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Lawmakers warning on derivatives rules
May 17, 2011--New York lawmakers led by Charles Schumer are warning the Federal Reserve and other regulators that they risk flouting the US Congress with new derivatives rules that impose "significant competitive disadvantages" on US banks.
In a letter to Ben Bernanke, Fed chairman, and other regulatory heads, the members of Congress say that US banks will be unfairly hurt if their foreign subsidiaries are forced to demand collateral from non-US customers.
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Source: FT.com
PowerShares files with the SEC
May 17, 2011--PowerShares has filed a post-effective amendment, registration statement with the SEC for the PowerShares Fundamental Investment Grade Corporate Bond Portfolio (NYSE Arca, Inc. – PFIG).
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Source:
BofA Merrill Lynch Fund Manager Survey Shows Investors Less Confident on Global Growth and Profit Outlook
Debt Crisis Seen as Damaging Prospects for Eurozone
May 17, 2011--Investors' confidence in the outlook for global growth and corporate profits has dipped, according to the BofA Merrill Lynch Survey of Fund Managers for May.
The proportion of the panel believing that the world economy will strengthen in the next 12 months has fallen to a net 10 percent, down from a net 27 percent in April and a net 58 percent as recently as February. Similarly, only a net 9 percent of respondents now look for corporate profits to improve in the coming year.
Participants' lower conviction is most evident in Europe, where expectations turned negative in May with a net 8 percent expecting the region's economy to weaken in the next year. Just two months ago, a net 32 percent forecast that it would strengthen. This reflects investors' identification of the eurozone sovereign debt crisis as the largest tail risk globally (up to 36 percent, from 21 percent in April).
With prospects for growth more challenging and inflation fears receding, asset allocators have postponed their expectations of a rise in U.S. interest rates. In the April survey, 69 percent of participants anticipated the Federal Reserve first hiking rates by the end of this year; now 73 percent sees this occurring in 2012.
Against this accommodating background, risk appetite has fallen only modestly. Fund managers trimmed exposure to equities and commodities, while adding to cash and bond holdings slightly. Risk aversion is more evident in strong sector rotation into more defensive areas, such as consumer staples and pharmaceuticals, and out of more volatile and growth-dependent sectors, such as energy and materials.
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Source: Bank of America Merrill Lynch
CFTC’s Agricultural Advisory Committee to Meet May 19, 2011
May 16, 2011--Committee to discuss issues concerning the Dodd-Frank Act including proposed rules on position limits, hedge exemptions, the swap dealer definition, the end user exception and margin requirements for uncleared swaps.
The Commodity Futures Trading Commission (CFTC) will convene a meeting of its Agricultural Advisory Committee (AAC) on Thursday, May 19, 2011, to obtain the views of agricultural futures market experts, national farm organizations, major commodity and agribusiness groups and the farm banking community. The major topics for discussion will be issues related to the Dodd-Frank Act, including position limits, hedge exemptions, the swap dealer definition, the end user exception and margin requirements for uncleared swaps. The AAC also will receive a presentation on recent activities in the major agricultural markets.
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Source: CFTC.gov
iShares files with the SEC- iShares Global Inflation-Linked Bond Fund
May 16, 2011--iShares has filed a post-registration statement, registratopn statement with the SEC for the iShares Global Inflation-Linked Bond Fund.
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Source: SEC.gov
iShares files with the SEC
May 16, 2011--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares International Inflation-Linked Bond Fund.
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Source: SEC.gov
ETFS Silver Trust (SIVR) Experiences Record Trading Volumes on NYSE ARCA
May 16, 2011--ETFS Silver Trust (SIVR) experienced a record 5.25 million shares traded on May 5th, 2011
Average Daily Volume increased 18.5x from $8m to $148m as of May 6th, 2011
Lowest expense ratio in physically backed silver Exchange Traded Product (ETP) market at 30 basis points (bps)1 may be contributing to investor interest
ETF Securities USA LLC (ETFS) announced today that volume of shares traded in the ETFS Silver Trust (SIVR) exceeded a record for week of May 2nd, 2011. Shares reached a record 5.25 million traded on May 5th, 2011 with value of $740 million traded for the whole week. Average daily volume in SIVR increased 18.5 times from $8m to $148m on the back of high volatility in the silver market.
