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Claymore files with the SEC
August 20, 2010-Claymore has filed a post-effective amendment, registration statement with the SEC for
Wilshire Micro-Cap ETF (WMCR).
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Gensler Statement on CFTC/SEC Public Roundtable to Discuss Governance and Conflicts of Interest in the Clearing and Listing of Swaps
August 20, 2010--Commodity Futures Trading Commission Chairman Gary Gensler today commented on the joint CFTC-SEC Public Roundtable to Discuss Governance and Conflicts of Interest in the Clearing and Listing of Swaps.
Chairman Gensler said:
“Today’s public roundtable will help us as we move forward to write rules on the important matters of governance of clearinghouses and trading facilities and how to best protect their decision making from conflicts of interest. I thank the CFTC and SEC staffs who worked cooperatively and constructively to plan and execute today’s roundtable. We will continue to collaborate closely with the SEC and other Federal regulators as we draft rules to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act. We look forward to hosting several more roundtables along with the SEC on other important matters related to the Act.”
CFTC-SEC Announce Panelists for August 20, 2010, Public Roundtable to Discuss Governance and Conflicts of Interest in the Clearing and Listing of Swaps
August 19, 2010-- The staffs of the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) today announced the panelists for their August 20, 2010, public roundtable to discuss Governance and Conflicts of Interest in the Clearing and Listing of Swaps. Note: the Roundtable’s agenda may be found in Commission press release #5870-10 (see related documents).
Panel One: Identifying Types of Conflicts
Clearing Organizations:
Johnathan Short, Senior Vice President, General Counsel and Corporate Secretary, ICE
William H. Navin, Executive Vice President and General Counsel, OCC
Exchanges/Potential SEFs:
Lee Olesky, CEO and Co-Founder, TradeWeb
Members/Potential Members:
James Hill, Managing Director and Global Credit Derivatives Officer, Morgan Stanley, representing the Securities Industry and Financial, Markets Association
Jason Kastner, Vice Chairman, Swaps and Derivatives Markets Association
Deutsche Bank -Global Equity Index & ETF Research : US ETP Market Weekly Review
August 19, 2010--New Listings and Delistings
There were three products listed over the previous week in NYSE Arca. The new three options offer investors exposure to: an active fixed income fund investing in emerging markets sovereign debt, a commodity product tracking a broad exposure index, and one equity ETF tracking the Indian Infrastructure sector. The ETPs were issued by Wisdom Tree AM, United States Commodity Funds LLC and Emerging Global Shares, respectively
Net Cashflows
Total ETP outflows in the US added up to $10.1 bn during the previous week. Fixed Income, Commodity and Currency ETPs had inflows of $609 mm, $242 mm and $280 mm, respectively. Equity ETPs, on the other hand, experienced outflows of $11.3 bn.
Within Equity ETPs, Global ex-US regional ETPs received the largest inflows ($617 mm) followed by Leveraged ETPs, while Large Cap ETPs saw the largest outflows ($8.4 bn).
The Fixed Income ETPs inflows were led by Corporates ETPs ($403 mm), while Sovereign ETPs experienced the largest outflows ($147 mm).
Commodity ETPs’ positive flows, were driven mainly by Gold ETPs ($290 mm) while broad exposure commodity products experienced the largest outflows ($110 mm).
Turnover
Avg. Daily Turnover increased by a shy 1.5% and totaled $63 bn at the end of the week.
Assets Under Management (AUM)
US ETPs AUM decreased by 4.0%, mainly due to the market decline experienced during last week, totaling $811 bn at the end of the week. Equity ETPs account for 72% of the assets with $586 bn, followed by Fixed Income funds with $142 bn and 18% of market share.
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S&P Launches North American Preferred Stock Index
Measures Preferred Share Market Across U.S. and Canada
August 19, 2010--Designed to serve as an investable benchmark covering the preferred share market across Canada and the United States, Standard & Poor's - the world's leading index provider - launched today the S&P/TSX North American Preferred Stock Index. The Index seeks to provide investors with the opportunity to achieve broad diversification and exposure to North American preferred stocks.
