Global ETF News Older than One Year
Gold stays above $1,000 on softer dollar, ETF rises
Wariness of long futures caps, physical demand underpins
Spot gold seen in $980-$1,010/oz range in near term
SPDR Gold holdings XAUEXT-NYS-TT up, iShares Silver slips
October 5, 2009--Gold stayed above $1,000 an ounce on
Monday as the dollar remained pressured after last week's jobs
data pushed the currency down broadly on concerns the U.S.
economic recovery may not be as robust as previously thought.
Traders remained wary of a sudden liquidation of speculative long positions in U.S. gold futures even after such positions eased slightly from record highs in the week ended Sept. 29, putting a cap on prices.
At the same time, physical demand emerged at the market's lows last week to underpin prices.
Source: Rueters
ICE Reports Record September And Third Quarter ADV - OTC Energy Commissions Second Highest Quarter On Record - $2.75 Trillion Cleared in CDS
October 2, 2009-IntercontinentalExchange (ICE), operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today reported strong growth in futures volumes and OTC energy commissions in the third quarter of 2009.
Each of ICE's futures exchanges recorded year-over-year average daily volume (ADV) increases for the month of September 2009.
ICE operates three regulated futures exchanges: ICE Futures Europe(R), ICE Futures U.S.(R) and ICE Futures Canada(R).
-- September 2009 ADV across all three ICE futures exchanges increased 9% over September 2008, to a record 1,168,431 contracts, including record ADV at ICE Futures U.S.
-- Third quarter 2009 ADV for all ICE Futures contracts increased 24% over third quarter 2008, to a record 1,062,429 contracts. ICE Future Europe established new ADV and total volume records of 676,020 and 43,265,279 contracts, respectively, in the quarter.
-- ADV for the first nine months of 2009 for all ICE Futures contracts was 1,031,737 contracts, up 12% over the same period of 2008.
Source: IntercontinentalExchange (ICE)
Component Changes Made To Dow Jones Select Dividend Indexes
October 2, 2009--Dow Jones Indexes, a leading global index provider announced on September 28, 2009, changes in the Dow Jones Italy Select Dividend 20, Dow Jones Italy Titans 30, Dow Jones Switzerland Titans 30 and Dow Jones Emerging Markets Oil & Gas Titans 30 indexes.
In the Dow Jones Italy Select Dividend 20 Index, Alleanza Assicurazioni S.p.A. (Italy, Insurance, AL.MI) will be replaced by Atlantia S.p.A. (Italy, Industrial Goods & Services, ALT.MI).
In the Dow Jones Italy Titans 30 Index, Alleanza Assicurazioni S.p.A. (Italy, Insurance, AL.MI) will be replaced by Ansaldo STS S.p.A. (Italy, Industrial Goods & Services, STS.MI).
Alleanza Assicurazioni S.p.A. (Italy, Insurance, AL.MI) is being removed from the Dow Jones Italy Select Dividend 20 and Dow Jones Italy Titans 30 indexes due to its acquisition by Assicurazioni Generali S.p.A. (Italy, Insurance, G.MI).
In the Dow Jones Switzerland Titans 30 Index, Julius Baer Holding AG (Switzerland, Financial Services, BAER.VX) will be replaced by Julius Baer Group (Switzerland, Financial Services, BAER.EB). Julius Baer Holding AG is being removed due to its spin-off of Julius Baer Group. The new market capitalization of the parent company, Julius Baer Holding AG, does not meet the index’s eligibility requirements.
In the Dow Jones Emerging Markets Oil & Gas Titans 30 Index, Petrobras Energia Participaciones S.A. (Argentina, Oil & Gas, PBE.BA) will be replaced by Petrobras Energia S.A. (Argentina, PESA.BA, Oil & Gas). Petrobras Energia Participaciones S.A. is being removed due to all of its shares being acquired by Petrobras Energia S.A. under the company’s restructuring.
All changes in the Dow Jones Emerging Markets Oil & Gas Titans 30 Index will be effective before the open of trading on Wednesday, September 30, 2009.
