Americas ETP News
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Treasury Announces Marketable Borrowing Estimates
October 2, 2011--The U.S. Department of the Treasury today announced its current estimates of net marketable borrowing for the July – September 2011 and the October – December 2011 quarters:
During the July – September 2011 quarter, Treasury expects to issue $331 billion in net marketable debt, assuming an end-of-September cash balance of $110 billion. This borrowing estimate is $74 billion lower than announced in May 2011. The decrease in borrowing largely relates to lower outlays and cash balance adjustments.
•During the October – December 2011 quarter, Treasury expects to issue $285 billion in net marketable debt, assuming an end-of-December cash balance of $100 billion.
During the April - June 2011 quarter, Treasury issued $190 billion in net marketable debt, and ended the quarter with a cash balance of $137 billion, of which $5 billion was attributable to the Supplementary Financing Program (SFP). In May 2011, Treasury estimated $142 billion in net marketable borrowing and assumed an end-of-June cash balance of $95 billion, which included an SFP balance of $5 billion.
Additional financing details relating to Treasury’s Quarterly Refunding will be released at 9:00 a.m. on Wednesday, August 3, 2011.
view the the Sources and Uses Table
Source: US Department of the Treasury
Managers' switch to ETFs eliminates costs, hassles
August 2, 2011--Firm jumps on offer for free ETF trades
Big trades in and out of mutual funds were proving a hassle
ETF bid-ask spreads competitive with stock trading
Niemann Capital Management Inc. started substituting exchange-traded funds for mutual funds late last year, initially in response to an offer for free trades. It hasn't looked
The Scotts Valley, Calif., firm, which oversees about $1.1 billion for financial-adviser clients,
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Source: MarketWatch
NSX Releases July 2011 ETF Data Reports
August 2, 2011--Highlights from the July 2011 reports include:
Assets in U.S. listed Exchange-Traded Funds (ETF) and Exchange-Traded Notes (ETN) totaled approximately $1.107 trillion at July 2011 month-end, an increase of approximately 33% in comparison to July 2010 month-end when assets totaled over $835 billion.
ETFs/ETNs posted net cash inflows of approximately $13.2 billion for the month of July.
Year-to-date 2011 net cash inflows reached $71.1 billion, an increase of approximately 44% over the same time period in 2010 when net cash inflows reached $49.5 billion.
ETF/ETN notional trading volume during July 2011 totaled approximately $1.5 trillion, representing almost 31% of all U.S. equity trading volume.
At the end of July 2011, the number of listed products totaled 1295 compared to 1032 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)
Key points of US debt deal
August 2, 2011--PRESIDENT Barack Obama announced on Sunday that Republican and Democratic leaders have greed on a last-ditch deal to raise the US borrowing limit and avoid a catastrophic default, and urged lawmakers to "do the right thing" and approve the agreement
Here is a summary of the deal, based on documents provided by both parties, as well as interviews with lawmakers and aides:
The deal will allow Obama to raise the debt ceiling by at least $2.1 trillion in three steps.
Congress will have the chance to register its disapproval on two of these, but will not be able to block them unless it musters a two-thirds vote in both the House and the Senate - an unlikely prospect.
It envisions spending cuts of roughly $2.4 trillion over 10 years, which Congress will approve in two steps - an initial $917bn when the deal passes Congress, and another $1.5 trillion by the end of the year.
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Source: FIN24
BNY Mellon Asset Servicing Launches Workbench(SM) Mobile for the iPad®
First global custodian to provide reports and information to clients via mobile app
Company's second iPad service to be launched through BNY Mellon Connect(SM) Mobile portal
August 2, 2011--On July 25, 2011 BNY Mellon, the global leader in investment management and investment services, announced the launch of Workbench(SM) Mobile, a new app enabling the firm's institutional clients to authorize instructions and securely access key reports and account information from their iPad®.
Workbench Mobile is available now for download to registered Workbench users at the App Store through BNY Mellon Connect(SM) Mobile. The new app will be accessible by more than 30,000 client users.
