Americas ETP News
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State Street to Open Emerging Market ETF Without BRIC Countries
August 28, 2013--State Street Corp. (STT), the second-largest provider of exchange-traded funds worldwide, is seeking to counter its biggest rivals' dominance of emerging-market stock ETFs with a fund that excludes Brazil, Russia, India and China, known as the BRIC nations.
State Street asked the U.S. Securities and Exchange Commission for permission to open the SPDR MSCI Beyond BRIC ETF, according to a regulatory filing dated yesterday from the Boston-based firm.
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Source: Bloomberg
U.S. SEC to meet exchange heads September 12 over Nasdaq outage
August 27, 2013--The U.S. Securities and Exchange Commission will meet with heads of the major exchanges on September 12 to discuss last week's Nasdaq trading outage, the regulator said on Tuesday.
The meeting with SEC Chairwoman Mary Jo White would address "the market dissemination system involved in last week's halt, as well as other critical market systems and infrastructure issues," the SEC said.
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Source: Reuters
Brown Brothers Harriman and IndexUniverse Launch First Annual ETF Advisor Survey
Key Findings Highlight Opinions of the World's Leading ETF-focused Financial Advisors
August 27, 2013--Brown Brothers Harriman-one of the market leading ETF custodians and administrators with $170 billion in ETF assets and IndexUniverse-the leading independent authority on exchange-traded funds (ETFs), indexes, and index funds- announced today that it will publish its first "Annual Advisor Survey" in the September 2013 issue of IndexUniverse's leading publication, ETF Report.
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Source: Yahoo News
CBOE Futures Exchange Hit With Data Glitch
System Recovers After Temporary Delay of Quotes
August 27, 2013--CBOE Holdings Inc., operator of the largest U.S. options exchange by trading volume, alerted traders to problems with some market-data services early Tuesday, according to notices on the exchange operator's website, before all issues were fully resolved by about 1 p.m. Eastern time.
The Chicago Board Options Exchange parent warned that "some users may see delays in complex order entry," according to an alert at 11:16 a.m., while earlier in the session, the exchange operator said that its futures platform had problems with a "limited number" of canceled trades on its futures platform being executed early Tuesday, according to a separate notice sent to traders. Another notice said some orders from Monday were still appearing as "active" in the futures exchange's order book.
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Source: Wall Street Journal
ISE GeminiTM is the Fastest New Exchange to Surpass Two Percent Market Share in Equity Options
Successful Product Rollout Completed on an Accelerated Basis
August 27, 2013--The International Securities Exchange (ISE) announced that ISE GeminiTM surpassed two percent market share yesterday in equity options, the fastest exchange to reach that milestone since ISE introduced electronic trading to the options market in 2000.
ISE Gemini also successfully concluded its product listing plan on an accelerated basis, less than a month after launching on August 5.
"Since ISE's inception, one of our core values has been a dedication to growth through innovation and the record market share milestone is a testament to that," said Boris Ilyevsky, Managing Director of ISE. "The pricing structure, market model and listings plan we developed were meant to ensure a methodical introduction to ISE Gemini, and the extremely smooth rollout has surpassed our expectations. We are gratified that ISE Gemini continues to be well received and look forward to continued growth of our new exchange."
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Source: ISE.com
National Bank Direct Brokerage Extending Promotional Offer to Trade Exchange-Traded Funds Free of Charge
August 27, 2013--National Bank Direct Brokerage (NBDB) is announcing that it is extending its promotional offer to trade Canadian exchange-traded funds (ETFs) without charging any commission fees until October 31.
This promotion-which was launched in April-is being held in a context where all NBDB activities are experiencing rapid growth: client transactions increased by 9% during the six-month period from February 1 to July 31, 2013 compared to the year-earlier period.
This promotion's success shows that self-directed investors are receptive to National Bank Direct Brokerage's offers, which make investing easier and that ETFs also meet an actual need. It is the perfect time for clients to build a portfolio at a low cost, and take advantage of the benefits of ETFs: they are easy to trade, the portfolio is diversified, and the management fees and securities in the portfolio are transparent," pointed out Nancy Paquet, President of National Bank Direct Brokerage.
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Source: National Bank of Canada
FSB Report-Peer Review of the United States
August 27, 2013--The Financial Stability Board(FSB) published today its peer review of the United States.
The report examines the progress made in the US on three topics that are important for financial stability and relevant for the broader FSB membership: systemic risk oversight arrangements; supervision and oversight of financial market infrastructures (FMIs); and insurance supervision.
To a large extent, the reforms analysed in this review focus on the need to ensure effective and efficient coordination and information sharing arrangements and to address any overlaps or gaps in the roles and responsibilities of the relevant US agencies, given the complex and fragmented US regulatory and supervisory structure.
