Americas ETP News
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Institutional investors accounted for largest share of ETF trading on BM&FBOVESPA in August
September 10, 2012--Institutional investors accounted for 35.8% of the total volume of exchange-traded funds traded on BM&FBOVESPA in August. Financial investors ranked second with 24.5%, followed by foreign investors with 23.9%, individual investors with 12.8% and private- or public-sector corporations with 3.1%.
iShares Ibovespa Fundo de Índice ( BOVA11 ) was the most traded ETF on BM&FBOVESPA in August, accounting for 89.8% of the total trading volume in all the ETFs available on the Exchange.
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Source: BM&FBOVESPA
AlphaClone Hedge Fund Long/Short Index shows move away from financial sector
September 7, 2012--Hedge fund managers tracked by the AlphaClone Hedge Fund Long/Short Index distanced themselves from financial sector investments in the second quarter, representing a steep reversal from the previous quarter in which financials were the index's most overweight sector relative to the S&P 500.
“The bearish stance may illustrate conviction among hedge funds that financials are fully valued at these levels, especially in light of various high profile scandals that affected the sector negatively,” says Mazin Jadallah (pictured), chief executive of AlphaClone.
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Source: HedgeWeek
CFTC.gov Commitments of Traders Reports Update
September 7, 2012--The current reports for the week of Setpember 4, 2012 are now available.
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Source: CFTC.gov
ISE Introduces 50 cent strike price intervals in weekly options
September 7, 2012--The International Securities Exchange (ISE) today announced that it has received SEC approval to introduce $0.50 strike price intervals in weekly options. The exchange began listing weekly options in the more granular $0.50 strikes yesterday, offering an expanded range of strike prices and potentially a lower cost of entry to investors who are using weekly options to effect their trading and hedging strategies.
This new program extends to weekly options classes that currently trade in one dollar increments, and all other contract terms remain unchanged.
“The weekly options program has become one of the most popular product offerings and strongest growth areas since its industry-wide expansion two years ago,” said Boris Ilyevsky, Managing Director of ISE’s options exchange. “The introduction of $0.50 strike price intervals will attract further interest from investors who are seeking greater trading opportunities and the ability to more closely tailor their investment and risk management strategies.”
The new program will apply to the ninety-three underlyings with weekly options classes that trade in dollar strike price intervals. Weekly options currently represent approximately 11.7 percent* of industry-wide options volume.
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Source: International Securities Exchange (ISE)
RBS PLC Launches The RBS US Large Cap Alternator Exchange Traded Notes
September 7, 2012--RBS Securities Inc. (RBSSI) today announced the launch of the eighth exchange traded product in its growing suite of Exchange Traded Notes (ETNs). The RBS US Large Cap Alternator Exchange Traded NotesTM will be issued by The Royal Bank of Scotland plc (RBS) and will be listed on NYSE Arca, Inc. under the ticker "ALTL."
The RBS US Large Cap Alternator Exchange Traded Notes (NYSEArca:ALTL) are designed for investors who seek exposure to the RBS US Large Cap Alternator Index (USD) (the “Index”), an index that utilizes a relative strength strategy to provide exposure to either the SP 500® Total Return Index, the SP 500® Low Volatility Total Return Index or the SP 500® Equal Weight Total Return Index, depending on the relative performance of the three underlying indices based on their average historical returns.
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Source: RBS Markets International Banking (MIB)
SEC Reschedules Date of Market Technology Roundtable
September 6, 2012--The Securities and Exchange Commission today announced that its market technology roundtable, which was scheduled for Sept. 14, will be held on Oct. 2.
The change was made to accommodate scheduling conflicts and to better respond to strong interest from individuals and groups wishing to participate in the roundtable discussion.
The roundtable at the SEC’s Washington, D.C. headquarters is open to the public and will be webcast. As previously announced, the event will begin with a discussion on preventing errors, focusing on current best practices and practical constraints for creating, deploying, and operating mission-critical systems, including those used to automatically generate and route orders, match trades, confirm transactions, and disseminate data. The afternoon session will focus on error response, with experts discussing how the market might employ independent filters, objective tests, and other real-time processes or crisis-management procedures to detect, limit, and possibly terminate erroneous market activities when they occur, thereby limiting the impact of such errors.
