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Emerging Markets Week in Review-5/3/2010 - 5/7/2010
May 10, 2010--The Dow Jones Emerging Markets Composite Index fell 8.91% last week as riots in Greece sparked fears of contagion in Europe and other developed markets. Health Care and Technology declined the least, down 7.81% and 7.03% respectively, and remain the only two positive sectors for the year. Materials and Energy led the decline, down 12.90% and 9.45% respectively. Emerging Markets look to bounce back strong this week as the US Federal Reserve agreed over the weekend to join the European Union in a nearly $1 trillion rescue plan in an attempt to avoid a sovereign debt crisis in Western Europe.
This morning at 11:15am, Richard Kang, CIO and Director of Research at Emerging Global Advisors LLC, will appear on FOX Business News to share his perspective on the fiscal problems in Greece and fear of European contagion.
CBOE Futures Exchange Experiences Busiest Week In Its History - Single-Day Volume Reaches Consecutive Highs On Thursday And Friday, VIX Futures Sets Back-To-Back Daily Trading Records
May 10, 2010--The CBOE Futures Exchange, LLC (CFE) today announced that the Exchange set several new trading records during the week ended Friday, May 7, 2010.
From May 3 through May 7, CFE experienced the most active trading week in its history as a total of 155,672 contracts changed hands. This was the second consecutive weekly volume record at CFE, surpassing the week of April 26 through 30 when 80,503 contracts traded.
CFE also set new all-time highs for single-day trading volume last week -- first on Thursday, May 6, as 45,305 contracts traded and then on Friday, May 7, as 46,046 contracts changed hands. Prior to this week, the previous single-day high had been 27,907 contracts traded on August 1, 2007.
"The global expansion of ETFs requires broader knowledge about the nuances of different country markets and their regulatory rules," said Alan Greene, executive vice president of State Street's US global services business. "A number of servicing challenges come with diversification into fixed income and actively managed products from a base of passively managed domestic equity ETFs."
The Vision report goes on to cite such best practices as Web-based service platforms, flexibility and highly customized client service provided by staff who share their expertise in numerous areas of fund administration, including legal, tax and treasury services. State Street has utilized its leading-edge technology, consultative client approach and flexible servicing model to service ETFs since their inception in 1993.
State Street's Vision Series addresses topics that affect the financial services industry today and tomorrow. Previous reports have focused on pensions, UCITS IV and sovereign wealth funds. view the ETF Servicing: Moving Forward in a Market in Motion paper Standard & Poor's Announces Changes in the S&P/TSX Canadian Indices 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.
CLAYMORE/DELTA GLOBAL SHIPPING INDEX ETF FINAL FUND PROCEEDS
Claymore continues to believe there is significant interest in the marketplace for a shipping ETF and that investors
are seeking investment exposure to the shipping industry. Accordingly, Claymore filed a registration statement for a
successor product, Claymore Shipping ETF, which will track the same index and trade under the same ticker
symbol. The exact timing of the launch of the successor ETF is not yet known. Gensler Statement on Meeting with Exchange Leaders NASDAQ OMX and NYSE Euronext Coordinate to Determine Cause of May 6th Market Event Exchange-Traded Funds: ETF Total Assets Increase to $841 Billion Despite Weak First-Quarter Flows-Morgan Stanley The largest net cash inflows went into ETFs
tracking fixed income and US sector & industry
indices, as well as into those that provide exposure
to international developed markets. These asset
classes had net cash inflows of $10.4, $4.2, and $2.9
billion respectively in the first quarter of 2010. ETFs
tracking US large caps had the largest net outflows. US ETF industry assets have increased by 11%
since the end of 2009 to $841 billion. Even with the
weak first quarter cash flows, US ETF assets increased
from $757 billion at the end of 2009 as global markets
have continued to rally. Despite the growth of the ETF
market, it still remains concentrated as three providers
and 20 ETFs account for roughly 79% and almost 50%
of industry assets, respectively. U.S. Department of the Treasury Economic Statistics - Monthly Data Update-April 2010 Canadian Regulator Reprices Trades in Fortis, Inter Pipeline “In light of recent market volatility, IIROC will continue to closely monitor all trading on Canadian equity market places,” the Toronto-based organization said in a statement today.
iShares Announces Launch of Three iShares MSCI Single Country Funds
The iShares MSCI Ireland Capped Investable Market Index Fund (EIRL) provides exposure and access to Ireland, a developed market economy where unemployment and consumer spending are stabilizing(1). The Underlying Index is a free-float adjusted market capitalization weighted index designed to measure the performance of the top 99% of equity securities listed on stock exchanges in Ireland. The top three sectors of the Index (as of 3/31/10) are materials (25%), consumer staples (23%) and industrials (18%).
