 56-day SFP bills. Starting tomorrow, SFP auctions will be held each Wednesday at 11:30 a.m. EST, unless otherwise noted."
Source: U.S. Department of the Treasury
NYSE LIFFE U.S. Announces New MSCI Futures Incentive Program
February 23, 2010--Our portfolio of futures based on MSCI indices represents the cornerstone of NYSE LIFFE U.S.’ equity product offering and provides highly efficient, versatile tools through which investors can
gain or hedge exposure to global equity markets in a single transaction. Over 90% of U.S. asset managers’ international portfolios are benchmarked against MSCI indices and these indices are an integral part of the investment process around the world. NYSE LIFFE U.S. currently offers
futures contracts on MSCI Emerging Markets (EM), MSCI EAFE, and MSCI USA Indices and
plans to introduce additional MSCI index-linked futures contracts in 2010 to offer even greater
comprehensive trading and investment opportunities to our global clients.
MSCI index-linked futures listed on NYSE Liffe U.S. are growing rapidly because they offer a compelling combination of consistently tight bid/offer spreads and institutional market depth
thanks to the continued support of our diverse pool of committed Designated Market Makers.
Fostering liquidity across correlated liquidity pools ETFs on the MSCI EAFE, EM and USA Indices are among the most actively traded ETFs in the world, with over $100bn AUM and participation from a diverse global customer base.
We have created the FIP program and offer reduced pricing to users of NYSE Arca and NYSE Liffe U.S. markets in an effort to foster greater visibility for our newly listed futures products. The Program also aims to enhance the synergies for ETF and futures traders who seek to engage our market without additional cost burdens. The FIP Program provides rebates to market participants who trade MSCI index-linked ETFs on NYSE Arca in conjunction with the corresponding NYSE LIFFE U.S. Futures on MSCI indices. Program participants trading in excess of a specified number of shares per month of certain MSCI index-linked ETFs on NYSE ARCA will be eligible to receive rebates on the corresponding volume transacted in NYSE LIFFE U.S. futures.
read more
Source: NYSE ARCA