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Report on Foreign Holdings of U.S. Securities at End-June 2009
April 30, 2010--The U.S. Department of the Treasury today released the final results from the survey of foreign portfolio holdings of U.S. securities at end-June 2009
. The annual survey was undertaken jointly by the U.S. Treasury, the Federal Reserve Bank of New York and the Board of Governors of the Federal Reserve System. The next survey will be for end-June 2010, and preliminary data are expected to be released by February 28, 2011.
Complementary surveys measuring U.S. holdings of foreign securities are also carried out annually. Data from the most recent survey, reporting on securities held on year-end 2009, are currently being processed. Preliminary results are expected to be reported by August 31, 2010.
Overall Results
The survey measured foreign holdings of U.S. securities as of June 30, 2009, to be $9,641 billion, with $2,252 billion held in U.S. equities, $6,240 billion in U.S. long-term debt securities1 (of which $1,260 billion are holdings of asset-backed securities (ABS) 2 and $4,979 billion are holdings of non-ABS securities) and $1,149 billion held in U.S. short-term debt securities. The previous survey, conducted as of June 30, 2008, measured foreign holdings to be $10,322 billion, with $2,969 billion in U.S. equities, $6,494 billion in U.S. long-term debt securities, and $858 billion in short-term U.S. debt securities .
U.S. Department of the Treasury Economic Statistics - Quarterly Data Update SEC Probes 'Side Pocket' Arrangements . CME Group Inc. Reports Solid First-Quarter 2010 Financial Results
"CME Group's discipline and focus helped deliver a strong quarter, and we see ongoing opportunities domestically and internationally to improve on this performance," said CME Group Executive Chairman Terry Duffy. "First-quarter operating income of $415 million and earnings per share of $3.62 were the best quarterly results since 2008. With volume, liquidity and depth of book improving across asset classes, CME Group is poised to continue to serve our customers worldwide and deliver sustainable financial results." read more Four ProShares Ultra ETFs List on NYSE Arca
ProShares Ultra MSCI Pacific ex-Japan
ProShares Ultra MSCI Europe
ProShares Ultra MSCI Mexico Investable Market
Each of the funds seeks a 200% return, of their respective indexes for a single day. Due to the compounding of daily returns, returns over periods other than one day will likely differ in amount and possibly direction from the target returns for the same period. Investors should monitor their holdings consistent with their strategies, as frequently as daily. The funds’ prospectuses describing correlation, leverage and other risks are available at www.proshares.com. PowerShares files with the SEC PowerShares files with the SEC PowerShares RiverFront Tactical Growth & Income Portfolio (formerly PowerShares Autonomic Balanced NFA Global Asset Portfolio)
U.S. Corporate Bond Market: A Review of First-Quarter 2010 Rating and Issuance Activity Claymore to close shipping index ETF
The fund’s shareholders were asked to vote on the approval of a new investment advisory agreement between Claymore Exchange-Traded Fund Trust 2 and Claymore Advisors, on behalf of the fund, as a result of the change of control.
Even though over 91 per cent of the proxies cast by shareholders of the fund were in favour of approving the agreement the fund was unsuccessful in reaching a quorum during the allowable period.
April 2010 “Market’s Measure” Preliminary Report - A Monthly Report From Dow Jones Indexes On The Performance Of U.S., European, Asia And Other Global Stock Market Indexes
The Dow Jones Europe Index fell -4.18% in April to 248.30. So far this year, the index is down -6.03%.
The Dow Jones Asian Titans 50 Index fell -1.58% in April to 137.56. Year-to-date, the index is up 2.45%.