The iShares MSCI Indonesia Investable Market Index Fund (EIDO) provides exposure and access to the Indonesia, an emerging market economy with 2010 growth forecasts of 6.5%.(2). The Underlying Index is a free-float adjusted market capitalization weighted index designed to measure the performance of equity securities in the top 99 percent by market capitalization of equity securities listed on stock exchanges in Indonesia. The top three sectors of the index (as of 3/31/10) are financials (29%), energy (13%) and telecom (13%).
The iShares MSCI USA Index Fund (EUSA) broadens the existing suite of iShares US benchmarks. The Underlying Index is a market capitalization weighted index designed to measure the performance of equity securities in the top 85 percent by market capitalization of equity securities listed on stock exchanges in the US. The top three sectors of the index (as of 3/31/10) are technology (19%), financials (16%) and healthcare (12%).
(1) SOURCE: Bank of Ireland Global Markets, "The Outlook," April 2010. Statement of the Securities and Exchange Commission and the Commodity Futures Trading Commission “We are continuing to review the unusual trading activity that took place briefly yesterday afternoon to pinpoint its cause and contributing factors. “Our market oversight units are reviewing trading and market data from the exchanges, self regulatory organizations and market participants to examine yesterday's unusual trading activity. We are scrutinizing the extent to which disparate trading conventions and rules across various markets may have contributed to the spike in volatility.
“We are devoting significant resources and expertise to this effort.
“As we determine the cause and contributing factors, we will make our findings and any recommendations public.
“Thursday’s unusual trading activity included extreme volatility for a number of individual securities. This is inconsistent with the effective functioning of our capital markets and we will make whatever structural or other changes are needed.
“Market clearance and settlement processes functioned well and without incident." BlackRock ETF Landscape: Latin America Industry Review Year End 2009 CFTC.gov Commitments of Traders Reports Update
ETFs currently account for more than $1 trillion in global assets under management and remain an efficient, low-cost, transparent and tax-friendly investment tool. However, ETF sponsors are facing new challenges as the funds continue to grow rapidly in both size and type.
May 10, 2010------Standard & Poor's Canadian Index Operations announces the following index changes:
The unitholders of Daylight Resources Trust (TSX:DAY.UN) have approved the conversion of the company to a corporate structure through a Plan of Arrangement. The units will be exchanged on a 1-for-1 basis for Daylight Energy Ltd. (TSX:DAY).
As a result of the
conversion, Daylight Resources Trust will be removed from the S&P/TSX
Income Trust and Capped Energy Trust Indices. Daylight Energy Ltd.
will be added to the S&P/TSX Equity, Capped Equity, Equity Completion
and Equity SmallCap Indices. The conversion is effective after the
close of Tuesday, May 11, 2010. The name and ticker change, with no
change in capitalization, will be effective in the S&P/TSX Composite
and Capped Composite, the S&P/TSX Completion, the S&P/TSX SmallCap
and the S&P/TSX Capped Energy indices.
May 10, 2010--Claymore Securities, Inc., announced the final proceeds payable as a result of the closure
of the Claymore/Delta Global Shipping Index ETF (the “Fund”) on Friday, May 7, 2010. The Fund was closed to
new investments on April 27, 2010, and was subsequently liquidated as a result of not having reached a shareholder
quorum of shares on the approval of a new investment advisory agreement, even though over 91% of the proxies
cast were in favor of approving the new investment advisory agreement.
The final proceeds payable to shareholders
along with the tax characterization of the final distribution is presented in the table below.
