Americas ETP News
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CFTC.gov Commitments of Traders Reports Update
May 8, 2015--The current reports for the week of May 5, 2015 are now available.
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Source: CFTC.gov
OIC Announces New Academic Research Finds Options-Based Investment Strategies Outperform Long Stock Strategy
Covered Combination Strategy Yields Highest Performance over 10-year Period
The Options Industry Council (OIC) announced today the release of a new academic research study, "The Performance of Options-Based Investment Strategies: Evidence for Individual Stocks During 2003-2013," conducted by Professors Michael L. Hemler, University of Notre Dame's Mendoza College of Business, and Thomas W. Miller, Jr., Mississippi State University.
The study, which was supported by OIC, found that some options-based portfolio strategies seemingly outperform long stock and improve the risk-return tradeoff of long equity portfolios over time.
view The Performance of Options-Based Investment Strategies:
Evidence for Individual Stocks During 2003-2013
Source: Options Industry Council (OIC)
Assets in ETFs/ETPs listed in the United States reached a new record 2.132 trillion US dollars at the end of April according to ETFGI
May 8, 2015--Assets in ETFs/ETPs listed in the United States reached a new record 2.132 trillion US dollars at the end of April according to ETFGI's preliminary monthly ETF and ETP global insight report for April 2015.
The US ETF/ETP industry had 1,703 ETFs/ETPs, from 76 providers listed on 3 exchanges at the end of April 2015.
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Source: ETFGI
Assets in ETFs/ETPs listed in Canada reached a new record of 69.9 billion US dollars at the end of April according to ETFGI
May 8, 2015--Assets in ETFs/ETPs listed in Canada reached a new record of 69.9 billion US dollars, according to ETFGI's preliminary monthly ETF and ETP global insight report for April 2015.
The Canadian ETF industry had 360 ETFs, with 511 listings, from 10 providers listed on 1 exchange.
Record levels of assets were reached at the end of April for ETFs/ETPs listed globally at US$2.998 trillion, in the United States at US$2.132 trillion, Europe at US$511 billion, Asia Pacific ex-Japan at US$125 billion, Japan at US$112 billion and Canada at US$69.9 billion.
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Source: ETFGI
First Bridge Data- 'ETF 20/20 Report' May 2015
May 7, 2015--Key Highlights
Our monthly 'ETF 20/20' report summarizes recent Exchange Traded Fund (ETF) trends in the US. It uses data from the Firs tBridge global ETFdatabase .
Assets for ETFs listed in the US grew in April to $2.136T. As of end April, 2015, there were 1,703 ETPs listed in the US.
Both emerging and developed Ex-US equities outperformed US equities in April; the European Commission revised its Eurozone 2015 GDP forecast up wards to 1.5%.
17 new ETPs were launched in the US in April 2015, indicative of an industry that is still in growth mode. Multi-factor equity ETFs accounted for many of the launches.
The dollar pulled back against the other major currencies in April, reversing a trend where currency hedged ETFs were outperforming their unhedged counterparts.
Dividend and value were the best performing of the widely followed factor strategies among US large cap-equities in April, though growth outperformed value and low volatility over the trailing 12 months.
China and Biotech ETFs were the best performing ETF categories in trailing 12-month total returns (excluding leveraged & inverse ETFs). Natural gas futures and Greek equities were the weakest.
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Source: Bridge Bridge Data
CBO-Monthly Budget Review for April 2015
May 7, 2015--The federal government ran a budget deficit of $285 billion for the first seven months of fiscal year 2015, CBO estimates.
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Source: Congressional Budget Office (CBO)
AdvisorShares Weekly Market Update:
May 7, 2015--For the week of April 27-May 1
Shouldn't We Have More Growth By Now?
Macro
US equity markets were lower across the board last week. The Dow Jones Industrial Average fell 33 basis points, the S&P 500 gave up 46 basis points, the NASDAQ set back
1.71% but still barely held the 5000 level for the weekly close
and the Russell 2000 was the laggard with a 3.10% drop.
Recapping the current earnings season Barron's reports
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Source: AdvisorShares
Hidden Illiquidity with Multiple Central Counterpartie
May 7, 2015--This paper focuses on the systemic risks in markets cleared by multiple central counterparties (CCPs). Each CCP charges margins based on the potential impact from the default of a clearing member and subsequent liquidation of a large position. Swaps dealers can split their positions among multiple CCPs, effectively "hiding" potential liquidation costs.
A lack of coordination among CCPs can lead to a "race to the bottom" because CCPs with lower perceived liquidation costs can drive competitors out of the market.
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Source: OFR
OFR-Systemic Risk: The Dynamics under Central Clearing
May 7, 2015--This paper develops a model for concentration risks that clearing members pose to central counterparties. Over time, larger clearing members crowd out smaller clearing members.
Systemic risk is created because high clearing member concentration results in relatively lower lending, higher cost of capital, and increasingly costly hedging. To address this risk, the paper proposes a self-funding systemic risk charge.
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Source: OFR
CETFA March 2015 Statistics-Restated (May 7, 2015)
May 7, 2015--CETFA March 2015 Statistics-Restated (May 7, 2015)
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Source: CETFA