The Dow Jones Global Titans 50 Index fell -1.17% in April, closing at 171.20. Year-to-date, the index is down -1.41%. CFTC Determines that Seven Contracts Traded on the IntercontinentalExchange Inc are Significant Price Discovery Contracts Morgan Stanley Capital Group, Inc. to Pay a $14 Million Civil Penalty to Settle CFTC Charges that the Company Concealed a Large Block Crude Oil Trade
The CFTC orders, entered on April 29, 2010, find that, in early February 2009, a Morgan Stanley trader and a UBS broker discussed an opportunity for Morgan Stanley to act as a counterparty to a third-party UBS customer to purchase a block of March 2009 crude oil futures contracts and to sell a block of a similar quantity of April 2009 contracts on the NYMEX. The price of the two legs of the trade was to be determined later by the market closing price, an arrangement known as a TAS (Trade at Settlement) block trade.
Geithner Written Testimony before the Senate Appropriations Committee Treasury's FY 2011 Budget seeks to invest in four areas: repairing and reforming the financial system to make it safer and help assure that its benefits are broadly shared; boosting voluntary compliance with our tax code to pay for vital government functions; advancing our global economic interests and national security; and rebuilding the Treasury's professional staff. DB Index Research -- Weekly ETP Market Review -- US
In the equity asset class, Large Cap ETPs had the highest inflows of $1.2 bn followed by Dividend ETPs, while US sector ETPs experienced the largest outflows of $507 mm, followed by Small Cap ETPs .
Sovereign and Corporate products contributed the most to the positive cash flows into Fixed Income ETPs. Within Commodity ETPs, those tracking Oil saw the largest inflows followed by those tracking Gold. Meanwhile, Crude Oil ETPs experienced the largest outflows.
Alternative ETPs experienced significant inflows of $255 mm during the previous week, largely fueled by the iPath VIX Futures ETNs.
Turnover
Assets Under Management (AUM) To request a copy of the report
BMO Guardian Funds introduces mutual fund portfolios of ETFs
Each ETF mutual fund portfolio is a class of BMO Global Tax Advantage Funds Inc., a mutual fund corporation, which allows for switching among other BMO Global Tax Advantage Funds without incurring a taxable event.
April 30, 2010--Economic Statistics - Quarterly Data for U.S. Department of the Treasury. This information has recently been updated, and is now available.
view report
April 29, 2010--Federal regulators are examining whether hedge-fund managers abused tools known as "side pockets" that helped prevent clients from withdrawing billions of dollars of assets during the financial crisis.
The issue is one of several investigative priorities recently set by a newly organized Securities and Exchange Commission enforcement unit focused on ferreting out misbehavior by private-equity funds, hedge funds and other asset managers.
he group, run by co-chiefs Rob Kaplan and Bruce Karpati, held its first full staff meeting this week. Some 60 attorneys are assigned to the unit across nine offices, said people familiar with the matter. The unit is delving into a number of issues surrounding hedge funds and asset managers, including whether the funds are assigning fair values to assets and accurately disclosing information about investment strategies, assets and performance to investors.
April 29, 2010--CME Group Inc. (Nasdaq: CME) today reported that first-quarter total revenues increased 7 percent to $693 million and operating income increased 7 percent to $415 million from the year-ago period. First-quarter 2010 operating margin was 60 percent, in line with first-quarter 2009. Operating margin is defined as operating income as a percentage of total revenues.
First-quarter net income was $240 million and diluted earnings per share were $3.62, both up 21 percent from the same period last year. First-quarter 2010 results included $6 million in non-operating income for the recovery of a bankruptcy claim and a $6 million reduction in certain tax reserves, offset primarily by $10 million of professional fees related to the company's joint venture with Dow Jones. These three items increased net income by $2 million. First-quarter 2010 figures include the results of Dow Jones Indexes beginning March 19, 2010.
April 29, 2010--NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading the ProShares Ultra MSCI Brazil (Ticker: UBR), the ProShares Ultra MSCI Pacific Ex-Japan (Ticker: UXJ), theProShares Ultra MSCI Europe (Ticker: UPV), and the ProShares Ultra MSCI Mexico Investable Market (Ticker: UMX )ETFs. The ETFs are sponsored by ProShares.
