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Morgan Stanley-US ETF Weekly Update
July 11, 2011--Weekly Flows: $11.3 Billion Net Inflows
ETF Assets at $1.1 Trillion, Up 12% YTD
Launches: 1 New ETF
Trading Ceases This Week on 4 FaithShares ETFs
ETFs exhibited net inflows of $11.3 billion last week, the largest weekly net inflows of the year
ETFs have taken in $21.8 bln in net new money the past four weeks
US Large-Cap ETFs posted the largest net inflows last week ($7.0 bln net inflows)
ETF assets stand at $1.1 trillion, up 12% YTD; we estimate from both net new money and market appreciation
13-week flows remained mostly positive among asset classes
$28.7 billion net inflows into ETFs over past 13 weeks (Fixed Income up $9.8 bln; Commodity down $4.0 bln)
We estimate ETFs have generated net inflows 17 out of 27 weeks YTD; YTD net inflows of $68.0 bln
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) generated $4.7 bln net inflows last week, the most of any ETF
Six of the top 10 ETFs to post net inflows last week were US equity focused (most broad market)
Over the past 13 weeks, the iShares Silver Trust (SLV) has posted the largest net outflows ($2.2 bln),
coinciding with silver’s 10.3% market price drop
Policy Instruments To Lean Against The Wind In Latin America -IMF Working paper
July 11, 2011-Summary: This paper reviews policy tools that have been used and/or are available for policy makers in the region to lean against the wind and review relevant country experiences using them. The instruments examined include: (i) capital requirements, dynamic provisioning, and leverage ratios; (ii) liquidity requirements; (iii) debt-to-income ratios;
(iv) loan-to-value ratios; (v) reserve requirements on bank liabilities (deposits and nondeposits); (vi) instruments to manage and limit systemic foreign exchange risk; and, finally, (vii) reserve requirements or taxes on capital inflows. Although the instruments analyzed are mainly microprudential in nature, appropriately calibrated over the financial cycle they may serve for macroprudential purposes.
view the IMF Working paper-Policy Instruments To Lean Against The Wind In Latin America
Deutsche Bank files with the SEC
July 11, 2011--Deutsche Bank has filed an application for exemptive relief with the SEC for the DBX ETF Trust.
view filing
Brazilian And Colombian Exchanges Search For Market Interconnection
July 11, 2011-- The Colombian Stock Exchange (BVC) and BM&FBOVESPA announced their interest in exploring alternatives focused on a possible interconnection of their Equities, Fixed Income and Derivatives markets to promote the development of the capital markets.
With the signature of a memorandum of understanding, the two exchanges are keen on starting an exploration phase, that will establish a plan that would make feasible the interconnection of securities trading platforms in both countries, which allows the bid and ask order routing.
The purpose is to explore the benefits and value opportunities in both markets and this is the first step of the process; the modalities and the date for the happening of the interconnection will be discussed and established by the exchanges in the future.
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
July 11, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Monday, July 11, 2011:
Western Potash Corp. (TSXVN:WPX) will be removed from the index.
The company will graduate to trade on TSX under the same ticker symbol. Western Potash will remain a constituent of the S&P/TSX Venture 30 Index until the next index rebalancing in the end of July, 2011.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
ISE Announces 1 Million Contracts Traded on Optimise
July 8, 2011--The International Securities Exchange (ISE) announced that it reached a new milestone when over one million contracts traded in a single day on its new options trading system based on Deutsche Börse Group’s OptimiseTM trading architecture. On July 7, 2011, 1.2 million options contracts traded on Optimise out of ISE’s total daily volume of 3.4 million contracts.
“Reaching this important milestone is a reflection of the diligent efforts of the cross-Atlantic technology teams who are working on this project,” said Gary Katz, President and Chief Executive Officer of ISE. “They have worked hard throughout our phased migration to make it as smooth as possible for our member firms, and we look forward to delivering the full benefits of the new system once the rollout is complete.”
After an initial launch of ten options on April 11, 2011, ISE has carried out a phased migration from its predecessor platform to Optimise. Currently, 2,139 options products have been moved to the new system, with the rollout targeted for completion by the end of July 2011.
To learn more about Optimise, visit www.ise.com/optimise.
PowerShares files with the SEC
July 8, 2011--PowerShares has filed a post-effective amendment, registration statement with the SEC for the PowerShares CSI Fundamental Greater China Portfolio.
view filing
Morgan Stanley-Preliminary 2Q 2011 ETF Net Cash Flows
July 8, 2011--We estimate that net cash inflows into US-listed ETFs were $29.2 billion during the second quarter of 2011. This report contains our estimates
and analysis of 2Q 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 $29.2 billion during the second quarter of 2011. The $29.2 billion
in net cash inflows is below the average quarterly rate of $31.5 billion over the past five years. Total USlisted
ETF assets are now over $1 trillion, which represents an increase of roughly 10% year to date.
The largest net cash inflows went into ETFs tracking fixed income indices. This asset class had net cash inflows of $10.6 billion in 2Q 2011. US Large Cap Equity ETFs had the next highest net cash inflows at $3.8 billion. Commodity ETFs had the largest net cash outflows this past quarter at $3.3 billion.
Vanguard exhibited cash inflows of $10.4 billion in 2Q 2011, the largest of any provider. BlackRock posted the second highest net cash inflows at $7.5 billion. As of 7/5/11, BlackRock, State Street Global Advisors and Vanguard accounted for 79% of ETF assets. United States Commodity Funds had the largest net cash outflows of $0.9 billion in the second quarter.
