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NASDAQ OMX Commodities and GFI Group Inc. Announce Agreement to Electronically Clear Physical U.S. Power and Natural Gas Transactions
NASDAQ OMX Commodities continues to expand its global presence in energy clearing
Positions NASDAQ OMX and GFI as market leaders in the physical and financial energy markets
Electronic trading platform and physical clearing alliance allows simultaneous transactions and clearing for both power and natural gas throughout continental U.S.
Delivers a seamless transaction and clearing experience
September 21, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) and GFI Group Inc. (Nasdaq:GFIG) today announced a strategic agreement to offer electronic trading and clearing of continental U.S. power and natural gas. The agreement broadens the clearing options for energy traders in the U.S and expands NASDAQ OMX Commodities' global presence.
Customers who trade in physical and financial power and natural gas may as a result of this agreement conduct transactions using GFI's electronic commodities trading platform, EnergyMatch®, with NASDAQ OMX Commodities Clearing Company serving as the clearing solution. The electronic trading and clearing allows for immediate execution and automatic clearing of trades.
"As pioneers in physical clearing of power and natural gas, we have a proven track record of delivering innovative solutions to our customers," said President of NASDAQ OMX Commodities Clearing Company George Sladoje. "This agreement combines our respective strengths in electronic trading and physical clearing and delivers seamless transactions, quality and value to our customers."
NASDAQ OMX is an experienced operator in the energy and commodities space through its ownership of the world's largest power derivatives exchange, which has been in operation for 15 years. It was also the first exchange in the world to offer a market for carbon emission allowances (EUAs and CERs). Recently, the exchange group launched N2EX, a marketplace for physical UK power contracts, together with Nord Pool Spot AS.
Ron Levi, GFI Group COO, said: "We are pleased to add a gold standard in global clearing to our customers trading in North American commodity products. This development represents another meaningful step in bringing greater competition, transparency and efficiency to the OTC commodity markets."
GFI Group's hybrid business model combines state-of-the-art electronic trading platforms with highly specialized and experienced brokers that can accommodate any customer demand.
GFI operates a number of electronic trading platforms in addition to EnergyMatch®. These are: EnergyMatch® Europe -- etrading platform for numerous commodities in the European markets, CreditMatch® -- leading trading platform for fixed income and fixed income derivatives and GFI ForexMatch™ -- trading of forwards, NDFs and FX options.
NASDAQ OMX Launches First U.S. Equity Price-Size Exchange
New NASDAQ OMX Trading Platform With Innovative Market Structure to go Live on October 8th
September 20, 2010--he NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), the world's largest exchange company, today announced that on October 8th, 2010, it will launch NASDAQ OMX PSXsm (PSXsm), the first U.S. equity trading platform with a price-size priority model. The platform, which will be operated as a facility of the NASDAQ OMX PHLX exchange, has been approved by the Securities and Exchange Commission (SEC).
PSX, for the first time in U.S. market structure, will be an equity exchange model that encourages participants to display more shares at a price level. The allocation of shares is pro-rated based on a participant's size relative to the total size at that price level. More displayed volume encourages greater transparency in the public marketplace and increased depth at a price level for customers.
"In direct response to some of the market developments this year, NASDAQ OMX is excited to launch a true market structure innovation, which will provide a different trading model for customers looking for an equity exchange that rewards size and liquidity," said Eric Noll, Executive Vice President of Transaction Services at NASDAQ OMX. "We are pleased to deliver new opportunities that meet the needs of our buy-side and sell-side trading customers as well as other market participants enabling them to add liquidity to a lit marketplace," he added.
Kevin Cronin, Director of Global Equity Trading at Invesco said, "In today's markets, posted liquidity and average execution size is low and the difficulty of trading large blocks of stock has increased due to challenges that have been created by developments within the US equity market structure." Cronin added, "Institutions need a platform to encourage posting of liquidity in today's markets. The new PSX price-size model provides an innovative solution to this challenge and comes at a crucial time."
