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Statement Regarding MF Global
Commissioner Bart Chilton
December 14, 2011--"Press reports indicate that the CFTC knows the ultimate landing spot of all MF Global customer funds. While I will not discuss the specifics of the investigation, based upon the most up-to-date information available, I do not have confidence that we know where all the money went.
Our staff has been working exceedingly hard and they have visuals into many aspects of this investigation, including transfers of some customer funds. That said, a thorough accounting of all customer funds has not been completed and remains a work in progress. We all want a resolution to the ultimate destination of customer money, and we want it returned as soon as possible to the rightful owners. At the same time, the investigation and any potential litigation should only come about after an exhaustive and particularly thorough accounting of the whereabouts and circumstances related to the transfer of customer funds
State Street files with the SEC
September 14, 2011-State Street has filed a post-effective amendment, registration statement with the SEC for the SPDR Barclays Capital Investment Grade Floating Rate ETF.
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State Street-US ETF Snapshot: November 2011
December 13, 2011--1,161 Exchange Traded Funds (ETFs)—with assets totaling $1,054BN—were managed by 36 ETF managers as of November 30, 2011.
Month over month, ETF assets fell $9.8BN, down 0.9%.
STATE STREET HIGHLIGHTS, NOVEMBER 2011
Asset Classes for Volatile Markets
◦In the wake of negative economic and geopolitical news across the globe, some investors may be considering asset classes designed to outperform during periods of economic uneasiness.
Yet, across Equity, Fixed Income and Commodities markets, there are a number of asset classes to take advantage of in the current environment.
For more information, including product fact sheets and related whitepapers, visit www.spdrs.com.
US ETF ASSET GROWTH YTD
The ETF industry had a modest 0.9% decline in assets in November. However, there were sizeable gains in the Commodity, Dividend/Fundamental and Fixed Income categories.
Asset Classes — Overall
Both the S&P 500® Index and MSCI EAFE® Index fell in November, losing 0.2% and 4.8%, respectively. Commodities were positive, with the S&P GSCI® Index up 1.4% and Gold rising 1.4%. U.S. Bonds were mixed, with the Barclays U.S. Treasury Index up 0.7% and the Barclays U.S. Aggregate Index down 0.1%.
FLOWS
ETF flows were negative in November, down $475MM. The Fixed Income category continued to see positive inflows attracting $5.1BN in November and $38.6BN year-to-date. The Size - Large Cap category had the most significant outflows with $7.3BN leaving the category.
Manager and Fund Detail
The top three managers in the US ETF marketplace were: BlackRock, State Street and Vanguard. Collectively, they account for approximately 83% of the US listed ETF market.
•The top three ETFs in terms of dollar volume traded for the month were the SPDR® S&P 500 [SPY], iShares Russell 2000 [IWM] and PowerShares QQQ [QQQ].
The top three ETFs in terms of assets for the month were the SPDR S&P 500 [SPY], SPDR Gold Shares [GLD] and Vanguard Emerging Markets [VWO].
Performance by Asset Class
International - Developed and Emerging Markets dropped 4.8% and 6.7%, respectively. Domestic Large Cap and Mid Cap markets dipped 0.2% and 0.3%, while Small Cap returned 0.6%. The US Corporate bond market was negative, falling 1.7%, while the US Treasury was positive, gaining 0.7%. Commodities rose 1.4%.
visit www.spdrs.com for more info
Federal Reserve issues FOMC statement
September 13, 2011--Information received since the Federal Open Market Committee met in November suggests that the economy has been expanding moderately, notwithstanding some apparent slowing in global growth. While indicators point to some improvement in overall labor market conditions, the unemployment rate remains elevated. Household spending has continued to advance, but business fixed investment appears to be increasing less rapidly and the housing sector remains depressed. Inflation has moderated since earlier in the year, and longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee continues to expect a moderate pace of economic growth over coming quarters and consequently anticipates that the unemployment rate will decline only gradually toward levels that the Committee judges to be consistent with its dual mandate. Strains in global financial markets continue to pose significant downside risks to the economic outlook. The Committee also anticipates that inflation will settle, over coming quarters, at levels at or below those consistent with the Committee’s dual mandate. However, the Committee will continue to pay close attention to the evolution of inflation and inflation expectations.
