Americas ETP News
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Goldman Ends Exhaustive Muppet Hunt
October 11, 2012--Following the publication of Greg Smith's resignation letter in the New York Times on March 14, 2012, Goldman Sachs launched an an investigation known internally as the "Muppet hunt" to determine if Goldman employees did in fact refer to clients as "Muppets."
The Muppet claim was perhaps one of the more memorable of Smith’s famous allegations in his letter, which tore apart the culture of his former employer.
Seven months later, Goldman has concluded the internal investigation, and has turned up very little evidence to substantiate Smith’s claims. After interviewing dozens of employees and searching through millions of e-mails, only 4,000 Muppet references were found, and 99% of those referred to the movie, reports the Financial Times.
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Source: CompliancEX
Deutsche Bank-Synthetic Equity & Index Strategy-North America-ETF+ Monthly Directory-September 2012 ETPs
October 10, 2012--This document includes all US listed exchange-traded funds (ETFs) and exchange-traded vehicles (ETVs), plus a special section covering exchange-traded notes (ETNs). The directory is organized by asset class and asset-class-related sub sections.
Within each sub section it has also been sorted. For Equity and Fixed Income ETPs it is sorted by country (or sub region for regional products) in alphabetical order and by AUM in descending order, and for the other ETP asset classes it is sorted by sub sector in alphabetical order and by AUM in descending order. A number of key information points per product has been included in order to enable the reader to get an overview in their respective area of interest. Among the key numeric information we include avg. daily turnover, assets under management, and cash flows (all in $US).
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - North America
SSGA-US ETF Snapshot: September 2012
October 10, 2012--SNAPSHOT OVERVIEW
1,263 Exchange Traded Funds (ETFs)-with assets totaling $1.3TN-were managed by 38 ETF managers as of September 30, 2012
Month over month, ETF assets increased $63.0BN, up 5.1%.
Significant gains in the Size - Large Cap, International - Emerging, and Commodity categories fueled a 5.1% increase in assets in September.
STATE STREET HIGHLIGHTS, SEPTEMBER 2012
Election 2012: How to Respond
◦With polarized political parties and a great deal of uncertainty surrounding the direction of economic policy, investors should consider the investment opportunities that exist with a victory by Republican candidate Mitt Romney or a reelection of President Obama. Further, it may be worth understanding the long-term challenges that face the US and what investments may be best suited for strength should an indecisive political environment remain in place.
◦With the benefits of efficiency, transparency and the flexibility that ETFs offer, financial advisors and institutions can make shifts to position portfolios for these outcomes now.
For more information, including product fact sheets, related whitepapers or to read more visit www.spdrs.com.
Source: State Street Global Advisors
CFTC Staff Responds to Questions on Start of Swap Data Reporting
October 10, 2012--Today, Commodity Futures Trading Commission (CFTC) staff is responding to questions from market participants and other interested parties on the timing of when counterparties will be required to report swap pricing and transaction data as required under part 45 of the Commission's regulations.1
The CFTC is issuing a Q & A document to help market participants better understand the rule, the reporting that is required and who has the obligation to report.
The Q & A document on the Start of Swap Data Reporting is available on the Commission website at
http://www.cftc.gov/LawRegulation/DoddFrankAct/Rulemakings/DF_17_Recordkeeping/index.htm.
Source: CFTC.gov
CFTC Staff Responds to Frequently Asked Questions on the Reporting of Cleared Swaps
October 10, 2012--Today, Commodity Futures Trading Commission (CFTC) staff is responding to frequently asked questions from market participants and other interested parties on the reporting of cleared swaps as required under part 45 of the Commission's regulations.
The CFTC is issuing a FAQ document to help market participants better understand how to report cleared swaps, who has the obligation to report and the timing of reporting.
The FAQ document on the Reporting of Cleared Swaps is available on the Commission website at
http://www.cftc.gov/LawRegulation/DoddFrankAct/Rulemakings/DF_17_Recordkeeping/index.htm.
Source: CFTC.gov
RBC Global Asset Management Inc. Expands ETF Product Suite
October 10, 2012--RBC Global Asset Management Inc. today announced the expansion of its suite of Target Maturity Corporate Bond Exchange Traded Funds (ETFs). Effective today, the RBC Target 2021 Corporate Bond Index ETF (TSX:RQI) is available for purchase by individual and institutional investors on the Toronto Stock Exchange.
"Since the onset of the financial crisis in 2008, it has become more challenging for investors to manage and source quality corporate bonds across different maturities," said Mark Neill, head of RBC ETFs. "We are pleased to be able to help investors address this challenge with the suite of RBC Target Maturity Corporate Bond ETFs, which now includes the RBC Target 2021 Corporate Bond Index ETF."
