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CFTC Chairman Gensler to Meet With Regulators to Discuss Critical Issues Related to Financial Regulatory Reform during Visits to Brussels and London
Chairman to Speak to the European Parliament’s ECON Committee while in Brussels and Chatham House while in London
March 4, 2010--Commodity Futures Trading Commission Chairman Gary Gensler is scheduled to meet with various high-level financial services regulators in Brussels and London to discuss critical issues related to financial regulatory reform during the week of March 15 - 18. In addition, on March 16, 2010,
Chairman Gensler will address a formal committee meeting of the European Parliament’s Economic and Monetary Affairs Committee in Brussels and on Thursday, March 18, 2010, he will deliver a keynote address at a conference sponsored by Chatham House in London.
Immediately following the events of March 16th and 18th, Chairman Gensler will be available to meet with members of the press.
Emerging Markets Week in Review -2/22/2010 - 2/26/2010
March 3, 2010--The Dow Jones Emerging Markets Composite Index gained 0.12% last week. Technology, the best performing sector so far in 2010 (+2.60%), was up 1.49% for the week and Health Care climbed 1.45%. Consumer Goods and Telecom were the two worst performing groups, down 0.65% and 0.64% respectively.
With much attention still on the budget problems of several EU members, emerging market countries such as Turkey may begin to question the benefits of joining. Does EU membership mean greater financial stability? Bob Holderith, President and CEO of Emerging Global Advisors LLC, weighs in.
DB Index Research -- Weekly ETF Market Review - US - Revamped
March 3, 2010--Highlights
New Listings and Delistings
There were 5 new listings in the last week (Fig. 8). Direxionshares listed 2 Fixed Income ETFs offering +3X and -3X exposure on 2-Year US Treasury while the remaining ETPs were issued by Emerging Global Shares, Sprott AM, and Credit Suisse offering one new ETP each. Sprott’s gold trust will try to compete with GLD by offering bullion stored in Canada and some tax advantages for US investors, although with a higher TER. All the new listings were on NYSE Arca.
Net Cashflows
This week, $1.43 bn flowed into ETPs. Equity ETPs had an outflow of $634 mm, while Fixed Income and Commodity ETPs had an inflow of $1.76 bn and $109 mm, respectively.
In the Equity asset class, US sector ETPs had the highest inflows of $822 mm followed by Leverage Short ETPs, while Large Cap ETPs experienced the largest outflows of $1.91 bn, followed by Small Cap and Regional (Emerging Markets) ETPs. Style ETPs gathered significant assets as well .
Sovereign ETPs contributed the most to the positive cash flows into Fixed Income ETPs (Fig. 13 and 16). Within Commodity ETPs, those tracking Gold had the largest inflows, while Oil ETPs saw the largest outflows
Turnover
ETP turnover decreased by 8.4% during last week and totaled $74 bn.
Equity ETP turnover experienced the largest decrease. Turnover has decreased aroud 9% for nearly all Equity segments
For Fixed Income ETPs, turnover in the Sovereign space increased the most (Fig. 31 and 34). Commodity ETP turnover decrease was mainly driven by Gold, Silver, and Natural Gas (Fig. 32 and 35).
Assets Under Management (AUM)
US ETPs AUM remained about the same as last week totalling $766 bn at the end of last week. Equity ETPs had the lion’s share with $567 bn and 74% of market share, followed by Fixed Income funds with $118 bn and 15% of market share (Fig. 7).
To request a copy of the report
BNY Mellon ADR Index Monthly Performance Review is Now Available
March 3, 2010--BNY Mellon ADR Index Monthly Performance Review is Now Available.
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Dow Jones Index Data Monthly Report: U.S. Edition
March 3, 2010--Index Data Monthly Report: U.S. Edition from Dow Jones is now available.
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Van Eck files with the SEC
March 3, 2010--Van Eck has filed a prospectus with the SEC for
Market Vectors Emerging Markets Local Currency Debt ETF
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Claymore files with SEC
March 3, 2010-Claymore has filed a post effective amendment, registration statement with the SEC for
Wilshire 5000 Equal-Weighted ETF
NYSE Arca ticker symbol: WEWI
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Claymore files with the SEC
March 3, 2010-Claymore has filed a post effective amendment, registration statement with the SEC for
Wilshire 5000 Total Market ETF
NYSE Arca ticker symbol: WFVK
Wilshire 4500 Completion ETF
NYSE Arca ticker symbol: WXSP
Wilshire US REIT ETF
NYSE Arca ticker symbol: WREI
TradingMarkets Launches Leveraged ETF PowerRatings
March 3, 2010--TradingMarkets today announces the release of Leveraged ETF PowerRatings, a new proprietary system that rates leveraged ETFs on a 1-10 scale measuring the likelihood of their value making a short term price advancement or retreat.
