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NYSE Experiences Data Malfunction Days Before Twitter IPO
November 4, 2013--NYSE Euronext (NYX) experienced two technical malfunctions during the first 40 minutes of trading, three days before it handles Twitter Inc.'s initial public offering.
All trades processed by the New York Stock Exchange and NYSE MKT were mislabeled on the industry’s main data feed as "sold" during the error, which was resolved at about 10:09 a.m. New York time today. NYSE Euronext also had trouble quoting shares, according to a statement. Bats Global Markets Inc., one of the four major U.S. stock market owners, briefly stopped sending buy and sell orders to NYSE during the error.
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Source: Bloomberg
Vanguard picks ETF ace to run $750 billion bond group
October 4, 2013--Vanguard Group, the No. 1 U.S. mutual fund company, said on Monday that Gregory Davis, a major force behind the launch of bond exchange-traded funds, will become the chief of its fixed-income group, which has $750 billion in assets.
Davis, 43, will replace Robert Auwaerter, who is retiring in March after more than 30 years with Vanguard, where he oversaw exponential growth in bond assets.
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Source: Reuters
CFTC to Offer New Take on Speculation-Limits Rule Judge Rejected
November 4, 2013--The top U.S. derivatives regulator will consider a reworked proposal to limit speculation blamed for price surges in energy, wheat and other commodities after Wall Street groups successfully challenged an earlier version.
The Commodity Futures Trading Commission will meet tomorrow in Washington to vote on releasing the proposal mandated by the 2010 Dodd-Frank Act that overhauled U.S. financial regulation. The CFTC rewrote the plan, which may cap the number of futures contracts a single firm can hold in 28 commodities, after a federal court rejected its previous proposal for failing to justify the reason for imposing position limits.
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Source: Bloomberg
WisdomTree Further Expands Global Footprint in Latin America
Chilean Pension Regulator Approves Sale of Three Additional ETFs in Chile
November 4, 2013--WisdomTree Investments, Inc. (Nasdaq:WETF), an exchange-traded fund ("ETF") sponsor and asset manager, today announced the Comisión Clasificadora de Riesgo (CCR), the Chilean pension funds investment regulator, has approved three additional WisdomTree ETFs for sale to Chilean pension funds.
This is a necessary condition before they can be purchased in accordance with pension plan investment guidelines. There are currently approximately $163 billion in assets invested in Chilean pension funds.(1)
"Given the interest we've seen by Chilean pension investors in U.S. equity funds over the last year, we are delighted that three additional ETFs are approved for sale to Chilean pension funds--two of which are our best performing U.S. ETFs in the small-and mid-cap segments of the market," said Luciano Siracusano, WisdomTree Chief Investment Strategist.
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Source: Wall Street Journal
ISE and ISE Gemini to List Options on Twitter on November 15
November 4, 2013--The International Securities Exchange (ISE) today announced that ISE and ISE Gemini options markets will list options on Twitter (NYSE: TWTR) beginning Friday, November 15. The options listing date is contingent on a successful completion of Twitter's initial public offering with shares to begin trading on Thursday, November 7.
Contract specifications will be determined when the new listing is certified by The Options Clearing Corporation prior to trading. For more information on products listed on ISE and ISE Gemini, please visit www.ISE.com/ProductsTraded.
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Source: International Securities Exchange (ISE)
Morgan Stanley-US ETF Weekly Update
November 4, 2013--Weekly Flows: $865 Million Net Inflows
ETF Assets Stand at $1.6 Trillion,, up 21% YTD
Two ETF Launches Last Week
ETFs Account For 27% of Listed Trading Volume
No ETF News Items Last Week
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $865 mln last week; fourth consecutive week of net inflows
Last week's net inflows were led by US Large-Cap ETFs at $1.6 bln; conversely, US Sector & Industry ETFs posted net outflows of $1.2 bln, the most of any category we measured
ETFs have exhibited net inflows 30 out of 44 weeks YTD
ETF assets stand at $1.6 tln, up 21% YTD; $147.8 bln net inflows YTD
13-week flows remain mostly positive among asset classes; combined $36.4 bln in net inflows
International - Developed ETFs generated net inflows of $21.1 bln over the last 13 weeks, the most of any category we measured; European ETFs or international equity ETFs with significant European exposure were the primary driver to the category's large net inflows
Over the last 13 weeks, Commodity ETFs have posted net outflows of $2.5 bln; the SPDR Gold Trust (GLD) has posted net outflows of $2.1 bln over this time period
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares Core S&P 500 ETF (IVV) posted net inflows of $2.0 bln this past week, the most of any ETF
The Vanguard FTSE Europe ETF (VGK) posted another solid week of net inflows as European ETFs continue to gain traction; over the last 13 weeks, VGK has generated net inflows of $4.3 bln
The iShares Russell 2000 ETF (IWM), the largest small-cap ETF, exhibited net outflows of $1.8 bln last week, the most of any ETF; notably, YTD, IWM has generated net inflows of $4.3 bln as small-caps have outperformed large-caps by nearly 500 bps YTD
Over the last 13 weeks, the iShares MSCI Emerging Markets ETF (EEM) has posted net inflows of $5.6 bln, the most of any ETF
While we've witnessed a strong emerging market equity bid (from a performance standpoint) lately, the Vanguard FTSE Emerging Markets ETF (VWO) has continued to post net outflows
