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CFTC.gov Commitments of Traders Reports Update
September 16, 2011--The current reports for the week of September 13, 2011 are now available.
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Treasury International Capital Data For July 2011
September 16, 2011--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for July 2011. The next release, which will report on data for August 2011, is scheduled for October 18, 2011.
Foreign residents increased their holdings of long-term U.S. securities in July — net purchases were $24.6 billion. Net purchases by private foreign investors were $10.4 billion, and net purchases by foreign official institutions were $14.2 billion.
At the same time, U.S. residents increased their holdings of long-term foreign securities, with net purchases of $15.1 billion.
Taking into account transactions in both foreign and U.S. securities, the net foreign purchases of long-term securities were $9.5 billion. After adjustments, such as estimates of unrecorded principal payments to foreigners on U.S. asset-backed securities, are included, the overall net foreign acquisition of long-term securities is estimated to have been negative $17.2 billion in July.
Foreign holdings of all dollar-denominated short-term U.S. securities and other custody liabilities decreased $36.5 billion.
Banks’ own net dollar-denominated liabilities to foreign residents decreased $7.6 billion.
State Street files with the SEC
September 16, 2011--SSgA Funds Management, Inc., has filed an application for exemptive relief with the SEC.
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ProShares files with the SEC
September 16, 2011--ProShares has filed a Form S-1 registration statement with the SEC for the ProShares Ultra DJ-UBS Commodity (UCD)
ProShares UltraShort DJ-UBS Commodity (CMD)
ProShares Ultra DJ-UBS Natural Gas (BOIL)
ProShares UltraShort DJ-UBS Natural Gas (KOLD)
ProShares Short Gold (SAU)
ProShares Ultra Euro (ULE)
ProShares Ultra Yen (YCL)
AdvisorShares files with the SEC
September 16, 2011--AdvisorShares has filed a post-effective amendment, registration statement with the SEC for the QAM Equity Hedge ETF.
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State Street files with the SEC
September 16, 2011--SPDR Series Trust 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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CFTC’s Division of Market Oversight Provides Temporary Relief from Large Swaps Trader Reporting for Physical Commodities
September 16, 2011--The Commodity Futures Trading Commission’s (Commission’s) Division of Market Oversight (Division) today issued a letter providing temporary relief from the requirements of the Commission’s regulations regarding large trader reporting of physical commodity swaps (§§20.3 and 20.4).
Because this is the first time that swaps data is being collected, this temporary relief is intended to provide sufficient time to enable both the industry and the Commission to develop and refine systems and processes that will be able to report these complex transactions.
On July 22, 2011, the Commission published large trader reporting rules for physical commodity swaps and swaptions. The rules require daily reports from clearing organizations, clearing members and swap dealers, and become effective on September 20, 2011. The letter issued today provides temporary relief from reporting, as long as parties are making a good faith attempt to comply with the reporting requirements, until November 21, 2011, for cleared swaps, and January 20, 2012, for uncleared swaps. Upon the conclusion of applicable relief periods, such reporting parties must become fully compliant.
Chairman Ben S. Bernanke -Opening remarks-Conference on the Regulation of Systemic Risk, Federal Reserve Board, Washington, D.C.
September 15, 2011 --Distinguished guests, I would like to welcome you to this conference on the "Regulation of Systemic Risk," which is jointly sponsored by the Federal Reserve Board and the Journal of Money, Credit and Banking. 1 It is the fourth conference in a series that was initiated in 2005 and is held every two years.
These conferences support original research on topics that are highly relevant for the Federal Reserve's public policy mission. Conference proceedings are subsequently published in special issues of the journal and disseminated to researchers at central banks and academic institutions worldwide.
While the previous three conferences focused on monetary policy issues, the papers presented at this conference relate to the Federal Reserve's duty to maintain financial stability and contain systemic risk. The Dodd-Frank Wall Street Reform and Consumer Protection Act now requires the Federal Reserve to take a macroprudential approach to financial regulation--that is, to consider the health of the financial system as well as the health of individual firms and markets.