ProShares Ultra MSCI Brazil
The Fund seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the MSCI Brazil Index® , which is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance by targeting approximately 85% of the Brazilian market.
The Fund seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the MSCI Pacific ex-Japan Index® , which is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of the developed markets in the eastern Pacific region, excluding Japan .
The Fund seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the MSCI Europe Index® , which is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of the developed markets in Europe .
The Fund seeks daily investment results, before fees and expenses, that correspond to twice (200%) of the daily performance of the MSCI Mexico Investable Market Index® , which is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of the Mexican equity market by capturing 99% of the (publicly available) total market capitalization.
April 29, 2010--PowerShares has filed a post-effective amendment, registration statement with the SEC for
PowerShares S&P 500 High Quality Portfolio (formerly Value Line TimelinessTM Select Portfolio)
(NYSE Arca, Inc. – PIV)
PowerShares Morningstar StockInvestor Core Portfolio (formerly PowerShares Value Line Industry Rotation Portfolio)
(NYSE Arca, Inc. – PYH)
April 29, 2010--PowerShares has filed a post-effective, registration with the SEC for
PowerShares Ibbotson Alternative Completion Portfolio (formerly PowerShares Autonomic Growth NFA Global Asset Portfolio)
(NYSE Arca, Inc. — PTO)
PowerShares RiverFront Tactical Balanced Growth Portfolio (formerly PowerShares Autonomic Balanced Growth NFA Global Asset Portfolio)
(NYSE Arca, Inc. — PAO)
(NYSE Arca, Inc. — PCA)
Summary
For the third consecutive quarter, the par value of U.S. corporate bonds affected by
downgrades remained below 2% in the first three months of 2010, a pace in line with pre-crisis rating activity. Downgrades affected $47.7 billion in bonds, or 1.4% of market
volume, while upgrades affected $36.6 billion, or 1.1% of market volume. Both
measures were similar to fourth-quarter results. The relative calm on the rating front,
better than expected economic data, fewer defaults, and importantly, demand for
yield product in a low interest rate environment, all provided an ideal backdrop for the
primary issuance market, especially speculative grade issuance, which soared to a record $56.3 billion in the first quarter.
The surge in high yield issuance, with roughly
two-thirds dedicated to refinancing existing bonds and loans, showed a fervent
commitment among issuers to capitalize on favorable funding conditions to both push
out maturities and lock in attractive rates. Fitch observed that 97% of high yield bonds
sold in the first quarter carried maturity dates of 2015 or later, and the median
maturity of the newly minted bonds was eight years.
April 29, 2010--Claymore Securities, an exchange-traded fund sponsor, intends to close and liquidate the Claymore/Delta Global Shipping Index ETF as a result of not having reached a shareholder quorum.
A joint special meeting of shareholders commenced for shareholders of record as of 13 November 2009 for certain Claymore ETFs and closed-end funds following the change of control stemming from the acquisition of Claymore Group by Guggenheim Partners in late 2009.
April 29, 2010-- Dow Jones Industrial Average Posts 1.74% Gain in APRIL, European Stocks Lose -4.18%, Asia Fall -1.58% and World Equities Fall by -1.17%
Oil & Gas Sector Posts Biggest Gain for April in U.S.
Financials Sector Takes the Hardest Hit for April in Europe
As of April 28 the Dow Jones Industrial Average rose 1.74% in April, closing at 11045.27. Stock market indexes in Europe, Asia and globally was down in April, according to preliminary monthly figures from global index provider, Dow Jones Indexes.
The Dow Jones Industrial Average rose 1.74% in April, closing at 11045.27. Year-to-date, the index is up 5.92%.