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume was essentially flat for the fourth consecutive month (27% of listed trading volume)
Over the past 5 years, ETFs peaked at 36% of listed trading volume in November 2008
ETFs traded $317 bln last week, up $44 bln from the prior week and 9% above their 13-week average
US Small- & Micro-Cap ETFs accounted for 10% of ETF $ volume last week, up from its 13-week average of 7%
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 10/15/13
The SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest at $2.2 bln
Shares short of the iShares MSCI EAFE ETF (EFA) declined to 30.2 mln from 40.4 mln the prior period; EFA's shares short are at their lowest level since 7/31/13; EFA is up over 10% on a market price basis since 7/31/13
585 ETFs exhibited short interest increases while 609 experienced short interest declines over the last period
Aggregate ETF USD short interest increased by $5.3 bln over the period ended 10/15/13
The average shares short/shares outstanding for ETFs is currently 4.3% up from 3.9% last period
For the fourth straight period, the SPDR Retail ETF (XRT) exhibited the highest shares short as a % of shares outstanding; XRT's shares short are currently 282%, up from last period's 247%
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only eight ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$5.3 bln in total market cap of ETFs less than 1-year old
Fixed Income ETFs account for 27% of market capitalization of ETFs launched over the past year, the most of any category
After a month-long lull in issuance from the end of August through the end of September, 33 ETFs have launched over the past six weeks
124 new ETF listings and 43 closures/delistings YTD
The top 10 most successful launches make up 50% of the market cap of ETFs launched over the past year
Seven ETF sponsors and two asset classes represented in top 10 most successful launches; we note that the representation of funds with an income orientation is currently five (down from seven at the end of the second quarter)
The Vident International Equity Fund (VIDI), launched on 10/30/13, already has a market cap of $160 mln as a surge in volume and flows at the end of last week, propelled VIDI into the top 10 most successful launches
FlexShares Quality Dividend Index Fund (QDF) also had an impressive week, generating net inflows of $106 mln
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Source: Morgan Stanley
CFTC Issues Notice of Temporary Registration as a Swap Execution Facility to Chicago Mercantile Exchange Inc.
November 4, 2013--The U.S. Commodity Futures Trading Commission (CFTC) has approved the application of Chicago Mercantile Exchange Inc. (CME SEF) for temporary registration as a swap execution facility (SEF) pursuant to section 37.3(c) of the CFTC's regulations.
CME SEF is an operating division of the Chicago Mercantile Exchange Inc., a Delaware corporation and a wholly-owned subsidiary of CME Group Inc., a publicly traded company.
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Source: CFTC.gov
Horizons ETFs Announces Unit Consolidations
November 1, 2013--Horizons ETFs Management ( Canada ) Inc. ("Horizons ETFs"), the manager and trustee of the Horizons S&P 500(R) Index ETF, the Horizons BetaPro S&P 500 VIX Short-Term FuturesTM Bull Plus ETF and the Horizons BetaPro NASDAQ-100(R) Bear Plus ETF (collectively, the "ETFs"), has announced today that it intends to consolidate the units of the ETFs
as indicated in the table below.
Unit Consolidations
After the close of trading on Friday, November 15, 2013 on the Toronto Stock Exchange (the "TSX"), the units of the ETFs will be consolidated on the basis of the ratios (the "Consolidation Ratios") set out below, and will begin trading on a post consolidated basis on Monday, November 18, 2013 , the effective date of the consolidation...
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Source: Horizons ETFs Management (Canada) Inc.
New ETF from ALPS Designed to Participate in U.S. Energy Independence
November 1, 2013--ALPS, a DST Company focused on asset servicing and asset gathering, today announced the launch of the Alerian Energy Infrastructure Exchange-Traded Fund, the first ETF designed to deliver both energy infrastructure and Master Limited Partnership-focused investments to the retail market.
The Fund provides exposure to the Alerian Energy Infrastructure Index, which is intended to give investors a transparent and intuitive means of tracking the overall performance of the North American Energy Infrastructure sector. The Index is comprised of equity securities of issuers headquartered or incorporated in the U.S. and Canada
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Source: ALPS
DB-Synthetic Equity & Index Strategy-North America-US ETF Model Portfolios-Diversified Momentum Portfolio Update
November 1, 2013--Diversified Momentum Update as of Oct 31st, 2013
A relatively flat month for our DMP (down 0.43%)
Market Performance
Risk appetite reignited during October with the equity markets (SPY) leading the way. Likewise, the broad US Fixed Income market (BND) rose by 0.90%; while the Commodity market (DBC) plunged by 3.38% during the same period.
Model Portfolio Performance
Our Diversified Momentum Portfolio (DMP), however, experienced another pullback during October, retreating by 0.43%. While the equity market and our multi-asset class benchmark rose by 4.63% and 2.50%, respectively.
Portfolio Updates and New Membership
10 of the 20 DMP positions will change for November. In terms of portfolio weights, the Commodities portfolio weight will decrease from 40% to 30%; while the Currencies portfolio will increase from 30% to 40%. The Global Sectors and the Treasuries portfolios will remain at 10% and 20%, respectively.
Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
