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CBOE To Launch New Volatility-related Options on Friday, May 28
May 27, 2010--CBOE to Add VXX and VXZ Options to Its Suite of Volatility Products On Friday, May 28 CBOE will launch options on two Exchange Traded Notes (“ETNs”).
Ø Options on the iPath® S&P 500® VIX® Short-Term Futures Index™ ETN (ticker: VXX)
Ø Options on the iPath® S&P 500® VIX® Mid-Term Futures Index™ ETN (ticker: VXZ)
Barclays Capital is the off-floor DPM and Group One Trading, L.P. is the on-floor Lead Market Maker for the options at CBOE.
Options on the VXX and VXZ ETNs offer investors and traders
Ø Increased flexibility for hedging the volatility risk of a portfolio
Ø Alternative ways to trade based on their view of market volatility
Ø Exposure to additional points on the volatility curve
VIX options are listed on CBOE and VIX futures are listed on the CBOE Futures Exchange (CFE).
For more information go to www.cboe.com/Volatility or www.cboe.com/VXX.
CBOE S&P 500 Annual Dividend Options (DIVD) Launched
May 27, 2010--On Tuesday, May 25 CBOE Launched S&P 500® Annual Dividend Index Options
* Ticker symbol: DIVD
* Settles to the S&P 500 Annual Dividend Index
* Dec 2010 and Dec 2011 initial expirations
* DIVD options can be traded up to 15 years out as FLEX® options
The S&P 500 Annual Dividend Index represents the ordinary cash dividends paid by corporations included in the S&P 500 Index, accumulated over an annual accrual period. Options on the index allow investors to hedge or gain exposures to the dividend risk of the S&P 500 Index and to implement trading strategies based on fundamental earnings forecasts.
For contract specifications, historical values and more, see www.cboe.com/DIVD
U.S. Department of the Treasury Economic Statistics - Quarterly Data Update
May 27, 2010--The U.S. Department of the Treasury Economic Statistics - Quarterly Data has been updated.
view update
ETF Securities USA LLC files with the SEC
MAY 27, 2010--The ETFS Collateralized Commodities Trust (sponsored by ETF Securities USA LLC) has filed a Form S-1Registration Statement with the SEC for the following funds
ETFS ex-U.S. Oil
ETFS Natural Gas
ETFS Copper
ETFS Wheat
ETFS Composite Agriculture
ETFS Composite Industrial Metals
ETFS Composite Energy
ETFS All Commodities
ETFS Short ex-U.S. Oil
ETFS Short Natural Gas
ETFS Short Copper
ETFS Short Wheat
ETFS Short Gold
ETFS Leveraged ex-U.S. Oil
ETFS Leveraged Natural Gas
ETFS Leveraged Copper
ETFS Leveraged Wheat
ETFS Leveraged Gold
Each “Long” Fund will seek daily investment results, before fees and expenses, which correspond to 100% of the daily performance, whether positive or negative, of its specified Commodity Index. Each “Short” Fund will seek daily investment results, before fees and expenses, which correspond to the inverse (negative 100%) of the daily performance, whether positive or negative, of its specified Commodity Index. Each “Leveraged” Fund will seek daily investment results, before fees and expenses, which correspond to 200% of the daily performance, whether positive or negative, of its specified Commodity Index.
ETF Securities USA LLC files with the SEC
May 27, 2010-- ETF Securities USA LLC has filed a FORM S-1 Registration Statement with the SEC for
ETFS White Metals Basket Trust
The investment objective of the Trust is for the Shares to reflect the performance of the prices of physical silver, platinum and palladium in the proportions held by the Trust, less the Trust’s expenses. The Shares are intended to constitute a simple and cost-effective means of making an investment similar to a proportional investment in silver, platinum and palladium. An investment in physical Bullion requires expensive and sometimes complicated arrangements in connection with the assay, transportation, warehousing and insurance of the metal. Although the Shares will not be the exact equivalent of an investment in Bullion, they provide investors with an alternative that allows a level of participation in the silver, platinum and palladium markets through the securities market.
