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CBOE Futures Exchange to Launch Security Futures Trading in Emerging Markets Volatility Index
January 6, 2012--CBOE Futures Exchange, LLC (CFE) announced today that it will launch trading in security futures on the CBOE Emerging Markets ETF Volatility Index (Index ticker: VXEEM; futures symbol: VXEM) on Monday, January 9, pending regulatory approval.
The VXEEM Index reflects the implied volatility of the iShares MSCI Emerging Markets Index exchange-traded fund (ETF) (ticker: EEM). EEM options were the eleventh most actively traded option at CBOE in 2011.
In addition to hedging emerging markets volatility exposure or making direct plays on emerging markets volatility, VXEM security futures — in conjunction with other volatility products — will allow market participants to trade cross-index or cross-asset volatility.
Barclays Capital will be a Lead Market Maker for VXEM security futures.
US Department of the Treasury US Economic Data - Quarterly Update
January 6, 2012--The US Department of the Treasury US Economic Data - Quarterly updates is now available.
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Van Eck files with the SEC
January 6, 2011--Van Eck has filed a post-effective amendment, registration statement with the SEC for the Russia ETF (RSX).
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State Street files with the SEC
Janaury 6, 2011--State Street has filed a pre-effective amendment, registration statement with the SEC for the SSgA Active ETF Trust.
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CFTC.gov Commitments of Traders Reports Update
January 6, 2012--The current reports for the week of January 3, 2012 are now available.
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Market Vectors Changing Index of Its Russia ETF (RSX)
Largest Russia-Focused ETF Will Begin Tracking Benchmark Providing Unique Pure-Play Approach to Indexing and Sophisticated Liquidity Screens.
January 6, 2011--Effective on or about March 16, 2012, Market Vectors Russia ETF (NYSE Arca: RSX) will begin tracking a new benchmark, the Market Vectors Russia Index (ticker: ticker::MVRSX). MVRSX employs the Market Vectors Index Methodology that focuses on investability.
This methodology is shared by the benchmark indices of several other Market Vector ETFs, among which are Brazil Small-Cap (BRF), Colombia (COLX), Indonesia (IDX), Poland (PLND) and Vietnam (VNM).
We don’t view this as a major change” said Jan van Eck, President of Market Vectors ETF Trust. “RSX will continue to provide investors with a Russia focused ETF but will now include expanded exposure to Russia.”
MVRSX reflects the performance of the largest, most liquid companies doing business in Russia. Since its inception on July 14, 2010, the total return performance of the Market Vectors Russia Index is almost identical to that of the index it is replacing (-6.62%% for MVRSX versus -6.82% for the DAXglobal Russia+ Index).
VXEEM Index - Launch of Security Futures on Monday
January 6, 2012--CBOE Futures Exchange, LLC (CFE) plans to launch trading in security futures on the CBOE Emerging Markets ETF Volatility Index (index ticker: VXEEM; futures symbol: VXEM) on Monday, January 9, pending regulatory approval. www.cboe.com/VXEEM
The VXEEM Index reflects the implied volatility of the iShares MSCI Emerging Markets Index ETF (ticker: EEM). In addition to managing emerging markets volatility exposure or making direct plays on emerging markets volatility, VXEM security futures - in conjunction with other volatility products - will allow market participants to trade cross-index or cross-asset volatility. Barclays Capital will be a Lead Market Maker for VXEM security futures. EEM options were the eleventh most actively traded option at CBOE in 2011.
For more information on VXEEM, see www.cboe.com/VXEEM
ETF provider lowers costs raising prospects of price war
January 5, 2012--A US-based exchange-traded fund provider has cut the cost of its ETFs in a move that makes its products in the equity sector the cheapest in the market.
The provider, Vanguard, reduced the cost of its equity ETFs in the US just before Christmas, raising the prospect of price war among sector players. It is the latest development for a sector that is the focus of a heated debate over risks associated with its offerings.
The move, which Vanguard said is based on economies of scale, will result in its ETFs costing less than State Street Global Investor’s SPDR ETFs, which track Standard & Poor's 500 Index.
State Street Global Advisors Launches Online ETF Education Resource
January 5, 2012--State Street Global Advisors (SSgA)*, the asset management business of State Street Corporation (NYSE: STT) and creator of SPDR ETFs, today announced the launch of ETF Fact or Fiction (www.etffactorfiction.com), a new website that provides individual investors with a comprehensive, trusted resource for exchange traded fund (ETF) education.
Designed to help investors better understand one of the fastest growing investment vehicles, the new site enhances SPDR ETF’s existing suite of educational resources, which includes www.spdrs.com and SPDR University (www.spdru.com).
Featuring commentary, research, and thought leadership from State Street Global Advisors, ETF Fact or Fiction will detail nuances of the ETF product structure, address common questions and misconceptions, and highlight key industry trends to help investors better evaluate ETFs. Included among the materials available through the website are:
Exchange Traded Funds: A Brief Introduction – an informative presentation that covers ETF basics and benefits, how ETFs compare and contrast to mutual funds, and the role of ETFs in building and maintaining a diversified portfolio;
How ETFs are Created and Redeemed – a concise article that reviews the process through which ETF shares are created, redeemed, and traded;
Separating ETF Facts From Fiction – a new comprehensive report that explores ETFs and the Flash Crash, ETF Tracking Error, the use of derivatives in ETFs, and the impact of securities lending by ETFs; and
Securities Lending & ETFs: An Overview – a new white paper that dissects the securities lending process - including its risks and benefits - and details best practices to mitigate key counterparty, collateral, and operational concerns.