May 9, 2010-Commodity Futures Trading Commission Chairman Gary Gensler today released the following statement after meeting with leaders from the Chicago Mercantile Exchange and IntercontinentalExchange, Inc.
Chairman Gensler said:
“Today’s meetings with the futures exchanges were constructive in providing information regarding the market events of May 6, 2010. The exchanges have been very cooperative in providing essential data and analyses relating to their respective markets. I also was pleased to meet later in the day with Treasury Secretary Geithner, SEC Chairman Schapiro and representatives from the futures and securities exchanges to discuss contributing factors of the unusual trading and the exchanges’ preliminary thoughts on how to best protect investors.”
May 9, 2010--The NASDAQ OMX Group (Nasdaq:NDAQ) and NYSE Euronext (NYSE:NYX) are committed to working closely with each other, the Securities and Exchange Commission, other regulators and all market participants to determine the cause of Thursday's market plunge and to develop effective solutions promoting greater market stability, efficiency and transparency.
We commend the Securities and Exchange Commission for their continued leadership during this critical time in global markets and agree that a constructive process will promote confidence in the financial markets by investors, listed companies and market participants.
May 7, 2010-Highlights
There were 54 new ETFs listed in the US during the
first quarter of 2010. 26 additional ETFs have been listed since the end of Q1, bringing total issuance this
year to 80. However, 11 ETFs have been closed, resulting in net new issuance of 69. As of May 3, 2010,
there were 32 issuers with 903 ETFs listed in the US.
Inflows into US-listed ETFs were $7.7 billion during the first quarter of
2010. This is well below the
average quarterly net cash inflows of $24.6 billion over the past six years. However, we note that ETF flows tend to be weaker in the first quarter with average and median net inflows of $13.7 and $9.3 billion respectively over the same period.
May 7, 2010--U.S. Department of the Treasury Economic Statistics - Monthly Data has been updated.
view report
May 7, 2010-The Investment Industry Regulatory Organization of Canada said it canceled or repriced trades of two companies and two exchange-traded funds made during yesterday’s market plunge.
The regulator canceled a total of 12 trades of Fortis Inc., Claymore Canadian Financial Monthly Income ETF and iShares S&P/TSX Capped REIT Index Fund made from 2:40 p.m. to 3:10 p.m. yesterday. The regulator also repriced trade of Fortis, the two ETFs and Inter Pipeline Fund.
May 7, 2010-- BlackRock, Inc. today announced that the iShares Exchange Traded Funds (ETFs) business, the world's largest provider of ETFs, launched several single country iShares ETFs. The iShares MSCI Ireland Capped Investable Market Index Fund (EIRL), iShares MSCI Indonesia Investable Market Index Fund (EIDO) and iShares MSCI USA Index Fund (EUSA) began trading on the NYSE Arca today. These funds build out iShares single country offerings, which is the largest in terms of the number of single country ETFs available for US investors.
"Through the addition of these three iShares MSCI single country funds financial professionals, institutions and individuals will now have expanded access to a relatively liquid global market," said Michael Latham, US Head of iShares at BlackRock. "These funds give investors the opportunity to take greater advantage of global growth and to more precisely implement their investment strategies. The use of MSCI indices provide useful building blocks within the larger iShares MSCI-based international product set."
(2) SOURCE: Barclays Capital Emerging Markets Research, "The Emerging Markets Quarterly," March 2010.
May 7, 2010--The Securities and Exchange Commission and the Commodity Futures Trading Commission today released the following statement:
“Since yesterday, we have been in regular contact with other financial regulators and our respective exchanges. We also have been in touch with our foreign counterparts around the world.
May 7, 2010--Highlights
At the end of 2009 the Latin American ETF industry had 17 locally domiciled ETFs, 211 exchange listings, and assets of US$9.84 Bn from three providers on two exchanges.
There are 169 ETFs cross listed in Mexico at the end of December 2009 from eight providers, while there are 340 ETFs registered for sale in Chile from 10 providers, and 277 ETFs registered for sale in Peru from 12 providers.
May 7, 2010--CFTC.gov Commitments of Traders Reports Update.
The current reports for the week of May 4, 2010 are now available.
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