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Chicago Fed Calls for Curbs on High-Frequency Trading
June 10, 2014--The Federal Reserve Bank of Chicago entered the debate over whether financial markets are fair, proposing limits on high-frequency trading firms and incentives to bring more buying and selling into public view.
Recommendations in a working paper published yesterday include breaking up the trading session into a series of half-second periods, a snail's pace in an era of microsecond trading.
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Source: Bloomberg
Minutes Of The Federal Open Market Committee, June 17-18, 2014
July 10, 2014--Developments in Financial Markets and the Federal Reserve's Balance Sheet
In a joint session of the Federal Open Market Committee (FOMC) and the Board of Governors of the Federal Reserve System, the deputy manager of the System Open Market Account (SOMA) reported on developments in domestic and foreign financial markets.
The SOMA manager reported on the System open market operations during the period since the Committee met on April 29-30, 2014, outlined the testing of the Term Deposit Facility, described the results from the fixed-rate overnight reverse repurchase agreement (ON RRP) operational exercise, and provided some possible options for adjusting the list of counterparties eligible to participate in ON RRP operations.
view the Minutes Of The Federal Open Market Committee, June 17-18, 2014
Soure: federalreserve.gov
Barclays Offers ETN Wagering on Corporates With Female Leaders
July 9, 2014--Barclays Plc (BARC), the U.K.'s second--largest bank by assets, is selling an exchange-traded note tied to public companies with female executives, betting on demand for products that promote women in leadership.
The ETN tracks an index created by the London-based bank that follows the performance of U.S. firms with a female chief executive officer or a board of directors that's at least 25 percent women, said Sue Meirs, Barclays' chief operating officer for equity and funds structured-market sales. The Women in Leadership ETN will begin trading tomorrow.
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Source: Bloomberg
Blackstone Alternative Asset Management and Legg Mason Choose State Street to Service Liquid Alternative Funds
As Liquid Alternatives Grow in Popularity, Product Innovation Must be Matched by Education
July 9, 2014--State Street Corporation (NYSE: STT) today announced that it has been selected by Blackstone Alternative Asset Management (BAAM) and Legg Mason for liquid alternatives fund servicing. Liquid alternatives refer to alternative investment strategies that are available through investment vehicles such as mutual funds, ETFs or closed-end funds that provide daily, weekly or biweekly liquidity.
In the US, liquid alternatives commonly take the form of Securities and Exchange Commission registered investment companies, often referred to as 40 Act funds. State Street offers reporting, compliance, accounting, custody, settlement and analytics services to liquid alternative fund managers and also services 14 of the top 25 liquid alternatives funds1.
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Source: State Street Corporation
NASDAQ OMX Lists AdvisorShares Sunrise Global Multi-Strategy ETF (Symbol: MULT)
Alternative Multi-Strategy Actively Managed ETF to Begin Trading on July 9, 2014
July 8, 2014--NASDAQ OMX today announced that AdvisorShares, Bethesda, MD.-based sponsor of actively managed exchange traded funds (ETFs) will launch a new ETF on Wednesday, July 9, 2014.
AdvisorShares Sunrise Multi-Strategy ETF (Symbol:MULT) will list on The NASDAQ Stock Market® (NASDAQ(R)).
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Source: NASDAQ OMX
CBO-Monthly Budget Review for June 2014
July 8, 2014--The federal government ran a budget deficit of $366 billion for the first nine months of fiscal year 2014, CBO estimates-$144 billion less than the shortfall recorded over the same span last year.
Through the end of June, revenues were about 8 percent higher and outlays were about 1 percent higher than they were at the same point last year.
Total Receipts: Up by 8 Percent in the First Nine Months of Fiscal Year 2014
Receipts for the first nine months of fiscal year 2014 totaled $2,259 billion, CBO estimates-$172 billion more than receipts in the same period last year.
view the CBO-Monthly Budget Review for June 2014
Source: Congressional Budget Office (CBO)
Vanguard launches five new ETFs on TSX
July 8, 2014--Vanguard Investments Canada Inc. announced today that five new Canada-domiciled exchange-traded funds (Vanguard ETFs(TM)) will begin trading this morning on Toronto Stock Exchange (TSX). The three equity and two bond ETFs bring to 21 the number of ETFs offered by the firm.
Vanguard FTSE All-World ex Canada Index ETF, Vanguard FTSE Developed Asia Pacific Index ETF, Vanguard U.S. Aggregate Bond Index ETF (CAD-hedged) and Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged), each offer first-of-a-kind market exposures among Canada-domiciled ETFs.