All changes in the Dow Jones Italy Select Dividend 20 Index, Dow Jones Italy Titans 30 Index and Dow Jones Switzerland Titans 30 Index will be effective before the open of trading on Thursday, October 1, 2009.
Further information on the Dow Jones Italy Select Dividend 20, Dow Jones Italy Titans 30, Dow Jones Switzerland Titans 30 and Dow Jones Emerging Markets Oil & Gas Titans 30 Indexes can be found on http://www.djindexes.com/
Company additions to and deletions from the Dow Jones Italy Select Dividend 20, Dow Jones Italy Titans 30, Dow Jones Switzerland Titans 30 and Dow Jones Emerging Markets Oil & Gas Titans 30 indexes do not in any way reflect an opinion on the investment merits of the company.
Source: Dow Jones Indexes
Transcript of Press Briefing on the International Monetary Fund’s World Economic Outlook by Olivier Blanchard, Economic Counsellor and Director of the Research Department
October 1, 2009--Let me start with the good news. This is a first in a few WEO conferences. The recovery has started; financial markets are healing; and in most countries growth will be positive for the rest of the year as well as in 2010.
Our forecasts are for output to increase by 1.7 percent for advanced countries in 2010, by 5.5 percent for emerging market and developing countries in 2010, and so far world output to increase by 3.2 percent in 2010 (on a fourth quarter to fourth quarter basis). For those who follow the WEO each time, you can see that this is an upward revision of 0.6 percent relative to our April forecasts.
Now, this is clearly good news. A year ago, such positive growth seemed far from assured. Where we are today is the result of strong policy responses throughout the world on the monetary front, on the fiscal front, and on the financial front. Responses have supported demand, decreased uncertainty, and decreased systemic risk in financial markets. By doing so, they have led to a turnaround after the large decrease in activity in the last quarter of 2008 and the first quarter of 2009.
Now, for the less good news. For the moment, the recovery is largely accounted for by strong public spending and inventory adjustment by firms. This is true of the United States and most other advanced countries, but this is also true of emerging market countries. Strong export performance in Asia, for example, reflects in good part the restocking demand of firms in advanced countries.
World Economic Outlook database
Source: IMF
September Statistics Report From The NASDAQ OMX Nordic Exchanges
October 1, 2009--Share Trading in September
The value of average daily share trading amounted to ISK 438 billion, as compared to ISK 400 billion during the past 12-month period. The average number of trades per business day amounted to 207,232, as compared to 220,384 during the past 12-month period. The total market cap of listed companies at NASDAQ OMX Nordic Exchange amounted to ISK 106,352 billion, compared to ISK 83,089 billion in September 2008.
Derivatives Trading
The average daily trading volume in derivative products amounted to 535,331 contracts, as compared to 524,611 contracts during the past 12-month period. The average daily trading volume in share products was 242,711 contracts, as compared to 231,010 contracts during the past 12 month period. The average daily trading volume in index products was 171,961 contracts, compared to 210,975 contracts during the past 12-month period. Fixed-income derivatives traded 120,659 contracts, compared to 82,627 contracts during the past 12-month period.
Listings and Members
We have introduced 3 new members during September. There was 1 new company on Main market during September. 1 company has been admitted to trading on First North Premier during the month. Since we launched First North Premier in February 2009, 25 companies have been admitted to trading in the segment.
Source: NASDAQ OMX
Average Daily Volume of 10.6 Million Contracts at Eurex and ISE in September
October 1, 2009--At the international derivatives markets of Eurex, an average daily volume of 10.6 million contracts was traded in September (Sep 2008: 15.2 million). Thereof, 6.9 million contracts were traded at Eurex (Sep 2008: 10.4 million) and 3.7 million contracts were traded at the International Securities Exchange (ISE) (Sep 2008: 4.8 million). In September, a total of 230.8 million contracts were traded on both exchanges, thereof Eurex with 152.5 million and ISE with 78.3 million, compared with 229.4 million contracts at Eurex and 101.5 million at ISE in September 2008.
