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State Street files with the SEC
December 7, 2011--State Street has filed a post-effective amendment No. 78, registration statement with the SEC for the SPDR® Barclays Capital Global Convertible Securities ETF (GCWB).
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State Street files with the SEC
December 7, 2011--State Street has filed a post-effective amendment, registration statement for the SPDR® Barclays Capital Breakeven Inflation ETF.
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BM&FBOVESPA announces November 2011 market performance
December 7, 2011--BM&FBOVESPA announced November 2011 market performance. ETFs, securities lending, agribusiness securities, agribusiness commodity futures, and options on agribusiness commodity futures are the November highlights.
Record number of trades and financial volumes for ETFs: The financial volume registered in November by the eight BM&FBOVESPA Exchange-Traded Funds (ETFs) reached BRL 1.45 billion in a record 86,037 trades, from BRL 1.37 billion and 72,352 the previous month. In November the ETF with the highest financial volume was BOVA11 with BRL 1.37 billion and 82,402 transactions.
Record securities lending volume at BRL 67.3 billion: In November, the total number of securities lending transactions reached 122,983, compared to 121,132 in October. Financial volume was a record BRL 67.30 billion in November from BRL 64.64 billion the previous month.
BM&FBOVESPA announces November 2011 market performance
December 7, 2011--BM&FBOVESPA announced November 2011 market performance. ETFs, securities lending, agribusiness securities, agribusiness commodity futures, and options on agribusiness commodity futures are the November highlights.
Record number of trades and financial volumes for ETFs: The financial volume registered in November by the eight BM&FBOVESPA Exchange-Traded Funds (ETFs) reached BRL 1.45 billion in a record 86,037 trades, from BRL 1.37 billion and 72,352 the previous month. In November the ETF with the highest financial volume was BOVA11 with BRL 1.37 billion and 82,402 transactions.
Record securities lending volume at BRL 67.3 billion: In November, the total number of securities lending transactions reached 122,983, compared to 121,132 in October. Financial volume was a record BRL 67.30 billion in November from BRL 64.64 billion the previous month.
Global X Funds Launches ETFs Linked To The New NASDAQ 400 And NASDAQ 500 Indexes
ETF provider partners with NASDAQ OMX to bring products to market
December 6, 2011 – Global X Funds, the New York based provider of exchange traded funds, today launched two new funds: the Global X NASDAQ 500 ETF (Ticker: QQQV) and the Global X NASDAQ 400 Mid Cap ETF (Ticker: QQQM). These are the first products linked to the new benchmark indexes on The NASDAQ Stock Market® (NASDAQ).
The Global X NASDAQ 500 ETF (Ticker: QQQV) and the Global X NASDAQ 400 Mid Cap ETF (Ticker: QQQM) track the NASDAQ 500 Index and the NASDAQ 400 Index, respectively.
The NASDAQ 500 Index measures the performance of 500 of the largest domestic and international non-financial securities listed on NASDAQ based on market capitalization. The NASDAQ 400 Index measures the performance of the top 400 mid-capitalization domestic and international non-financial securities listed on NASDAQ. Over the past 5+ years, companies in both indexes have demonstrated strong earnings growth and are maturing into profitable companies; earnings growth has been outpacing revenue growth over this time period*. Between November 2001 and November 2011 the financial sector lost -34.21% of its value, and during the same period technology stocks gained 37.82% and industrials 16.85%, based on the longstanding NASDAQ sector indexes, the NASDAQ Computer and NASDAQ Industrial respectively. From January 1 to September 30, 2011, the NASDAQ 500 and 400 indexes outperformed the S&P 500 and 400 indexes by more than 3% with similar volatility*.
“We are pleased to be pairing with NASDAQ OMX, a recognized leader in the development of innovative indices, to bring these products to market,” said Bruno del Ama, CEO of Global X Funds. “Both new funds expand the coverage beyond the NASDAQ 100 Index®, providing greater diversification and possibly capturing the next Apple or Google.”
“NASDAQ OMX is delighted to license the use of our indexes as benchmarks for the Global X Funds,” said John Jacobs, Executive Vice President, NASDAQ OMX Global Index Group. “NASDAQ OMX and Global X Funds share a common goal to provide investors with the chance to access some of the world’s most innovative companies and these new indexes and ETFs are the latest examples of that commitment.”
ISE Introduces ISE SPY Bear Option Overlay Index and ISE SPY Bull Option Overlay Index
December 5, 2011--The International Securities Exchange (ISE) has created the ISE SPY Bear Option Overlay Index (symbol: VCS) and ISE SPY Bull Option Overlay Index (symbol: VPS), two innovative new indexes that track the performance of a diversified portfolio of vertical call or put spread strategies* based on the SPDR® S&P 500® ETF (symbol: SPY). The indexes provide leveraged directional exposure to the underlying ETF and give investors the ability to track two popular trading strategies on the most actively traded ETF.