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Source: Vanguard Investments Canada Inc.
Invesco PowerShares Announces Changes for Municipal Bond ETFs
July 8, 2014--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), today announced that the Fund name, underlying index, investment objective, certain fundamental and non-fundamental investment policies and principal investment strategies changed for its three PowerShares Municipal Bond ETFs.
Effective July 8, 2014, the PowerShares Insured National Municipal Bond Portfolio (PZA) will track the BofA ML National Long-Term Core Plus Municipal Securities Index (UNAP), the PowerShares Insured New York Municipal Bond Portfolio (PZT) will track the BofA ML New York Long-Term Core Plus Municipal Securities Index (UNYP) and the PowerShares Insured California Municipal Bond Portfolio (PWZ) will track the BofA ML California Long-Term Core Plus Municipal Securities Index (UCAP).
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Source: Invesco PowerShares
Morgan Stanley-US ETF Weekly Update
July 7, 2014--US ETF Weekly Update
Weekly Flows: $79 Million Net Inflows
8th Consecutive Week of ETF Net Inflows
ETFs Have Generated Net Inflows 20 of 27 Weeks YTD
ETF Assets Stand at $1.9 Trillion, Up 10% YTD
Three ETF Launches Last Week
BlackRock Announces Name and Ticker Changes
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $79 mln last week, the eighth consecutive week of net inflows
Last week's net inflows were led by US Small- & Micro-Cap ETFs at $1.8 bln; conversely, US Large-Cap ETFs posted net outflows of $2.3 bln, the most of any category we measured
Ten of the 15 categories we measured posted net inflows last week; ETFs have generated net inflows 20 of the 27 weeks YTD
ETF assets stand at $1.9 tln, up 10% YTD
13-week flows remain positive among asset classes; combined $49.6 bln in net inflows
International - Developed ETFs generated $13.1 bln in net inflows over the last 13 weeks, the most of any category we measured; International - Developed ETFs account for 14% of ETF market share, trailing only US Large-Cap and Fixed Income ETFs
International - Emerging ETFs have posted net inflows of $8.9 bln over the last 13 weeks, which accounts for 6% of the category's current market cap, the largest % of any category
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares Russell 2000 ETF (IWM) posted net inflows of $2.1 bln this past week, the most of any ETF
IWM's strong flows over the past three weeks coincide with Russell's annual reconstitution at the end of June
Four of the 10 most successful launches from a flows standpoint last week targeted US small- and mid-cap equities
Over the last 13 weeks, the iShares MSCI Emerging Markets ETF (EEM) has exhibited net inflows of $5.1 bln, the most of any ETF; despite structural issues in many emerging market economies, performance has recently picked up in broad emerging market indices
The iShares 7-10 Year Treasury Bond ETF (IEF) has posted net outflows for six consecutive weeks totaling $5.1 bln as a gradually improving economy triggers fears of rising rates
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume decreased in June to 22%, down from 24% the prior month; over the last 5 years, ETF monthly $ volume as a % of listed trading volume averaged 28%; June's 22% is the lowest level since May 2007
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume was $47 bln lower last week compared to the prior week amid a short week
US Large-Cap ETFs accounted for 35% of ETF $ volume last week compared to their 13-week average of 40%
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 6/13/14
SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest at $2.8 bln (3rd consecutive period)
The iShares US Real Estate ETF (IYR) also had a jump in short interest ($473 mln); IYR's shares short are at their highest all-time level
698 ETFs exhibited short interest increases while 578 experienced short interest declines over the last period
Aggregate ETF USD short interest increased by $3.9 bln over the period ended 6/13/14
The average shares short/shares outstanding for ETFs is currently 4.0%, equal to last period
The SPDR Retail ETF (XRT) is the most heavily shorted ETF as measured by shares short/shares outstanding for the sixth consecutive period at 416% (up from 316% last period)
Five of the 10 most heavily shorted ETFs as a % of shares outstanding are industry based (XRT, XOP, IYR, XBI, SMH)
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only eight ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$8.2 bln in total market cap of ETFs less than 1-year old
38 International - Developed ETFs have been launched over the past year, the most of any category; recently launched International - Developed ETFs have a market capitalization of $1.5 bln
98 new ETF listings and 19 closures YTD
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Source: Morgan Stanley
BNY Mellon ADR Index Monthly Performance Update-June 2014
July 7, 2014--The BNY Mellon ADR Index Monthly Performance-June 2014 Update has been published and is now available for review.
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Source: BNY Mellon
