Americas ETP News
If your looking for specific news, using the search function will narrow down the results
Federal Reserve Board considering changes to the implementation timeline for the Dodd-Frank company-run stress test requirements
August 27, 2012--The Federal Reserve Board is considering changes to the implementation timeline for the annual company-run stress test requirements required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The changes under consideration would delay implementation until September 2013 for bank holding companies, state member banks, and savings and loan holding companies with between $10 billion and $50 billion in total consolidated assets.
The Federal Reserve in December 2011 issued a notice of proposed rulemaking to implement the enhanced prudential standards and early remediation requirements established under the Dodd-Frank Act. The December 2011 proposal would require all bank holding companies and state member banks with more than $10 billion in total consolidated assets to comply with the requirements to conduct an annual company-run stress test beginning on the effective date of the final rule. The December 2011 proposal would also require all savings and loan holding companies with more than $10 billion in assets to comply with the annual company-run stress test requirements once those holding companies become subject to minimum risk-based capital requirements.
read more
Source: FBR
Morgan Stanley-ETF Weekly Update
August 27, 2012--US ETF Weekly Update
Weekly Flows: $2.9 Billion Net Inflows
Fourth Consecutive Week of Net Inflows
ETF Assets Stand at $1.2 Trillion, up 17% YTD
No ETF Launches Last Week
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $2.9 bln last week, the fourth consecutive week of net inflows
For the second straight week, Commodity ETFs had the largest net inflows of any category ($921 mln)
31% of ETFs had net inflows/26% of ETFs had net outflows/43% had no net flows over last 4 weeks
ETF assets stand at $1.2 tln (up 17% YTD) and have posted net inflows 26 out of 34 weeks YTD ($90.5 bln in net inflows)
13-week flows were mostly positive among asset classes; combined $32.7 bln net inflows
Fixed Income ETFs have generated net inflows 53 out of the past 54 weeks ($9.7 bln net inflows over the last 13 weeks)
Over the last 13 weeks, US Mid-Cap ETFs have exhibited net outflows of $1.1 bln, the most of any category we measured
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) generated net inflows of $708 mln last week, the most of any ETF
Notably, two physical gold ETFs and one gold miners ETF landed in the top 10 last week and posted a combined $959 mln in net
inflows (GLD, IAU, and GDXJ) as gold has garnered a bid again
Over the last 13 weeks, the Vanguard MSCI Emerging Markets ETF (VWO) exhibited net inflows of $3.3 bln, the most of any ETF;
over the same time period, VWO’s market price is up 9% on a total return basis
US-Listed ETFs: Short Interest Data Updated: Based on data as of 8/15/12
SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest at $1.6 bln
SPY’s short interest increased for the first time since 5/31/12, however its 213 mln shares short is well below its 52-week average
of 335 mln shares short
Aggregate ETF USD short interest increased $104 mln over the past two weeks ended 8/15/12
The average shares short/shares outstanding for ETFs is currently 5.2%
Out of the 10 ETFs with the highest % of shares short, five of them have market caps less than $20 mln, and in our view skewing
the impact of the exhibit
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only six ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
Source: Bloomberg, Morgan Stanley Smith Barney Research.
Data estimated as of 8/24/12 based on daily change in share counts and daily NAVs.
$8.6 billion in total market cap of ETFs less than 1-year old
Over the past 13 weeks, newly launched Active ETFs generated most net inflows at $1.4 bln (specifically the PIMCO Total
Return ETF-BOND)
124 new ETF listings and 35 closures YTD (additional 34 liquidations have been announced)
Over the past year, many of the successful launches have an income/defensive orientation
Five different ETF sponsors and three asset classes represented in top 10 most successful launches
Despite not cracking the top 10 most successful launches over the last year, the PowerShares KBW Bank Portfolio (KBWB) posted net inflows of $58 mln last week, the most of any recently launched ETF
Top 10 most successful launches account for 72% of market cap of ETFs launched over the past year
request report
Source: Morgan Stanley
Europe bracing for US-style ETF shakeout
August 26, 2012--The current shakeout in the US exchange traded fund industry, which has seen several players scale back operations in recent weeks, could be a sign of things to come in Europe, according to industry experts.
Over the past month, a handful of players in the US have announced their retreat from the ETF business due to competitive forces and a failure to raise significant assets.
read more
Source: FT.com
Van Eck files with the SEC-Market Vectors Morningstar Long/Short Commodity ETF
August 24, 2012--Van Eck has filed a pre-effective wmendment no.1 form S-1 with the SEC for the
view filing
Source: SEC.gov
ISE Weekly Listings- August 24, 2012
August 24, 2012--The International Securities Exchange listed new options classes during the week beginning August 6, 2012.