Mark Kuzminskas, Director of Equity Trading at Robeco Investment Management said, "The concept of a price-size model encourages participants to post larger orders and favors institutional traders who have a higher degree of conviction to secure greater liquidity with more efficient pricing. This is especially important in smaller cap securities."
NASDAQ OMX gives participants the ability to choose from three different market models for U.S. equities trading. PSX gives customers the ability to execute orders with price-size priority while The NASDAQ Stock Market and NASDAQ OMX BX give customers the ability to execute orders with price-time priority with different pricing and functionality. NASDAQ OMX will continue to leverage the speed and efficiency of its core INET technology across all exchanges.
NASDAQ OMX is leveraging the trading license from its 2007 acquisition of the former Philadelphia Stock Exchange, known today as NASDAQ OMX PHLX.
US: Efficient spending key to strengthening public finances, says OECD survey
September 20, 2010--Supported by substantial stimulus measures, the US economy has started to grow again after one of the most severe economic crises it has faced since the Great Depression, according to the OECD’s latest US Economic Survey.
After shrinking through the first half of 2009, US GDP began to increase again and is now projected to be 2.6% higher in 2010 than the year before. Employment has also started to rise, although the unemployment rate is likely to stay above the pre-crisis level for an extended period and long-term unemployment remains a concern.
Presenting the Survey in New York City, OECD Secretary-General Angel Gurría said: “It is becoming increasingly clear that the economy has entered a soft patch, but this is not inconsistent with previous recoveries. We don’t see a risk of a double-dip recession. That said, we don’t see either a recovery that is strong enough to put a significant dent in unemployment.”
view OECD Economic Surveys:
United States, September 2010
CBOE Now Disseminating Calculations On Two New Volatility Benchmarks Based On CME Group Exchange Products - Agreement Extends CBOE's Volatility Index (VIX) Methodology Into Commodity-Based Sectors
Agreement Extends CBOE's Volatility Index (VIX) Methodology Into Commodity-Based Sectors
September 20, 2010-- The Chicago Board Options Exchange (CBOE) announced that it has begun disseminating calculations on two new volatility benchmark indexes based on options on futures contracts presently listed on CME Group exchanges.
The CBOE/NYMEX WTI Volatility Index (ticker symbol OIV) and the CBOE/COMEX Gold Volatility Index (ticker symbol GVX) are the first in a series of new volatility benchmark indexes to be created as a result of the licensing agreement between CBOE and CME that was first announced in March 2010 (www.cboe.com/AboutCBOE/PressReleases.aspx).
CBOE is calculating the new volatility benchmark indexes by applying its established CBOE Volatility Index® (VIX®) methodology to the prices from existing options on futures contracts on gold and crude oil products at CME Group exchanges. CBOE is also the initial disseminator of the price data for each of the volatility benchmark indexes.
S&P 500 leaders seizing climate change opportunities, but, overall, still behind global peers
Cisco Systems, Consolidated Edison, News Corporation, Praxair and Spectra Energy Among US corporations leading efforts to tackle climate change
September 20, 2010--While leading companies are forging ahead to cut emissions and seize business opportunities, US companies still lag their global peers in the numbers and types of actions they are taking to reduce greenhouse gas emissions. However, some 70 percent of firms surveyed believe they can seize new commercial opportunities and improve relations with customers, employees and other stakeholders by addressing sustainability and climate change issues.
These were a few of the findings in the 2010 Carbon Disclosure Project (CDP) S&P Report, produced by PwC. The report also notes a well-defined group of American business leaders is emerging, including Cisco Systems, ConEd, News Corp., Praxair and Spectra Energy.
The results were launched today in New York at an event hosted by Bank of America Merrill Lynch, one of CDP’s global sponsors.
Bob Moritz, PwC's U.S. chairman and senior partner, believes companies are waking up to the significant commercial potential for products and services that reduce carbon emissions. "As a result," he said, "companies are not just talking differently about climate change, they are also acting differently. More and more of them see the upside of climate related business opportunities."