With Workbench Mobile, clients of BNY Mellon Asset Servicing will be able to easily view and monitor a wide range of account investment and performance data, industry news updates, and more. Available features include:
Recent Reports – view Workbench reports run over the past 10 days in PDF format
BNY Mellon Regulatory News – updates on industry regulations and thought leadership
Valuation Dashboard(1) – drill-down into account valuation changes and chart by manager, asset type, currency, country or security
Lookup Exposure to Issuers(1) – view portfolio exposure across accounts and asset classes
Authorize Cash Instructions(2) – for custody clients who manage cash through Workbench
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Source: BNY Mellon
iShares files with the SEC
August 2, 2011--iShares has filed a post-effective amendment, registration statement with the SEC for the
iShares S&P Target Date Series
iShares S&P Target Date Retirement Income Index Fund • TGR •
iShares S&P Target Date 2010 Index Fund • TZD •
iShares S&P Target Date 2015 Index Fund • TZE •
iShares S&P Target Date 2020 Index Fund • TZG •
iShares S&P Target Date 2025 Index Fund • TZI •
iShares S&P Target Date 2030 Index Fund • TZL •
iShares S&P Target Date 2035 Index Fund • TZO •
iShares S&P Target Date 2040 Index Fund • TZV •
iShares S&P Target Date 2045 Index Fund • TZW •
iShares S&P Target Date 2050 Index Fund • TZY •
view filing
Source: SEC.gov
FlexShares files with the SEC
August 2, 2011--FlexShares has filed a Second Amended and Restated Application for exemptive relief with the SEC
view filing
Source: SEC.gov
Brazil enjoys success amid global ‘insanity’
August 2, 2011--Once no strangers to economic crisis themselves, Brazilians in recent months have suddenly landed in the enviable position of being spectators to the follies of the developed world.
Current affairs chat shows on Brazilian television have been abuzz for weeks with discussion of the problems sweeping Europe and the US, from the Washington debt-ceiling standoff to the Greek financial crisis and the News of the World scandal in the UK.
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Source: FT.com
Morgan Stanley -ETF Weekly Update
August 1, 2011--US ETF Weekly Update
Weekly Flows: $1.9 Billion Net Outflows
ETF Assets at $1.1 Trillion, Up 10% YTD
No ETF Launches
Guggenheim Changes Shipping ETF Index
US-Listed ETFs: Estimated Flows by Market Segment
In the midst of choppy markets, ETFs posted net outflows of $1.9 bln last week
Net outflows were primarily driven by US Equity ETFs last week (posted aggregate net outflows of $3.6 bln)
Conversely, commodity ETFs, particularly those holding gold, generated net inflows last week
ETF assets stand at $1.1 trillion, up 10% YTD; we estimate from both net new money and market appreciation
13-week flows remained mostly positive among asset classes; combined $20.7 bln net inflows
Fixed Income up $10.4 bln versus US Small- & Micro-Cap down $4.6 bln over the past 13 weeks
We estimate ETFs have generated net inflows 18 out of 30 weeks YTD; YTD net inflows of $68.9 bln
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR Gold Trust (GLD) generated net inflows of $1.1 bln last week, the most of any ETF
Amid market volatility and fears of a US default, GLD has taken in $3.0 bln of net new money the past 4 weeks
iShares Russell 2000 Index Fund (IWM) has exhibited the largest net outflows of any ETF over the past 1-, 4- and 13-week periods; over each of these time periods, IWM has posted negative market total returns
US-Listed ETFs: Change in Short Interest
Data Updated: Based on data as of 7/15/11
QQQ exhibited the largest increase in USD short interest since last updated
Roughly $1.2 billion in additional short interest
Highest level of shares short for QQQ since 9/15/10
EEM exhibited the largest decline in USD short interest since last updated
Roughly $566 million in reduced short interest
Lowest level of shares short for EEM since 11/30/10
request report
Source: Morgan Stanley
Unforeseen Events Wait Lurking: Estimating Policy Spillovers From U.S. To Foreign Asset Prices-IMF Working paper
August 1, 2011--Summary: Event studies are used to analyze the impact of U.S. financial, fiscal, and monetary policies from US to foreign asset prices across a range of G20 countries and Switzerland.
The initial announcement that the Administration supported tighter regulation of banks led to a generalized fall in advanced economy bank shares compared to local equity markets. For later Dodd-Frank announcements, however, falls in U.S. bank equity prices were accompanied by increases in U.K. and Swiss valuations, implying a potential for regulatory arbitrage. Turning to macro policies, the 2008/9 fiscal and monetary stimulus packages generally supported foreign activity, while the impact of similar stimulus in 2010 is less clear.
