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iShares files with the SEC
February 1, 2010--iShares has filed a prospectus with the SEC for
iShares MSCI Philippines Investable Market Index Fund
view filing
Source: SEC.gov
Global X files with SEC
February 1, 2010--Global X has filed a prospectus with the SEC for
Global X Copper Miners ETF
Global X Gold Miners ETF
Global X Platinum Miners ETF
Global X Silver Miners ETF
view filing
Source: SEC.gov
OIC Announces January Options Trading Volume Increased 21%
February 1, 2010--The Options Industry Council (OIC) announced today that total options trading volume in January came in at 311,561,541 options contracts, representing a 20.85 percent increase compared to January 2009 volume when 257,813,513 contracts changed hands.
January 2010 now ranks as the second highest January by volume in history. Trading volume for 2010 is averaging 16,397,976 contracts each day compared to the same period last year when 12,890,675 contracts were averaged each day and represents a 27.2 percent increase. Additionally, average daily trading volume for January was 14.4 percent higher than 2009’s average daily volume of 14,335,861 contracts.
OIC also reported that equity options volume in January came in at 288,939,483 contracts, up 20.6 percent over the same period last year. Daily equity options volume had an average of 15,207,341 contracts per day in January, which is 27 percent higher than the year-ago level.
Source: Options Industry Council (OIC)
ELX Futures Reports Record Volume And Market Share For January 2010
February 1, 2010 – ELX Futures, L.P. (ELX Futures) announced today record market share in the month of January for the combined five U.S. Treasury futures products. ELX also reported its highest average daily volume (ADV) in the 2 and 10 Year Treasury Notes and 30 Year Treasury Bonds.
On the regulatory front, ELX was pleased to be notified that the Commodity Futures Trading Commission (CFTC) staff had sent the CME Group a letter that the Exchange of Futures for Futures (EFF) Rule is consistent with the requirements of the Commodity Exchange Act (CEA) and that the CME had “mischaracterized” the CEA. Also, the CFTC approved ELX’s request to expand the block trade reporting window to 15 minutes from 5 minutes.
January Highlights:
• ELX set monthly market share records in the 2 Year Note at 6.5% and 30 Year Note at 2.6%.
• ELX set a total market share record for the combined five U.S. Treasury futures products at 2.8%.
• January ADV was nearly 51K contracts.
• Record monthly ADV in 2 Year Notes at 16.5K, 10 Year Notes at 13.2K and 30 Year Bonds at 6.5K.
• Total Open Interest averaged above 20K in January for combined U.S. Treasury futures contracts.
• Open Interest hit new highs in the 5 Year Note at nearly 8K contracts and 10 Year Note at over 7K contracts in January.
Neal Wolkoff, Chief Executive Officer of ELX Futures, said, “ELX started 2010 with a strong performance setting several new volume and market records in the month of January. We expect to continue to build momentum and achieve new milestones as we attract more market participants to our business. We were also pleased by regulatory support for EFF transactions, which CFTC staff found were consistent with the requirements of the CEA. This is a validation of our position on EFFs and we commend the CFTC staff.”
Source: ELX
U.S. One Trust
February 1, 2010--U.S. One Trust has filed with the SEC for exemptive relief.
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Source: SEC.gov
ShariahShares files with the SEC
February 1, 2010--ShariahShares Exchange-Traded Fund Trust has filed an amended exemptive relief filing with the SEC.
view filing
Source: SEC.gov
CME in talks to buy Dow Jones index arm
February 1, 2010-The CME Group, the world’s biggest futures exchange, is in talks to buy Dow Jones’s index business from News Corp for as much as $700m (£438m), say people familiar with the matter.
The move is a further sign that international financial exchanges are looking to diversify their sources of revenue
The negotiations come in the wake of Dow Jones’s agreement in November to sell its one-third stake in Stoxx, the index company, to Deutsche Börse and SIX, its Swiss partner, for $309m.
read more
Source: FT.com
SEI Selected by FaithShares Advisors to Provide Turnkey Solution to Support New Exchange Traded Funds
Deal Marks Expanded Outsourcing Trend for New ETFs
SEI (Nasdaq: SEIC) today announced that it has been selected by FaithShares Advisors LLC to provide a fully integrated, turnkey solution to support the firm's faith-based exchange traded funds (ETFs).