DB Index Research -- Weekly ETP Market Review -US
May 26, 2010-The market pulse suggests that the final word regarding the fate of the distressed European countries, the Euro and the impact of this crisis in other global economies, is yet to be said. The equity market lost 4.3% during the previous week as indicated by the S&P 500 Index, while Gold, which has been seen as the safe haven during the crisis, experienced a pull back of 4.4%. It is not surprising to see some correction after Gold hit highs in the week before. Gold ETP inflows suggest that Gold will continue to be the safe haven, especially when the euro zone crisis spreads. Overall, US ETP lost $44bn in assets and experienced net negative flows of $8.5bn.
New Listings and Delistings
* Last week’s launch calendar saw three new funds and one new entrant come to market.
The new products offer access to companies focused in sustainability, Taiwanese small cap companies, and International Corporate Debt, respectively. All ETPs are listed in NYSE Arca.
* This week’s new entrant is Pax World Management, who joins the ETP race for assets by trying to exploit their expertise in the Sustainability domain.
Net Cashflows
* Fixed Income and Commodity ETPs had inflows of $1.4 bn, and $0.8 bn, respectively. Equity and Currency ETPs, on the other hand, experienced outflows of $10.5 bn and $91 mm, respectively.
* In the Equity asset class, Leveraged ETPs had the highest inflows of $964 mm followed by Short ETPs, while Large Cap ETPs experienced the largest outflows of $7.9 bn.
* Sovereign products contributed the most to the positive cash flows into Fixed Income ETPs.
* Within Commodity ETPs, Crude Oil ETPs received inflows for $690 mm, followed by Gold ETPs, in spite of bearish gold spot prices. Meanwhile, Natural Gas ETPs experienced the largest outflows.
Turnover
* General turnover surge continued over the previous week. US ETPs turnover rose by 11.6% and totaled $113 bn.
Assets Under Management (AUM)
* US ETPs AUM decreased by 5.3% totaling $786 bn at the end of the week. Equity ETPs account for 73% of the assets with $571 bn, followed by Fixed Income funds with $128 bn and 16% of market share.
To request a copy of the report
ISE Celebrates 10 Years of Innovation and Leadership in the Options Industry
May 26, 2010--The International Securities Exchange (ISE) today celebrates its 10th anniversary and a decade of innovation and leadership in the options industry. ISE launched trading as the first all-electronic options exchange in the U.S. on May 26, 2000, and revolutionized the industry by introducing low fees, transparent markets, and an innovative new market structure. The efficiency and transparency that ISE introduced, combined with its commitment to investor education, helped modernize the options industry. Today, options products are an accessible, mainstream investment vehicle that retail and institutional investors can use to hedge risk and enhance returns in their investment portfolios.
To commemorate ISE’s 10th anniversary, New York City’s Deputy Mayor Robert Lieber opened the exchange for trading and presented ISE with a proclamation from the City of New York.
“I would like to express my sincere appreciation to ISE’s employees, members, Board members, and its parent company, Eurex, for their dedication throughout the last decade. This significant milestone is only possible because of their unwavering support,” said David Krell, co-founder and Chairman of ISE. “From the beginning, we have viewed all of ISE’s stakeholders as our partners, and that partnership philosophy will continue to be a key driver of our success.”
“As we celebrate this exciting anniversary, I would like to thank everyone who has helped build ISE and transform the U.S. options industry,” said Gary Katz, co-founder and President and Chief Executive Officer of ISE. “I strongly believe that ISE’s 10th anniversary is as much about looking to a bright future as it is about acknowledging the strong foundation we have built over the last decade. ISE has served as a thought leader and innovative agent of change for the industry for the last 10 years, and we remain committed to these principles as we look forward.”