Leveraged ETF PowerRatings was developed by Larry Connors and Connors Research LLC building on the foundation of the research behind Stock PowerRatings and ETF PowerRatings.
Traders who have been trading popular leveraged ETFs like the Direxion Daily Financial Bear 3x Shares, FAZ and the ProShares UltraPro S&P 500 ETF, UPRO now have a place to go for quantified high probability strategies for trading these popular securities.
Testimony of Chairman Gary Gensler Before the House Committee on Agriculture Subcommittee on General Farm Commodities and Risk Management
March 3, 2010--Good morning Chairman Boswell, Ranking Member Moran and members of the Subcommittee. Thank you for inviting me to testify regarding the implementation of changes to the Commodity Exchange Act contained in the 2008 Farm Bill. I am please to testify on behalf of the Commodity Futures Trading Commission (CFTC). I will focus my testimony today on three principal issues: the CFTC’s use of existing authorities to fulfill our mission, the need for additional authorities to oversee the over-the-counter derivatives marketplace and the need for additional resources to best protect the American public.
CFTC Regulatory Regime
Before I get to the three topic areas outlined above, I will take a moment to discuss the CFTC’s oversight of the futures markets. Futures have traded in the United States since the Civil War, when farmers and grain merchants came together and created a new type of marketplace. It was not until 60 years later that the Congress first passed legislation to regulate these markets. In 1922, Congress passed the Grain Futures Act that first provided a regulatory structure over futures and established the federal authority that eventually became the CFTC. In the midst of the Great Depression, Congress passed the Commodity Exchange Act to strengthen that regulatory structure.
The CFTC ensures that futures and commodity options exchanges have procedures to ensure that trading is fair and orderly and free from fraud, manipulation and other abuses. Exchanges are where buyers and sellers meet and enter into a transaction. Specifically, the CFTC oversees 14 designated contract markets (DCMs) and one exempt commercial market (ECM) that lists a contract that the Commission determined to be a significant price discovery contract (SPDC). The CFTC also oversees 13 clearinghouses, which enter the picture only after two counterparties enter into the transaction. After two parties agree to a trade, a derivatives clearing organization (DCO) takes on the risk that either counterparty to the trade may fail to meet its obligations under the contract for the duration of the contract.
Affluent Investors' Growing Appetite for Exchange Traded Funds (ETFs) Is Fueled by Alignment of Their Investment Goals with ETFs Offered by Full-Service Brokerage Companies Rather than Specialist Firms or by Commission Discounts
March 2, 2010--Despite recent trade commission "wars" among firms waiving fees for qualified ETFs, the promotion by full-service brokerage companies of strategically invested funds tracking large market indices that can also be traded online connects with a majority of affluent investors who view these as both important and relevant reasons to invest in ETFs
Phoenix Marketing International, one of the fastest-growing research companies in the U.S., announced today findings from its latest monthly survey among 924 brokerage and fund investors age 21+ with investable assets (excluding employer-sponsored plans) of at least $100K.
Conducted this past February, the Phoenix study shows that 20% of affluent investors currently own ETFs and that 7% are most likely to start investing in ETFs this month. Topping the list of firms under consideration by investors planning to add ETFs to their portfolio are Charles Schwab, E*Trade, Fidelity, Scottrade, TD Ameritrade, Vanguard, and Wells Fargo/Wachovia.
Over the next month 29% of current ETF investors plan to increase their portfolio allocation in these funds, 69% anticipate no allocation change, and 2% expect to unwind ETF positions. "Our research suggests that affluent investors desire to access ETFs through multiple firms, with one in four planning to open additional brokerage accounts for investing in ETFs," reports Kristina Terzieva, Phoenix Director of Syndicated Financial Services. In addition to the above mentioned brokerage companies, ETF investors are also considering Bank of America, Citibank, Edward Jones, ING/Sharebuilder, Merrill Lynch, T. Rowe Price, and UBS for new account relationships.