There are three times as many Global 500 companies* (48) compared to S&P 500** (14) that scored well enough to be recognized on this year’s new Carbon Performance Leadership Index (CPLI). Those are companies with the highest performance scores that have demonstrated a commitment to strategy, setting emissions reductions plans, governance and stakeholder communications.
view the Carbon Disclosure Project 2010
S&P 500 Report
U.S. Corporate Credit-Risk Index Increases as New Series Begins Trading
September 20, 2010--A benchmark indicator of U.S. corporate credit risk rose as banks, hedge funds and other money managers started moving trades into a new series of the index.
Series 15 of the Markit CDX North America Investment Grade Index, a credit-default swaps benchmark that investors use to hedge against losses on corporate debt, traded at 106.6 basis points as of 6:37 p.m. in New York, 5.1 basis points wider than Series 14, according to broker Phoenix Partners Group.
New versions of the index are created every six months to replace companies that are no longer investment grade. Issues are also taken out of the index if they’re no longer among the most actively traded in the $25 trillion credit swaps market or fail to meet other index criteria.
Most of the difference between the two series “is probably coming from the fact that you’re rolling to a longer maturity,” said Andrew Kuan, senior trader at Primus Asset Management in New York. “It’s only one name coming in and out. It’s not really changing the makeup of the risk that people have on.”
INVESTOR BRANDSCAPE™: 2010-Cogent Research
INVESTOR BRANDSCAPE™: 2010
Measuring the Impact of Brand and Loyalty on Revenue in the Affluent Marketplace
September 20, 2010--The leading industry standard for understanding what drives investment product and
brand selection, Investor Brandscape™ is a critical element of any branding and distribution strategy. Tracking the attitudes and behaviors of affluent investors since 2006, the report explores investors’ awareness, perceptions, usage, share of wallet,
and loyalty to the top investment distributors, mutual fund managers, ETF
manufacturers, and VA providers in the US today.
Areas of Inquiry
Investment Mindset – How do affluent investors
feel about risk and the current environment? What
proportion of their assets are they comfortable managing on their own?
The Role of Advisors – Who uses an advisor and to what extent? How satisfied and loyal are investors to providers? Why do some investors use advisors and have (will) their behaviors change?
Asset Allocation and Product Mix – What products are investors using, to what extent, and why?
Brand Equity and Momentum – Which brands dominate unaided consideration? What do awareness levels look like? Which providers are winning on share of wallet and which brands are at risk?
What firms garner the greatest satisfaction and loyalty? What is driving specific brands’ strengths – or weakness?
Exchange-Traded Funds: US ETF Weekly Update-Morgan Stanley - September 20, 2010
September 20, 2010--Highlights
Weekly Flows: $10.4 Billion Net Inflows
ETFs Traded $296 Billion Last Week
Launches: 2 New ETFs
2 State ETFs to Close-Islamic ETF to Close
US-Listed ETFs: Estimated Flows by Market Segment
For the third week in a row, ETFs generated net inflows $10.4 blnlast week
Weekly net inflows were the third largest of the year; net inflows driven by SPY last week-ETF assets stand at $864 bln; up 11% YTD
13-week flows were mixed among different asset classes
$25.8 bln net inflows into ETFs over 13 wks; International
EM eclipsed Fixed Income over past 13 wks
SPY posted net inflows of $8.1 blnlast week, the most of any ETF
SPY has generated net inflows of $10.9 blnover past 2 weeks; still in the red for the year
Over 13-wk period, 2 EM equity funds (EEM & VWO) have taken in most new money ($9.6 blncombined)
US-Listed ETFs: ETF Dollar Volume
Market share of mthly ETF volume as % of listed volume has more than doubled over 5 yrs
US Large
Cap accounts for 45% weekly ETF volume, but only has 21% of market cap
Fixed Income accounts for only 4% weekly ETF volume, but has 16% of market cap
Pimco Rolls Out Build America Bonds ETF
As muni market risks rise, passive indexation can emphasize the wrong issuers. Pimco's new ETF, however, is the first to offer active management of BABs.