“New York City is the center of the Financial Services industry and it is my pleasure to congratulate the International Securities Exchange on 10 years of innovation and creativity,” said Deputy Mayor Robert C. Lieber. “As a leader in the industry, ISE has worked to make the sector more transparent, more nimble and user friendly and we look forward to their next 10 years in New York.”
In honor of this milestone, ISE has launched a special anniversary section on its website that includes links to its 2010 expiration calendar and updates on its Corporate Social Responsibility Program, Ten in Twenty-Ten. In addition, ISE has published its 2009 Annual Review, which features a virtual roundtable of industry leaders discussing ISE’s first decade in the industry. For more information, visit www.ise.com/2010.
BlackRock Lists iShares MSCI Poland Investable Market Index Fund on NYSE Arca
May 26, 2010--NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading the iShares MSCI Poland Investable Market Index Fund (Ticker: EPOL). The fund is advised by BlackRock Fund Advisors.
The fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Poland Investable Market Index, which is a free-float adjusted market capitalization weighted index designed to measure the performance of equity securities in the top 99% by market capitalization of equity securities listed on stock exchanges in Poland.
The fund’s prospectus and other information are available at www.ishares.com.
After Public Input, Proposal to Expand Testing, Continuing Education to be Filed With SEC
After Public Input, Proposal to Expand Testing, Continuing Education to be Filed With SEC
May 26, 2010-The Financial Industry Regulatory Authority (FINRA) today issued a Regulatory Notice soliciting comments on a rule proposal designed to enhance oversight of broker-dealers' "back-office" operations by expanding registration requirements to individuals engaging in, or supervising, activities related to sales and trading support, and handling of customer assets.
Traditionally, FINRA's long-standing registration requirements have applied to individuals who provide advice to customers and effect securities transactions, such as brokers, investment bankers and traders. The new proposal would extend registration, testing and continuing education beyond the frontline sales force to certain operations staff who support broker-dealers' businesses. These employees perform an integral role inside the firms, and their actions can have meaningful connections to the safety of customer funds, accounts and transactions, and the overall integrity of firm books and records.
Firm employees who may be required to register under the new proposal include individuals responsible for the development and approval of valuation models; employees who manage trade confirmations, account statements, trade settlement and margin; or employees who oversee stock loan/securities lending, prime brokerage, receipt and delivery of securities, and/or financial regulatory reporting.
Five Dow Jones Indexes Licensed to BMO Financial Group in Connection With Canadian ETFs
May 26, 2010--Dow Jones Indexes, a leading global index provider, announced the launch of five new indexes: the Dow Jones North America Select Junior Oil, the Dow Jones North America Select Junior Gas, the Dow Jones Canada Select Equal Weight REIT, the Dow Jones U.S. Large-Cap Health Care Equal Weight Total Stock Market, and the Dow Jones U.S. Large-Cap Banks Equal Weight Total Stock Market indexes. These five new indexes have been licensed to BMO Financial Group, a Canadian financial services company, to underlie exchange-traded funds (ETFs). The BMO ETFs are available today on the Toronto Stock Exchange.
"This is the first time Canadian investors will be able to monitor certain highly sought-after sectors with indexes that are created in a way that is unique to the Canadian market place," said Michael A. Petronella, president designate, Dow Jones Indexes. "By licensing the indexes, BMO expands on its existing range of small-cap products. The large-cap indexes will provide investors with windows on sectors in which each company contributes equally to the performance of the index."
The Dow Jones North America Select Junior Oil and the Dow Jones North America Select Junior Gas indexes measure the performance of U.S. and Canadian companies in the oil and gas producers and the oil-equipment, services and distribution sectors. The Dow Jones Canada Select Equal Weight REIT Index provides an equal-weighted measure of Canadian companies in the real estate investment trusts sector. The Dow Jones U.S. Large-Cap Health Care Equal Weight Total Stock Market Index provides an equal weighted measure of U.S. large-cap stocks in the health care industry, while the Dow Jones U.S. Large-Cap Banks Equal Weight Total Stock Market Index provides an equal-weighted measure of U.S. large-cap banks.