Effective Wednesday, August 22, 2012, the ISE will list options on the following product(s) along with their related symbol(s):
Bin 4 - Citadel Securities LLC Equity
Rentech Nitrogen Partners L.P. (Symbol: RNF, Trading Symbol(s): RNF) will trade on a January expiration cycle with exercise and position limits of 50000. Manchester United plc Cl A (Symbol: MANU, Trading Symbol(s): MANU) will trade on a March expiration cycle with exercise and position limits of 50000. Bloomin' Brands, Inc (Symbol: BLMN, Trading Symbol(s): BLMN) will trade on a January expiration cycle with exercise and position limits of 25000.
ETF
Teucrium Corn Fund (Symbol: CORN, Trading Symbol(s): CORN) will trade on a February expiration cycle with exercise and position limits of 25000.
Bin 10 - Morgan Stanley & Co. LLC
Equity
MannKind Corp. (Symbol: MNKD, Trading Symbol(s): MNKD) will trade on a February expiration cycle with exercise and position limits of 250000.
Source: International Securities Exchange (ISE)
CFTC.gov Commitments of Traders Reports Update
August 24, 2012--The current reports for the week of August 21, 2012 are now available.
view updates
Source: CFTC.gov
Pimco Fund Expands Gold Holding on Outlook for Inflation
August 23, 2012--Pimco Commodity Real Return Strategy Fund has expanded its holding of gold as a hedge against inflation, anticipating further moves by central banks to spur economic growth, said Nic Johnson, the fund's manager.
The $20 billion fund increased its gold holdings to 11.5 percent of total assets from 10.5 percent two months ago, Johnson said today in a telephone interview from Newport Beach, California. The commodity fund is part of Pacific Investment Management Co., which also owns the world’s largest bond fund.
view filing
Source: Bloomberg BusinessWeek
Itau Asset says Brazilians eyeing more foreign assets
August 23, 2012--A flagging outlook for hard commodity prices and rising state intervention are forcing Brazilian investors to step up the search for financial assets overseas, weighing on the nation's equity market, executives at Itaû Asset Management said in an interview.
A decline in interest rates to record lows is forcing funds to build a more diverse base of financial instruments to help lure new clients, Paulo Corchaki, who as chief investment officer oversees 307 billion reais ($152 billion) in assets for São Paulo-based Itaú Asset, told Reuters.
read more
Source: Reuters
NYSE Amex Options to Eliminate Position Limits for Options on SPY
Enhancing transparency, liquidity and competition in the U.S. Options market
August 23, 2012--NYSE Amex Options, one of NYSE Euronext's (NYX) two leading U.S. options exchanges, today announced that it has become the first exchange to file for and receive approval from the U.S. Securities and Exchange Commission (SEC) to eliminate position limits for options on the SPDR(R) S&P 500(R) Exchanged-Traded Fund ("SPY") on a fourteen-month pilot basis.
Designed to meet growing demand by options customers to trade the most active class of options, this pilot program is launching immediately. NYSE Amex Options is the only options exchange that does not charge customers a fee to trade SPY options.
“NYSE Amex Options is appreciative of the SEC’s decision to approve this important initiative, making us the first exchange to launch a pilot program that will provide greater transparency, competition, and liquidity in SPY options trading,” said Steve Crutchfield, CEO, NYSE Amex Options. “We already offer customers the ability to trade SPY options free of charge. And now, with no position limits on SPY options, we provide a lower-cost alternative to expensive proprietary index products for institutional investors. In today’s competitive environment, such an alternative can play a vital role in helping certain investors to better meet their investment needs.”
read more
Source: NYSE Euronext
Direxion Switches Indexes
August 23, 2012--Direxion Shares made changes to the underlying benchmark indices for eight leveraged and inverse exchange-traded funds, shifting from the Russell index universe to that of Standard & Poor's.
“We are very pleased to expand our relationship with Standard & Poor’s, whose market indices have long been among the leaders in the industry,” said Dan O’Neill Direxion’s president and chief investment officer. “We feel that these S&P indices provide our investors with the most recognizable exposure to these underlying markets.” Reflecting the changes, the Direxion Daily Large Cap Bull 3X Shares (BGU) was renamed the Direxion Daily S&P 500 Bull 3X Shares (SPXL) and the Direxion Daily Large Cap Bear 3X (BGZ) Shares was renamed the Direxion Daily S&P 500 Bear 3X Shares (SPXS).
read more
Source: Advisor One