September 20, 2010--AT FIRST GLANCE, Tuesday's scheduled launch of Pimco's latest municipal exchange-traded fund might seem more a matter of style than substance.
After all, the Pimco Build America Bond Strategy Fund (ticker: BABZ) joins an ETF party 10 months late. The first, Invesco PowerShares Build America Bond Portfolio (BAB) has attracted more than $547 million in assets since its launch last December, according to fund-tracker Morningstar, a pace of inflows that is beating some of the industry's biggest asset gathers.
Until now, it has faced only one other competitor: the SPDR Nuveen Barclays Capital Build America Bond ETF (BABS), which was launched five months after BAB and hasn't found nearly the traction with investors.
Morningstar may drop star ratings for leveraged, inverse ETFs
September 20, 2010--Morningstar Inc., a Chicago-based research firm, may stop rating leveraged and inverse exchange- traded funds on a scale of one to five stars because of concerns about their suitability for individual investors.
The company is considering removing the ETFs from broader fund categories and putting them in a separate group, Scott Burns, Morningstar's director of ETF research, said in a telephone interview. The change would also end the funds' star ratings, he said.
“Star ratings are meant for investment vehicles and these are trading vehicles,” Burns said.
U.S. International Reserve Position
September 20, 2010--The Treasury Department today released U.S. reserve assets data for the latest week. As indicated in this table, U.S. reserve assets totaled $130,249 million as of the end of that week, compared to $129,482 million as of the end of the prior week.
I. Official reserve assets and other foreign currency assets (approximate market value, in US millions)
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September 17, 2010 |
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A. Official reserve assets (in US millions unless otherwise specified) 1 |
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130,249 |
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(1) Foreign currency reserves (in convertible foreign currencies) |
Euro |
Yen |
Total |
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(a) Securities |
9,271 |
15,164 |
24,435 |
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of which: issuer headquartered in reporting country but located abroad |
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0 |
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(b) total currency and deposits with: |
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(i) other national central banks, BIS and IMF |
13,673 |
7,431 |
21,104 |
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ii) banks headquartered in the reporting country |
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0 |
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of which: located abroad |
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0 |
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(iii) banks headquartered outside the reporting country |
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0 |
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of which: located in the reporting country |
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0 |
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(2) IMF reserve position 2 |
12,231 |
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(3) SDRs 2 |
56,636 |
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(4) gold (including gold deposits and, if appropriate, gold swapped) 3 |
11,041 |
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--volume in millions of fine troy ounces |
261.499 |
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(5) other reserve assets (specify) |
4,802 |
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--financial derivatives |
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--loans to nonbank nonresidents |
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--other (foreign currency assets invested through reverse repurchase agreements) |
4,802 |
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B. Other foreign currency assets (specify) |
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--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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S&P And The Options Clearing Corporation Bring Central Counterparty Clearing To OTC Index Options
September 20, 2010--Standard & Poor's, the world's leading index provider, and The Options Clearing Corporation (OCC), the world's largest equity derivatives clearing organization, announced today that S&P has licensed the OCC to clear Over-The-Counter (OTC) options based on the S&P 500.
This landmark agreement represents the first time that central counterparty clearing will be available for OTC options based on the S&P 500, and marks OCC's first step into OTC equity derivatives clearing.
The licensing agreement between S&P and OCC, which also covers the S&P MidCap 400 and S&P SmallCap 600, will provide for greater risk management in the OTC equity derivatives marketplace served by these key indices. OCC will leverage its existing systems to provide clearing services. Pending regulatory approval, OCC expects to launch the service in summer 2011.
"OCC is pleased to work with S&P in taking this first step toward bringing the CCP clearing benefits of greater efficiency and risk reduction to the OTC equity derivatives arena," said Wayne P. Luthringshausen, OCC Chairman and CEO. "We will continue to work with our clearing members and market participants to best serve the needs of this evolving marketplace."
