Global ETF News Older than One Year
ISDA-AFME-BBA-Assosim Response to ESMA Consultation Paper and Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories
August 5, 2012--Executive Summary
The 'Signatory Associations' would like to underline that they support the key aims underpinning EMIR, in particular reduction of counterparty credit risk through clearing and compression, increasing regulatory transparency through trade
repositories, and enhanced credit risk mitigation.
This commitment is clear from industry achievements in enhancing the safety and efficiency of OTC derivatives in recent years. These include: 54% of interest rate swaps are now cleared (interest rate swaps make up of 80% of overall gross notional OTC derivatives activity); trade repositories, operating on a global basis, now exist for credit, interest rate, commodity and equity derivatives (while another is being built for FX contracts); clearing and compression have reduced the size of the CDS market by 75%.
Source: ISDA
Dow Jones-UBS Commodity Indexes July 2012 Performance Report
August 3, 2012--The Dow Jones-UBS Commodity Index was up 6.46% for the month of July.
The Dow Jones-UBS Single Commodity Indexes for corn, soybean meal and wheat had the strongest gains with month-end returns of 28.32%, 19.80% and 17.30%, respectively. The three most significant downside performing single commodity indexes were feeder cattle, orange juice and nickel, which ended the month down 9.82%,9.73%, and 5.33% respectively.
Source: Mondovisione
EPFR Global Fund Data-Expectations of more cheap money shape fund flows going into August
August 3, 2012--Fund groups that have struggled since the second quarter attracted fresh interest-and money-in late July ahead of meetings by the European Central Bank and US Federal Reserve that investors hoped would authorize additional quantitative easing.
During the week ending August 1 EPFR Global-tracked Emerging Markets Equity Funds posted their biggest inflow since mid-February, Commodity Sector Funds snapped a five week outflow streak and Russia Equity Funds enjoyed their second best week year-to-date.
Visit http://www.epfr.com for more info
Source: EPFR Global
ETFGI Global ETF and ETP industry insights, July 2012
August 3, 2012--Summary for ETFs listed globally
At the end of July 2012, the global ETF industry had 3,327 ETFs, with 7,477 listings, assets of US$1,541 Bn, from 172 providers on 50 exchanges.
Assets
ETF assets have increased by 2.4% from US$1,505 Bn in June 2012 to US$1,541 Bn in July 2012.
YTD through end of July 2012, ETF assets have increased by 13.9% from US$1,353 Bn to US$1,541 Bn.
Flows
In July 2012, ETFs saw net inflows of US$24 Bn. YTD through end of July 2012, ETFs saw net inflows of US$123 Bn.
SPDR ETFs gathered the largest net ETF inflows in July with US$5,941 Mn, followed by iShares with US$5,875 Mn and Vanguard with US$4,317 Mn net inflows.
Vanguard gathered the largest net ETF inflows YTD with US$34,254 Mn, followed by iShares with US$30,791 Mn and SPDR ETFs with US$16,048 Mn net inflows.
db x-trackers experienced the largest net ETF outflows in July with US$293 Mn, followed by Commerzbank with US$211 Mn and Daiwa Asset Management with US$154 Mn net outflows.
db x-trackers experienced the largest net ETF outflows YTD with US$1,742 Mn, followed by Commerzbank with US$1,086 Mn and EasyETF with US$775 Mn net outflows.
Summary for ETFs and ETPs listed globally
Including other Exchange Traded Products (ETPs), at the end of July 2012, the global ETF/ETP industry had 4,722 ETFs/ETPs, with 9,597 listings, assets of US$1,722 Bn, from 203 providers on 54 exchanges.
Assets
ETF/ETP assets have increased by 2.3% from US$1,683 Bn in June 2012 to US$1,722 Bn in July 2012.
YTD through end of July 2012, ETF/ETP assets have increased by 12.9% from US$1,526 Bn to US$1,722 Bn.
Flows
In July 2012, ETFs/ETPs saw net inflows of US$23 Bn. YTD through end of July 2012, ETFs/ETPs saw net inflows of US$131 Bn.
iShares gathered the largest net ETF/ETP inflows in July with US$6,008 Mn, followed by SPDR ETFs with US$4,556 Mn and Vanguard with US$4,317 Mn net inflows.
Vanguard gathered the largest net ETF/ETP inflows YTD with US$34,254 Mn, followed by iShares with US$31,463 Mn and SPDR ETFs with US$16,228 Mn net inflows.
Commerzbank experienced the largest net ETF/ETP outflows in July with US$211 Mn, followed by United States Commodity Funds with US$207 Mn and Daiwa Asset Management with US$154 Mn net outflows.
DB/x-trackers experienced the largest net ETF/ETP outflows YTD with US$1,686 Mn, followed by Commerzbank with US$1,086 Mn and EasyETF with US$775 Mn net outflows.
Summary for United States ETFs and ETPs
At the end of July 2012, the US ETF industry had 1,190 ETFs, assets of US$1,083 Bn, from 34 providers on 3 exchanges. Including other Exchange Traded Products (ETPs), at the end of July 2012, the US ETF/ETP industry had 1,486 ETFs/ETPs, assets of US$1,209 Bn, from 52 providers on 3 exchanges.