There were 90 new ETFs launched in the US during 2Q 2011. In the first half of the year, there have already been 153 ETFs launched. As of 7/5/11, there were 34 issuers with 1,120 ETFs listed in the US.
Over $11 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) track US large-cap equities and MLPs. Recent fixed income ETF launches have also gained traction.
PowerShares files with the SEC
July 8, 2011--PowerShares has filed a post-effective amendment, registration statement with the SEC for the PowerShares Asia Pacific Bond Portfolio.
view filing
State Street files with the SEC
July 8, 2011--State Street has filed a post-effective amendment, registration statement with the SEC for the SPDR® Barclays Capital Global Convertible Securities ETF (GCWB).
view filing
Schwab U.S. Aggregate Bond ETF
July 8, 2011--Schwab has filed a post-effective amendment, registration statement with the SEC for the Schwab U.S. Aggregate Bond ETF.
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
July 8, 2011--Standard & Poor's Canadian Index Operations announces the following index changes:
On May 5, 2011, the unitholders of Canexus Income Fund approved the conversion of the company to a corporate structure. Effective after the close on Tuesday, July 12, 2011, the company will trade under the new name Canexus Corporation and the new ticker symbol "CUS".
At the same time, Canexus Income Fund will be removed from the S&P/TSX Income Trust Index and added to the S&P/TSX Equity, Capped Equity and Equity Completion indices.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
CFTC.gov Commitments of Traders Reports Update
July 8, 2011--The current reports for the week of July 5, 2011 are now available
Standard & Poor's Announces Review Of S&P/TSX Preferred Share Index
July 8, 2011--Standard & Poor's Canadian Index Operations announces the following index changes as a result of the quarterly S&P/TSX Preferred Share Index Review. These changes will be effective at the open on Monday, July 18, 2011:
| ADDITIONS | ||
| Symbol | Issue Name | CUSIP |
| BCE.PR.B | BCE Inc. 1st Preferred Series 'AB' | 05534B 69 5 |
| SJR.PR.A | Shaw Communications Inc. Class 2 Preferred Series 'A' | 82028K 87 9 |
| DELETIONS | |||
| Symbol | Issue Name | CUSIP | |
| BCE.PR.Y | BCE Inc. 1st Preferred Series 'Y' | 05534B 85 1 | |
| BPO.PR.I | Brookfield Office Properties Inc. Class AAA Pref. Series 'I' | 112900 88 1 | |
| DC.PR.B | Dundee Corporation 5-Year Reset Series 2 Preferred | 264901 70 3 | |
| EMA.PR.A | Emera Inc. Preferred Series 'A' | 290876 30 9 | |
| GWO.PR.F | Great-West Lifeco Inc. Preferred Series 'F' | 39138C 80 9 | |
| IAG.PR.F | Industrial Alliance Ins. & Fin. Services Inc. 5.90% Pref. 'F' | 455871 50 9 | |
| L.PR.A | Loblaw Companies Limited 2nd Preferred Series 'A' | 539481 60 6 | |
| TCL.PR.D | Transcontinental Inc. 1st Preferred Series 'D' | 893578 30 2 | |
| WN.PR.D | Weston Ltd. George 5.20% Preferred Series 'IV' | 961148 85 5 | |
Company additions to and deletions from an S&P index do not in any way reflect an opinion on the investment merits of the company
U.S. International Reserve Position
July 8, 2011--On July 1, 2011 the Treasury Department released U.S. reserve assets data for the latest week. As indicated in this table, U.S. reserve assets totaled $143,920 million as of the end of that week, compared to $142,691 million as of the end of the prior week.
I. Official reserve assets and other foreign currency assets (approximate market value, in US millions)
|
| |||
|
July 1, 2011 | |||
A. Official reserve assets (in US millions unless otherwise specified) 1 |
|
|
143,920 | |
(1) Foreign currency reserves (in convertible foreign currencies) |
Euro |
Yen |
Total | |
(a) Securities |
10,154 |
15,417 |
25,572 | |
of which: issuer headquartered in reporting country but located abroad |
|
|
0 | |
(b) total currency and deposits with: |
|
|
| |
(i) other national central banks, BIS and IMF |
15,387 |
7,578 |
22,965 | |
ii) banks headquartered in the reporting country |
|
|
0 | |
of which: located abroad |
|
|
0 | |
(iii) banks headquartered outside the reporting country |
|
|
0 | |
of which: located in the reporting country |
|
|
0 | |
|
| |||
(2) IMF reserve position 2 |
21,725 | |||
|
| |||
(3) SDRs 2 |
57,233 | |||
|
| |||
(4) gold (including gold deposits and, if appropriate, gold swapped) 3 |
11,041 | |||
--volume in millions of fine troy ounces |
261.499 | |||
|
| |||
(5) other reserve assets (specify) |
5,384 | |||
--financial derivatives |
| |||
--loans to nonbank nonresidents |
| |||
--other (foreign currency assets invested through reverse repurchase agreements) |
5,384 | |||
B. Other foreign currency assets (specify) |
| |||
--securities not included in official reserve assets |
| |||
--deposits not included in official reserve assets |
| |||
--loans not included in official reserve assets |
| |||
--financial derivatives not included in official reserve assets |
| |||
--gold not included in official reserve assets |
| |||
--other |
|
|
| |