Preferred stocks are a class of securities that combine the characteristics of debt and common stocks. Their returns have low correlations with common stock returns and with bond returns, making them good diversifiers. While their expected volatility and returns lie between those of common stocks and bonds, their yields are typically higher than that of common stock, the bond market and the money market.
"Preferred stocks are attractive to investors in today's low interest rate environment, due to their higher yields," says Steve Rive, Managing Director at S&P Indices. "The S&P/TSX North American Preferred Stock Index will provide investors with a diversified and broadly representative exposure to this important segment of the market."
The S&P/TSX North American Preferred Stock Index is comprised of a 50% equal weighting in the S&P/TSX Preferred Share Index and S&P U.S. Preferred Stock Index. The S&P/TSX Preferred Share Index is comprised of preferred stocks trading on the Toronto Stock Exchange that meet criteria relating to minimum size, liquidity, issuer rating, and exchange listing. The S&P U.S. Preferred Stock Index measures the yield and price performance of preferred stocks in the U.S. equity universe by using a rules-driven methodology. It is comprised of preferred stocks issued by U.S. entities that meet a set of defined criteria.
For more information on the S&P/TSX North American Preferred Stock Index, including methodology, please visit: www.standardandpoors.com/indices.
SPDR (R) ETF Treatment of Weyerhaeuser Company Special Dividend
August 19, 2010--As previously announced on August 4, 2010, SPDR(R) S&P 500 ETF Trust, The Materials Select Sector SPDR(R) Fund , Dow Jones Large Cap ETF , SPDR(R) Dow Jones Large Cap Value ETF and SPDR(R) Dow Jones Total Market ETF (collectively, the "SPDR Funds"), as record holders of Weyerhaeuser Company, do not intend to make a special dividend payment reflecting the amounts received from the Weyerhaeuser Company special dividend. The amounts received from Weyerhaeuser Company will be reflected as part of each SPDR ETFs' scheduled dividend payments.
S&P 500 ETF Trust has elected the "STOCK" option. The Materials Select Sector SPDR(R) Fund, SPDR(R) Dow Jones Large Cap ETF, SPDR(R) Dow Jones Large Cap Value ETF and SPDR(R) Dow Jones Total Market ETF have elected the 'CASH" option. The details of each option are available in Weyerhaeuser Company's prospectus supplement filed with the Securities and Exchange Commission on July 13, 2010. Although several SPDR Funds elected the CASH option, it is expected that each SPDR Fund electing CASH will receive a mix of cash and WY stock. The ratio of cash and stock is not available at this time but, under the terms, up to 90% of the dividend could be paid in WY stock. Each SPDR Fund intends to retain the newly-issued WY securities unless its underlying index does not increase the WY weightings.
If more definitive information or revised information regarding the corporate action becomes available prior to payment date or if circumstances warrant, each SPDR Fund reserves the right to take actions deemed reasonable or necessary to best pursue its investment objectives consistent with the principal investment strategies of each SPDR Fund.
The SPDR Funds undertake no obligation to publicly update these statements to reflect subsequent events or circumstances.
State Street manages more than $200 billion in SPDR ETF assets worldwide (as of June 30, 2010) and is one of the largest ETF providers in the US and globally.
Jefferies files with the SEC
August 19, 2010--Jefferies files a pre-effective amendment to Form S-1 Registration for
Jefferies Commodity Real Return ETF
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CFTC Staff Allows Turkish Derivatives Exchange’s Futures Contract Based on the Istanbul Stock Exchange 30 Stock Index to be Offered and Sold in the United States
August 18, 2010-- The Commodity Futures Trading Commission’s (CFTC’s) Office of General Counsel yesterday issued a no-action letter permitting the offer and sale in the United States of Turkish Derivatives Exchange’s futures contract based on the Istanbul Stock Exchange 30 Stock Index (ISE-30).
The ISE-30 is a broad-based, free-float, market-capitalization-weighted, composite index of 30 highly capitalized and actively traded stocks currently listed on the “National Market” of the ISE, accounting for 70 percent of Turkey’s market volume and market capitalization.