The equity index derivatives segment recorded the highest turnover, totaling 74.1 million contracts (Sep 2008: 122.3 million). Thereof, 31.9 million contracts were traded in the Dow Jones EURO STOXX 50® index future and 26.4 million contracts in the Dow Jones EURO STOXX 50 index option. The DAX® index future and option saw a combined volume of 12.6 million contracts. Trading volume in equity derivatives (equity options and single stock futures) accounted for 28.4 million contracts compared with 34.5 million in September 2008.
The interest rate derivatives segment reached 49.6 million contracts (Sep 2008: 72.6 million). The Euro Bund Future totaled 19.4 million contracts, the Euro Bobl Future 11.7 million contracts. The Euro Schatz Future recorded its best monthly result in 2009 with 13.9 million contracts. The new Euro BTP future – launched on 14 September – reached already more than 62,000 contracts.
Eurex Repo, which operates CHF- and EUR repo markets, continued to grow y-o-y. The outstanding volumes increased by 5 percent to an average outstanding volume of 149.5 billion euros (Sep 2008: 142.1 billion euros). Driving growth again was the secured money market segment GC Pooling with a growth rate of 57 percent y-o-y, average outstanding volume reached 74.1 billion euros (Sep 2008: 47.2 billion euros). The whole EUR Repo segment grew by 33 percent and totaled 100.8 billion euros (Sep 2008: 75.7 billion euros).
The electronic trading platform Eurex Bonds, which rounds out Eurex’s fixed-income product range, saw a volume of 6.5 billion euros (single counted) in September, compared with 10.2 billion euros in September last year and 6.4 billion euros in August 2009.
View Monthly statistic September 2009
Source: Eurex
BATS Exchange Reports September Market Share of 9.46%; BATS Europe Earns Record 7.21% of FTSE 100
October 1, 2009--BATS Global Markets, an innovative global financial markets technology company, reports that BATS Exchange earned 9.46% U.S. matched market share in September on its single trading platform, while BATS Europe reported record FTSE 100 market share of 7.21% for the month.
BATS Europe also hit a new intraday market share record on Sept. 25th with more than 10% of the FTSE 100 and earned 3.30% of the European market overall, its second-highest pan-European market share figure to date, nearly surpassing the previous record of 3.32% set in June. New one-day record highs were recorded for the FTSE 100 (8.7%), FTSE 250 (5.9%) and FTSE MIB (3.9%).
Source: Earth Times
ETF Landscape: Industry Review, September 2009
September 30, 2009--Barclays Global Investors has just published the September 2009 edition of our monthly ETF Landscape Industry Review. This report is a review of the Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs) industry through the end of August 2009.
At the end of August, global ETF assets hit an all time high of US$891Bn, 3.9% above the previous all time high of US$858Bn set in July 2009.
There were 1,773 ETFs with 3,137 listings from 95 providers on 41 exchanges around the world.
Visit Barclays Globalfor more information.
Source: ETF Research and Implementation Strategy, BGI
Global Financial System Shows Signs of Recovery, IMF Says
September 30, 2009
Systemic risks recede as result of policy actions, nascent economic recovery
Expected asset writedowns decline
Broad reforms required to forestall future crises
Risks to the global financial system have subsided as a result of unprecedented policy actions and, more recently, a nascent global economic recovery, according to the IMF’s latest Global Financial Stability Report (GFSR).
But the semiannual report, released on September 30, cautions that the road to financial rehabilitation is unlikely to be straight and that there will be significant policy issues ahead.
"We are on the road to recovery, but this does not mean that risks have disappeared,” José Viòals, Director of the IMF’s Monetary and Capital Markets Department.
The report points to the need to further repair bank balance sheets to enable the institutions to make loans needed to support the economic recovery. Without this step, downside financial and economic risks could reemerge, the report said.
"If we fail to meet the challenges still being faced by the financial system in the present crisis, we risk reigniting systemic risks and even derailing the economic recovery now in train. As you know, that is something we simply cannot afford," Viòals told a press briefing in Istanbul, Turkey, where the IMF released the report ahead of its annual meetings.