As of May 21, 2010, annualized performance since December 31, 1998, for the Dow Jones North America Select Junior Oil Index is 12.44%; the Dow Jones North America Select Junior Gas Index is 19.60%; the Dow Jones U.S. Large-Cap Health Care Equal Weight Total Stock Market Index is 5.18%; and the Dow Jones U.S. Large-Cap Banks Equal Weight Total Stock Market Index is -3.37%. The Dow Jones Canada Select Equal Weight REIT Index is up 5.80% since its base date of June 30, 20051.
The Dow Jones North America Select Junior Gas Index as well as the Dow Jones North America Select Junior Oil Index are weighted by float-adjusted market capitalization and reviewed on an annual basis in December. The Dow Jones Canada Select Equal Weight REIT Index is equal-weighted and reviewed semi-annually in June and December. The Dow Jones U.S. Large-Cap Health Care Equal Weight Total Stock Market Index and the Dow Jones U.S. Large-Cap Banks Equal Weight Total Stock Market Index are both equal-weighted and reviewed semi-annually in March and September.
1The Dow Jones Canada Select Equal Weight REIT Index, Dow Jones North America Select Junior Gas Index, Dow Jones North America Select Junior Oil Index, Dow Jones U.S. Large-Cap Health Care Equal Weight Total Stock Market Index, and the Dow Jones U.S. Large-Cap Banks Equal Weight Total Stock Market Index were first published on April 16, 2010. All estimated daily historical closing prices prior to that date are based on back-testing (i.e., calculations of how the index might have performed in the past if it had existed). Back-tested performance information is purely hypothetical and is solely for informational purposes. Back-tested performance does not represent actual performance, and past performance is not indicative of future results.
BMO Financial Group Expands ETF Line-Up To 30 With Addition Of Eight New Funds
New ETF offerings feature the first Emerging Markets bond ETF to enter Canada, as well as access to US health care, US banks and small-cap oil and gas.
May 26, 2010-- BMO Financial Group (BMO, the leading major Canadian financial group in the area of Exchange-Traded Funds (ETFs)(i), today announced another significant expansion into the ETF market with the launch of eight new funds, bringing its product line to a total of 30 ETFs.
The expansion once again reiterates BMO's commitment to being a leader in the growing Canadian ETF market and offering a full range of investment options to investors.
The following new BMO ETFs begin trading on the Toronto Stock Exchange today:
-- BMO Equal Weight REITs Index ETF (ZRE)
-- BMO Equal Weight US Banks Hedged to CAD Index ETF (ZUB)
-- BMO Equal Weight US Health Care Hedged to CAD Index ETF (ZUH)
-- BMO Junior Oil Index ETF (ZJO)
-- BMO Junior Gas Index ETF (ZJN)
-- BMO Long Federal Bond Index ETF (ZFL)
-- BMO Real Return Bond Index ETF (ZRR)
-- BMO Emerging Markets Bond Hedged to CAD Index ETF (ZEF)
The new ETFs complement BMO's current line-up and include three fixed income funds, one of which provides exposure to emerging market bonds. Also highlighted is exposure to oil and gas in the small cap sector, as well as equal weight access to US health care and US banks.
"We are very excited about the most recent expansion in our ETF offering which reflects our ongoing commitment to providing Canadian investors greater access to global markets," said Rajiv Silgardo, CEO of BMO Asset Management Inc. "These latest additions further diversify our offering in a number of areas, including the health care and oil and gas sectors, allowing Canadian investors the opportunity to capitalize on the ongoing growth in key industries."
The new roll-out includes three currency-hedged ETFs, which provide investors in Canada access to growth in other countries while mitigating the risk of losses based on foreign exchange volatility. As the Canadian dollar gained against other currencies over the past year, currency volatility has increased significantly and may remain elevated in the coming years. BMO Equal Weight US Banks Hedged to CAD Index ETF (ZUB), BMO Equal Weight US Health Care Hedged to CAD Index ETF (ZUH) and BMO Emerging Markets Bond Hedged to CAD Index ETF (ZEF) are designed to address this issue by helping investors hedge their currency exposure.
