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ISE Reports Business Activity for May 2011
June 1, 2011 –Dividend trades made up 6.3% of industry volume in May 2011.
ISE is the third largest equity options exchange in May with market share of 19.0%, excluding dividend trades.
The International Securities Exchange (ISE) today reported average daily volume of 2.9 million contracts
in May 2011. This represents a decrease of 27.1% compared to May 2010, a month which experienced high options volume due to significant market volatility on May 6, 2010 and throughout the month. Total options volume for the month was 60.6 million contracts.
ISE was the third-largest U.S. equity options
exchange in May with market share of 19.0%*. Business highlights for the month of May include:
On May 9, 2011, ISE announced that Stanley Choung was elected to its Board of Directors. Mr.
Choung, Managing Director of the Institutional Equity Division for Morgan Stanley, now serves as
an industry director representing ISE’s Primary Market Makers (PMMs).
On May 24, 2011, ISE commenced the migration of its primary market to its new options trading system on the Optimise™ trading architecture.
Aggregate assets under management for the ETFs based on ISE’s proprietary indexes was $1.7 billion as of May 31, 2011.
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Source: International Securities Exchange (ISE)
Toronto Stock Exchange Reaches Over 200 Exchange Traded Product Listings
June 1, 2011--TMX Group Inc. today announced that with the listing of two XTF Capital exchange traded funds (ETFs), Toronto Stock Exchange (TSX) has now reached over 200 exchange traded products (ETPs) comprised of 187 ETFs and 14 exchange traded notes (ETNs). The number of listed products has more than doubled in the past two years bringing the total market cap to approximately $49 billion.
Other issuers listing ETPs on TSX include Barclays Capital, BMO Financial Group, Claymore Investments, Inc., Horizons Exchange Traded Fund Group, Invesco PowerShares and iShares Funds. In 2010, there were 52 new ETP listings, and there have been 27 new ETFs listed so far this year.
"The listing of over 200 exchange traded products marks a significant achievement for TSX as we meet the increasing demand from investors who are turning to this investment tool for portfolio diversification," said Ungad Chadda, Senior Vice President, Toronto Stock Exchange. "We'd like to take this opportunity to thank all of our issuers and welcome a new issuer, XTF Capital eXchange Traded Funds, which listed two ETFs on TSX today."
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Source: TMX Group (TSX-X)
The Options Industry Council Announces Options Trading Volume In May Remains On Record Pace
June 1, 2011-- The Options Industry Council (OIC) announced today that total options trading volume in May was 359,310,820 contracts. While this is down 11.47 percent compared to May of last year when 405,860,027 contracts traded, last month is still the second highest May on record only behind May 2010 which was a peak month for options volume, partly as a result of the 'Flash Crash.'
Average daily trading volume for May was 17,110,039 contracts, keeping up a record pace for 2011 as average daily trading volume for the month of May is 10.58 percent higher than average daily volume for 2010. Additionally, year-to-date volume stood at 1,844,620,084 contracts at the end of May, 9.04 percent higher than the same point last year when 1,691,614,252 contracts were traded. Average daily trading volume for 2011 is 17,908,933 contracts, up 7.99 percent over the 16,584,454 contracts average traded in the same period last year.
OIC also reported that equity options volume in May came in at 336,176,810 contracts, down 9.25 percent compared to the same period last year. Daily equity options volume had an average of 16,008,420 contracts per day in May, which is 13.57 percent lower than the year-ago level of 18,522,423. Year-to-date equity options volume was 1,723,240,326 contracts, which is 10.63 percent higher than the same point last year when 1,557,710,476 contracts were traded.
Source: OIC
Inflation Dynamics and the Great Recession -IMF Working Paper
June 1, 2011--This paper examines inflation dynamics in the United States since 1960, with a particular focus on the Great Recession. A puzzle emerges when Phillips curves estimated over 1960-2007 are ussed to predice inflation over 2008-2010: inflation should have fallen by more than it did.
. We resolve this puzzle with two modifications of the Phillips curve, both suggested by theories of costly price adjustment: we measure core inflation with the median CPI inflation rate, and we allow the slope of the Phillips curve to change with the level and vairance of inflation. We then examine the hypothesis of anchored inflation expectations. We find that expectations have been fully "shock-anchored" since the 1980s, while "level anchoring" has been gradual and partial, but significant. It is not clear whether expectations are sufficiently anchored to prevent deflation over the next few years. Finally, we show that the Great Recession provides fresh evidence against the New Keynesian Phillips curve with rational expectations.