“The ISE SPY Bear Option Overlay Index and ISE SPY Bull Option Overlay Index are the first indexes of their kind, allowing investors a simplified way of tracking vertical spread strategies,” said Kris Monaco, Head of New Product Development at ISE. “Although we have introduced these indexes based on the popular SPY ETF, the methodology we have developed is portable, and can be applied to many other underlying ETFs, stocks, or even indexes. Once VCS and VPS are implemented as ETFs, they will provide a flexible way to trade popular strategies with controlled directional exposure and in a cost efficient manner.”
The indexes are live and distributed via the Options Price Reporting Authority (OPRA) to major market data vendors. Real-time prices and historical data are available via Bloomberg (symbols: VCS and VPS).
To learn more about the ISE SPY Bear Option Overlay Index and the ISE SPY Bull Option Overlay Index, please visit www.ise.com/index.
ISE Introduces Quoting in Its Complex Order Book
First Continually Quoted Complex Order Book in the US Options Industry
December 5, 2011--The International Securities Exchange (ISE) has enhanced its complex order
book to enable market makers to provide two-sided quotes for complex, or multi-legged, instruments.
This capability was developed as part of ISE’s implementation of the Optimise™ trading architecture and successfully launched on December 1.
ISE’s complex order book can accommodate multi-legged instruments with up to eight options legs along with a stock component. As a result of this latest enhancement, ISE market makers have more flexibility and control over the liquidity they provide in the complex order book.
“ISE’s new quoting capability for complex instruments is a first for the US options industry,” said Boris Ilyevsky, Managing Director of ISE’s Options Exchange. “By introducing this functionality, we hope to encourage greater liquidity and better executions in our complex order book to support the growth of this rapidly growing segment of the options market.”
ISE has initially rolled out quoting functionality to three options. Within the complex order book, ISE market makers can enter a complex quote in any symbol activated for complex quoting, regardless of their symbol appointments in ISE’s regular market. Furthermore, complex quotes only trade with other complex orders and do not interact with individual legs on the regular order book. ISE will disseminate the aggregated size and price for complex quotes over the ISE Spread Book data feed.
For more information about ISE’s complex order book, contact ISE Business Development at bizdev@ise.com.
Opening Statement Before the Sixth Open Meeting to Consider Final Rules Pursuant to the Dodd-Frank Act--Commissioner Jill E. Sommers
December 5, 2011--Thank you Mr. Chairman. I too would like to welcome Commissioner Wetjen to his first CFTC Dodd-Frank open meeting. And, as always, I thank the teams who have worked so diligently on the two final rules and the proposal we are considering today. The longs hours you have committed to the documents before us today are very much appreciated.
Today we are considering the final rule creating a registration system for Foreign Boards of Trade (FBOTs) that make their products available to U.S. customers by providing them with direct access to their electronic trading system. This rule will replace the existing process of staff-issued no action relief letters. The CFTC has a long history of recognizing regimes with comparable regulatory objectives. Currently we have over 20 Foreign Boards of Trade operating under no-action relief. It is very important to me for us to retain the type of regulatory cooperation we have with other jurisdictions. I believe that global markets benefit from international support and collaboration among supervisors. It is my hope that under this new registration regime, the CFTC will continue to be a global leader in recognizing and granting access to FBOT’s with comprehensive and comparable oversight from their home country regulator.
"Belt and Suspenders"
Opening Statement of Commissioner Bart Chilton at the Open Meeting of the Commodity Futures Trading Commission
December 5, 2011--When I listen attentively to average investors and consumers address concerns with the economy, retirement or the markets, sooner rather than later they raise the issues of trust, risk and security. Simply put, they are less than optimistic that businesses, accounting firms or regulators have the ability—and many question the simple desire—to protect customer funds.
They see firms engaged in highly complex risky, unethical and sometimes even illegal activities that result in not only exposure, but staggering financial losses. Many of them opt to reduce their exposure themselves by pulling their money out of the market. A fellow emailed me last night that because nearly all of his money was at MF Global and he doesn't have access to it, that his family is currently living on his kids' college fund. Stories like those aren't isolated. We, all of the Commissioners, get those not infrequently.
Protecting consumer funds is a national economic priority and I am hopeful that we will agree today to take at least one action to address some of the challenges.
First, as I have spoken about many times in the last month, about the need to do regular and robust deep data dives to ensure customer money is where it is supposed to be 100 percent of the time. We have the authority, the knowhow and desire to do that, and provided we have the resources from Congress, it will be done.
