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Barclays ETN+ S&P VEQTOR™ ETN list on NYSE Arca
September 1, 2010-- NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading Barclays ETN+ S&P VEQTOR™ ETN (Ticker: VQT) . The ETNs are linked to the S&P 500® Dynamic VEQTOR™ (Volatility Equity Target Return) Total Return Index which is calculated, maintained and published by Standard & Poor’s Financial Services LLC (“S&P” or the “index sponsor”).
The Barclays ETN+ S&P VEQTOR™ ETN seek to provide investors with broad equity market exposure with an implied volatility hedge by allocating its notional investments among three components: equity, volatility and cash. The equity component of the Index is represented by the S&P 500® Total Return Index™ (the “S&P 500 TR”) and the volatility component of the Index is represented by the S&P 500 VIX Short-Term Futures™ Index TR (the “Short-Term VIX TR” and together with the S&P 500 TR, the “Constituent Indices”).
The S&P 500 TR is intended to provide a performance benchmark for the U.S. equity markets, and the Short-Term VIX TR seeks to model the return from a daily rolling long position in the first and second month CBOE Volatility Index® (the “VIX Index”) futures contracts.
CFTC.gov Financial Data for Futures Commission Merchants Update
September 1, 2010--The CFTC.gov Financial Data for Futures Commission Merchants has been updated and is now available.
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U.S. Department of the Treasury TIC Annual and Benchmark Surveys Update
September 1, 2010--The TIC Annual and Benchmark Surveys for U.S. Department of the Treasury has recently been updated, and is now available.
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August Trading Volume At CBOE Futures Exchange Rose 8% Over The Previous Month
September 1, 2010-- The CBOE Futures Exchange, LLC (CFE) today announced that August 2010 trading volume totaled 291,533 contracts, compared to 105,506 contracts during August 2009.
August was the third most active trading month at CFE this year and marked the eleventh consecutive month in which total volume registered an increase when comparing year-over-year trading activity.
August volume rose eight percent from the 270,014 contracts that traded during July 2010.
Average daily volume (ADV) of 13,250 contracts during August exceeded the year-ago ADV of 5,025 contracts. When compared to 12,857 contracts per day during July 2010, ADV in August increased three percent.
OCC Announces Total Contract Volume Remained Flat In August While Stock Loan Program Activity Continued To Grow
September 1, 2010-- The Options Clearing Corporation (OCC) announced today that total OCC cleared volume in August reached 285,128,314 contracts, representing a 1% decrease over the August 2009 volume of 287,627,998 contracts.
OCC's year-to-date average daily volume is up 7% compared to 2009 with 15,440,615 and year-to-date total volume is up 7% with 2,578,582,756 contracts. Activity in OCC's securities lending program has continued to grow with an 88% increase over last August.
Options: Exchange-listed options trading volume reached 283,487,110 contracts in August, a 1% decrease from August 2009. Index options trading rose 10% from the previous August. Year-to-date average daily contract volume for exchange-listed options is up 6% compared to the same period last year.
Standard & Poor’s Announces Changes in the S&P/TSX Venture Composite Index
September 1, 2010--Standard & Poor’s will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Wednesday, September 1, 2010:
Sierra Geothermal Power Corp. (TSXVN:SRA) will be removed from the index.
The shares of the company have been acquired, pursuant to a Plan of Arrangement, by Ram Power Corp. (TSX:RPG).
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.
Standard & Poor’s Announces Changes to the S&P U.S. Preferred Stock Index
September 1, 2010--As previously announced, S&P will be making changes to the methodology of the U.S. Preferred Stock Index beginning with the September 2010 rebalance. These changes will be phased in over a period of three months, where 33% of the index will rebalance each month from September to November.
In accordance with these methodology changes, a weight factor will be applied to each issue to reflect the constituent’s gradual inclusion in to the index. This weight factor will be displayed in the currently-unused AWF column of the SPC constituent file and will be used as a multiplier to arrive at the index shares figure. The AWF column will be populated with a factor of 1 for all constituents in the SPC files beginning on Thursday, September 2, 2010. The AWF factors will be updated in conjunction with the rebalance effective after the close on September 17, 2010.
Pro-forma constituent files detailing the rebalance changes will be available to U.S. Preferred Stock Index clients prior to each rebalance. The file will be posted to client ftp accounts under the name yyyymmdd_SPPREF_PRO.SPC in conjunction with the announcement of the rebalance results on September 3, 2010.
For more information about S&P Indices, please visit www.standardandpoors.com/indices.
Next ETFs Files Exemptive Relief Application for New ETFs
September 1, 2010--Next ETFs LLC, a wholly-owned subsidiary of Next Investments, announced its intention to sponsor a new series of ETFs and filed, through its counsel Katten Muchin Rosenman LLP, an application with the SEC for exemptive relief under the 1940 Act earlier today.
Next ETFs LLC intends that its first fund will be based on the Nikkei 225 Index, the foremost Japanese equity benchmark, comprising 225 liquid stocks in the 1st section of the Tokyo Stock Exchange. This index has been recognized around the globe as the premier index of Japanese stocks for the last 60 years.
Next Investments, through an arrangement with Mitsubishi UFJ Asset Management Co., Ltd., has been granted an exclusive license to establish the only U.S. Nikkei 225 ETF. A copy of the application can be found on www.nextinvestments.com.
iShares files with the SEC
August 31, 2010-iShares has filed a post-effective amendment, registration statement with the SEC for the MSCI New Zealand Investable Market Index Fund.
