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BNY Mellon ADR Index Monthly Performance Review is Now Available
October 5, 2010--The BNY Mellon ADR Index Monthly Performance Review is Now Available.
view report
Source: BNY Mellon
Nomura Americas Opens New Equities Trading Floor in New York
October 5, 2010--Nomura Securities International, Inc. today announced the official opening of its new 75,000 square foot equities trading floor in New York at 2 World Financial Center, coinciding with the launch of US Cash Equities and US Equity Research.
Together with a new equity research floor opened in midtown Manhattan, the equities department includes 430 professionals and has seating in these two new facilities to expand headcount to over 600 positions as it continues its growth in the Americas.
US Equities now offers full capabilities in cash, convertibles, derivatives, electronic trading, futures, prime brokerage, program trading, and quantitative and fundamental research. Nomura also has sizeable sales forces delivering the full range of equity products from Japan, Asia and EMEA. The firm's US customers benefit from a global network of content, ideas, structuring and liquidity across all markets, including the #1 ranked Institutional Investor international research team. Nomura has also built powerful fixed income capabilities over the past fifteen months and is amid an ambitious expansion of its investment banking and advisory services.
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Source: Nomura
Treasury Releases Two-Year Retrospective Report on the Troubled Asset Relief Program
TARP Played a Critical Role in Stabilizing the Financial Sector and Restarting Credit Markets, So That Our Nation's Economy Could Recover;
October 5, 2010--On the heels of the recent expiration of the Troubled Asset Relief Program (TARP) on October 3, the U.S. Department of the Treasury today announced the release of a "Two-year Retrospective" report on TARP.
The report provides a comprehensive overview of the steps that Treasury took under TARP to contain a growing financial panic that gripped our country in late 2008 and early 2009. The program played a critical role in recapitalizing the financial sector and restarting the credit markets, which made it possible for businesses, municipalities, and families to borrow again, so that our economy could recover.
According to the report, in light of the recently announced AIG restructuring and when valued at current market prices, Treasury now estimates that the total cost of TARP will be about $50 billion. In addition, using the same assumptions, Treasury estimates that the combined cost of TARP programs and other Treasury interests in AIG will be about $30 billion. (For a full description of cost estimates, please see pages 3-5 of the report.)
view report-TARP-Two Year Retrospective
Source: U.S. Department of the Treasury
Van Eck files with the SEC
October 5, 2010--Van Eck has filed a post effective amendment, registration statement with the SEC for
LatAm Aggregate Bond ETF
Asia ex-Japan Aggregate Bond ETF
view filing
Source: SEC.gov
Global X files with the SEC
October 4, 2010-Global X has filed an application for exemptive relief with the SEC.
view filing
Source: SEC.gov
CBOE Reports September 2010 Trading Volume - September 2010 Average Daily Volume Up From August 2010,Down From September 2009 - Year-To-Date Adv Declines By One Percent
October 4, 2010- The Chicago Board Options Exchange (CBOE) today reported that average daily volume (ADV) in September was 3.8 million contracts.
September's ADV was a 20-percent decline from the 4.7 million contracts per day in September 2009 and an eight-percent increase over August 2010 ADV of 3.5 million contracts. `
Year-to-date ADV of 4.5 million contracts through September was down one percent compared with the same period in 2009.
ETF options - September 2010 ADV was nearly 918,000 contracts, down 22 percent from 1.2 million contracts per day in September 2009 and up eight percent from just under 847,000 contracts per day in August 2010. Year-to-date ETF option ADV of 1.1 million contracts was up two percent from the same period in 2009.
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Source: CBOE
TMX Group Announces The Creation Of A New Alternative Trading System - TMX Selecttm Will Provide Additional Client Choice, Leveraging Existing TSX Connectivity
October 4, 2010--TMX SelectTM will provide additional client choice, leveraging existing TSX connectivity TORONTO (CNW) - TMX Group Inc. today announced that it has submitted regulatory filings to create a new alternative trading system (ATS). TMX SelectTM, which is a wholly-owned subsidiary of TMX Group, will offer a visible marketplace for trading equity securities.
