Americas ETP News
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Update to the 2013 Trends to Watch
May 2, 2013--May 2, 2013--Fund flows are clearly seeking Alpha in ETFs!
Year to date net inflows acording to XTF were about $65.29 billion at the end of April. This number is impressive on a number of levels.
First, the absolute amount puts the industry on a trend to exceed last year’s near $200 billion. Second, it has been broad based. Third, investor or ETF Strategist have clearly been embracing newer types of solution as evidenced by fund flows in low volatility solutions. Fourth, ETF flows into the Japanese market (DXJ and EWJ) at about $10 billion arguably reflect actions by the Bank of Japan who also has plans to use ETFs to stimulate its economy. However, what we see as most impressive is how the flows are starting to spread out beyond just the Top 50 or Top 100 Funds. Since December 31, 2012, AUMs in the Top 50 and 100 ETFs have declined from 69% and 82% of AUMs to 62% and 77%, respectively. Most impressive has been the fact that ETFs with AUMS of greater than $250 million in AUMs has increased from 180 to 417 ETFs and there has been nearly a tripling of the number of ETFs with AUMS between $250 million and $2 billion. [1]Lastly, we note that SPY and GLD, YTD have seen negative flows of $5.41 billion and $6.8 billion.
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Source: Forefront Capital
Chicago Board Options Exchange Reports System Issues
May 2, 2013--The Chicago Board Options Exchange suffered more system problems early Thursday that hit trading in some stock-options contracts, a week after severe technical issues closed its markets for more than three hours.
The latest problems saw around 300 classes of stock options hosted on an exchange "business cluster" run by the CBOE open 10 minutes late Thursday, after the exchange reported system issues ahead of the start of trading.
Some "spread" trading strategies were unavailable to traders until a few minutes after 10:00 a.m. ET, according to notices sent to traders by the exchange.
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Source: NASDAQ
CFTC's Division of Swap Dealer and Intermediary Oversight Issues No-Action Letter Regarding the Obligation of Swap Dealers and Major Swap Participants to Provide Certain Disclosures for Certain Transactions Under Regulation 23.431
May 1, 2013--The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a no-action letter that provides swap dealers and major swap participants with relief from certain disclosure requirements
prescribed under Commission Regulation 23.431.
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Source: CFTC.gov
ISE Reports it is the Largest Equity Options Exchange in April 2013
May 1, 2013--ISE was the largest equity options exchange in April with a market share of 17.8%, excluding dividend trades.
Dividend trades made up 2.1% of industry volume in April 2013.
The International Securities Exchange (ISE) today reported an average daily volume of 2.7 million contracts in April 2013.
This represents an increase of 4.5% compared to April 2012. Total options volume for the month was 59.8 million contracts. ISE was the largest U.S. equity options exchange in
April with a market share of 17.8%*.
Business highlights for the month of April include:
On April 24, ISE introduced its new corporate branding. The new visual identity spans a redesigned corporate website and expanded social media presence.
On April 23, ISE announced that it received the award for “Most Proactive Exchange for ETF Options/Derivatives” at the 9th Annual Global ETF Awards(R).
On April 11, ISE introduced ISE GeminiTM as the brand name of its second options exchange.
For the month of April, Implied Order functionality accounted for 6.7% of all non-crossing, multilegged contract volume executed on ISE.
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Source: International Securities Exchange (ISE)
CBOE Holdings Reports April 2013 Trading Volume
VIX Futures Post Busiest Month Ever
C2 Establishes All-Time Monthly Records
May 1, 2013--CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that April trading volume for options contracts on Chicago Board Options Exchange(R) (CBOE(R) ) and C2 Options Exchange (C2(SM) ) and futures contracts on CBOE Futures Exchange, LLC (CFE(R) ) totaled 102.70 million contracts.
Average daily volume (ADV) in April was 4.67 million contracts, up four percent from 4.49 million contracts in March 2013 and up one percent from 4.63 million contracts in April 2012.