The Phoenix study evaluated 13 statements included in the online promotional materials of full-service and specialist brokerage companies as reasons to invest in ETFs. Each reason was evaluated based on how important and relevant it is to investors, given their financial and investing goals. Brokerage firms may be surprised to learn that qualified ETF commission discounts are unnecessary promotions for reaching a majority of investors. "Almost 64% of affluent investors who currently or intend to invest in ETFs place the highest importance and relevance on funds that complement their strategic versus technical investing style, that track large market indices, are offered through a full-service brokerage, and can be traded online," summarized Terzieva. "Waiving commissions for a limited number of ETFs, for only branded ETFs, or ETFs offered by a specialist broker have minimal impact insofar as reaching additional investors," noted Terzieva.
Also reported by the Phoenix study are detailed evaluations of Online, Print, and TV advertisements for 18 leading brands that include previously mentioned firms plus Ameriprise, Barclays, Janus, John Hancock, Oppenheimer, Putnam, and TIAA-Cref. A summary of study findings is available for purchase from Phoenix and a custom report can be produced for financial services firms seeking to measure their multi-media advertising effectiveness and its relative impact on brand health.
Industry hits out at SEC’s approach
March 2, 2010--A leading accounting body has criticised the US Securities and Exchange Commission for failing “to provide reassurance” that the US was on track to adopting international accounting standards.
The SEC, which regulates the US accounting standards setter, last week agreed to wait until 2011 to decide whether companies should move to international reporting standards.
Sprott Launches New “Canada Gold ETF” (PHYS)
March 2, 2010--Toronto-based Sprott Asset Management, a newcomer to the U.S. ETF industry, became the latest issuer to introduce a physically-backed gold ETF last week, debuting the Sprott Physical Gold Trust (PHYS) on Friday. The new fund “was created to invest and hold substantially all of its assets in physical gold bullion” and will compete directly with several existing physically-backed gold bullion funds.
While PHYS will be similar to existing gold ETF products, there are a few key differences. PHYS will store the underlying gold bullion at the Royal Canadian Mint, a Canadian Crown corporation that acts as an agent of the Canadian government whose obligations generally constitute unconditional obligations of the Canadian Government. With the launch of PHYS, investors now have the ability to invest in gold bullion stored in a number of physical locations, including the U.S., Canada, UK, and Switzerland (it should be noted that the iShares gold ETF stores gold in multiple locations, including Toronto).
NSX Releases February 2010 ETF Data Reports
March 2, 2010--Highlights from the February 2010 report include:
Assets in U.S. listed Exchange-Traded Funds (ETF) and Exchange-Traded Notes (ETN) totaled approximately $765 billion at February 2010 month-end, an increase of approximately 66% over February 2009 month-end when assets totaled $460.6 billion.
At the end of February 2010, the number of listed products totaled 964, compared to 843 listed products at the end of February 2009.
February 2010 net cash inflows from all ETFs/ETNs totaled approximately $5.4 billion.
Fixed income products continue to show strong growth with $2.3 billion in net inflows for February 2010, and a category-leading $5.4 billion year-to-date.
U.S. equities posted monthly net cash inflows of over $5.8 billion for February 2010, following last month's record net cash outflows for the category of over $19.6 billion.
Visit http://www.nsx.com for more info
Fordham Debuts Global Finance Program With NASDAQ OMX Grant
March 2, 2010--Fordham will launch a new
Master of Science in Global Finance (MSGF) program in cooperation with
Peking University, and has received a $1 million grant from the NASDAQ
OMX Educational Foundation to help fund the program in its first three
years. Fordham's relationship with NASDAQ will allow the University to
expand opportunities for international education, especially in the
burgeoning China market.
A photo accompanying this release is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7175
The MSGF program was officially registered with the New York State Board of Education in September, and will launch in 2010. The Board of Education's approval was the final step in a year-long program development effort between Peking University's National School of Development (NSD) and Fordham University's Graduate School of Business Administration (GBA).
"Thanks to our partnership with the NASDAQ OMX Educational Foundation,
Fordham is once again taking a leadership position in business
education," said Stephen Freedman, Ph.D., senior vice president/chief
academic officer at Fordham. "International experience, in and outside
the classroom, will prepare graduates of the MSGF program to lead in a
world of interconnected, 24/7 markets. That the NASDAQ OMX Educational
Foundation has seen fit to fund the program so generously ratifies its
importance to the finance community."