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Source: SEC.gov
Global ETF and ETP assets reach new high of over US$1.7 trillion
September 6, 2012--Data from the latest monthly 'ETFGI Global Industry Insights' report published today by ETFGI LLP, an independent research and consulting firm covering the global ETF and ETP industry ('ETFGI'), reveals that global assets invested in ETFs and ETPs at the end of August reached an all-time high of over US$1.7 trillion (US$1,762 Bn).
Over the past 10 years the compounded annual growth rate (CAGR) of these products globally has been 26.5%. There are currently 4,713 ETFs and ETPs, with 9,620 listings, assets of US$1,762 Bn, from 204 providers on 56 exchanges.
The challenging market conditions currently and over the past few years, combined with the difficulty in finding active managers that consistently deliver alpha, have caused investors to embrace the use of ETFs and ETPs. ETFs provide greater transparency in relation to costs, portfolio holdings, price, liquidity, product structure, risk and return compared to many other investment products and mutual funds.
ETFs are typically open-ended, index-based funds, with active ETFs accounting for less than 1% market share. They can be bought and sold like ordinary shares on a stock exchange and offer a broad exposure across developed, emerging and frontier markets, equities, fixed income and commodities. ETFs are used widely by institutional and increasingly by financial advisors and retail investors to:
equitize cash
implement diversified exposure to a market
comprise a core or satellite investment
be a long term strategic investment
implement tactical adjustments to portfolios
use as building blocks to create entire portfolios
allow investors to hedge the market
use as an alternative to futures and other derivative products
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Source: ETFGI
JPMorgan flip flops on commodity ETFs
September 6, 2012--Will JPMorgan's planned physical copper exchange-traded fund "wreak havoc" on the global economy?
For the first time since a group of US copper consumers, a large copper trader, and Senator Carl Levin launched a fierce attack on the product in May, JPMorgan has responded. Unsurprisingly, the bank argues that the new copper ETF would have no untoward effects on the global economy; more surprisingly, it says that physical metal ETFs have no impact on prices at all.
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Source: FT.com
Global X Funds, the New York based provider of exchange traded funds launches the Global X Junior Miners ETF
September 6, 2012--Global X Funds, the New York based provider of exchange traded funds, today launched the Global X Junior Miners ETF (NYSE Arca: JUNR).
It is the first ETF to provide access to junior mining companies globally, and adds diversification across resources by including companies involved in the production of coal, copper, gold, iron, nickel, silver, titanium and other materials.
The mining industry relies on junior mining companies to provide additional supply of key commodities – as large miners exhaust existing resources, junior miners are often poised to explore, develop, and monetize new mines to bring additional supply to the market. While junior miners typically have a higher risk/reward profile than large-cap miners, JUNR helps reduce company-specific risk by diversifying investments across 96 junior mining companies.
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Source: Global X
Morgan Stanley-Quarterly Report: $1.2 Trillion in 1.255 ETFs
September 5, 2012--The following publication is the quarterly report on US-listed
ETFs. It includes a summary of investment applications, excerpts
from strategy reports, the outlook for related markets, index
data, and individual profiles for the 313 ETFs in the coverage
universe, which represents 92% of US-listed ETF assets.
ETF assets are up 17% YTD amid solid flows and strong equity
markets. Through the first six months of the year, ETFs posted net
inflows of $77.6 billion and are on track for their best year since
2008. Historically, ETFs post their largest net inflows during the
fourth quarter of the year. We currently stand at $1.2 trillion in
assets spread among 1,255 products. New issuance has been robust
this year with 124 ETFs coming to market, 30 of them fixed income.
Notably, 35 ETFs have closed so far this year and an additional 34
have announced liquidation dates.
ETFs provide access to many favored market segments. Morgan
Stanley & Co.’s global strategy team believes the risk rally is in its
final stage amid tepid macro data, declining growth forecasts,
mediocre corporate profits, and falling earnings expectations.
Longer term, the team maintains a preference for emerging markets
over developed markets. We list favored areas in the report and
ways to implement these ideas via ETFs.
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Source: Morgan Stanley
