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BlackRock New Report ETF Landscape: Industry Highlights - End of April 2011
May 11, 2011--This report highlights the Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs) industry at the end of April 2011.br>United States ETF and ETP industry:
Record April net inflows with US$22.4 Bn.
Record YTD net inflows in the first four months with US$51.5 Bn through the end of April 2011.
The ETF industry in the United States had 972 ETFs and assets of US$997.3 Bn, from 29 providers on two exchanges at the end of April 2011. This compares to 839 ETFs and assets of US$764.0 Bn, from 28 providers on two exchanges at the end of April 2010.
US$22.4 Bn of net new assets went into United States listed ETFs/ETPs in April 2011. US$16.7 Bn net inflows went into equity ETFs/ETPs, of which US$9.8 Bn went into ETFs/ETPs tracking US equity indices and US$3.5 Bn went into ETFs/ETPs tracking emerging markets equity indices. Fixed income ETFs/ETPs saw net inflows of US$2.9 Bn, of which US$0.7 Bn went into corporate bond ETFs/ETPs and US$0.6 Bn went into Government bond ETFs/ETPs. Commodity ETFs/ETPs saw net inflows of US$1.8 Bn, of which US$2.4 Bn went into ETFs/ETPs providing exposure to precious metals, while ETFs/ETPs providing exposure to energy experienced US$0.9 Bn net outflows in April 2011.
Of the US$45.5 Bn of net new assets in United States listed ETFs in April 2011, Vanguard gathered the largest net inflows with US$13.2 Bn, followed by iShares with US$12.7 Bn net inflows, while Bank of New York had the largest net outflows with US$1.4 Bn in 2011 YTD.
Global ETF and ETP industry:
Record April net inflows with US$25.3 Bn.
Record YTD net inflows in the first four months with US$67.2 Bn through the end of April 2011.
The global ETF industry had 2,670 ETFs with 6,021 listings and assets of US$1,469.8 Bn, from 140 providers on 48 exchanges around the world at the end of April 2011. This compares to 2,189 ETFs with 4,354 listings and assets of US$1,113.1 Bn from 122 providers on 42 exchanges, at the end of April 2010.
The global ETF and ETP industry combined, had 3,819 products with 7,893 listings, assets of US$1,670.9 Bn from 176 providers on 52 exchanges around the world. This compares to 2,967 products with 5,453 listings, assets of US$1,295.1 Bn from 150 providers on 44 exchanges, at the end of April 2010.
European ETF and ETP industry:
The European ETF industry had 1,128 ETFs with 3,952 listings and assets of US$328.2 Bn, from 39 providers on 23 exchanges at the end of April 2011. This compares to 932 ETFs with 2,748 listings and assets of US$234.3 Bn from 36 providers on 18 exchanges, at the end of April 2010.
US$3.6 Bn of net new assets went into European listed ETFs/ETPs in April 2011. US$2.8 Bn net inflows went into equity ETFs/ETPs, of which US$1.6 Bn went into ETFs/ETPs providing emerging markets exposure while ETFs/ETPs providing broad European exposure saw net outflows of US$1.2 Bn. Fixed income ETFs/ETPs saw net outflows of US$0.4 Bn, of which money market ETFs/ETPs experienced US$0.3 Bn net outflows while high yield ETFs/ETPs saw net inflows of US$0.2 Bn. US$1.1 Bn net inflows went into commodity ETFs/ETPs, of which US$0.5 Bn went into ETFs/ETPs providing exposure to precious metals and US$0.4 Bn went into ETFs/ETPs providing broad commodity exposure.
Of the US$2.8 Bn of net new assets in European listed ETFs in April 2011, Source Markets gathered the largest net inflows with US$0.9 Bn, followed by db x-trackers with US$0.6 Bn net inflows, while iShares and Lyxor Asset Management had the largest net outflows with US$0.2 Bn.
Asia Pacific (ex-Japan) ETF industry:
The Asia Pacific (ex-Japan) ETF industry had 250 ETFs with 362 listings and assets of US$58.6 Bn, from 63 providers on 13 exchanges at the end of April 2011. This compares to 168 ETFs with 267 listings and assets of US$44.4 Bn, from 53 providers on 13 exchanges, at the end of April 2010.
Japan ETF industry:
The Japanese ETF industry had 84 ETFs with 88 listings and assets of US$29.4 Bn, from seven providers on three exchanges at the end of April 2011. This compares to 70 ETFs with 73 listings and assets of US$26.3 Bn from six providers on two exchanges, at the end of April 2010. There are 178 ETFs which have filed notifications in Japan.
Latin America ETF industry:
The Latin American ETF industry had 27 ETFs, with 407 listings and assets of US$10.4 Bn, from four providers on three exchanges at the end of April 2011. This compares to 21 ETFs, with 243 listings and assets of US$9.1 Bn from three providers on three exchanges, at the end of April 2010.
Canada ETF industry:
The Canadian ETF industry had 180 ETFs and assets of US$43.1 Bn, from four providers on one exchange at the end of April 2011. This compares to 134 ETFs and assets of US$33.0 Bn from four providers on one exchange, at the end of April 2010.