Opening Statement Before a Meeting of the Commodity Futures Trading Commission, Washington, DC
Chairman Gary Gensler
December 5, 2011--Good morning. This meeting will come to order. This is a public meeting of the Commodity Futures Trading Commission (CFTC) to consider final and proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). I’d like to welcome members of the public, market participants and members of the media, as well as those listening to the meeting on the phone or watching the webcast.
I would like to thank Commissioners Sommers, Chilton, O’Malia and Wetjen for their significant contributions to the rule-writing process. I also want to thank the CFTC’s hardworking and dedicated staff – they are working day, night and weekends to complete these rules.
Today is our 21st open meeting to consider Dodd-Frank rules, and I’d like to welcome Commissioner Wetjen to his first open meeting. Today, we will consider two final rules:
'Sin stocks' thrive on Wall Street
Sin is in on Wall Street as investors pick vice over virtue and pour money into drinking, smoking and gambling stocks.
December 5, 2011--Socially irresponsible," or "vice" stocks, especially tobacco, are paying off for investors who are focusing on these industries' financial, not social, attributes. Shares of tobacco companies Lorillard, Philip Morris and Altria are up 34%, 29% and 15%, respectively, this year -- smoking past the 1% year-to-date gain by the Standard & Poor's 500.
Alcoholic beverage stocks aren't falling off the wagon either. Diageo and Brown-Forman are up 14% and 13%. And gaming stocks such as Wynn Resorts and Churchill Downs are each up 14% -- a welcome offset to what's shaping up to be a disappointing year for stocks at large.
"Vice stocks are showing they are a necessary part of a diversified portfolio," says Jerry Sullivan, manager of the Vice fund, which invests in those industries. Fund-tracker Morningstar says it has returned 10.3% this year.
Morgan Stanley-ETF Weekly Update
December 5, 2011--Weekly Flows: $6.8 Billion Net Inflows
ETF Assets Stand at $1.1 Trillion, up 6% YTD
Launches: 2 New ETFs
Direxion Makes Name and Objective Changes
US-Listed ETFs: Estimated Flows by Market Segment
ETFs rebounded last week and posted net inflows of $6.8 bln
Last week’s net inflows were led by US Large-Cap Equity ETFs (specifically led by SPY)
ETF assets stand at $1.1 tln, up 6% YTD as net inflows have offset challenging equity markets
13-week flows were mostly positive among asset classes; combined $38.9 bln net inflows
Fixed Income ETFs have exhibited the greatest net inflows over the past 13 weeks ($15.5 bln net inflows)
Over the past 13 weeks US Dividend ETFs have posted net inflows of $5.1 bln (17% of category market cap)
We estimate ETFs have generated net inflows 29 out of 48 weeks in 2011; $104.3 bln YTD
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $5.7 bln last week, the most of any ETF
The 5 Vanguard ETFs that exhibited large net outflows last week were the same 5 that exhibited similar size
net inflows the prior week
Over the past 13 weeks, amid very volatile markets, the SPDR Gold Trust (GLD) has generated net inflows of
$3.9 billion, the most of any ETF
US-Listed ETFs: Short Interest
Data Updated: Based on data as of 11/15/11
MDY exhibited the largest increase in USD short interest since last updated
$489 million in additional short interest
MDY’s shares short at highest level since 12/15/09
RTH’s shares short divided by shares outstanding in excess of 600%
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, short interest as a % of
market cap can exceed 100%
US-Listed ETFs: Most Successful Recent Launches by Assets
$6.9 billion in total market cap of ETFs less than 1-year old
Over the past 13 weeks, newly launched Fixed Income ETFs generated most net inflows ($515 mln)
220 new ETF listings and 9 liquidations in 2011
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 $820 mln over last 13 weeks
Teucrium files with the SEC
December 5, 2011-- Teucrium has filed a Amendment No. 1, Form S-1 registration statement with the SEC for the Teucrium Agricultural Fund.
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EGA Emerging Global Shares files with the SEC
December 5, 2011--EGA Emerging Global Shares has filed a post-effective amendment, registration statement with the SEC for the EGA Emerging Global Shares Trust.
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CFTC completes client-funds rule after MF Global collapse
December 5, 2011--U.S. derivatives regulators approved restrictions on how brokers can invest customer funds, acting on a delayed rule after as much as $1.2 billion went missing before MF Global Holdings Ltd. sought bankruptcy protection.
The Commodity Futures Trading Commission voted 5-0 today to limit how brokers invest clients’ margin in money market funds, and ban investments in foreign sovereign debt and in-house transactions such as repurchase agreements.