To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee decided today to continue its program to extend the average maturity of its holdings of securities as announced in September. The Committee is maintaining its existing policies of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. The Committee will regularly review the size and composition of its securities holdings and is prepared to adjust those holdings as appropriate.
Global X Funds Relaunches China Technology ETF (QQQC)
December 13, 2011--Global X Funds, the New York-based provider of exchange- traded funds (ETFs), today re-launched the Global X NASDAQ China Technology ETF (Ticker: QQQC) on the NASDAQ.
The fund was previously named the Global X China Technology ETF (Ticker: CHIB).
The Global X NASDAQ China Technology ETF tracks the NASDAQ OMX China Technology Index, which is designed to track the performance of the technology sector in China. As of December 12, 2011, the three largest components of the index were ASM Pacific Techno, Lenovo Group, and BAIDU, INC.
QQQC is made up of securities of companies which have their main business operations in the technology sector: computer services; internet; software; computer hardware; electronic office equipment; semiconductors; and telecommunications equipment. Investors in the fund may stand to benefit from the fact that China now has more than 500 million internet users, representing an internet penetration rate just under 40% - significantly lower than the U.S. penetration rate of nearly 80% and demonstrating the potential for future user growth (State Information Office of the Internet, 2011). In addition, in Q3 of 2011, China passed the U.S. as the largest market for smartphones in the world, with shipments just under 24 million units – a 58% increase from the previous quarter, according to Strategy Analytics. When it comes to online gaming, China's online game market is expected to reach more than 60 million users by 2013, up from 15.5 million in 2009, according to Reuters, 2010. Finally, spending on broadband infrastructure equipment is expected to reach $1.15 billion in 2014, up from $925 million in 2011 and $688 million in 2010 (HIS iSuppli, 2011).
“China is driving its efficient manufacturing and rapidly expanding consumer base into higher value, technology-based products and services,” said Bruno del Ama, CEO of Global X Management.
CFTC to Hold Open Meeting to Consider Three Final Rules
December 13, 2011--The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Tuesday, December 20, 2011, at 9:30 a.m., on the following topics:
(1) Final Rule on Real-Time Reporting of Swap Transaction Data;
(2) Final Rule on Swap Data Recordkeeping and Reporting Requirements; and
ALPS ETF Trust to liquidate 2 ETFS
December 13, 2011 — ALPS ETF Trust
announced today the scheduled liquidation of the Jefferies
TR/J CRB Global Agriculture Equity Index Fund (CRBA)
and Jefferies | TR/J CRB Global Industrial Metals Equity
Index Fund (CRBI) (collectively, the “Funds”).
The Funds will close to new investors on December 22, 2011 and will liquidate on December 28, 2011.
ALPS ETF Trust’s Board of Trustees’ decision was made after consultation with ALPS Advisors, Inc., the investment advisor to the funds. The Board considered current market conditions as well as prospects for growth in the Funds’ assets in the foreseeable future. The Board determined that it was advisable and in the best interests of the Funds and their shareholders to liquidate the Funds, which are listed for trading on NYSE Arca, Inc. (the “NYSE Arca”).
ALPS ETF Trust to Liquidate 2 ETFs
December 13, 2011--ALPS ETF Trust announced today the scheduled liquidation of the Jefferies | TR/J CRB Global Agriculture Equity Index Fund (CRBA) and Jefferies | TR/J CRB Global Industrial Metals Equity Index Fund (CRBI) (collectively, the "Funds"). The Funds will close to new investors on December 22, 2011 and will liquidate on December 28, 2011.
ALPS ETF Trust's Board of Trustees' decision was made after consultation with ALPS Advisors, Inc., the investment advisor to the funds.