BM&FBOVESPA and BSM Choose NASDAQ OMX's SMARTS Integrity to Enhance Market Surveillance Operation
September 15, 2011--Exchange Groups Partner to Bring Greater Transparency to Brazilian Marketplace in Equities, Commodities and Bonds
The NASDAQ OMX Group, Inc., BM&FBOVESPA, the largest stock exchange in Latin America, and Bovespa Market Supervision (BSM), the Brazilian self-regulatory organization in charge of inspecting and supervising the transactions
and the persons authorized to trade, today announced that they will use NASDAQ OMX's SMARTS Integrity market surveillance platform to monitor trading across their equities and commodities platforms.
The SMARTS Integrity platform will provide BM&FBOVESPA and BSM with an automated solution for market surveillance, operations and market oversight, strengthening their current surveillance capabilities and providing them a scalable platform for long-term growth. Using SMARTS Integrity, BM&FBOVESPA and BSM will have a comprehensive portfolio of alerting scenarios for market behaviors. As BM&FBOVESPA grows its business, SMARTS Integrity will enhance the exchange and BSM's ability to maintain a compliant and orderly market. SMARTS Integrity already handles the volumes of the largest markets in the world and will be mission-critical to BM&FBOVESPA's future growth plans.
"BM&FBOVESPA is committed to maintaining the highest level of market integrity and an operating framework that inspires confidence amongst participants. SMARTS Integrity's cross-market surveillance platform will allow us to monitor our markets effectively and efficiently, with the scalability to process increased volumes as we expand," said Cicero Vieira, Chief Operating Officer of BM&FBOVESPA. "The combination of proven functionality, reliable performance and NASDAQ OMX's global technology expertise make SMARTS Integrity an optimal platform to help us achieve our goals."
RBC Global Asset Management Inc. Launches New Suite of Target Maturity Corporate Bond ETFs
September 15, 2011--RBC Global Asset Management Inc. (RBC GAM) announced the launch of eight RBC Target Maturity Corporate Bond Exchange-Traded Funds (ETFs). Effective today, the RBC ETFs are available for purchase by individual and institutional investors on the Toronto Stock Exchange.
"Clients and advisors have been enquiring about an ETF offering of this kind for some time and we are very pleased to be able to bring this innovative structure to market with the full backing and comprehensive capabilities of RBC Global Asset Management," said John Montalbano, chief executive officer, RBC GAM. "The new suite of RBC ETFs illustrates our commitment to meeting the evolving needs of investors and delivering added value investment solutions that enable investors to construct diverse portfolios reflective of their individual profiles.
Cary Blake, vice-president, RBC GAM, added, "We employed a thorough evaluation and rigorous research process that incorporated input from advisors and investors. The resulting RBC Target Maturity Corporate Bond ETFs fill a gap in the investment landscape, offering advisors increased flexibility to tailor their bond laddering strategies for clients, serve as a source of cash to match large known future liabilities, and capture perceived opportunities at particular points on the yield curve."
CFTC Will Not Hold September 22, 2011, Meeting
September 15, 2011--The Commodity Futures Trading Commission will no longer hold a scheduled meeting on September 22, 2011.
The next scheduled meeting of the Commission will be on October 4, 2011.
DB Global Equity Research: US ETF Market Weekly Review-- ETP AUM drops, while defensive flows keep piling up
September 14, 2011-- Defensive trades underpin ETP flows
An apparently worsening financial situation in Europe and a domestic economy which doesn’t seem to convince to the upside have continued to keep the equity markets bound in negative territory. Equity markets in the US (S&P 500) ended the week down by 1.68%, recording red figures for the sixth time in the past seven weeks.
The total US ETP flows from all products (long+short) registered $1.7bn of inflows during last week vs $434m of inflows the previous week, setting the YTD weekly flows average at +$1.9bn.
Defensive flows kept receiving healthy inflows during last week as investors sail choppy seas, and helped long only ETPs to gather $1.5bn of inflows in spite of the equity market downturn. Within long only ETPs, equity products experienced outflows of $625m, while Fixed Income and Commodity ETPs registered $1.2bn and $928m of inflows, respectively (Figure 1).
