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IHS Briefing Report Reviews the Role of Banks in Physical Commodities
September 19, 2013-A new IHS report, The Role of Banks in Physical Commodities, provides a comprehensive framework for understanding the current role of banks in the commodities sectors of the U.S. economy. The report includes an overview of the role of financial intermediaries in physical commodities in providing access to capital and risk management services, including hedging against price risks.
The report draws on the multidisciplinary expertise of IHS and includes five illustrative case studies to provide insight into the current role of banks in commodities markets including:
Market making and market liquidity
Risk management solutions
Financing of infrastructure and projects
view the full report-The Role of Banks in Physical Commodities
Source: IHS
Federal Reserve Board And Federal Open Market Committee Release Economic Projections From The September 17-18 FOMC Meeting
September 18, 2013--Information received since the Federal Open Market Committee met in July suggests that economic activity has been expanding at a moderate pace. Some indicators of labor market conditions have shown further improvement in recent months, but the unemployment rate remains elevated.
Household spending and business fixed investment advanced, and the housing sector has been strengthening, but mortgage rates have risen further and fiscal policy is restraining economic growth. Apart from fluctuations due to changes in energy prices, inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic growth will pick up from its recent pace and the unemployment rate will gradually decline toward levels the Committee judges consistent with its dual mandate. The Committee sees the downside risks to the outlook for the economy and the labor market as having diminished, on net, since last fall, but the tightening of financial conditions observed in recent months, if sustained, could slow the pace of improvement in the economy and labor market. The Committee recognizes that inflation persistently below its 2 percent objective could pose risks to economic performance, but it anticipates that inflation will move back toward its objective over the medium term.
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Source: Federal Reserve
Horizons ETFs launches two new low-fee sector ETFs and extends fee rebate on HXT
September 17, 2013-- Horizons ETFs Management ( Canada ) Inc. ("Horizons ETFs") is pleased to announce the launch of two new exchange traded funds ("ETFs") that will provide investors with the lowest-cost ETF exposure to the financials and energy sectors of the Canadian stock market.
The Horizons S&P/TSX Capped Financials Index ETF ("HXF") and the Horizons S&P/TSX Capped Energy Index ETF ("HXE") will begin trading on the Toronto Stock Exchange ("TSX") today...
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Source: Horizons ETFs Management (Canada) Inc.
BlackRock Canada Announces Changes to Forward-Using iShares(R) ETFs
September 17, 2013--Following the implementation of these changes, funds will re-open to accept new subscriptions
Announcement relating to the following iShares Funds:
iShares Advantaged U.S. High Yield Bond Index Fund (CAD-Hedged) ("CHB")
iShares Advantaged Short Duration High Income Fund ("CSD")
iShares Advantaged Canadian Bond Index Fund ("CAB")
iShares Broad Commodity Index Fund (CAD-Hedged) ("CBR")
iShares Advantaged Convertible Bond Index Fund ("CVD")
iShares Global Monthly Advantaged Dividend Index Fund ("CYH")
iShares Managed Futures Index Fund ("CMF")
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Source: BlackRock Asset Management Canada Limited (iShares)
Treasury International Capital Data for July
September 17, 2013--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for July 2013. The next release, which will report on data for August 2013, is scheduled for October 16, 2013.
The sum total in July of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC inflow of $56.7 billion. Of this, net foreign private inflows were $59.3 billion, and net foreign official inflows were negative $2.6 billion.
Foreign residents increased their holdings of long-term U.S. securities in July; net purchases were $46.7 billion. Net purchases by private foreign investors were $41.7 billion, and net purchases by foreign official institutions were $5.0 billion.
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Source: US Department of the Treasury
CFTC Certifies Futures Contracts on the CES China 120 Index and the HSI Volatility Index Submitted by Hong Kong Futures Exchange Limited (HKFE)
September 17, 2013--The Commodity Futures Trading Commission's (CFTC) Division of Market Oversight issued a letter advising the Hong Kong Futures Exchange Limited (HKFE) that its CES China 120 Index futures contract and its HSI Volatility Index futures contract submitted for review on
August 2, 2013 are deemed certified.
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Source: CFTC.gov
CBO The 2013 Long-Term Budget Outlook
September 17, 2013--Between 2009 and 2012, the federal government recorded the largest budget deficits relative to the size of the economy since 1946, causing federal debt to soar.
Federal debt held by the public is now about 73 percent of the economy's annual output, or gross domestic product (GDP). That percentage is higher than at any point in U.S. history except a brief period around World War II, and it is twice the percentage at the end of 2007. If current laws generally remained in place, federal debt held by the public would decline slightly relative to GDP over the next several years, CBO projects. After that, however, growing deficits would ultimately push debt back above its current high level. CBO projects that federal debt held by the public would reach 100 percent of GDP in 2038, 25 years from now, even without accounting for the harmful effects that growing debt would have on the economy (see the figure below). Moreover, debt would be on an upward path relative to the size of the economy, a trend that could not be sustained indefinitely.