The new trading system will operate on TMX Group's high-performance TSX Quantum� trading platform, with functionality and pricing models separate and distinct from Toronto Stock Exchange and TSX Venture Exchange.
"TMX Select will provide multiple benefits to market participants, including a new source of liquidity, innovative pricing and the leading technology in Canada," said Kevan Cowan, President TSX Markets and Group Head of Equities. "And because clients will be able to access this new order book using their existing TSX connectivity, TMX Select will provide all of these benefits with minimal cost and effort." In addition to seamless connectivity for existing clients and competitive pricing, key TMX Select market features include: expanded trading hours, providing additional opportunities to execute trades; a simplified market structure with continuous trading of board lots only and no special terms; and strict price-time priority for visible orders.
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Source: CB Online
CME Group Volume Averaged 12.1 Million Contracts per Day in September 2010, up 15 Percent, and 11.6 Million Contracts per Day in Third Quarter, up 14 Percent
October 4, 2010-- Treasuries averaged 2.6 million contracts per day in September, up 50 percent
Commodities averaged 1.0 million contracts per day in September, up 56 percent
Interest rates, foreign exchange, commodities, energy and metals experienced double-digit monthly and quarterly year-over-year growth
CME Group, the world's leading and most diverse derivatives marketplace, today announced that September volume averaged 12.1 million contracts per day, up 15 percent from September 2009 and up 3 percent sequentially.
Total volume for September was 254 million contracts, of which 83 percent was traded electronically.
In September 2010, CME Group interest rate volume averaged 5.1 million contracts per day, up 17 percent compared with the prior September. Treasury futures volume averaged 2.2 million contracts per day, up 44 percent compared with the same period in 2009, and Treasury options volume averaged 395,000 contracts per day, up 99 percent. Eurodollar futures volume averaged 1.8 million contracts per day, down 4 percent versus September 2009, and Eurodollar options volume averaged 615,000 contracts per day, down 6 percent.
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Source: CME Group
Alternatives to cap-weighted indexes gain favor
October 4, 2010--Adding value: James Norman said the DBI strategy uses equally weighted ‘risk clusters.’
A growing number of institutional investors could make allocations to an expanding array of alternatives to market-cap-weighted indexes in the coming year, as broader efforts to boost returns and lower volatility extend to the passive portions of their barbelled portfolios.
While opinion remains divided on whether those alternate benchmarks should be considered passive, active or something in between, some industry veterans predict the small-cap and value equity premiums many of those benchmarks mine could help them gain currency among investors turning over every rock to avoid the next market bubble.
Consideration by investors of what to do with their passive exposure is “very actively going on,” noted Cynthia Steer, managing director and chief research strategist at Rogerscasey Inc., Darien, Conn.
Institutional investors and their consultants have done enough research about options “that exist outside of traditional cap-weighted indexes ... to begin moving some of their passive allocations over,” predicts Jason Tsu, chief investment officer of Newport Beach, Calif.-based Research Affiliates LLC, whose fundamental indexes have had the most success thus far in chipping away at the overwhelming dominance of market-capitalization-weighted indexes.
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Source: Pensions & Investments
Remarks, Swap Execution Facility Conference
Chairman Gary Gensler
October 4, 2010--Good morning. I thank the Wholesale Markets Brokers’ Association for inviting me to speak at the “Swap Execution Facility Conference.” Swap execution facilities – or SEFs – comprise a new category of trading platforms that was established in the Dodd-Frank Wall Street Reform and Consumer Protection Act. In so doing, Congress sought to bring greater transparency, more efficient markets and better pricing for end users and to lower risk in the financial system.
As we work to develop requirements for SEFs – with broad input from the public – it is important that we keep in mind the context of the unusual market events that took place on May 6 of this year. Those events created significant uncertainty for American investors.
May 6
As outlined in the joint staff report released this past Friday by the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC), there were three chapters of the May 6 market events:
very fragile and uncertain markets due in part to the unsettling news concerning the European debt crisis; a liquidity crisis in the E-Mini S&P 500 futures contracts (E-Mini) and related index securities; and a liquidity crisis in individual securities. I will focus primarily on the second point – the liquidity
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Source: CFTC.gov
