Americas ETP News
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J.P. Morgan files with the SEC
June 12, 2012--J.P. Morgan has filed an application for exemptive relief with the SEC for actively-managed ETFs.
view filing
Source: SEC.gov
FTSE Curex announce release of executable benchmarks for spot FX
June 12, 2012--FTSE, the award winning global index provider, and Cürex Group, a leading developer of intellectual property and technologies that link institutional foreign exchange with global capital markets, today announced their worldwide partnership and the launch of the FTSE Cürex FX Index Series-a new range of independently calculated, 24/5 streaming, executable spot FX benchmark FIX for currency pairs and currency baskets.
The FTSE Cürex FX Index Series provides the next generation of FX valuation and performance benchmarking for global capital markets. By establishing real-time Bid and Offer spot FX indices on 192 currency pairs (FTSE Cürex FIX), from multiple independent contributors and at multiple depths of liquidity, global capital markets benefit from improved clarity when viewing previously opaque foreign exchange pricing.
The FTSE Cürex FX Index Series is published in real time during the hours of the institutional OTC FX market, from 17:00 ET Sunday to 17:00 ET Friday. Additionally, ‘snap’ indices are published every 15 minutes, 96 times per day, providing an independent, time-stamped valuation metric to enhance NAV calculation and fuel the creation of new currency risk management tools and investment products. Designed to be highly customizable, the index series enables market participants to combine any of the 192 pairs into custom calculated FX baskets.
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Source: FTSE
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
Neo Material Technologies Inc. To Be Removed From The S&P/TSX Composite Index
June 12, 2012--S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The shareholders of Neo Material Technologies Inc. (TSX:NEM) have accepted the cash and share exchange offer from Molycorp Inc. (NYSE:MCP).
Neo Material Technologies will be removed from the S&P/TSX Composite and Capped Composite, the S&P/TSX Equity and Capped Equity, the S&P/TSX Completion and Equity Completion, the S&P/TSX SmallCap and Equity SmallCap, the S&P/TSX Capped Materials, the S&P/TSX Composite High Beta and the S&P/TSX Composite Equal Weight Indices effective after the close of Wednesday, June 13, 2012.
Source: Standard & Poors's
SPDR US ETF Snapshot: May 2012
June 12, 2012--SNAPSHOT OVERVIEW
1,251 Exchange Traded Funds (ETFs)-with assets totaling $1.1TN-were managed by 37 ETF managers as of May 31, 2012.
Month over month, ETF assets decreased $67.4BN, down 5.7%.
The ETF Industry experienced a 5.7% decline in assets during May. However, the Fixed Income category saw a sizeable gain of $7.7BN.
Asset Classes Overall
The S&P 500® Index decreased 6.0% while the MSCI EAFE® Index fell 11.5%. Commodities were negative, with the S&P® GSCI® Index down 13.0% and Gold dropping 5.6%. US Bonds were positive with the Barclays US Treasury Index gaining 1.7% and the Barclays US Aggregate Index increasing 0.9%.
FLOWS
ETF flows topped $5BN in May. The Fixed Income category had a category-leading $7.9BN of inflows, increasing its year-to-date inflows to $28.4BN. International - Emerging had the most significant outflows with $3.5BN leaving the category.
Manager and Fund Detail
The top three managers in the US ETF marketplace were: BlackRock, State Street and Vanguard. Collectively, they account for approximately 83% of the US listed ETF market.
•The top three ETFs in terms of dollar volume traded for the month were the SPDR® S&P 500 [SPY], iShares Russell 2000 [IWM] and PowerShares QQQ [QQQ].
The top three ETFs in terms of assets for the month were the SPDR S&P 500 [SPY], SPDR Gold Shares [GLD] and Vanguard Emerging Markets [VWO].
Performance by Asset Class
International - Developed and Emerging Markets decreased 11.5% and 11.2%, respectively. Domestic Large Cap, Mid Cap and Small Cap markets were all negative, losing 6.0%, 6.5% and 6.3%, respectively. The US Aggregate, the US Treasury and the US Corporate Bond were all positive, gaining, 0.9%, 1.7% and 0.7%, respectively. Commodities fell 13.0%.
visit www.spdrs.com for more information.
Source: SSGA
DB Equity Research Equity Research-US ETF Market Weekly Review: ETP assets added $27bn during last week's rally
June 12, 2012--Net Cash Flows Review
Markets recovered some lost ground during last week. The US (S&P 500) rallied by 3.73%. While, outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) did so in a similar way gaining 2.54% and 1.44%, respectively. Moving on to other asset classes, the 10Y Treasury yield rose by 18bps last week; while the DB Liquid Commodity Index was up by 1.49%.
Similarly, the Agriculture sector (DB Diversified Agriculture Index), and the WTI Crude Oil prices rose by 3.44%, and 1.05%, respectively; while the Gold, and the Silver prices dropped by 1.89% and 0.05%, respectively. Last but not least, Volatility (VIX) retreated by 20.37% towards the low 20s during the same period.
The total US ETP flows from all products registered $3.9bn of inflows during last week vs $1.0bn of outflows the previous week, setting the YTD weekly flows average at +$2.7bn (+$61.3bn YTD in total cash flows).
Equity, Fixed Income, and Commodity ETPs experienced flows of +$2.9bn, +$0.8bn, and +$0.4bn last week vs. -$3.1bn, +$1.9bn, and +$0.2bn the previous week, respectively.
Within Equity ETPs, US sector and small cap products experienced the largest inflows (+$1.3bn, +$1.0bn respectively); while emerging country vehicles experienced the largest outflows (-$0.3bn). Within Fixed Income ETPs, Sovereign & Corporates products recorded the largest inflows (+$0.5bn), followed by broad benchmarked products (+$0.3bn); while Sub-Sovereign experienced outflows of $0.1bn. Within Commodity ETPs, Precious Metals products experienced the largest inflows ($0.3bn).