Statement From NASDAQ OMX
May 11, 2011-The NASDAQ OMX Group, Inc. (NDAQ) has issued the following statement with regard to the ongoing antitrust process surrounding its offer to acquire the NYSE Euronext, following its presentation at the UBS Global Financial Services Conference in New York yesterday:
NASDAQ OMX is working closely with the Department of Justice to provide all the necessary materials they require to conduct a thorough review of our proposed transaction and it has also made its Hart-Scott Rodino filings. NASDAQ OMX makes no comment on the specifics of these discussions or how they are progressing, has received no assurances from the Department of Justice as to the timing or outcome of the review. Comments made by NASDAQ OMX concerning the impact of potential remedies on NASDAQ OMX are based solely upon the views of NASDAQ OMX.
HSBC to launch regional, global emerging market ETFs
May 10, 2011--HSBC is planning to expand its offering of exchange-traded funds (ETFs) in the coming months, the bank's head of ETF said, pointing to emerging market products with a global and regional focus.
"We are still missing products on some very important indices (in this area)," Farley Thomas told Reuters on Monday, adding that HSBC planned to launch 5-8 new products with a focus on emerging markets by the end of the year.
So far, HSBC mostly offers ETFs on single emerging markets and Thomas said the bank was looking at products on Eastern Europe.
Words vs. Deeds: What Really Matters? -IMF Working paper
May 10, 2011--Summary: This paper revisits the link between the nominal exchange rate regime and inflation, based on a sample of 145 emerging market and developing countries (EMDCs) over the period 1980-2010. We contend that, just as a de jure peg that is not backed by a de facto peg will have little value, de facto pegs that lack the corresponding de jure will likewise reap few of the low inflation benefits associated with pegging the exchange rate.
To test our hypothesis, we exploit a novel dataset of both de jure and de facto exchange rate regime classifications. We find that pegged exchange rates are associated with significantly lower inflation in EMDCs than flexible exchange rates, and that this effect is much stronger for de facto pegs that are matched by de jure pegs than for those that are not. When it comes to anchoring expectations and delivering low inflation, therefore, both deeds and words matter.
view the IMF Working paper-Words vs. Deeds: What Really Matters?
Identifying Vulnerabilities in Systemically-Important Financial Institutions in a Macro-financial Linkages Framework-IMF Working paper
May 10, 2011-Summary: This paper attempts to identify the indicators that can demonstrate the vulnerabilities in systemically important financial institutions. The paper finds that (i) indicators on leverage, liquidity, and business scope can help identify the differences between the intervened and non-intervened financial institutions during the subprime crisis;
(ii) the expected default frequencies react positively to shocks to leverage, inflation, global financial stress, and global excess liquidity, and negatively to return on assets and equity prices; and (iii) leverage has been the most robust factor with a long-run causal effect on the expected default frequencies.
Nasdaq in offer to Paris over NYSE bid
May 10, 2011--Nasdaq OMX, the US exchange group, has offered to restore the name Paris Bourse to France's stock market, if it wins the battle for control of NYSE Euronext, current operator of the Paris exchange.
The disclosure, by Nasdaq chief executive Bob Greifeld, is the latest twist in an increasingly aggressive effort by Nasdaq and its partner IntercontinentalExchange to persuade NYSE shareholders of the merits of its counter-bid for NYSE Euronext.
Geithner hails ‘progress’ in China talks
May 10, 201--The US and China have claimed success after two days of negotiations ended in a series of deals on US access to the Chinese market and Chinese access to sensitive US technology.
China pledged on Tuesday to change regulations so that government contracts are not linked to improvements in its domestic technology base. China also promised improvements in the enforcement of intellectual property such as software.
FTSE Physical Industrial Metals Index Series to expand commodity investment opportunities
May 10, 2011--FTSE Group (“FTSE”), the award winning global index provider, and Dubai International Financial Centre Investments (DIFCI), through its wholly owned subsidiary Global Commodity Finance, together with Merit Commodity Partners AG, today announced the launch of the FTSE Physical Industrial Metals Index Series (PIMI).
This index series is the world’s first investible, Shariah compliant physical industrial metals index series, providing investors with a means of researching, benchmarking, and managing exposure to some of the world’s most widely used industrial metals.
The FTSE Physical Industrial Metals Index Series is launched against a backdrop of growing investor interest in the metals asset class as continued emerging market development and government investment in infrastructure fuels global consumption. The FTSE Physical Industrial Metals Index Series comprises four individual indices, covering aluminium, copper, zinc and nickel, as well as a benchmark index containing all four metals, giving investors the flexibility to tailor their metals exposure in accordance with investment objectives
NYSE Euronext Rejects Bid by Nasdaq and ICE
May 10, 2011--NYSE Euronext announced on Sunday that it would reject an unsolicited takeover bid by its rival, the Nasdaq OMX Group, and the IntercontinentalExchange, primarily over antitrust concerns.
Instead, the company, which runs the long-established New York Stock Exchange as well as the Euronext based in Paris, said it would stand by its previous agreement to merge with Deutsche Börse.
Policymakers learn a new and alarming catchphrase
May 9, 2011--Another week, another wave of dismal fiscal gridlock in Washington. But as US politicians squabble about how to cut the debt , another concept with a catchy name is quietly starting to creep into the policy debate: “financial repression”.
A few weeks ago, Carmen Reinhart, a US economist who shot to fame two years ago by co-authoring an influential book on sovereign debt, This Time Is Different, produced a joint paper for the International Monetary Fund on the topic of “financial repression” in the west. And while this phrase is not yet mainstream news, it is starting to generate a buzz among the policy elite in Washington and in some European capitals.