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BATS Options Unveils Simple, Aggressive Pricing For February 26th Launch
February 16, 2010 – BATS Exchange announces simple and aggressive pricing for the BATS Options exchange, which will launch February 26th with a rebate of $0.20 per contract for
members that add liquidity while charging $0.30 per contract for removing liquidity.
The release of pricing for the recently approved US equity options exchange coincides with the launch of
a new BATS Options Web site, available at www.batsoptions.com.
“BATS led the way in the US equities marketplace with innovative and aggressive pricing and BATS Options will continue this tradition with competitive and straightforward access fees that are the same for all members regardless of their capacity,” said Joe Ratterman, CEO of BATS Global Markets and BATS Exchange.
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Source: BATS
Rich Americans buy ETFs without advisor help:Cogent
February 16, 2010--Affluent Americans, or households with at least $100,000 of investable, non-real estate, assets, consider exchange-traded funds, or ETFs, as the new growth sector and are comfortable purchasing them without the help of an advisor, according to a study released on Tuesday.
Cogent Research found that nearly two-thirds of the 4,000 affluent investors it surveyed had purchased ETFs with no help from an advisor, demonstrating the continued acceptance and growth of ETFs. ETFs globally breached the $1 trillion level for the first time in 2009. In the United States, assets in ETFs rose 46 percent during the year to $777 billion.
"Given the high engagement level of self-directed investors with ETFs, it's no wonder that providers are now focused on addressing the needs of this important audience," Christy White, Cogent Research co-founder, said in a release. White points out that one compelling reason for rethinking traditional distribution models is the fact that 40 percent of current self-directed ETF owners say they plan to increase their use of these products, compared to just 26 percent of advised ETF owners who expect to do the same.
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Source: Yahoo News
Van Eck files with the SEC
February 16, 2010-Van Eck has filed a registration statement with the sec for
Kuwait Index ETF (NYSE Arca, Inc.: KUWT)
view filing
Source: SEC.gov
Van Eck files with the SEC
February 16, 2010--Van Eck has filed a registration statement with the SEC for
Egypt Index ETF
view filing
Source: SEC.gov
Morgan Stanley: Exchange-Traded Funds: Average Tracking Error Rose Meaningfully in 2009
February 16, 2010--Tracking error rose across all market segments and
providers for US-listed ETFs in 2009 and averaged 125 bps. We define tracking error as the difference in
total return between an ETF’s net asset value (NAV) and its underlying index. In our view, the most common
sources of tracking error include fees and expenses, portfolio optimization, and index changes. However,
compliance with SEC diversification requirements can lead to extreme tracking error for select ETFs as they
may be forced into material weighting and holding deviations from their stated benchmarks.
The combination of portfolio optimization and the outperformance of smaller constituents within indices were the primary drivers of increased
tracking error for many ETFs. Despite market volatility, ETFs that fully replicate their benchmarks were
still able to track their underlying indices quite closely.
We found a broader range and magnitude of tracking error in 2009 versus 2008. In 2009, the range of tracking increased significantly and the percentage of ETFs with tracking error greater than 100 bps increased from 13.5% in 2008 to 37.5% in 2009. In addition, the percentage of ETFs with tracking error of less than or equal to 25 bps fell from 44.6% to 22%. In some ETF categories, weighted average tracking error was slightly lower than fund expenses. In 2009, the overall US major market and US style categories had weighted average tracking error that averaged 18 and 14 bps less than their respective expense ratios, while ETFs based on US dividend and currency indices averaged 23 bps and 45 bps less than their respective expense ratios.
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Source: Morgan Stanley
Guggenheim adds to collection, snaps up Securities Benefit in latest acquisition
February 16, 2010--Guggenheim Partners LLC, an investment firm founded by the famous family for which it is named, announced today it is acquiring Security Benefit Corp. — and with it Rydex SGI.
It's Guggenheim's second acquisition of an exchange-traded fund provider in less than a year, after the Claymore Group was bought last summer.
The fact that Rydex SGI offers ETFs, however, was not the primary consideration behind the acquisition of its parent company, said Todd Boehly, managing partner in the office of the chief executive of Guggenheim Partners.
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Source: Investment News
Claymore Gold Bullion Trust converts to ETF
February 16, 2010--Claymore Gold Bullion Trust has met the requirements of its ETF conversion feature and is trading as an exchange-traded fund, Claymore Investments Inc. says.
The name of the fund has been changed to the Claymore Gold Bullion ETF. The hedged common units of the fund now trade on the Toronto Stock Exchange (under the ticker CGL.
The fund has also qualified for issuance a new class of non-hedged common units to be launched at a future date, Claymore says.
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Source: Investment Executive
Treasury International Capital Data for December 2009
February 16, 2010--The Department of the Treasury today released Treasury International Capital (TIC) data for December 2009. The next release, which will report on data for January 2010, is scheduled for March 15, 2010.
Net foreign purchases of long-term securities were $63.3 billion.
Net foreign purchases of long-term U.S. securities were $82.2 billion. Of this, net purchases by private foreign investors were $62.6 billion, and net purchases by foreign official institutions were $19.6 billion.
U.S. residents purchased a net $18.9 billion of long-term foreign securities.
Net foreign acquisition of long-term securities, taking into account adjustments, is estimated to have been $50.9 billion.
Foreign holdings of dollar-denominated short-term U.S. securities, including Treasury bills, and other custody liabilities decreased $67.7 billion. Foreign holdings of Treasury bills decreased $53.0 billion.
Banks' own net dollar-denominated liabilities to foreign residents increased $77.7 billion.
Monthly net TIC flows were $60.9 billion. Of this, net foreign private flows were $82.0 billion, and net foreign official flows were negative $21.1 billion.
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Source: US Department of the Treasury
U.S. Department of the Treasury Economic Statistics - Quarterly Data Update
February 16, 2010--The U.S. Department of the Treasury Economic Statistics - Quarterly Data Update is now available.
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Source: U.S. Department of the Treasury.
Emerging Markets Week in Review - 2/8/2010 - 2/12/2010
February 16, 2010--The Dow Jones Emerging Markets Composite Index gained 2.80% as the European Unions support of Greece calmed fears of a European contagion. With risky assets trading higher, Technology and Materials led the market sectors upward, gaining 6.52% and 4.39% respectively.
Concerns around where post-stimulus growth in the developed world is going to come from still weighed on Energy stocks as they were up 1.07% on the week, the worst performing industry for the week.
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Source: Emerging Global Advisors