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US. Treasury International Capital Data for Juy
September 16, 2010--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for July 2010. The next release, which will report on data for August 2010, is scheduled for October 18, 2010.
Net foreign purchases of long-term securities were $61.2 billion.
Net foreign purchases of long-term U.S. securities were $73.8 billion. Of this, net purchases by private foreign investors were $69.0 billion, and net purchases by foreign official institutions were $4.8 billion.
U.S. residents purchased a net $12.6 billion of long-term foreign securities.
Net foreign acquisition of long-term securities, taking into account adjustments, is estimated to have been $44.0 billion.
Foreign holdings of dollar-denominated short-term U.S. securities, including Treasury bills, and other custody liabilities increased $40.1 billion. Foreign holdings of Treasury bills increased $26.6 billion.
Banks' own net dollar-denominated liabilities to foreign residents decreased $20.4 billion.
Monthly net TIC flows were $63.7 billion. Of this, net foreign private flows were $43.1 billion, and net foreign official flows were $20.6 billion.
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Source: U.S. Department of the Treasury
Javelin to Shutter Islamic Fund
New ETF Manager Finding More Success in Contrarian Strategy
September 16, 2010--Javelin Investment Management has announced that its JETS Dow Jones Islamic Market International Index Fund (NYSEArca:JVS - News) will cease trading on October 19, 2010. Launched on July 1, 2009, the fund failed to attract the level of investor interest that had been anticipated.
"With over seven million Muslims in the United States, we believe that Shariah-based investing has a promising future," says Javelin president and founder Brint Frith, "but we found it difficult to reach target investors through the marketing channels typically used by ETFs."
Marketing efforts for Javelin's second offering, JETS Contrarian Opportunities Index Fund, have proved more successful since its launch in April of this year. Trading under the symbol JCO, the fund consists of stocks that have been identified by Dow Jones as having underperformed in recent years while maintaining relatively strong fundamentals.
"The contrarian fund is gaining traction," says Frith, "and we are now developing similar funds that provide strategic solutions to challenging market conditions."
An investment in the JETS Dow Jones Islamic Market International Index Fund or in JETS Contrarian Opportunities Index Fund is subject to investment risk, including the possible loss of principal amount invested. The risks associated with these funds include stock market risk, index risk, tracking error risk, replication management risk, small and mid cap company risk, market price risk and trading halt risk.
JETS Dow Jones Islamic Market International Index Fund invests in companies whose principal activities are outside the United States. This creates the risk that currency fluctuations will impact the company's results. Trading on foreign markets often carries the risk that regulatory "circuit breakers" will interrupt trading. Trading practices vary around the world, as do sovereign risk and the possibility of war or civil disturbance. These risks can be more serious in the emerging markets.
Source: Javelin Investment Management
ETF Securities USA LLC Files with the SEC-18 Funds
September 16, 2010--ETF Securities USA LLC has filed a pre-effective amendment to Form S-1 with the SEC for
ETFS ex-U.S. Oil
ETFS Natural Gas
ETFS Copper
ETFS Wheat
ETFS Composite Agriculture
ETFS Composite Industrial Metals
ETFS Composite Energy
ETFS All Commodities
ETFS Short ex-U.S. Oil
ETFS Short Natural Gas
ETFS Short Copper
ETFS Short Wheat
ETFS Short Gold
ETFS Leveraged ex-U.S. Oil
ETFS Leveraged Natural Gas
ETFS Leveraged Copper
ETFS Leveraged Wheat
ETFS Leveraged Gold
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Source: SEC.gov
iShares files with the SEC
September 16, 2010--iShares has filed a post-effective amendment, registration statement with the SEC for
iShares Barclays 0-5 Year TIPS Bond Fund.
view filing
Source: SEC.gov
China's Currency Policies and the U.S.-China Economic Relationship-Testimony of Treasury Secretary Timothy F. Geithner
Before the Senate Banking, Housing, and Urban Affairs and House Ways and Means Committees
September 16, 2010--Chairman Dodd, Ranking Member Shelby, Members of the Committee, thank you for the opportunity to testify on Treasury's semiannual Report to Congress on International Economic and Exchange Rate Policies, and in particular on China.
I want to focus today on the importance of the U.S.-China economic relationship and the challenges that we must overcome in order to secure the full benefit of this relationship for the American people.
We have very significant economic interests in our relationship with China. With over 1.3 billion people and an economy continuing to grow at or near double-digit rates, China is our fastest-growing major overseas market. China's record of bringing hundreds of millions out of poverty, building a rapidly growing middle class, and now its efforts to encourage growth led by domestic demand, ultimately mean more demand for American goods and services. Increasing opportunities for U.S. firms and workers through expanded trade and investment with China will be an important part of the success of the President's National Export Initiative and our efforts to support job growth more broadly.