In general, equity defensive sectors (+$988m), fixed income investment grade (+$637m), comdty gold (+$619m), and equity dividend (+$200m) remain the favorite defensive trades during last week.
A noteworthy point was the unusually large inflow to the US Healthcare sector ETPs ($796m) during last week after bottoming at $1.3bn of outflows on a QTD basis last Tuesday. We believe that the current underlying trend governing the equity market (i.e. risk off trade) and the relative valuations within the main three defensive sector ETFs (XLP: Cons. Staples, XLU: Utilities, and XLV: Healthcare) suggest that last week’s flows could be the beginning of a sector rotation within defensives.
New Launch Calendar: New ways to play a volatile market
There were 4 new ETFs and 12 new ETNs listed on NYSE Arca during the previous week. The new products provide additional investment vehicles to play volatile markets by taking different views on volatility and market neutral strategies.
Turnover Review: floor activity decreases on a shorter trading week Total weekly turnover decreased by 13.8% to $354bn vs. $411bn in the previous week. The largest decrease was on Equity ETP turnover, which fell by $55bn or 15.3% to $305bn. Fixed Income ETP turnover decreased by $4bn to $14.3bn last week. Finally, Commodity ETPs products turnover kept on the same level, totaling $29.8bn at the end of last Friday.
Assets Under Management (AUM) Review:
equity markets drag ETP AUM down The equity markets downturn dragged ETP AUM along the way in spite of inflows to Commodity and Fixed Income products. US ETP AUM lost $15.8bn or 1.5% compared to the previous week and closed at $1.007 trillion or 1.2% up YTD..
ETF Securities Passes $4.5 Billion in U.S. Assets Under Management and $30 Billion Worldwide
September 14, 2011--ETF Securities USA LLC (ETFS) today announced that the total assets under management (AUM) of its U.S.-listed products is now $4.7 billion, which represents 15% of the firm's new total of roughly $31 billion in AUM worldwide as at the end of August 2011.
"ETF Securities entered the U.S. market in July 2009 and we have exceeded $4.5 billion in AUM in just over two years," said William Rhind1, Managing Director at ETF Securities (US) LLC based in New York, NY. "We are delighted with the progress we are making in the United States and hope to expand our presence here with a new range of exchange-traded products."
.-Listed PPLT Now Largest
The company also today announced that its Physical Platinum Shares (PPLT) is now the world's largest physically-backed Platinum ETP in terms of AUM, which stood at $886 million on August 31, 2011. This figure represents roughly 480,000 ounces of platinum stored in secure vaults located in London, U.K. and Zurich, Switzerland.
J.P. Morgan Selected by FFCM to Provide Fund Services and Prime Custody for the Launch of its Market-Neutral Equity ETFs
September 14, 2011– J.P. Morgan announced today that it has been selected by investment management firm FFCM LLC to provide a suite of securities services, including fund administration, fund accounting and custody, along with prime custody services, for its newly launched family of equity ETFs, QuantShares.
The QuantShares ETFs will be “market neutral,” holding both long and short positions in approximately equal dollar amounts. They are among the first ETFs that will engage in shorting physical securities. FFCM LLC has also chosen J.P. Morgan Clearing Corp. as prime broker for four of its seven new funds.
“We are pleased to be launching these funds that will leverage J.P. Morgan’s ETF servicing with its prime custody solutions,” said Bill DeRoche, founding member of FFCM LLC, the Boston-based investment adviser to QuantShares. “Our decision to partner with J.P. Morgan reflects our confidence in their ability to support us across this multi-faceted and diverse set of strategies.”
SEC review takes the lustre off Reits shares
September 14, 2011--A move by regulators to review rules governing real estate investment groups in the US has sparked concerns over an important source of mortgage funding.
The Securities and Exchange Commission is looking at whether Real Estate Investment Trusts, or Reits, should enjoy a special status that has allowed them to take more risk than typical investment funds.
