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Russell’s index brand casts shadow over ETF rollouts
May 31, 2011--Russell Investments is hoping for a halo effect from its well-known brand as it moves headlong into the ETF business. But executives are also wary of stepping in its shadow.
The Seattle, Wash.-based firm has brought in three top executives from iShares to run its fledgling business. It has constructed a unique lineup of ETFs that mixes alternative, or non-market-cap weighted, index funds with a fund-of-funds active offering. And it brings to the ETF market the Russell brand and reputation as a top-shelf index provider and manager-of-managers product developer
Andean Nations Overtaking Mexican Stock Exchange Lure ING, Global X Funds
May 30, 2011--The integration of stock trading in Chile, Colombia and Peru is prompting ING Groep NV (INGA) to create a mutual fund that invests in the three countries, Global X Funds to start a regional exchange-traded fund and Colombia’s Helm Bank SA (PFBHELMB) to form an alliance with Chile’s Empresas Penta SA.
Trading on the new exchange, known as MILA, began today, more than six months after the exchanges in the three countries agreed to allow cross-border transactions and create Latin America’s second-biggest stock market after Brazil.
“There’s a lot of attention on Latin America, and the message we want to send is that there are alternatives to Brazil,” Juan Pablo Cordoba, head of Colombia’s exchange, said in an interview in Bogota. “We’re making it easier for foreign investors to get into our market.”
U.S. International Reserve Position
May 30, 2011--The Treasury Department today released U.S. reserve assets data for the latest week. As indicated in this table, U.S. reserve assets totaled $140,889 million as of the end of that week, compared to $140,262 million as of the end of the prior week.
. Official reserve assets and other foreign currency assets (approximate market value, in US millions)
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May 27, 2011 | ||||
A. Official reserve assets (in US millions unless otherwise specified) 1 |
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|
140,889 | |
(1) Foreign currency reserves (in convertible foreign currencies) |
Euro |
Yen |
Total | |
(a) Securities |
9,991 |
15,428 |
25,419 | |
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 |
15,139 |
7,578 |
22,718 | |
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 |
19,606 | |||
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(3) SDRs 2 |
56,808 | |||
|
| |||
(4) gold (including gold deposits and, if appropriate, gold swapped) 3 |
11,041 | |||
--volume in millions of fine troy ounces |
261.499 | |||
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(5) other reserve assets (specify) |
5,297 | |||
--financial derivatives |
| |||
--loans to nonbank nonresidents |
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--other (foreign currency assets invested through reverse repurchase agreements) |
5,297 | |||
B. Other foreign currency assets (specify) |
| |||
--securities not included in official reserve assets |
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--deposits not included in official reserve assets |
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--loans not included in official reserve assets |
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--financial derivatives not included in official reserve assets |
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--gold not included in official reserve assets |
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--other |
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CFTC.gov Commitments of Traders Reports Update
May 27, 2011--CFTC.gov Commitments of Traders Reports have been updated for the week of May 24, 2011 are now available
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Claymore files with the SEC
May 27, 2011--Claymore has filed a post-effective amendment, registration statement with the SEC for the Guggenheim Shipping ETF (SEA).
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iShares files with the SEC
May 27, 2011--iShares has filed a post-effective amendment, registration statement with the SEC.
view filing
DB Global Equity Index & ETF Research: North America-US ETF Market Weekly Review : Risk-off trade affects ETP flows as QE2's ending looms
May 27, 2011--ETP flows dropped recording a $3.6bn-outflow for the week
US Economic data continues to disappoint and markets seem unconvinced about the economic recovery story, especially now that we approach the end of QE2. Equity markets in the US (S&P 500) slid by 0.34%.
Last week, Total US ETP flows from all products registered $3.6bn of outflows vs $4.7bn of inflows the previous week, setting the YTD weekly flows average at +$2.2bn. US ETP AUM edged a bit lower to $1.078 trillion or 8.3% up YTD.
Market and ETP Flows trends suggest that market participants have engaged in a risk-off trade following April’s rally. We believe that investors are concerned with the continuity of the recovery path once QE2 ends in June. While our data doesn’t suggest that investors are betting on a double dip, it does propose that investor are unwinding some of their risky positions (e.g. Equities, Commodities) in favor of higher quality/safer positions (e.g. IG bonds, Gold, cash). In other words, we could say that investors have shifted from a bullish view on the equity markets to a more neutral one as they wait for further news or data surprises which could shed more light about the economy beyond the ending of QE2.
Long-only equity ETPs recorded $5.0bn of outflows last week vs $4.5bn of inflows the previous week. From a geographic allocation perspective, most of the outflows came from US-focused ETPs (-$4.0bn), while DM ex US, EM, and Global ETPs recorded flows of -$228m, -$953m, and +$149m, respectively.
Long-only Fixed Income ETPs recorded inflows of $1.3bn last week. Corporates had $471m inflows, followed by broad benchmarked funds with $287m. Commodity ETPs recorded outflows of $178m, both agriculture and broad benchmarked products experienced the largest outflows of $54m. Silver and Gold ETPs experienced the largest flows at a sub sector level with $460m of outflows and $434m of inflows, respectively.
New Launch Calendar: More Cars, Inflation Protection and a “new entrant”
There were 10 new ETPs listed during the previous week. These new ETFs offer additional exposure to the global auto industry, inflation protection, HK small caps, and a whole new range of growth/value oriented disciplines
Turnover Review: On Exchange activity down to normal levels
Total weekly turnover decreased by 3.8% to $339bn vs. $353bn in the previous week. Commodity ETPs recorded the largest absolute decrease of $13bn settling at $34bn in weekly turnover, much closer to pre-Silver-bubble levels. Equity ETPs accounted for 86% of all ETP weekly turnover with $292bn. Finally, Fixed Income products turnover totaled $10.8bn at the end of last Friday increasing by 13% from the previous week.
Assets Under Management (AUM) Review: AUM edges lower, losing $7bn
Outflows from ETPs and another negative week for the market shaved $7.0bn from ETP AUM pushing assets 0.6% lower to $1.078 trillion at the end of last week. On a YTD basis, ETP AUM is 8.3% or $83bn higher.