U.S. exports to China have grown much faster than our exports to the rest of the world, and they have recovered much more quickly following the global crisis.
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Source: U.S. Department of the Treasury
DB Global Equity Index & ETF Research : US ETP Market Weekly Review
September 15, 2010-New Listings and Delistings
There were nine products listed over the previous week in NYSE Arca. Vanguard entered the battle for S&P-linked assets by launching 9 ETFs tracking the S&P 500, 400 and 600 indices in their blended and pure-style forms.
These products which offer the lowest TERs in each of their respective segments will compete directly with well established SPDRs and iShares funds, such as the SPY and IVV. However Vanguard is not new to this business (they manage the oldest index fund on the S&P 500 Index), therefore it will be interesting to watch the trends in flows, liquidity and assets among these funds as competition increases.
Net Cashflows
Total ETP inflows in the US added up to $2.6 bn during the previous week. Equity, Fixed Income, Commodity and Currency ETPs had inflows of $2.1 bn, $308 mm, $156 mm and $7 mm, respectively. No asset class experienced outflows.
Within Equity ETPs, Large Cap ETPs received the largest inflows ($2.5 bn) followed by Emerging Markets Regional ETPs, while Small Cap ETPs saw the largest outflows ($1.3 bn).
The Fixed Income ETPs inflows were led by Corporates ETPs ($449 mm), while Sovereign ETPs experienced the largest outflows ($256 mm).
Commodity ETPs’ flows were relatively insignificant with Natural Gas ETPs leading the inflows with $85 mm.
Turnover
Driven mainly by a decrease in Equity ETPs turnover, Avg. Daily Turnover decreased by 2.4% and totaled $59 bn at the end of the week.
Assets Under Management (AUM)
US ETPs AUM remained almost flat, recording a shy 0.6% increase almost mirroring the market performance as measured by the S&P 500 index (0.46%), totaling $842 bn at the end of the week.
To request a copy of the report
Source: Deutsche Bank Global Equity Index & ETF Research
Component Changes Made to Dow Jones Africa Titans 50 Index
September 15, 2010--Dow Jones Indexes, a leading global index provider, today announced component changes in the Dow Jones Africa Titans 50 Index.
Red Back Mining Inc. (Canada, Basic Resources, RBI.T) will be deleted from the Dow Jones Africa Titans 50 Index and replaced by Nevsun Resources Ltd. (Canada, Basic Resources, NSU.T).
Red Back Mining Inc. is being removed due to its acquisition by Kinross Gold Corp. (Canada, Basic Resources, K.T). The changes in the Dow Jones Africa Titans 50 Index will be effective as of the open of trading on Monday, September 20, 2010.
The Dow Jones Africa Titans 50 Index is a pan-African index that measures the performance of 50 companies that are headquartered in or generate the majority of their revenues in Africa. Further information on the Dow Jones Africa Titans 50 Index can be found at http://www.djindexes.com.
Source: Dow Jones Indexes
ETFS Securities files with the SEC
September 15, 2010--ETFS Securities has filed an Amedment NO. 1 to
Form S-1 with the SEC for
ETFS Asian Gold Trust.
view filing
Source: SEC.gov
CFTC Announces Panelists for September 16 Public Roundtable to Discuss the Commission’s Proposed Ownership and Control Report
September 15, 2010--The staff of the Commodity Futures Trading Commission (CFTC) today announced the panelists for its September 16, 2010, public roundtable to discuss the Commission’s proposed Ownership and Control Report (OCR).
Note: the Roundtable’s agenda and call-in information may be found in CFTC press release #5888-10 (see related documents).
Panelists
Keith Anguish, Associate Director, Systems Development, CME Group Inc.
Jim Moran, Director, Global Market Regulation Strategy and Technology, CME Group Inc.
Karl Cooper, Chief Regulatory Officer, NYSE Liffe U.S.
Andy Booth, Chief Technology Officer, NYSE Liffe U.S.
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Source: CFTC.gov
Gensler Statement on September 15 CFTC/SEC Public Roundtable to Discuss Swap Execution Facilities and Security-Based Swap Execution Facilities
September 15, 2010--Commodity Futures Trading Commission Chairman Gary Gensler today commented on the joint CFTC-SEC Public Roundtable to Discuss Swap Execution Facilities and Security-Based Swap Execution Facilities.
Chairman Gensler said:
"Requiring swaps to be traded on regulated trading platforms will bring transparency and better pricing to the derivatives markets. This will lower risk and costs for businesses. I look forward to hearing panelist views at today's roundtable to inform our rule-writing in this area."
Source: CFTC.gov
