Global ETF News Older than One Year
ETF Securities-Precious Metals Weekly: Precious Metals Sell-Off Is Overdone
July 1, 2013--Precious metals, particularly gold and silver, were hit hard last week as investors continued to re-assess the outlook for US monetary policy. The sharp rise in US real interest rates has been the main trigger for the correction in gold and silver
prices.
In our view the reaction of bond markets to Fed comments has been overdone, and ultimately real interest rates will fall back from current levels. It appears that the Fed agrees that bond markets have over-reacted and key FOMC members appear to be trying to talk rates back down now. With gold speculative shorts at all-time highs and market sentiment almost unanimously negative, we believe there is scope for a price reversal in the coming weeks and months. Silver should benefit from a gold price rebound. Platinum and palladium have been affected more by the recent liquidity squeeze and resultant growth fears in China. Again, we believe the sell-off is overdone. We expect China liquidity conditions will ease and growth fears will dissipate over the course of the year, removing this hindrance to platinum and palladium price performance. An added source of longer-term price support for all four of the precious metals is that they are all now trading well below estimated marginal costs of production.
Source: ETF Securities
FTSE Launches the FTSE NAREIT Preferred Stock Index
July 1, 2013--FTSE Group ("FTSE"), the global index provider, today announced the launch of the FTSE NAREIT Preferred Stock Index.
Available in real time and as end-of-day, the index is designed to track the performance of US REITs preferred stocks. This new index extends FTSE’s existing comprehensive range of real estate indices which cover global, developed and emerging markets.
Source: FTSE
Average daily volume of 10.8 million contracts at Eurex Group in June
July 1, 2013--In June, the international derivatives exchanges of Eurex Group achieved an
average daily volume of 10.8 million contracts (June 2012: 11.0 million). Of
those, almost 8.1 million were Eurex Exchange contracts (June 2012: 8.5
million), and 2.7 million contracts (June 2012: 2.5 million) were traded at the U.S.-based International Securities Exchange (ISE).
In total, 162.6 million contracts were traded at Eurex Exchange and 54.3 million at ISE. Eurex Exchange recorded 68.3 million equity index derivatives contracts (June 2012: 86.6 million). The single largest contract was the future on the EURO STOXX 50 Index with 33.6 million contracts. The option on this blue chip index totaled 19.2 million contracts. Futures on the DAX index recorded 3.2 million contracts while the DAX options reached another 4.0 million contracts. The Eurex KOSPI Product reached 2.0 million contracts.
Source: Eurex
NASDAQ OMX Monthly Index Performance Report -June 2013
July 1, 2013--NASDAQ OMX has consolidated performance data for the top 50 most-watched NASDAQ OMX indexes.
view the June Monthly Index Performance Report
Source: NASDAQ OMX
BlackRock-New standards in pension plan investment policy and implementation
July 1, 2013--Volatile markets, increased longevity and low rates present significant obstacles on the road to full funding that are hard to overcome with traditional asset allocation.
In this issue we examine whether a dynamic and adaptive approach, which the authors term journey management, might offer a more effective path towards full funding. The associated analysis also yields some valuable insights for those pension funds that have already started to implement a journey plan.
Source: BlackRock
SINA is First Chinese Web Property to Launch Real-Time NASDAQ Last Sale Market Data Service for All U.S.-Listed Securities
SINA's Media Network Enhanced With NASDAQ's Real-Time Market Data
June 30, 2013--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced that NASDAQ Last Sale real-time data is now available to millions of individual investors on the digital media network of SINA Corporation (Nasdaq:SINA), an online media company serving China and the global Chinese community.
SINA will become the first ever Chinese website to launch free real time trade data for all U.S. listed securities. NASDAQ Last Sale provides a real-time and comprehensive view into trading activity in all U.S.-listed equity securities.
Source: Global Newswire
IMF Working paper-The Finance and Growth Nexus Re-Examined: Do All Countries Benefit Equally?