SIVR began trading on the NYSE ARCA on July 24th, 2009 and has since firmly established itself in the physically backed product landscape offering exposure to silver at the lowest management fees (30bps) of any physically backed silver ETF in the US market.
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Source: ETFS Marketing LLC
FocusShares Selects SunGard to Provide Portfolio Management & Risk Solutions for Focus Morningstar ETFs
FocusShares, LLC, a registered investment advisor (RIA), exchange-traded fund (ETF) sponsor, and affiliate of online investing firm Scottrade, Inc., has implemented SunGard’s Asset Arena Investment Management, APT and Asset Arena Reconciliation integrated solution for its newly launched exchange-traded funds (ETF) business.
May 16, 2011--FocusShares, LLC, a registered investment advisor (RIA), exchange-traded fund (ETF) sponsor, and
affiliate of online investing firm Scottrade, Inc., has implemented SunGard’s Asset Arena Investment Management, APT and Asset Arena Reconciliation integrated solution for its newly launched exchange-traded funds (ETF) business. The solution supports the entire portfolio management process from portfolio construction through trading, compliance and reconciliation.
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Source: FocusShares
Semi-Annual Changes to the NASDAQ Biotechnology Index
May 16, 2011--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) announced today the results of the semi-annual re-ranking of the NASDAQ Biotechnology Index® (Nasdaq:NBI), which will become effective prior to market open on Monday, May 23, 2011.
The following six securities will be added to the Index: Achillion Pharmaceuticals, Inc. (Nasdaq:ACHN), AVEO Pharmaceuticals, Inc. (Nasdaq:AVEO), Columbia Laboratories, Inc. (Nasdaq:CBRX), ISTA Pharmaceuticals, Inc. (Nasdaq:ISTA), Pacific Biosciences of California, Inc. (Nasdaq:PACB) and Zalicus Inc. (Nasdaq:ZLCS).
The Index is designed to track the performance of a set of NASDAQ listed securities that are classified as either biotechnology or pharmaceutical according to the Industry Classification Benchmark (ICB). The NASDAQ Biotechnology Index is re-ranked semi-annually in May and November. For more information about the NASDAQ Biotechnology Index, including detailed eligibility criteria, visit https://indexes.nasdaqomx.com/.
As a result of the re-ranking, the following two securities will be removed from the Index: Biodel Inc. (Nasdaq:BIOD) and China Sky One Medical, Inc. (Nasdaq:CSKI).
The NASDAQ Biotechnology Index is the basis for the iShares Nasdaq Biotechnology IndexSM Fund (Nasdaq:IBB), which seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the NASDAQ Biotechnology Index. In addition, options based on the NASDAQ Biotechnology Index and the iShares Nasdaq Biotechnology Index Fund trade on various exchanges.
Source: NASDAQ OMX Global Index Group
NYSE Liffe U.S. Achieves New Milestones In Interest Rate Futures Trading Over 5% Market Share In Eurodollar Futures - Exchange Open Interest Exceeds 270,000 In Only Eight Weeks Since Launch Of Interest Rate Futures - Nearly 3 Million Interest Rate Futures
Over 5% Market Share in Eurodollar Futures
Exchange Open Interest Exceeds 270,000 in Only Eight Weeks Since Launch of Interest Rate Futures-
Nearly 3 Million Interest Rate Futures Traded to Date-
First Customer Block Trades Successfully Executed in Eurodollar Futures
May 16, 2011--NYSE Liffe U.S., the U.S. futures exchange of NYSE Euronext (NYX), today announced it has achieved several key milestones further establishing the innovative exchange as viable, liquid and highly efficient competitor in the U.S. futures market.
On Friday, May 13, NYSE Liffe U.S. executed over 141,000 Eurodollar futures, a new daily volume record, which equates to 5.1% market share versus CME. In reaching this new daily volume record for Eurodollar futures, NYSE Liffe U.S. traded over 91,000 lots in the central order book and 50,000 lots via block trades. As of May 16, total Open Interest on NYSE Liffe U.S. crossed 270,000 contracts, also an exchange record. The continued growth in open interest represents a strong indication of the diverse client participation and vibrancy of the NYSE Liffe U.S. market.
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Source: NYSE Euronext