Inflation Dynamics and the Great Recession
Source: IMF
Horizon appoints Le Cornu as Associate Director
June 1, 2011--Le Cornu will actively manage investments on behalf of clients, research investment funds and build client relationships. He specialises in the research and analysis of direct asset classes such as equities, bonds and ETFs and will build on services in Horizon's alternative assets and commodities
Before joining the team at Horizon Investments, Le Cornu worked in the bespoke investments team of Ashburton, having worked at Barclays Wealth and Dexia Private Bank before that.
Source: International Advisor
ELX Announces Multiple Volume Records In May: Overall Exchange, Combined U.S Treasury Futures, 5 Year And 30-Year Futures
June 1, 2011--ELX Futures, L.P. (ELX), a leading electronic futures exchange, announced today that it established multiple volume records in the month of May. On Friday, May 6, ELX set records in overall exchange volume, combined U.S. Treasury futures volume and records in the 5-year note and 30-year bond.Total U.S.
Treasury volume was also up 10% year-over-year for the month of May and market share was up 16%.Additionally, 1.6m total contracts were traded for the month of May and 9.3m contracts were traded year-to-date.
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Source: ELX Futures
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
June 1, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Wednesday, June 1, 2011:
Richfield Ventures Corp. (TSXVN:RVC) will be removed from the index. The shares of the company have been acquired by New Gold Inc. (TSX:NGD).
The shares of the company will be delisted from the TSX Venture Exchange after close on Wednesday, June 1, 2011, at the request of the company.
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 & Poors
Component Changes Made To Dow Jones Select Dividend And Dow Jones Country Titans Indexes
June 1, 2011-- Dow Jones Indexes, a leading global index provider, today announced component changes in the Dow Jones U.S. Select Dividend and Dow Jones Africa Titans 50 indexes.
In the Dow Jones U.S. Select Dividend Index, BancorpSouth Inc. (United States, Banks, BXS) will be replaced by CMS Energy Corp. (United States, Utilities, CMS). BancorpSouth Inc. is being removed due to a decrease in its dividend payment. The company’s new dividend yield does not meet the indexes’ eligibility requirements.
In the Dow Jones Africa Titans 50 Index, Equinox Minerals Ltd. (Canada, Basic Resources, TQN.T) will be replaced by Lonmin PLC (United Kingdom, Basic Resources, LMI.LN). Equinox Minerals Ltd. is being removed due to its acquisition by Barrick Gold Corp. (Canada, Basic Resources, ABX.T).
All changes in the Dow Jones U.S. Select Dividend Index and Dow Jones Africa Titans 50 Index will be effective as of the open of trading on Monday, June 6, 2011.
Further information on the Dow Jones Select Dividend and Dow Jones Country Titans indexes can be found www.djindexes.com.
Source: Dow Jones Indexes
US Treasuries confound bearish investors
June 1, 2011--US government debt notched up stronger gains in May than dollar-denominated private sector debt for the first time in six months.
The strong performance of Treasury debt flies in the face of the expectations of many investors, with big bond buyers such as Pimco reducing holdings of Treasuries on expectations of underperformance.
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Source: FT.com
CFTC Staff to Host Public Roundtable to Discuss Swap Data Recordkeeping and Reporting Requirements
June 1, 2011--Staff of the Commodity Futures Trading Commission (CFTC) will hold a public roundtable on June 8, 2011, from 1:00 pm to 5:00 pm to discuss technical aspects of implementing infrastructures for issuance and maintenance of Unique Product Identifiers (UPIs), as they apply to CFTC’s proposed swap data recordkeeping and reporting rules, as well as other CFTC proposed rules, with a focus on the products and entities under the Commission’s jurisdiction. The roundtable will assist the CFTC in the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Unique Product Identifier (UPI) proposed by the Commission in the swap data recordkeeping and reporting rulemaking (Part 45) would categorize swaps according to the underlying products referenced in them. While the UPI would be assigned to a particular level of the taxonomy of the asset class or sub-asset class in question, its existence would enable the Commission and other regulators to aggregate transactions at various taxonomy levels based on the type of product underlying the swap
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Source: CFTC.gov