Top 3 ETPs & ETNs by inflows: IWM (+$1.1bn), QQQ (+$0.8bn), XLE (+$0.6bn)
Top 3 ETPs & ETNs by outflows: SPY (-$1.1bn), TIP (-$0.6bn), XLV (-$0.2bn)
New Launch Calendar: hedge fund holdings tracking and broad commodities
There were 2 new ETPs listed on the NYSE Arca during the previous week. The ETPs offer access to a strategy replicating the holdings of established hedge funds, and to a basket of diversified commodity futures with optimizing roll yield methodology .
Turnover Review: floor activity rose by 11%
Total weekly turnover increased by 10.7% to $320bn vs. $289bn in the previous week. Last week’s turnover level was 15% below last year’s weekly average. The largest absolute increase was on Equity ETP turnover, which rose by $29.6bn or 12.1% to $274bn. Fixed Income ETP and Commodity ETP turnover followed with increases of 1.9% ($0.5bn) and 6.9% ($1.1bn), respectively.
Assets Under Management (AUM) Review: assets recovered 2.4%
ETP Assets recovered more than 2% of assets during last week’s rally. Positive equity markets and healthy inflows added $26.9bn or 2.4% to ETP assets last week, bringing assets up to $1.13bn or up 8.0% YTD at the end of last Friday. Assets for equity, fixed income and commodity ETPs moved +$27.0.bn, +$0.7bn, and -$0.6bn during last week, respectively.
to request report
Source: Deutsche Bank-Equity Research-North America
Latin America: Recalculating Global Volatility
June 12, 2012--Having made a strong recovery from the global financial crisis of 2009, economic activity in Latin America and the Caribbean is once again facing external and domestic headwinds, says the Global Economic Prospects report.
Overall growth in the region eased to 4.3 percent in 2011, from a remarkable 6.1 percent post-crisis rebound in 2010. Growth in Brazil, the region’s largest economy, slowed markedly to 2.7 percent in 2011, from 7.5 percent in 2010, as growth of domestic demand, investment growth and private consumption eased. In the Caribbean, growth was supported by a continued, albeit subdued, recovery in tourism, and a notable increase in activity in the mining and extractive sectors.
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Source: World Bank
Annual Changes to the NASDAQ OMX US Water Index
June 11, 2012--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) announced today the results of the annual evaluation of the NASDAQ OMX US Water IndexSM (Nasdaq:GRNWATUSL), which will become effective prior to market open on Monday, June 18, 2012.
The following security will be added to the Index: Xylem Inc. (XYL UN).
The Index is designed to track the performance of the companies creating products that conserve and purify water for homes, businesses, and industries which are listed on a US Exchange. The Index is weighted in such a matter as to enhance the underlying liquidity and increase the tradability of the Index Securities. The NASDAQ OMX US Water Index is evaluated annually in June. For more information about the NASDAQ OMX US Water Index, including detailed eligibility criteria, visit https://indexes.nasdaqomx.com/.
The NASDAQ OMX US Water Index is the basis for the PowerShares Water Resources Portfolio (NYSE:PHO), an exchange-traded fund which seeks investment results that correspond generally to the price and yield of the NASDAQ OMX US Water Index before fees and expenses.
As a result of the evaluation, the following two securities will be removed from the Index: ITT Corp. (ITT UN) and Tri-Tech Holding Inc. (TRIT UN).
Source: NASDAQ OMX
SEC Issues "Roadmap" on Phase in of Derivatives Regulation
June 11, 2012-- The Securities and Exchange Commission today issued a policy statement describing the order in which it expects new rules regulating the derivatives market would take effect. The statement covers final rules to be adopted by the SEC under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
Title VII of the Dodd-Frank Act establishes a comprehensive framework to regulate over-the-counter derivatives, authorizing the Commodity Futures Trading Commission to regulate “swaps,” and the SEC to regulate “security-based swaps.”
The SEC is requesting public comment on its plan to phase in final rules regulating security-based swaps and security-based swap market participants. The policy statement does not estimate when the rules would be put in place, but describes the sequence in which they would take effect. The phased-in approach is intended to avoid the disruption that could occur if all the new rules took effect simultaneously. To date, the Commission has proposed nearly all the rules required under the Act and already has begun to adopt those rules.
view Policy Statement
Source: SEC.gov
Vanguard files with the SEC
May 11, 2012--Vanguard has filed a post-effective amendment, registration statement with the SEC.
view filing
Source: SEC.gov
Otkritie strengthens global DMA team; Appoints US CEO
June 11, 2012--Otkritie Capital ('Otkritie'), the investment banking arm of Otkritie Financial Corporation ('the Group'), has bolstered its DMA (Direct Market Access) team with three senior hires while strengthening its US operations as it continues to grow the business globally.
The news follows the appointment of Mikhail Sukhobok in May 2012, from MICEX-RTS, to head the firm’s global electronic trading division.
Ben Wood joins Otkritie Securities Limited to head the firm’s International DMA business and will be located in London. Ben was previously the Head of EMEA Sales at Flextrade where he was based for over five years. Prior to that he held a number of senior roles at several brokerages and investment banks, including seven years with US-based Hoenig and Co Ltd, where he became Managing Director. Ben is credited with establishing and heading up the cash equities desk at MIS Equities, developing DMA and commission management services for Tullett Liberty, and leading a soft commissions and electronic sales trading desk servicing fund managers at Commerzbank Securities.
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Source: FX-MM