Good overall progress has been made by the US authorities in following up on the recommendations made by the International Monetary Fund under the 2010 Financial Sector Assessment Program (FSAP) on the above three topics, particularly as regards systemic risk oversight arrangements and the supervision and oversight of FMIs. Progress in implementing the FSAP recommendations has been less advanced in the case of insurance supervision.
view the FSB Report-Peer Review of the United States
Source: Financial Stability Board(FSB)
TMX Group launches Canadian implied volatility and Greeks analytics feed
TMX Datalinx to offer new data feed for MX options
August 27, 2013--TMX Group today announced the launch of a new analytics feed for options traded on Montréal Exchange Inc. (MX), a wholly-owned subsidiary of TMX Group Limited and Canada's derivatives exchange.
TMX Datalinx, the information services division of TMX Group, will make the new feed available to the options trading community through the TMX Atrium global network and other content distributors.
The Canadian implied volatility and Greeks analytics feed, is a low latency, real-time market data feed designed to provide clients with the necessary analytics to effectively evaluate potential trading opportunities and assess portfolio risk.
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Source: TMX Group
Exclusive: Nasdaq, NYSE at odds on outage cause as SEC seeks facts
August 27, 2013--U.S. regulators have asked Nasdaq OMX Group (NDAQ) and NYSE Euronext (NYX) to come up with a timeline of Thursday's three-hour trading disruption, but the rival exchange operators have been unable to agree on the details, according to several sources familiar with the situation on Monday.
Five days after a glitch that paralyzed Nasdaq-listed stocks for three hours on all U.S. markets, Nasdaq and NYSE have a different understanding of what happened in the period preceding and during the blackout, with each side blaming the other for the outage, according to the sources.
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Source: Reuters
Morgan Stanley-US ETF Weekly Update
August 26, 2013--US ETF Weekly Update
Weekly Flows: $8.2 Billion Net Outflows
Second Consecutive Week of Net Outflows
ETF Assets Stand at $1.5 Trillion, up 12% YTD
One ETF Launch Last Week
US-Listed ETFs: Estimated Flows by Market Segment
ETFs exhibited net outflows of $8.2 bln last week, the second consecutive week of net outflows
For the second straight week net outflows were driven by US Large-Cap ETFs; the SPDR S&P 500 ETF (SPY) accounted for 80% of the
net outflows in the category
Nine of the 15 categories we measure posted net outflows last week
ETF assets stand at $1.5 tln, up 12% YTD; $96.9 bln net inflows YTD
13-week flows remain mostly positive among asset classes; combined $14.4 bln in net inflows
International - Developed ETFs have generated $8.9 bln in net inflows over the last 13 weeks, the most of any category; net inflows into
international markets have been led by European ETFs or ETFs with significant European exposure
Fixed Income ETFs have posted net outflows for four consecutive weeks and over the last 13 weeks have exhibited net outflows of $11.7
bln, the most of any measured category
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares U.S. Real Estate ETF (IYR) posted net inflows of $882 mln this past week, the most of any ETF
The iShares Russell 2000 ETF (IWM) generated net inflows of $874 mln last week and over the last 13 weeks has posted net inflows of
$3.5 bln, the most of any ETF; over the last 13 weeks small-cap stocks have significantly outperformed their large-cap counterparts from
a performance standpoint
The SPDR Gold Trust (GLD) posted its first back-to-back week of net inflows since December 2012
Fixed Income ETFs exhibited $2.7 bln in net outflows last week, including five of the top 10 net outflows; while the segment as a whole
has experienced net outflows over the last 13 weeks, notably, short duration fixed income ETFs have posted meaningful net inflows
US-Listed ETFs: Short Interest
Data Unchanged: Based on data as of 7/31/13
SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest at $1.3 bln
SPY’s shares short are at their highest level since 3/28/13 and nearly 10% above their one-year average
The Vanguard FTSE Emerging Markets ETF (VWO) is coming off its highest level of shares short ever last period; VWO’s
short interest declined $845 mln and its shares short were down 22 mln
Aggregate ETF USD short interest increased by $187 mln over the period ended 7/31/13
The average shares short/shares outstanding for ETFs is currently 4.3%- For the third consecutive period, three of the 10 most heavily shorted ETFs as a % of shares outstanding have been currency based - Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only six ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
Source: Bloomberg, Morgan Stanley Wealth Management ETF Research. Data estimated as of 8/23/13 based on daily change in share counts and daily NAVs.
$8.3 bln in total market cap of ETFs less than 1-year old
International Equity ETFs account for 46% of market capitalization of ETFs launched over the past year and make up 40% of net
inflows over the last 13 weeks of recently launched ETFs
Over the last 13 weeks, the only category of the recently launched ETFs to post net outflows was the Leveraged/Inverse area ($4 mln in
net outflows)
91 new ETF listings and 30 closures/delistings YTD
The top 10 most successful launches make up 68% of the market cap of ETFs launched over the past year
Five ETF sponsors and two asset classes represented in top 10 most successful launches; we note that the representation of funds with an
income orientation is currently six
Increasing interest rates and fears of long-term interest rates moving up have spurred demand for floating rate senior loans; specifically,
the SPDR BlackStone/GSO Senior Loan ETF (SRLN) generated net inflows of $27 mln last week and $279 mln over the last 13 weeks
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Source: Morgan Stanley