"For those in need of cost-efficient hedging solutions, we have added to our currency-hedged ETFs to allow investors to access the growth and diversity of non-Canadian markets without the added volatility often attributed to currency," said Mr. Silgardo.
More information about BMO ETFs can be found at www.bmo.com/etfs.
US ETF assets up 56.9 pct in year ended April-ICI
May 26, 2010-- Assets traded in the U.S.
exchange traded funds (ETFs) universe grew 56.9 percent in the
year ended April 30 to $830.8 billion, monthly data issued by
the Investment Company Institute showed on Wednesday.
ICI, the mutual fund industry's trade group, reported an
increase of $25.50 billion in April versus March 2010, marking
a 3.2 percent rise for the month.
Increases were recorded across both equity and debt ETFs. The number of U.S. ETFs rose by 26 in the latest monthly reporting period to 865, versus 726 ETFs traded at the same time last year.
U.S. International Reserve Position
May 26, 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 $124,972 million as of the end of that week, compared to $123,898 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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May 21, 2010 |
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A. Official reserve assets (in US millions unless otherwise specified) 1 |
124,972 |
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(1) Foreign currency reserves (in convertible foreign currencies) |
Euro |
Yen |
Total |
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(a) Securities |
8,967 |
14,404 |
23,371 |
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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 |
13,116 |
7,062 |
20,178 |
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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 |
11,195 |
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(3) SDRs 2 |
54,551 |
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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) |
4,636 |
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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) |
4,636 |
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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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SEC Proposes Consolidated Audit Trail System to Better Track Market Trades
May 26, 2010--The Securities and Exchange Commission today proposed a new rule that would require the self-regulatory organizations (SROs) to establish a consolidated audit trail system that would enable regulators to track information related to trading orders received and executed across the securities markets.
A consolidated audit trail system would help regulators keep pace with new technology and trading patterns in the markets. Currently, there is no single database of comprehensive and readily accessible data regarding orders and executions. Stock market regulators tracking suspicious market activity or reconstructing an unusual event must obtain and merge an immense volume of disparate data from a number of different markets and market participants. Regulators are seeking more efficient access to data through a far more robust and effective cross-market order and execution tracking system.
"If adopted, this consolidated audit trail would, for the first time ever, allow the SEC and other market regulators to track trade data across multiple markets, products and participants in real time," said SEC Chairman Mary L. Schapiro. "It would allow us to rapidly reconstruct trading activity and quickly analyze both suspicious trading behavior and unusual market events."
Last year, the SEC set up an agency-wide task force to carry out the audit trail initiative and begin the process of developing the rulemaking proposal recommended to the Commission today.
view the Proposal on Consolidated Audit Trail
SEC Approves Rule Changes to Enhance Municipal Securities Disclosure
May 26, 2010-The Securities and Exchange Commission today voted unanimously to approve rule changes improving the quality and timeliness of municipal securities disclosure.
Municipal securities, such as municipal bonds, are exempt from the disclosure requirements of the federal securities laws. As such, the SEC’s statutory authority is limited. The SEC’s rule amendments approved today are designed to provide enhanced information to municipal securities investors by further regulating those who underwrite or sell such municipal securities.
The measures will strengthen existing requirements for the scope of securities covered, the nature of the events that issuers must disclose, and the time period in which disclosure must be made.
“These rule changes will enable investors to make more knowledgeable decisions about municipal securities by requiring more timely and relevant information on an ongoing basis,” said SEC Chairman Mary L. Schapiro. “Although I believe that the SEC’s regulatory authority over the municipal securities market should be expanded in order to better protect investors and issuers alike, these measures represent an important improvement within our present statutory authority.”
The compliance date of the new rules is Dec. 1, 2010.