view the CBO The 2013 Long-Term Budget Outlook
Source: Congressional Budget Office (CBO)
Morgan Stanley-US ETF Weekly Update
September 17, 2013--US ETF Weekly Update
Weekly Flows: $17.6 Billion Net Inflows
First Week of Net Inflows in the Past Five Weeks
ETF Assets Stand at $1.5 Trillion, up 14% YTD
No ETF Launches Last Week
Vanguard S&P 500 ETF (VOO) Announces Reverse Split
US-Listed ETFs: Estimated Flows by Market Segment
ETFs exhibited net inflows of $17.6 bln last week, the first week of net inflows over the past five weeks
ETF net inflows were driven primarily by US Large-Cap ETFs and International- Emerging ETFs, which combined for net inflows of $11.1 bln (63% of net inflows this past week)
Only three of the 15 categories we measure posted net outflows last week
ETF assets stand at $1.5 tln, up 14% YTD; $105.9 bln net inflows YTD
13-week flows remain mostly positive among asset classes; combined $35.5 bln in net inflows
International- Developed ETFs generated net inflows of $13.1 bln over the last 13 weeks, the most of any category we measured
Strong net inflows into International- Emerging ETFs this past week brought 13-week net inflows for this segment into positive territory at $1.0 bln; interestingly, over the past 13 weeks, the ETFs in this segment with the highest net inflows and outflows both track broad, market- cap weighted EM equity indices
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $4.8 bln this past week, the most of any ETF
The iShares Floating Rate Bond ETF (FLOT) was the only fixed income ETF in the top ten ETFs with the highest net inflows this past week; FLOT provides exposure to investment grade floating rate notes with maturities between one month and five years
Six of the ten ETFs with the highest cash flows last week track broad, market-capitalization weighted indices
The SPDR Gold Trust (GLD) had the highest net outflows last week at just $349 million; net outflows were muted as only 180 ETFs had net outflows (average outflows of $22 mln); by comparison, 330 ETFs experienced net inflows last week (average inflows of $66 mln)
US-Listed ETFs: Estimated Flows by Market Segment
ETFs exhibited net inflows of $17.6 bln last week, the first week of net inflows over the past five weeks
ETF net inflows were driven primarily by US Large-Cap ETFs and International- Emerging ETFs, which combined for net inflows of $11.1 bln (63% of net inflows this past week)
Only three of the 15 categories we measure posted net outflows last week
ETF assets stand at $1.5 tln, up 14% YTD; $105.9 bln net inflows YTD
13-week flows remain mostly positive among asset classes; combined $35.5 bln in net inflows - International- Developed ETFs generated net inflows of $13.1 bln over the last 13 weeks, the most of any category we measured
Strong net inflows into International- Emerging ETFs this past week brought 13-week net inflows for this segment into positive territory at $1.0 bln; interestingly, over the past 13 weeks, the ETFs in this segment with the highest net inflows and outflows both track broad, market- cap weighted EM equity indices
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) posted net inflows of $4.8 bln this past week, the most of any ETF
The iShares Floating Rate Bond ETF (FLOT) was the only fixed income ETF in the top ten ETFs with the highest net inflows this past week; FLOT provides exposure to investment grade floating rate notes with maturities between one month and five years
Six of the ten ETFs with the highest cash flows last week track broad, market-capitalization weighted indices
The SPDR Gold Trust (GLD) had the highest net outflows last week at just $349 million; net outflows were muted as only 180 ETFs had net outflows (average outflows of $22 mln); by comparison, 330 ETFs experienced net inflows last week (average inflows of $66 mln)
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume increased to 27% of listed trading volume in August (up from 26% in July)
Over the past 5 years, ETFs peaked at 36% of listed trading volume in November 2008
ETFs traded $257 bln last week, 9% below their 13-week average
Fixed Income ETFs accounted for only 6% of volume last week, however, make up 16% of ETF market cap
US-Listed ETFs: Short Interest Data Updated: Based on data as of 8/30/13
SPDR S&P 500 ETF (SPY) had the largest increase in USD short interest at $7.4 bln
SPY’s shares short are at their highest level since 5/31/12 and 19% above their one-year average
Shares short of iShares MSCI EAFE ETF (EFA) declined to 30.8 mln from 41.2 mln on 8/15/13 and are now roughly in-line with the average shares short over the past year
Aggregate ETF USD short interest decreased by $10.2 bln over the period ended 8/30/13
The average shares short/shares outstanding for ETFs is currently 4.5%
The SPDR Retail ETF (XRT) exhibited the highest shares short as a % of shares outstanding at 360%, surpassing the CurrencyShares Euro Trust (FXE), which had exhibited the highest shares short as a % of shares outstanding for seven consecutive periods
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
$8.8 bln in total market cap of ETFs less than 1-year old
International Equity ETFs account for 47% of market capitalization of ETFs launched over the past year and, over the past week, took in over 73% of the net inflows into ETFs that are less than 1-year old
Newly launched Fixed Income ETFs generated net inflows of $752 mln the past 13 weeks, the most of any category
91 new ETF listings and 31 closures/delistings YTD (12 additional closures announced)
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The top 10 most successful launches make up 68% of the market cap of ETFs launched over the past year
Four 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
The iShares Core MSCI Emerging Markets ETF (IEMG) had the highest net inflows this past week of $117 mln; prior to last week, IEMG had five consecutive weeks in which it had zero net flows
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Source: Morgan Stanley
IndexIQ files with the SEC
September 17, 2013--IndexIQ has filed a amendment no.1 to a application for exemptive relief with the SEC.
view filing
Source: SEC.gov
Horizons ETFs launches two new low-fee sector ETFs and extends fee rebate on HXT
September 17, 2013--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") is pleased to announce the launch of two new exchange traded funds ("ETFs") that will provide investors with the lowest-cost ETF exposure to the financials and energy sectors of the Canadian stock market.
The Horizons S&P/TSX Capped Financials Index ETF ("HXF") and the Horizons S&P/TSX Capped Energy Index ETF ("HXE") will begin trading on the Toronto Stock Exchange ("TSX") today under the following ticker symbols:
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Source: Horizons ETFs Management (Canada) Inc.