SEI's integrated ETF solution, which includes a comprehensive suite of back- and middle-office services, is designed to help investment managers enter the growing ETF market quickly without the need for a large financial commitment, while also providing operational efficiency and supporting the industry's demand for greater transparency. The deal marks an ongoing outsourcing trend in the marketplace, especially among managers offering ETFs for the first time.
Under the terms of the agreement, SEI will provide a complete outsourcing solution that includes both back- and middle-office services as well as a transfer agent and custody solution. Among the back-office services SEI will deliver are fund administration, accounting, and investor servicing, while SEI's middle-office services will encompass portfolio accounting, daily reconciliation and order management. SEI will also provide distribution services, daily and monthly portfolio measurement, full business continuity and disaster recovery, and authorized participant (AP) processing for the FaithShares ETFs in a straight-through electronic processing environment. SEI was selected in a competitive search process that included some of the most notable providers in the ETF space. The company's straight-through-processing platform, which supports trading for over 55 percent of the U.S. ETF market, as well as its ability to guide FaithShares smoothly through the implementation process, were pointed to as key factors in the decision.
"As we went through the process, SEI stood out at every turn with its ETF expertise and best-in-class technology," said J. Garrett Stevens, President of FaithShares Advisors. "SEI's integrated solution takes the back- and middle-office components completely off our plate, and allows us to keep our focus where it should be – on servicing our customers and managing their money in accordance with the tenets of their faith. We're excited to partner with a leader like SEI."
"SEI's integrated solution allowed FaithShares to get up and running quickly and confidently," said John Alshefski, Senior Vice President, SEI's Investment Manager Services division. "Operations outsourcing is becoming the norm in the ETF space as it is a model that offers flexibility, scalability, transparency, and most of all, it allows managers to focus on their expertise. We're pleased that FaithShares put their trust in SEI and we're excited to partner with them to help them grow their unique business."
SOURCE SEI
What Does the CFTC’s Proposal for Commodity ETFs Mean?
February 1, 2010--After months of hinting at new regulations for commodities exchange traded funds (ETFs), the Commodity Futures Trading Commission (CFTC) finally made a decision last month and released a few proposals.
The CFTC cited United States Natural Gas and United States Oil as examples for the new “Proposed Position Limit Rule”.
The proposal covers four energy commodities: Henry Hub natural gas, light, sweet crude oil prices, New York Harbor No. 2 heating oil and New York Harbor gasoline blendstock. Also, the regulation will affect the New York Mercantile Exchange as well as the Intercontinenal Exchange.
The proposal offers up a formula that can be used to calculate the number of futures contracts any single fund can hold.
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Source: Trans world News
2009 Year End Review and 2010 Outlook-SSGA
February 1, 2010--To paraphrase the famous opening line from Dickens’ A Tale of Two Cities, 2009 truly seemed to be the worst of times and the best of times (it was a literal “winter of despair” followed by “a spring of hope”).
The opening quarter saw the S&P 500 Index fall an additional 24.63% through March 9th, further compounding the abysmal 37% decline in 2008. However, the onset of spring brought renewed hope to the marketplace with US equity markets rising 15.9% and 15.6% through the 2nd and 3rd quarter, respectively, and it appeared as though the second frame might come into clearer focus.
This proved true and global equity markets rallied 76% from the March lows to finish the year up 35%. Mirroring this acute reversal in market fortunes, the ETF industry rebounded in the second half of the year and maintained the 40% YOY asset level growth that has come to define the industry over the last decade.
ETF assets jumped by $242 billion in 2009 and nearly half of that increase was from net cash flows of $116 billion on the year. This marked a continuation of the momentum gathered in 2007 into 2008 and the third consecutive year where ETF net inflows have exceeded $100 billion, as investors have become more concerned with liquidity, transparency and overall cost-efficiency.
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Source; State Street’s Strategy & Research