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JPMorgan to close 'prop' trading division
August 31, 2010--JPMorgan Chase is to close the commodity unit that trades with the bank’s own money as Wall Street moves to comply with new US financial services rules banning proprietary trading.
A person familiar with the matter said that the traders in the unit were told on Friday their jobs were on the line because of the bank’s decision to stop trading commodities on its own account.
The unit has fewer than 20 traders, most of them in London, with one in New York.
Statement on the Release of New Retail Forex Rules, “Rules to Rein in a Racket”
August 31, 2010--Statement by Commissioner Bart Chilton on the Release of New Retail Forex Rules
August 31, 2010
In recent years, mini-Madoff ponzi scams have proliferated, targeting unsuspecting investors with good hearts and limited incomes.
Many of these fraudulent schemes have involved "forex" trading, that is, derivatives trading foreign currency. Operating in the shadows of the legitimate forex market, regulators have focused on the types of illegal trading in this area that targets unsuspecting consumers, and bilks them out of millions of dollars annually. New rules will rein in this racket.
Toward that end, the CFTC has worked to craft rules that will protect American investors, and at the same time provide for the operation of legitimate business activity. With these new rules, the agency is ensuring that people investing in forex are protected from fraud and abuse. These rules put the sidelines on the field so that traders know the boundaries and investors can be more assured that their money is not being traded out of bounds.
DB Global Equity Index & ETF Research : US ETP Market Weekly Review
August 31, 2010--New Listings and Delistings
There were two products launched during the previous week. Alerian, the MLP index provider, launched the first ETF tracking Master Limited Partnerships through ALPS Fund Services Inc. Although there are another 5 ETNs tracking MLPs in the US, this new ETF removes the inherent credit risk associated with ETNs and provides a tax structure which may allow investors to benefit from their MLP holdings in a more efficient way. Similarly, Van Eck Funds launched an equity ETF tracking the Indian Small-Cap sector. Both ETFs are listed in NYSE Arca
Net Cashflows
Total ETP outflows in the US added up to $142 mm during the previous week. Fixed Income and Commodity ETPs had inflows of $1.6 bn and $256 mm, respectively. Equity and Currency ETPs, on the other hand, experienced outflows of $2.0 bn and $14 mm, respectively.
Within Equity ETPs, Small Cap ETPs received the largest inflows ($1.0 bn) followed by Leveraged ETPs, while Large Cap ETPs saw the largest outflows ($1.2 bn).
The Fixed Income ETPs inflows were led by Sovereign ETPs ($573 mm), while no significant outflows were recorded on a sub segment level.
Commodity ETPs experienced a quiet week in terms of flows, with Crude Oil ($151 mm) and Natural Gas ($88) leading the shy inflows.
Turnover
Avg. Daily Turnover remained at about the same level and totaled $60 bn at the end of the week.
Assets Under Management (AUM)
US ETPs AUM along with an almost-flat market, remained at about the same level at the end of last week, totaling $813 bn. Among all asset classes, Fixed Income has accumulated the largest increase in AUM with $72 bn YTD, almost twice as much AUM as they held at the end of last year.
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Preliminary Annual Report on U.S. Holding of Foreign Securities
August 31, 200--Preliminary data from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2009 were released today. Final survey results, which will include additional detail as well as revisions to the data, will be reported on October 29, 2010.
The survey was undertaken jointly by the U.S. Department of the Treasury, the Federal Reserve Bank of New York and the Board of Governors of the Federal Reserve System.
A complementary survey measuring foreign holdings of U.S. securities also is conducted annually. Data from the most recent such survey, which reports on securities held on June 30, 2010, are currently being processed. Preliminary results are expected to be reported on February 28, 2011.
Overall Preliminary Results
The survey measured U.S. holdings at year-end 2009 of approximately $6.0 trillion, with $4.0 trillion held in foreign equities, $1.6 trillion in foreign long-term debt securities (original term-to-maturity in excess of one year), and $0.4 trillion held in foreign short-term debt securities. The previous such survey, conducted as of year-end 2008, measured U.S. holdings of $4.3 trillion, with $2.7 trillion held in foreign equities, $1.3 trillion in foreign long-term debt securities and $0.3 trillion held in foreign short-term debt securities.
Table 1. U.S. holdings of foreign securities, by type of security, as of survey dates[1]
(Billions of dollars)
|
Type of Security |
Dec. 31, 2008 |
Dec. 31, 2009 |
|
|
|
|
|
Long-term Securities |
4,009 |
5,589 |
|
Equity |
2,748 |
3,995 |
|
Long-term debt |
1,261 |
1,594 |
|
Short-term debt securities |
282 |
387 |
|
|
|
|
|
Total |
4,291 |
5,977 |
Minutes of the Federal Open Market Committee-August 10, 2010
August 31, 2010--The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on August 10, 2010.
The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Report.
The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting.
view the Minutes of the Federal Open Market Committee
August 10, 2010
Federal Reserve Board:Approval Of Proposal By China Investment Corporation To Acquire Indirectly Up To 10 Percent Of The Voting Shares Of Morgan Stanley
August 31, 2010--The Federal Reserve Board on Tuesday announced its approval of the application by China Investment Corporation, Beijing, People's Republic of China, to acquire indirectly up to 10 percent of the voting shares of Morgan Stanley, New York, New York.
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