Summary: A large theoretical and empirical literature has focused on the impact of financial deepening on economic growth throughout the world. This paper contributes to the literature by investigating whether this impact differs across regions, income levels, and types of economy.
Using a rich dataset for 150 countries for the period 1975-2005, dynamic panel estimation results suggest that the beneficial effect of financial deepening on economic growth in fact displays measurable heterogeneity; it is generally smaller in oil exporting countries; in certain regions, such as the Middle East and North Africa (MENA); and in lower-income countries. Further analysis suggests that these differences might be driven by regulatory/supervisory characteristics and related to differences in the ability to provide widespread access to financial services.
Source: IMF
NYSE Euronext is the Leader in Global Capital Raising during the First Half of 2013
The global leader in IPOs with 72 transactions raising $28.5 billion in total global proceeds.
The global leader in follow-on financings with 262 transactions raising $106 billion in total global proceeds.
14 new technology listings accounted for a record 64% of all new technology offerings and 58% capital raised in the sector.
NYSE leads the market in completed or announced transfers from other U.S. exchanges with two top NASDAQ-100 Index companies Perrigo and Oracle.
In Europe, Euronext saw 23 new listings with €926 million ($1.2 billion) raised in proceeds from seven IPOs, and launched EnterNext(R), the Marketplace for SMEs.
June 28, 2013--During the first half of 2013, NYSE Euronext markets in the U.S. and Europe raised $28.5 billion in total global proceeds in 72 initial public offerings (IPOs) and exceeded the combined proceeds raised on the next four world markets.
In the U.S., capital raised from IPOs listed on the New York Stock Exchange (NYSE) was four-times more than any other U.S. marketplace, and the NYSE achieved a record 64% of all new technology offerings from 14 listings that accounted for 58% of capital raised in the sector. Also in the first half of 2013, NYSE Euronext raised $106 billion in follow-on transactions, more than the next six world markets combined. There were a total of $168 billion in announced or completed transfers to our market, including Oracle and Perrigo, two top 100 NASDAQ companies. In Europe, NYSE Euronext added 23 new listings with approximately €926 million ($1.2 billion) in proceeds from seven IPOs and launched EnterNext(R), its innovative marketplace for SMEs.
Source: NYSE Euronext
Vanguard's EM ETF Goes Sans South Korea
June 28, 2013-- The Vanguard FTSE Emerging Markets ETF VWO officially begins life without any exposure to South Korea today when the ETF transitions to the FTSE Emerging Index.
Last October, Vanguard stunned the ETF community when it said it would move 22 of its ETFs that tracked MSCI indexes to other indexes, including some built by FTSE.
Until the end of 2012, VWO tracked the MSCI Emerging Markets Index, the same index followed by the iShares MSCI Emerging Markets Index Fund EEM, VWO's primary rival. At the start of this year, VWO began following the FTSE Emerging Transition Index, gradually reducing the ETF's exposure to South Korea in the process.
Source: Market Watch
NASDAQ Closing Cross Calculates U.S. Russell Indexes for the Tenth Consecutive Year for Russell's Annual Reconstitution
June 28, 2013--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced the NASDAQ Closing Cross was used for the tenth consecutive year to rebalance NASDAQ-listed securities in the entire family of U.S. Russell indexes during their annual reconstitution.
Approximately 696.5 million shares representing $14.1 billion were executed in the NASDAQ Closing Cross in 1.7 seconds across some 2,271 NASDAQ-listed stocks.
NASDAQ official closing prices (NOCPs) determined by the NASDAQ Closing Cross are widely used throughout the industry, by Russell Investments, Standard & Poor's, Dow Jones, and mutual funds across the country. The NASDAQ Closing Cross mechanism provides market participants with transparency and consistent prices with the dissemination of imbalances, indicative and likely clearing prices every five seconds via the Net Order Imbalance Indicator. NASDAQ OMX's INET technology platform processes accurate closing prices for the industry in microseconds.
Source: NASDAQ OMX