&P Indices Launches Dynamic Rebalancing Risk Control Index Series
Direxion Licensed to Launch Exchange Traded Funds Linked to the Indices
January 5, 2012--S&P Indices announced today the launch of the S&P Dynamic Rebalancing Risk Control Index Series, a collection of indices that seeks to provide greater stability and control over the level of risk typically associated with the underlying index.
The new indices reflect leading S&P headline indices while offering investors an efficient, cost effective means of controlling risk by targeting a specific level of volatility.
The S&P Dynamic Rebalancing Risk Control Index Series currently includes the following indices:
S&P 500(R) Dynamic Rebalancing Risk Control Index
S&P SmallCap 600(R) Dynamic Rebalancing Risk Control Index
S&P Composite 1500(R) Dynamic Rebalancing Risk Control Index
S&P Latin America 40 Dynamic Rebalancing Risk Control Index Direxion, a leading provider of liquid alternative investment solutions, has been licensed by S&P Indices to launch exchange traded funds based upon the four indices.
CFTC Commences 90-day Review of NADEX’s Proposed Political Event Derivatives Contracts
Seeks Public Comment on the Proposed Contracts
January 5, 2011--The Commodity Futures Trading Commission (CFTC) on January 3, 2012, issued a letter informing the North American Derivatives Exchange (NADEX) that it has commenced a 90-day review of NADEX’s proposed political event derivatives contracts.
The review is based on the possibility that these contracts may involve, among other issues, “gaming or an activity that is unlawful under any State or Federal law.”
The Commission requested that NADEX suspend the listing and trading of its proposed contracts during the review period.
The CFTC has posted NADEX’s submission on its website and is seeking public comment on the proposal during a 30-day comment period. In addition, the Commission is seeking public comment on specific questions related to political event contracts to assist in its evaluation of NADEX’s submission.
The 30-day public comment period ends on February 4, 2012, and the Commission’s 90-day review period ends on April 2, 2012.
UBS Announces Monthly Changes To The UBS Next Generation Internet Index
January 4, 2012--UBS Investment Bank announced today that following the close of business on January 3, 2012, the following changes were made to the UBS Next Generation Internet Index (NYSE ticker symbol
“NETIPO”).
Index Additions: SouFun Holdings Ltd. (Ticker: SFUN)
Index Deletions: ReachLocal, Inc. (Ticker: RLOC) and SciQuest, Inc. (Ticker: SQI)
Morgan Stanley ETF Fund Flows-Preliminary 4Q 2011 ETF Net Cash Flows Estimates
January 4, 2012--We estimate that net cash inflows into US-listed
ETFs were $41.1 billion during the fourth quarter of 2011. This report contains our estimates and
analysis of 4Q 2011 ETF flows for the US market. Once official data are released, we will publish our
more comprehensive flow analysis.
Net inflows into US-listed ETFs were $41.1 billion during 4Q 2011. The $41.1 billion in net cash inflows
is above the average quarterly rate of$32.2 billion over the past three years. Despite net cash inflows of
$115.0 billion in 2011, US-listed ETF assets have increased by just 5% to $1,046.5 billion mainly due to
weakness in the international equity markets.
The largest net cash inflows went into ETFs tracking fixed income indices. This asset class had net cash inflows of $15.0 billion in 4Q 2011 bringing net cash inflows for the year to $43.0 billion. US Large Cap Equity ETFs had the next highest net cash inflows at $11.9 billion and US Dividend Income ETFs also had strong net cash inflows of $6.0 billion this past quarter. For 2011, Emerging Market Equity ETFs had the largest net cash outflows at $3.2 billion.
BlackRock’s net cash inflows of $16.5billion in 4Q 2011, were the largest of any provider. For 2011, Vanguard’s net cash inflows of $34.8 billion led all providers. As of 12/30/11, BlackRock, State Street and Vanguard accounted for ~79% of ETF assets.
There were 37 new ETFs launched in the US during 4Q 2011. For 2011, 225 ETFs were launched and 25 were liquidated. As of 12/30/11, there were 33 issuers with 1,167 ETFs.
Over $7 billion in the total market cap of ETFs is from ETFs issued over the past year. The most successful of these (by total market cap) provides exposure to US dividend-paying stocks.
CFTC to Hold Open Meeting to Consider Three Final Rules, One Proposed Rule and a Delegation of Authority Order
January 4, 2011--The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Wednesday, January 11, 2012, at 9:30 a.m., on the following topics:
Final Rule: Registration of Swap Dealers and Major Swap Participants;
Final Rule: Protection of Cleared Swaps Customer Contracts and Collateral: Conforming Amendments to the Commodity Broker Bankruptcy Provisions;
Final Rule: Business Conduct Standards for Swap Dealers and Major Swap Participants with Counterparties;
Proposed Rule: Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships with, Hedge Funds and Private Equity Funds; and
Delegation of Authority Order: Performance of Registration Functions by National Futures Association with Respect to Swap Dealers and Major Swap Participants.
BNY Mellon to Provide ETF Services to Two New Direxion Funds Mandate expands relationship to cover 52 ETFs.
January 4, 2012-- BNY Mellon, the global leader in investment services, has been selected to provide exchange-traded fund (ETF) services, custody, fund accounting and fund administration for the Direxion Large Cap Insider Sentiment Shares (INSD) and the Direxion All Cap Insider Sentiment Shares (KNOW). This extends BNY Mellon's relationship with Direxion to include 52 ETFs.
The new Direxion funds are intended to provide investors with access to stocks that corporate insiders are accumulating. The fund managers track insider transactions and analyst ratings based on public company filings.