The Board considered current market conditions as well as prospects for growth in the Funds' assets in the foreseeable future. The Board determined that it was advisable and in the best interests of the Funds and their shareholders to liquidate the Funds, which are listed for trading on NYSE Arca, Inc. (the "NYSE Arca").
Thursday, December 22, 2011, is scheduled to be the last day of trading for the shares of the Funds on NYSE Arca. Beginning immediately through December 27, 2011, the Funds will be in the process of closing down and liquidating their portfolios. This process will result in the Funds not tracking their underlying indexes and their cash holdings increasing, which may not be consistent with the Funds' investment objectives and strategies. From December 23, 2011 to December 27, 2011, shareholders may be able to sell their shares to certain broker-dealers, but there can be no assurance that there will be a market for the Funds. Any person holding shares in the Funds as of the liquidation date of December 28, 2011 will receive a cash distribution equal to the net asset value of their shares as of that date. Shareholders receiving this cash distribution will not incur transaction fees in connection with this distribution or the liquidation of their shares in the Funds. However, a portion of the distribution may represent an ordinary income dividend or a capital gain distribution.
For additional information about the liquidation shareholders of the Funds may call ALPS Distributors, Inc. at 1.877.526.9298 or go to the ALPS ETF Trust website: http://www.alpsfunds.com .
Charles Schwab files with the SEC
December 13, 2011--Charles Schwab has filed a post-effective amendment, registration statement with the SEC for the Schwab U.S. Broad Market ETF (SCHB)
Schwab U.S. Large-Cap ETF(SCHX)
Schwab U.S. Large-Cap Growth ETF (SCHG)
Schwab U.S. Large-Cap Value ETF (SCHV)
Schwab U.S. Mid-Cap ETF (SCHM)
Schwab U.S. Small-Cap ETF (SCHA)
Schwab U.S. Dividend Equity ETF (SCHD)
Global X files with the SEC
December 13, 2011--Global X has filed a post-effective amendment no.54, registration statement with the SEC for the Global X NASDAQ 500 ETF
Global X NASDAQ 400 Mid Cap ETF and the
Global X NASDAQ 100 Global Technology Index ETF
NYSE Liffe U.S. Surpasses One Million in Total Open Interest
10% Market Share in Open Interest vs. CME in Eurodollars
Nearly 15 Million Interest Rate Futures Traded since Go-Live in March 2011
Continued Volume Growth and Customer Adoption Across Products
December 12, 2011--NYSE Liffe U.S., the U.S. futures exchange of NYSE Euronext (NYX), today announced it has reached one million lots in total Exchange Open Interest, a major milestone underscoring liquidity across asset classes and continued high levels of customer participation. Less than a year after introducing its suite of Interest Rate futures contracts, NYSE Liffe U.S. has built a competitive exchange platform offering a unique combination of industry-leading technology, capital and operational efficiencies and ground-breaking innovation.
Total Eurodollar and US Treasury futures Open Interest currently stands at 890,000 lots, representing over 87% of the Exchange's total Open Interest. Mini MSCI futures and precious metals futures also contributed 117,000 and 10,000 lots, respectively. NYSE Liffe U.S. currently represents approximately 10% of the total open interest in Eurodollar futures traded on the CME.
"As we approach the end of the year, we are grateful for the overwhelming support of our valued customers, who have enabled us to cross the one million milestone in total Open Interest on NYSE Liffe U.S.," said Thomas F. Callahan, CEO, NYSE Liffe U.S. "As we complete our first nine months of trading interest rate futures, we have quickly built a strong and diverse base of customer participation. Our rapid growth reflects the market's recognition of our unique platform that incorporates the liquidity of our exchange with the capital efficiencies of NYPC."
Banner Corporation to Join NASDAQ OMX ABA Community Bank Index
December 12, 2011--Banner Corporation (Nasdaq:BANR), the parent company of Banner Bank and Islanders Bank, today announced that it will join the NASDAQ OMX ABA Community Bank Index (Nasdaq:ABQI) which will become effective prior to the market open on Monday, December 19, 2011.