View the Global Financial Stability Report- Navigating the Financial Challenges Ahead October 2009
Source: International Monetary Fund (IMF)
The International Framework for Modernizing Financial Regulation
Acting Assistant Secretary Sobel Testimony Before Senate Committee on Banking, Housing, and Urban
September 30, 2009--Chairman Bayh, Ranking Member Corker, members of the Senate Subcommittee on Security and International Trade and Finance, thank you for this opportunity to testify on the subject of international efforts to promote regulatory reform. I commend the Subcommittee for bringing greater public attention to this critical issue and for choosing such a propitious time, coming on the heels of the G-20 Pittsburgh Summit, to hold this hearing. It is also a personal privilege to testify alongside Dan Tarullo and Kathy Casey.
G-20 Cooperation and Progress Made
The Pittsburgh Summit marks another milestone in the effort to promote a more integrated approach between national and international regulation and supervision. In the wake of the onset of the crisis, and particularly over the last year, policy-makers and regulators from across the globe have redoubled their efforts to repair financial systems and put in place a stronger regulatory and supervisory framework to help ensure that a crisis of the magnitude we have witnessed does not occur again, to strengthen our financial systems so they are more robust in the face of duress, and to create a culture of greater integrity and responsibility in financial markets that guards against reckless behavior and excessive risk-taking.
Good progress is being made. Last year's Washington G-20 Summit produced a 47 point Action Plan to strengthen regulation. The London Summit in April advanced that work. Already, before we went to Pittsburgh, the international community working through the G-20 had achieved much.
For example:
* Prudential oversight has been strengthened. Capital requirements had been increased for risky trading activities, some off-balance sheet items, and securitized products. Principles had been developed for sound compensation practices to better align compensation with long-term performance. Banks were acting to put in place strengthened liquidity risk management principles.
Agreement had been reached to extend the scope of regulation to all systemically significant institutions, markets and products. Non-bank financial institutions, credit rating agencies, and hedge funds are being subjected to greater scrutiny, while the transparency and oversight of securitization and credit default swap (CDS) markets are being improved. International cooperation is being reinforced. More than thirty colleges of supervisors have met to discuss supervision of large, globally active firms. The Financial Stability Board (FSB, previously the Financial Stability Forum – FSF) has been strengthened, including by expanding its membership to include all G-20 countries, promoting financial policy coordination and regulatory cooperation throughout the world.
Market integrity has been strengthened. The G-20 has acted to improve adherence to international standards in the areas of prudential supervision, anti-money laundering and counter financing of terrorism, and tax information exchange as part of a U.S. initiative to deal with jurisdictions that fail to commit to high-quality standards in these areas.
Core Principles for Effective Deposit Insurance Systems have been developed to protect depositors around the world in a more consistent fashion. On a personal note, I would commend Martin Gruenberg, a former staff member of this Committee and now Vice-Chair at the FDIC and chair of the International Association of Deposit Insurers, for his leadership on this front. Pittsburgh Summit
A fundamental objective of the Pittsburgh Summit was to build on these accomplishments and the critical work underway and to identify and gain agreement on the necessary financial supervisory and regulatory reforms to prepare financial institutions to better withstand shocks in the future. G-20 Leaders agreed on timetables to take action in four key priority areas: capital, compensation, over-the-counter (OTC) derivatives and cross-border resolution.
Capital. The crisis demonstrated that capital and liquidity requirements were simply too low and that firms were not required to hold increased capital during good times to prepare for bad. Thus, G-20 Leaders agreed to develop rules to improve the quantity and quality of bank capital and to discourage excessive leverage by end-2010. The Leaders' agreement recognizes that strengthening capital standards is at the core of the reform effort and it tracks closely with the Principles for Reforming the U.S. and International Regulatory Capital Framework for Banking Firms, which Secretary Geithner set forth just before the G-20 Ministerial meeting in London earlier this month.
Source: U.S. Department of the Treasury