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Source: RBC Global Asset Management
BNY Mellon DR Indices Monthly Performance-September 2012 read more DB-Global Equity Index and ETF Research-North America-US ETF Weekly Research-Equity inflows keep fueling ETP AUM growth towards $1.3 trillion
The total US ETP flows from all products registered $4.2bn of inflows during last week vs. $7.72bn of inflows the previous week, setting the YTD weekly flows average at +$3.4bn (+$134.9bn YTD in total cash flows).
Equity, Fixed Income, and Commodity ETPs experienced flows of +$2.25bn, +$0.97bn, +$1.14bn last week vs. +$6.58bn, +$1.04bn, +$0.09bn in the previous week, respectively.
Within Equity ETPs, Large Cap products had the most inflows (+$1.7bn); while Mid Cap and Small Cap products had the largest outflows of $0.8bn and $0.6bn, respectively. Within Fixed Income ETPs, Sub-Sovereign products had the largest inflows (+$0.8bn); while Sovereign products experienced the only outflows (-$0.7bn). Within Commodity ETPs, Precious Metals products experienced inflows of $1.0bn; most of them driven by Gold ETPs.
Top 3 ETPs & ETNs by inflows: IVV (+$1.2bn), SPY (+$1.1bn), GLD (+$0.7bn)
Top 3 ETPs & ETNs by outflows: IJH (-$0.9bn), QQQ (-$0.7bn), IWM (-$0.7bn)
New Launch Calendar: Market neutral alternative
Turnover Review: Floor activity remains unchanged
Assets under Management (AUM) Review: request report Gross's ETF Soars to $3 Billion Outperforming Mutual Fund
October 10, 2012--The BNY Mellon DR Index Monthly Performance Review September 2012 is now available.
In a split decision yesterday, the bank’s eight-member board cut the Selic rate by a quarter point to 7.25 percent, as forecast by 35 of 73 economists surveyed by Bloomberg. The bank said keeping monetary conditions stable for a “sufficiently prolonged period” was the best strategy for balancing inflation risks stemming from a recovery in domestic activity with continued “complexity” in the global economy. Three dissenting members favored leaving borrowing costs unchanged.
Source: Bloomberg BusinessWeek
October 9, 2012--Net Cash Flows Review
Markets retreated during last week, following a two-week rally. The US (S&P 500) fell by 0.38%. While, outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) dropped by 0.87% and 0.71%, respectively. Moving on to other asset classes, the 10Y US Treasury Yield fell by 10bps last week; while the DB Liquid Commodity Index was down by 3.64%.
Similarly, the Agriculture sector (DB Diversified Agriculture Index), the WTI Crude Oil and Silver dropped by 3.35%, 6.17% and 0.38%, respectively; meanwhile Gold rose by 0.15%. Last but not least, Volatility (VIX) dropped by 3.65% during the same period.
There was 1 new Alternative ETF listed during the previous week. The new product, a fund-of-funds from IndexIQ was listed in the NYSE Arca and offers access to a market neutral strategy that seeks to minimize exposure tosystematic risk.
Total weekly turnover decreased by 0.8% to $262bn vs. $264bn from the previous week. Last week's turnover level was 31% below last year's weekly average. Equity and Commodity ETPs turnover decreased by $3.2bn (1.4%) to $224.5bn, and $0.8bn (4.8%) to $15.6bn, respectively; meanwhile, Fixed Income ETPs turnover increased by $2.5bn (14.7%) to $19.5bn vs. $17.0bn the previous week.
ETP assets nearing $1.3 trillion
US ETPs assets keep trending higher and are now just $0.7bn away from reaching the $1.3 trillion mark. As of last Friday, US ETPs have accumulated an asset growth of 24.2% YTD. Assets for equity, fixed income and commodity ETPs moved +$13.1bn, +$1.0bn, +$1.5bn during last week, respectively.
Source: Deutsche Bank - Global Equity Index and ETF Research - North America
October 9, 2012--Bill Gross's Total Return Exchange- Traded Fund (BOND) reached $3 billion in assets in about seven months as it outperformed the world's largest mutual fund, which follows a similar strategy.
Pimco Total Return ETF, which started trading on the NYSE Arca exchange on March 1, had $3.01 billion in net assets as of yesterday’s close, according to Pacific Investment Management Co.’s website. The fund has advanced 10.4 percent since inception through yesterday’s close, compared with the 6.5 percent return for Gross’s $278 billion Total Return Fund, according to data compiled by Bloomberg. read more
Source:Bloomberg