Summary for European listed ETFs and ETPs
At the end of July 2012, the European ETF industry had 1,332 ETFs, with 4,782 listings, assets of US$284 Bn, from 39 providers on 21 exchanges. Including other Exchange Traded Products (ETPs), at the end of July 2012, the European ETF/ETP industry had 1,942 ETFs/ETPs, with 6,029 listings, assets of US$319 Bn, from 45 providers on 22 exchanges.
Summary for Asia Pacific (ex-Japan) listed ETFs and ETPs
At the end of July 2012, the Asia Pacific (ex-Japan) ETF industry had 381 ETFs, with 496 listings, assets of US$68 Bn, from 86 providers on 14 exchanges. Including other Exchange Traded Products (ETPs), at the end of July 2012, the Asia Pacific (ex-Japan) ETF/ETP industry had 400 ETFs/ETPs, with 518 listings, assets of US$69 Bn, from 88 providers on 14 exchanges.
Summary for Latin America listed ETFs and ETPs
At the end of July 2012, the Latin American ETF industry had 35 ETFs, with 533 listings, assets of US$10 Bn, from 16 providers on 4 exchanges. Including other Exchange Traded Products (ETPs), at the end of July 2012, the Latin American ETF/ETP industry had 35 ETFs/ETPs, with 562 listings, assets of US$10 Bn, from 19 providers on 4 exchanges.
to request report
Source: ETFGI
Banks face valuation losses as Libor discarded
Traders and accountants have known for some time what is only becoming apparent to the public now--the London Interbank Offered Rate or Libor, the interbank funding rate now at the centre of a rigging scandal, is not the appropriate price to value most derivative deals on banks' books.
Source: Reuters
Recovery and resolution of financial market infrastructures, consultative report issued by CPSS-IOSCO
Financial market infrastructures (FMIs) play an essential role in the global financial system. The disorderly failure of an FMI can lead to severe systemic disruption if it causes markets to cease to operate effectively. Accordingly, all types of FMIs should generally be subject to regimes and strategies for recovery and resolution. view the CPSS-IOSCO
-Recovery and resolution of financial market infrastructures-consultative report
Source: BIS
Sweeping changes at BlackRock
Media reports have suggested that Mr Fink might be approached for the job as next US Treasury Secretary if Barack Obama is re-elected as president in November.
Source: FT.com
'Algo' market makers reshaped trading
Along with rivals such as Citadel Securities, Getco Securities, IMC and Optiver, it is one of the new breed of electronic traders and market makers that have come to dominate US and European trading flows. They use computer algorithms to make bids and offers in shares, futures, options and currencies.
Source: FT.com
IMF Spillover Report 2012
Topics for this report were chosen based on consultations with officials from the S5 and selected emerging markets (Brazil, the Czech Republic, India, Korea, Mexico, Poland, Russia, Saudi Arabia, Singapore, South Africa, and Turkey). Each participant was asked about policy concerns and spillovers from the S5. To facilitate candor, the report does not attribute views regarding partner countries.
Rather than try to capture the full range of spillovers, this report builds on last year’s findings, focusing on the forward-looking issues raised by partners and on S5 officials’ reactions.
view the IMF Spillover Report 2012
Source: IMF
IMF Working paper-Bond Yields in Emerging Economies: It Matters What State You Are In
This paper finds that the extent to which fiscal variables affect domestic bond yields in emerging economies depends on the level of global risk aversion. During tranquil times in global markets, fiscal variables do not seem to be a significant determinant of domestic bond yields in emerging economies. However, when market participants are on edge, they pay greater attention to country-specific fiscal fundamentals, revealing greater alertness about default risk. view the IMF Working paper-Bond Yields in Emerging Economies: It Matters What State You Are In
Source: IMF
August 3, 2012--Global banks are delaying what will be an inevitable shift to valuing unsecured derivative positions at market rates because it could hit their bottom lines, but new global prudential regulations next year are set to force their hands.
July 31, 2012--The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) have today published for public comment a consultative report on the Recovery and resolution of financial market infrastructures.
August 3, 2012--Larry Fink moved to quash speculation that he might leave his post as chief executive of BlackRock as the world's largest asset manager announced sweeping changes to its organisational structure and an expansion of its senior leadership team this week.
August 2, 2012--Knight Capital's rise to prominence on the New York Stock Exchange illustrates how trading on US equity markets has been reshaped in the past decade.
August 2, 2012--Summary:Spillover reports examine the external effects of domestic policies in five systemic economies (S5), comprising China, the Euro Area, Japan, the United Kingdom, and the United States. The report aims to provide an added perspective to the policy line developed in the Article IV discussions with these entities and an input into the Fund's broader multilateral surveillance.
July 2, 2012--Summary: While many studies have looked into the determinants of yields on externally issued sovereign bonds of emerging economies, analysis of domestically issued bonds has hitherto been limited, despite their growing relevance.
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