April 28, 2010--The Commodity Futures Trading Commission (CFTC) today determined, by a 5-0 vote, that seven contracts traded on the IntercontinentalExchange Inc (ICE) perform significant price discovery functions. As such, the contracts must be traded in compliance with applicable core principles and statutory provisions. The Commission considered a total of 24 contracts traded on three Exempt Commercial Markets (ECMs): ICE, the Natural Gas Exchange, Inc (NGX) and the Chicago Climate Exchange, Inc (CCX). The Commission determined that the other 17 contracts it reviewed were not SPDCs.
ECMs are exempt from the provisions of the Commodity Exchange Act, other than the anti-fraud and anti-manipulation provisions. However, Congress provided a regulatory regime for contracts traded on ECMs that the Commission determines to be significant price discovery contracts (SPDCs) comparable to that provided for futures contracts traded on designated contract markets.
UBS Securities Inc. to pay a $200,000 civil penalty to settle CFTC charges of aiding and abetting the Morgan Stanley scheme
April 29, 2010-- The U.S. Commodity Futures Trading Commission (CFTC) today announced the separate filings and simultaneous settlements of charges against Morgan Stanley Capital Group, Inc. (Morgan Stanley) and UBS Securities Inc. (UBS) in connection with Morgan Stanley concealing from the New York Mercantile Exchange (NYMEX) the existence of a large Trade at Settlement (TAS) block crude oil trade and UBS Securities aiding and abetting that concealment.
The CFTC orders require that Morgan Stanley pay a $14 million civil monetary penalty and UBS pay a $200,000 civil monetary penalty. The orders also require Morgan Stanley and UBS to cease and desist from further violations of the Commodity Exchange Act and to comply with certain undertakings.
April 29, 2010--Introduction
Chairman Durbin, Ranking Member Collins, members of the Subcommittee, thank you for the chance to testify about the President's Fiscal Year FY 2011 Budget for the Department of the Treasury.
Treasury plays a critical role in the day-to-day lives of Americans. We disburse Social Security checks, distribute tax credits to stimulate the economy and manage the finances of the United States Government. Under the leadership of President Obama, we have used authority provided by Congress to help responsible homeowners, promote investment in underserved communities, and stimulate lending for the small businesses that create jobs across the country. As we emerge from the worst financial crisis in generations, Treasury's role in both protecting the financial security of Americans and our efforts to stimulate the economy will continue to be essential to the nation's recovery.
April 28, 2010--Highlights
New Listings and Delistings
There were 4 new listings in the last week (Figure 8). Global X Management launched 2 ETFs offering single commodity exposure through mining companies in copper and silver, respectively. The copper miners ETF comes to market with a TER of 65 bps, 5 bps cheaper than its only competitor listed about 1 month ago, while the silver miners ETF is the first of its kind.
The remaining two funds were listed by ProShares, and offer short and leveraged exposure to the US regional banking sector. All four ETFs were listed in NYSE Arca.
Net Cashflows
This week, $2.8 bn flowed into ETPs. Equity, Fixed Income and Commodity ETPs had inflows of $1.8 bn, $658 mm, and $23 mm, respectively. Currency ETPs, on the other hand, experienced outflows of $32 mm.
ETP turnover rose by 3.9% during the last week and totaled $65.5 bn.
Turnover in US Sector and Leveraged ETPs had the most significant increase within Equity ETPs (Figures 30 and 33). For Fixed Income ETPs, turnover in the Sovereign space increased the most (Figures 31 and 34). Commodity ETP turnover decreased overall, with Gold ETPs shrinking significantly.
US ETPs AUM shadowed the markets and rose by 1.4% totaling $854 bn at the end of last week. Equity ETPs had the lion’s share with $644 bn and 75% of market share, followed by Fixed Income funds with $126 bn and 15% of market share
April 28, 2010--BMO Guardian Funds is launching six new mutual fund portfolios of Exchange Traded Funds (ETFs), giving investors broader choice and greater access to the growing ETF market, the fund group announced Monday.
The new offerings include two tactically managed funds and four strategically managed risk-differentiated portfolios.
