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Morgan Stanley -ETF Weekly Update
September 6, 2011--US ETF Weekly Update
Weekly Flows: $433 Million Net Inflows
ETF Assets Stand at $1.0 Trillion, up 2.5% YTD
No ETF Launches
BlackRock Makes Noteworthy SEC Filings
US-Listed ETFs: Estimated Flows by Market Segment
For the third week in a row, ETFs posted net inflows ($9.7 bln over the past 3 weeks)
ETFs posted net inflows of $433 mln last week, primarily driven by Fixed Income & US Large-Cap Equity ETFs
ETF assets stand at $1.0 tln, up 2.5% YTD; Both Fixed Income & Commodity market share have increased 2%
YTD largely at the expense of Emerging Market Equity
13-week flows were mixed among asset classes; combined $18.9 bln net inflows
Fixed Income ETFs up $8.6 bln; US Sector & Industry ETFs down $4.8 bln
We estimate ETFs have generated net inflows 21 out of 35 weeks in 2011
US-Listed ETFs: Estimated Largest Flows by Individual ETF
For the second consecutive week SPDR S&P 500 ETF (SPY) posted the largest net inflows
SPY generated net inflows of $1.1 bln last week and has exhibited net inflows of $946 mln YTD
Conversely, iShares Russell 2000 Index Fund (IWM) had net outflows last week of $2.2 bln amid volatile
equity markets; IWM has exhibited net outflows of $4.3 bln YTD
US-Listed ETFs: Change in Short Interest
Data Unchanged: Based on data as of 8/15/11
SPY exhibited the largest increase in USD short interest since last updated
$23.5 billion in additional short interest
Highest level of shares short for SPY of all time
XLU exhibited the largest decline in USD short interest since last updated
$237 million in reduced short interest
XLU’s decline in shares short comes amid its relative market outperformance vs. the S&P 500 over 7/29-
8/15 time period
request report
Source: Morgan Stanley
NSX Releases August 2011 ETF Data Reports
September 6, 2011--Highlights from the August 2011 reports include:
Assets in U.S. listed Exchange-Traded Funds (ETF) and Exchange-Traded Notes (ETN) totaled approximately $1.064 trillion at August 2011 month-end, an increase of approximately 31% in comparison to August 2010 month-end when assets totaled over $815 billion.
ETFs/ETNs posted net cash inflows of approximately $2.03 billion for the month of August.
Year-to-date 2011 net cash inflows reached $73.2 billion, an increase of approximately 54% over the same time period in 2010 when net cash inflows reached $47.6 billion.
ETF/ETN notional trading volume during August 2011 totaled approximately $2.99 trillion, representing almost 37% of all U.S. equity trading volume.
At the end of August 2011, the number of listed products totaled 1301 compared to 1046 listed products at the same time last year.
visit http://www.nsx.com/content/etf-assets-list to view report
Source: National Stock Exchange, Inc. (NSX)
ELX Announces August Results With Multiple Records Set In The 30-Year U.S. Treasury Bond Futures And Eurodollar Futures
September 6, 2011--ELX Futures, L.P. (ELX), a leading electronic futures exchange, announced today that it established multiple new records in its 30-Year U.S. Treasury bond futures contracts as well as its Eurodollar futures contracts for the month of August.
The 30-Year bond set volume records, trading more than 545K contracts in August with average daily volume (ADV) establishing a record of nearly 24K contracts. It also set a new single day volume record of nearly 53K contracts traded on August 5, 2011 and a new daily market share record, rising above 8% on August 16, 2011.
read more
Source: ELX
SEC To Seek Comment On Review Of Existing Regulations
September 3, 2011--The Securities and Exchange Commission today announced that it will seek public comment on a plan to conduct retrospective reviews of its existing regulations.
Because today's financial markets are dynamic and fast-moving, the regulations affecting the markets and its participants must be reviewed over time and revised as necessary so that the regulations continue to fulfill the SEC's mission. The SEC has long had formal and informal processes in place to review its existing rules, and a considerable portion of its rulemaking already involves changes to existing rules. Most recently, in March, the Commission began a retrospective review of offering and reporting requirements, and posted a regulatory review webpage seeking public input.
read more
Source: SEC.gov
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
September 6, 2011--Standard & Poor's Canadian Index Operations announces the following index changes:
The shareholders of ECU Silver Mining Inc. (TSX:ECU) have accepted the cash and share merger offer from Golden Minerals Company (TSX:AUM).
ECU Silver Mining will be removed from the S&P/TSX Global Mining Index after the close of Wednesday, September 7, 2011. The relative weight of Golden Minerals will increase in the S&P/TSX Global Mining Index at the same time to reflect the issuance of shares as part of the merger transaction.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poor's
Federal Reserve Board on Tuesday released the minutes of its discount rate meetings
September 6, 2011--The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings
from July 11 through August 8, 2011.
view minutes
Source: FBR
US Treasury yields approach 60-year low
September 6, 2011--The yield on benchmark US Treasury 10-year notes approached the lowest level for six decades as bond traders grew increasingly confident that slumping equities and the eurozone debt crisis would compel the Federal Reserve to enact a new programme of bond purchases later this month.
The yield on 10-year notes touched 1.91 per cent on Tuesday, just above the low of 1.9 per cent set in 1950 according to Barclays’ Equity Gilt study.
read more
Source: FT.com
SNB stuns market with franc action
September 6, 2011--The Swiss National Bank stunned financial markets on Tuesday by setting a ceiling for the Swiss franc against the euro in an attempt to prevent the strength of its currency from pushing its economy into recession.
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The central bank said it would set a minimum exchange rate of SFr1.20 against the euro. The SNB action came after previous measures to weaken its currency proved ineffective as the worsening eurozone crisis prompted a flight to safety by investors, boosting haven demand for the franc and sending it up to record levels.
read more
Source: SEC.gov
Nuveen files with the SEC
September 2, 2011--Nuveen has filed a Form S-1 Registration statement with the SEC for the Nuveen Long/Short Commodity Total Return Fund.
view filing
Source: SEC.gov
CME Group Volume Averaged All-Time Record 17.1 Million Contracts per Day in August 2011, Up 46 Percent from August 2010
Record metals volume up 131 percent
Interest rate volume up 47 percent
Equity index volume up 83 percent
Foreign exchange volume up 21 percent
September 2, 2011--CME Group, the world's leading and most diverse derivatives marketplace, today announced August volume averaged an all-time record 17.1 million contracts per day, up 46 percent from August 2010, and up 35 percent sequentially.
Total volume for August was 393 million contracts, of which 84 percent was traded electronically. August 2011 month-end open interest reached 100 million contracts, up 7 percent from the same period last year.
"While customers rely on liquidity during all market conditions, it becomes increasingly crucial during times of high market volatility," said CME Group Executive Chairman Terry Duffy. "The market turbulence in August reinforced the need for deep liquidity across time zones, allowing for the decisive action necessary to manage risk in an uncertain environment."
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Source: CME Group