Please Note:
This is a product approval only. U.S. customers may trade approved foreign exchange-traded products through a registered futures commission merchant (FCM) that is either a member of the foreign exchange on which that product is listed or has established an omnibus account with a clearing member on that exchange, or directly through a member of the foreign exchange that has been granted exemptive relief pursuant to Commission Regulation 30.10. For more information on foreign markets, products and intermediaries, please see the Commission’s website: http://www.cftc.gov/International/ForeignMarketsandProducts/index.htm.
Exchange-Traded Funds: Quarterly Report: Over $810 Billion in 937 ETFs-Morgan Stanley
August 18, 2010--Quarterly Report: Over
$810 Billion in 937 ETFs
Net cash inflows were a relatively modest $40 Billion in the first half of 2010,
but have recently started to accelerate.
New issuance remains strong at 121 ETFs this year, and is on pace
for the most new listings since 2007. Year-to-date, fixed income, emerging market equity, and gold ETFs
continue to generate the strongest net inflows.
Component Changes Made to Dow Jones Africa Titans 50 and Dow Jones Arabia Titans 50 Indexes
August 18, 2010-- Dow Jones Indexes, a leading global index provider, today announced that Groupe ONA (Morocco, Financial Services, ONA.CL) will be removed from the Dow Jones Africa Titans 50 and Dow Jones Arabia Titans 50 indexes.
In the Dow Jones Africa Titans 50 Index, Elswedy Cables Holding Co. (Egypt, Industrial Goods & Services, SWDY.CI) will replace Groupe ONA. In the Dow Jones Arabia Titans 50 Index, Suez Cement Co. (Egypt, Construction & Materials, SUCE.CI) will replace Groupe ONA. Groupe ONA is being removed due to its acquisition by a consortium led by Societe National d’Investissement (Morocco, SNI.CL).
All changes in the Dow Jones Africa Titans 50 Index and Dow Jones Arabia Titans 50 Index will be effective as of the open of trading on Friday, August 20, 2010. Further information on the Dow Jones Africa Titans 50 and Dow Jones Arabia Titans 50 indexes can be found on http://www.djindexes.com.
Hedge Funds Tap ETF for Gold Bets as Stock Correlation Rises
August 18, 2010--Hedge funds managed by George Soros, John Paulson and other high-profile investors are using a $50 billion exchange-traded fund to buy gold, recent filings show, even as the ETF's growing clout may be chipping at gold's role as an asset that moves to its own beat.
Eton Park Capital Management LP earlier this week showed it had joined a list of hedge funds that own SPDR Gold Shares, an ETF backed by about 1,300 metric tons of the precious metal. Eton revealed a roughly $800 million stake in the ETF. Paulson & Co., Mr. Paulson's firm, kept its stake in the gold ETF steady at 31.5 million shares, meaning its position was close to $4 billion at the end of the second quarter.
Interest in Gold Shares Surge, Says ETF Securities Executive
August 18, 2010--ETF Securities USA said ETFS Physical Swiss Gold Shares (SGOL) had a record day’s trading volume on August 11 of 1.74 million shares, or $208 million. This represents the greatest one-day volume since its first U.S. trading day on September 9, 2009.
“The fact that there is buying of gold in a quiet month may tell us something about what is expected to happen in the next two quarters,” said William Rhind, strategic director of U.S. business development for ETF Securities USA, in a phone interview.
"Investors [and investment advisors] are concerned about a potential douple dip in the economy," Rhind explained, "and how it will affect their clients' wealth more generally."
The largest holders of SGOL, he adds, are large mutual-fund providers and wirehouse broker-dealers.
Jefferies files with the SEC
August 18, 2010--Jefferies has filed a pre-effective amendment to Form S-1 with the SEC for
Jefferies S&P 500 VIX Short-Term Futures ETF.
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Global X files with the SEC
August 18, 2010--Global X has filed a post-effective amendment, registration statement with the SEC for
Global X Gold Explorers ETF.
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U.S. One files with the SEC
August 18, 2010--U.S. One has filed an order for exemptive relief with the SEC.
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