Americas ETP News
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AdvisorShares Weekly Market Update: First Quarter Closing On A Deceptively Volatile Note
April 2, 2015--Macro-Last week was generally quieter than the week before in terms of news but volatility in the asset classes was alive and...
The Gold Report-It is interesting that even as the grain markets are under such severe pressure, and even as the global equity markets are under very real pressure, and even as crude oil remains under pressure, gold is firm...
The High Yield Report-As we look at the high yield bond market, it is important to have an understanding of the fixed income marketplace and the investment options within it. The first thing to note is the sheer size, which..
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Source: AdvisorShares
CBOE Holdings Reports March 2015 Trading Volume
Total Volume of 94.9 Million Contracts Traded
ADV of 4.3 Million Contacts Down From Prior Month, Year Ago
April 1, 2015--CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that total trading volume during March for options contracts on Chicago Board Options Exchange(R) (CBOE(R)) and C2 Options ExchangeSM (C2SM) and futures contracts on CBOE Futures Exchange (CFE(R)) was 94.9 million contracts, an increase of seven percent versus February 2015 and a decrease of 12 percent from March 2014.
Total options and futures average daily volume (ADV) at CBOE Holdings during March was 4.3 million contracts, a decrease of seven percent from February 2015 and a decrease of 16 percent from March 2014.
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Source: CBOE
Financial adviser rule draws industry fire
April 1, 2015--Financial services industry firms are locked in a battle to shape the final language of contentious draft regulations meant to crack down on financial advisers.
Administration officials convened a series of at least four meetings in March at the White House, hearing from progressive groups who back the new regulations as well as business interests looking to dial them back, Office of Management and Budget (OMB) records show.
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Source: The Hill
Bond Traders Find Answer to Broken Market: Switch to Currencies
April 1, 2015--Just because it's getting harder to trade bonds doesn’t mean that investors are sitting on their hands.
Instead, they're turning to currencies, which are largely bought and sold electronically rather than through dealers, according to Joyce Chang, the global head of research at JPMorgan Chase & Co. in New York.
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Source: Bloomberg
CFTC.gov Swaps Report Update
April 1, 2015--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
ISE Holdings Reports Business Activity for March 2015
April 1, 2015--ISE and ISE Gemini combined represent 16.3% of equity options market share, excluding dividend trades.
ISE and ISE Gemini reported a combined ADV of 2.3 million contracts.
Dividend trades made up 0.9% of industry volume in March 2015.
International Securities Exchange Holdings, Inc. (ISE Holdings) today reported a combined average daily
volume (ADV) of 2.3 million contracts in March 2015 for its two exchanges, ISE and ISE Gemini. This
represents 16.3% of U.S. equity options market share.
Business announcements for the month of March include:
On March 2, the Patent Trial and Appeal Board (PTAB) of the U.S. Patent and Trademark Office
(USPTO) found that three CBOE patents were invalid. The patents formed the basis of litigation
CBOE brought against ISE.
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Source: ISE (International Securities Exchange)
ALPS Equal Sector Weight ETF Reduces Net Expense Ratio to 0.30%
April 1, 2015--ALPS, a DST Company focused on asset management and asset servicing, today announced a one-year fee waiver of 0.22% effective March 31, 2015 for the ALPS Equal Sector Weight ETF (Exchange-Traded Fund), a series of ALPS ETF Trust, resulting in a net management fee of 0.15%1 and total net expense ratio of 0.30% inclusive of acquired fund fees and expenses.
In addition, EQL received an Overall 4 Star Morningstar Rating(TM) as of February 28, 2015 against 34 of U.S. ETF Large Blend Funds based on risk adjusted returns.
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Source: ALPS
Morgan Stanley to Sell Data on Advisors Using ETFs
April 1, 2015--The beauty of ETFs, which trade on almost every public exchange, is their universal reach.
At the same time, this broad distribution system can make it hard to say exactly who is buying and selling these funds at any given time.
Now, the "veil between ETF providers and their customers" could be lifted a little, according to InvestmentNews.
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Source: Financial Advisor IQ
Yellen fails to entice gold bugs as ETPs lose $1.5bn
April 1, 2015--Janet Yellen's signal that she's not in a hurry to raise U.S. interest rates failed to persuade investors to come back to gold.
Instead, they pulled out $1.5 billion from U.S. exchange-traded products backed by precious metals last month, the most since December 2013, data compiled by Bloomberg show.
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Source: MineWeb
DB-Synthetic Equity & Index Strategy-US ETF Weekly Research-Fixed Income ETPs gathered $2.5bn inflows last week
March 31, 2015--Data in this report is as of Friday, March 27t
Market and Net Cash Flows Review
The US (S&P 500) was down 2.23%; while, outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) fell by 0.73% and 1.11%, respectively. In the meantime, performance was negative across all US sectors. The Financials (-3.0%) and the Industrials (-2.7%) sectors recorded the largest decreases. The DB Liquid Commodity Index decreased by 0.25%; similarly, the Agriculture sector (DB Diversified Agriculture Index) fell by 1.01%; meanwhile, the WTI Crude Oil, Gold, and Silver prices rose by 6.89%, 1.36%, and 1.29%, respectively.
Moving into other asset classes,the 10Y US Treasury Yield rose by 2bps ending at 1.95%. Last but not least, Volatility (VIX) increased by 15.75% during the same period.
The total US ETP flows from all products registered $7.3bn (-0.3% of AUM) of outflows during last week vs. $26.8bn (+1.3%) of inflows the previous week, setting the YTD weekly flows average at +$4.2bn (+$54.3bn YTD in total cash flows). Equity, Fixed Income, and Commodity ETPs experienced flows of -$9.3bn (-0.5%), +$2.5bn (+0.8%), and -$0.5bn (-0.9%) last week vs. +$24.1bn (+1.5%), +$2.1bn (+0.6%), and +$0.6bn (+1.1%) in the previous week, respectively. It is worth noting that most of the equity outflows were expected and were related to short-term flows as we mentioned last week.
Top 3 ETPs & ETNs by inflows: HEDJ (+$0.9bn), HYG (+$0.6bn), XT (+$0.6bn)
Top 3 ETPs & ETNs by outflows: VIG (-$3.9bn), SPY (-$3.4bn), VYM (-$1.6bn)
New Launch Calendar: Global New Economy, Global Small-Cap, Event-Driven Strategy, Long/Short Strategy
There were four new ETFs listed during the previous week. The new products are designed to provide exposure to global companies that create or use exponential technologies and are part of the new world economy, global small-cap equities, and two alternative funds focusing on an event-driven strategy and a long/short strategy, respectively.
Turnover Review: Floor activity decreased by 17.3%
Assets under Management (AUM) Review: Assets decreased by $40.5bn
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Total weekly turnover decreased by 17.3% to $342.0bn vs. $413.3bn from the previous week. However, last week's turnover level was 6.2% over last year's weekly average. Equity, Fixed Income and Commodity ETPs turnover decreased by $62.0bn (-16.8%), $4.8bn (-18.1%), and $3.6bn (-30.7%) during the same period, respectively.
US ETP assets dropped by $40.5bn (-1.9%) totaling $2.062 trillion at the end of the week. As of last Friday, US ETPs had accumulated an asset growth of +4.2% YTD. Assets for Equity, Fixed Income, and Commodity ETPs moved -$43.4bn, +$2.6bn, and +$0.4bn during last week, respectively.
Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