"Our addition to the NASDAQ OMX ABA Community BankIndex will expand awareness of our accomplishments among institutional investors and the investment community," said Mark. J. Grescovich, President and CEO.
The Index is designed to track the performance of banks and thrifts, or their holding companies, listed on The NASDAQ Stock Market®. The Index is intended to serve as a benchmark for investment products by including the larger and more liquid community banks. The NASDAQ OMX ABA Community Bank Index is reviewed on a semi-annual basis. For more information about the NASDAQ OMX ABA Community Bank Index, including detailed eligibility criteria, visit https://indexes.nasdaqomx.com/.
DTCC Files with SEC to Operate a CCP for Mortgage-Backed Securities
December 12, 2011--The Depository Trust & Clearing Corporation (DTCC) announced today that the Mortgage-Backed Securities Division (MBSD) of its Fixed Income Clearing Corporation (FICC) subsidiary has filed an application with the U.S. Securities and Exchange Commission to provide central counterparty (CCP) and pool netting services for trades in U.S. mortgage-backed securities.
This initiative is designed to reduce the risks and costs associated with trading in the $100 trillion-a-year market.
“We anticipate that our central counterparty services will reduce risk by greatly streamlining the settlement of mortgage-backed securities trades,” said Murray Pozmanter, DTCC managing director and general manager, Clearing Services.
Morgan Stanley-ETF Weekly Update
December 12, 2011--Highlights
Weekly Flows: $2.8 Billion Net Inflows
ETF Assets Stand at $1.1 Trillion, up 6% YTD
Launches: 5 New ETFs
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US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows 4 out of the past 5 weeks
Over the past 2 weeks ETFs have generated net inflows of $9.5 bln
ETF assets stand at $1.1 tln, up 6% YTD as net inflows have offset volatile equity markets
13-week flows were mostly positive among asset classes; combined $39.9 bln net inflows
Fixed Income ETFs have exhibited the greatest net inflows over the past 13 weeks ($16.1 bln net inflows)
Over the past 13 weeks US Dividend ETFs have posted net inflows of $5.5 bln (18% of category market cap)
We estimate ETFs have generated net inflows 30 out of 49 weeks in 2011; $107.1 bln YTD
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $1.1 bln last week, the most of any ETF
For the second consecutive week, SPY generated large net inflows; SPY has historically posted strong inflows
during the fourth quarter (4Q11 SPY net inflows=$2.8 bln)
Over the past 13 weeks, despite volatile markets and a flight to quality, the iShares Barclays Short Treasury Bond Fund (SHV) has exhibited net outflows of $1.5 billion, the most of any ETF
US-Listed ETFs:
Short Interest
Data Updated: Based on data as of 11/30/11
SPY exhibited the largest increase in USD short interest since last updated
$3.5 billion in additional short interest
SPY’s shares short have been elevated since 8/15/11
XRT’s shares short divided by shares outstanding in excess of 400%
Retail continues to be one of the most heavily shorted areas of the ETF market
Based on multiple borrowings and the ability to continuously create new shares to cover shorts, short interest
as a % of market cap can exceed 100%
US-Listed ETFs: Most Successful Recent Launches by Assets
$6.6 billion in total market cap of ETFs less than 1-year old
Over past 13 weeks, newly launched Fixed Income ETFs generated most net inflows ($596 mln)
225 new ETF listings and 9 liquidations in 2011; surpassed 2010’s 179 new ETF listings
Newly issued defensive portfolios have been successful in garnering assets
7 different ETF sponsors and 3 asset classes represented in top 10 most successful launches
Top 10 account for $3.3 bln in market cap and posted net inflows of $956 mln over last 13 weeks
Canada pulls out of Kyoto protocol
December 12, 2011--Canada on Monday became the first country to announce it would withdraw from the Kyoto protocol on climate change, dealing a symbolic blow to the already troubled global treaty.
Environment Minister Peter Kent broke the news on his return from talks in Durban, where countries agreed to extend Kyoto for five years and hammer out a new deal forcing all big polluters for the first time to limit greenhouse gas emissions.