"This landmark licensing agreement is a prime example of Standard & Poor's helping to bring greater transparency and precision to the U.S. marketplace," says Alex Matturri, Executive Managing Director at S&P Indices. "It also marks the first time that any index provider has licensed its indices for central counterparty clearing."
Widely considered the single best gauge of the U.S. equity market since its launch in 1957, the S&P 500 is the world's most followed stock market index with $1.1 trillion directly indexed and $4.83 trillion benchmarked to it.
Semi-Annual Changes to the NASDAQ OMX Clean Edge Smart Grid Infrastructure Index
September 20, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) and Clean Edge, Inc. announced today the results of the semi-annual evaluation of the NASDAQ OMX Clean Edge Smart Grid Infrastructure Index (Nasdaq:QGRD), which will become effective with the market open today.
The following four securities will be added to the Index: Wasion Group Holdings Ltd. (3393 HK), Hubbell Inc. (HUB/B UN), Red Electrica Corp SA (REE SM), and Thomas & Betts Corp. (TNB UN).
The Index is designed to act as a transparent and liquid benchmark for the smart grid and electric infrastructure sector. The Index includes companies that are primarily engaged and involved in electric grid; electric meters, devices, and networks; energy storage and management; and enabling software used by the smart grid and electric infrastructure sector. The securities must also meet other eligibility criteria which include minimum requirements for market capitalization and average daily dollar trading volume. The NASDAQ OMX Clean Edge Smart Grid Infrastructure Index is evaluated semi-annually in March and September. For more information about the NASDAQ OMX Clean Edge Smart Grid Infrastructure Index, including detailed eligibility criteria, visit https://indexes.nasdaqomx.com/.
The First Trust NASDAQ(R) Clean Edge(R) Smart Grid Infrastructure Index Fund (Nasdaq:GRID) is an exchange traded fund that seeks investment results that correspond generally to the price and yield, before the Fund's fees and expenses, of the NASDAQ OMX(R) Clean Edge(R) Smart Grid Infrastructure Index.
As a result of the evaluation, no securities will be removed from the Index.
Semi-Annual Changes to the NASDAQ OMX Clean Edge Global Wind Energy Index
September 20, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) and Clean Edge, Inc. announced today the results of the semi-annual evaluation of the NASDAQ OMX(R) Clean Edge(R) Global Wind Energy Index (Nasdaq:QWND), which will become effective with the market open today.
The following three securities will be added to the Index: Innergex Renewable Energy Inc. (INE CN), RWE AG (RWE GY), and Theolia SA (TEO FP).
The Index is designed to act as a transparent and liquid benchmark for the global wind energy sector. The Index includes companies that are primarily manufacturers, developers, distributors, installers, and users of energy derived from wind sources. The securities must also meet other eligibility criteria which include minimum requirements for market capitalization and average daily dollar trading volume. The NASDAQ OMX(R) Clean Edge(R) Global Wind Energy Index is evaluated semi-annually in March and September. For more information about the NASDAQ OMX(R) Clean Edge(R) Global Wind Energy Index, including detailed eligibility criteria, visit https://indexes.nasdaqomx.com/.
The NASDAQ OMX Clean Edge Global Wind Energy Index is the basis for the PowerShares Global Wind Energy Portfolio (Nasdaq:PWND), which seeks investment results that correspond generally to the price and yield of the NASDAQ OMX Clean Edge Global Wind Energy Index before fees and expenses.
As a result of the evaluation, the following six securities will be removed from the Index: Broadwind Energy Inc. (BWEN UQ), Centrica PLC (CNA LN), Clipper Windpower PLC (CWP LN), Greentech Energy Systems (GES DC), PNE Wind AG (PNE3 GY), and Terna Energy SA (TENERGY GA).
CFTC.gov Commitments of Traders Reports Update
September 17, 2010--The CFTC.gov Commitments of Traders Reports for the week of September 14, 2010 is now available.
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