Also in April, futures on the CBOE Volatility Index(R) (VIX(R) Index), traded on CFE, posted their busiest month ever, and C2 set all-time monthly total volume, average daily volume and market share records.
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Source: CBOE
Federal Reserve issues FOMC statement
May 1, 2013--Information received since the Federal Open Market Committee met in March suggests that economic activity has been expanding at a moderate pace.
Labor market conditions have shown some improvement in recent months, on balance, but the unemployment rate remains elevated. Household spending and business fixed investment advanced, and the housing sector has strengthened further, but fiscal policy is restraining economic growth. Inflation has been running somewhat below the Committee's longer-run objective, apart from temporary variations that largely reflect fluctuations in energy prices. Longer-term inflation expectations have remained stable.
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Source: FBR
SEC Proposes Rules for Cross-Border Security-Based Swap Activities
May 1, 2013--The Securities and Exchange Commission today voted unanimously to propose rules and interpretive guidance for parties to cross-border security-based swap transactions.
The proposal explains which regulatory requirements apply when a transaction occurs partially within and partially outside the U.S. The proposed rules also set forth when security-based swap dealers, major security-based swap participants, and other entities — such as clearing agencies, execution facilities, and data repositories — must register with the SEC.
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Source: SEC.gov
Direxion Launches Two Leveraged Exchange-Traded Funds
New ETFs Offer 3x Leveraged Inverse Exposure to Brazil and South Korea
May 1, 2013--Direxion, a leader in alternative investment solutions, has launched two new leveraged inverse exchange-traded funds (ETFs), the Direxion Daily Brazil Bear 3x Shares (BRZS) and Direxion Daily South Korea Bear 3x Shares (KORZ).
The Direxion Daily Brazil Bear 3x Shares seeks daily investment results, before fees and expenses, of 300% of the inverse performance of the MSCI Brazil 25/50 Index. The MSCI Brazil 25/50 Index measures the equity market performance of mid- and large-cap Brazilian companies. Similarly, the Direxion Daily South Korea Bear 3x Shares seeks daily investment results, before fees and expenses, of 300% of the inverse performance of the MSCI Korea 25/50 Index. The MSCI Korea 25/50 Index measures the equity market performance of mid- and large-cap South Korean companies.
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Source: Direxion
Deutsche Bank-Synthetic Equity & Index Strategy-North America
US ETF Model Portfolios-Diversified Momentum Portfolio Update
May 1, 2013--Diversified Momentum Update as of April 30th, 2013
Solid month for our DMP. Strong results for Global sectors, Commodities, and Treasuries.
Market Performance
The US equity market (SPY) recorded another positive month in April. Similarly, the broad US Fixed Income market (BND) was up; while the Commodity market (DBC) plunged by 3.81% during the same period.
Model Portfolio Performance
Our Diversified Momentum Portfolio (DMP) advanced 1.71% in April. In the meantime, the equity market and our multi asset class benchmark were both up recording gains of 1.92% and 0.39%, respectively.
Portfolio Updates and New Membership
9 of the 20 DMP positions will change for May. In terms of portfolio weights, the asset class weights will suffer no changes. Currencies will continue to be the top allocation with 40%, followed by Global Sectors with 30%, Commodities with 20%, and Treasuries with 10%.
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Source: DB-Synthetic Equity & Index Strategy-North America
Vanguard reports April 2013 expense ratio changes
May 1, 2013--In April, expense ratios changed for multiple Vanguard mutual funds and ETFs available to institutional investors, as shown in the tables below. Thirty-four products had reductions in their expense ratios, and 5 had increases.
Expense ratios may fluctuate from year to year based on changes in the cost of managing the funds. For example, economies of scale resulting from an increase in a fund's total assets because of market appreciation or cash flow can help reduce its expense ratio, while a decline in assets can cause the expense ratio to rise.
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Source: Vanguard
