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IndexIQ Launches QMN As Latest In Innovative Family Of Absolute Return Hedge Fund ETFs
IQ Hedge Market Neutral Tracker ETF (QMN) expands industry-leading hedge fund replication ETF family
October 4, 2012--IndexIQ, a leading developer of liquid index-based alternative investment solutions, is launching the newest addition to its Exchange-Traded Fund family, the IQ Hedge Market Neutral Tracker ETF (QMN, on October 4, 2012, it was announced today.
QMN is designed to offer investors liquid, transparent Market Neutral hedge fund exposure.
QMN will seek to track, before fees and expenses, the performance characteristics of the IQ Hedge Market Neutral Index (IQHGMN), part of IndexIQ’s proprietary IQ Hedge family of benchmark hedge fund replication indexes. The IQ Market Neutral Index (IQHGMN) has live performance dating from September 2008.
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Source: IndexIQ
Minutes of the Federal Open Market Committee, September 12-13, 2012
October 4, 2012--Information received since the Federal Open Market Committee met in August suggests that economic activity has continued to expand at a moderate pace in recent months. Growth in employment has been slow, and the unemployment rate remains elevated.
Household spending has continued to advance, but growth in business fixed investment appears to have slowed. The housing sector has shown some further signs of improvement, albeit from a depressed level. Inflation has been subdued, although the prices of some key commodities have increased recently. Longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee is concerned that, without further policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor market conditions. Furthermore, strains in global financial markets continue to pose significant downside risks to the economic outlook. The Committee also anticipates that inflation over the medium term likely would run at or below its 2 percent objective.
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Source: FRB
FlexShares files with the SEC
October 3, 2012--FlexShares has filed a post-effective amendment, registration statement with the SEC.
view filing
Source: SEC.gov
Singapore Exchange Derivatives Trading Limited's MSCI Indonesia Index Futures
Contract has been Certified and may be Offered to U.S. persons through Direct Access Effective October 2, 2012
October 3, 2012-- On August 15, 2012, Singapore Exchange Derivatives Trading Limited (SGX) requested expedited Commodity Futures Trading Commission (CFTC) review of the SGX's MSCI Indonesia Index futures contract so that it may be offered to U.S. persons.
SGX also requested that the contract may be made available through direct access terminals in the United States.
The CFTC’s Division of Market Oversight reviewed the contract and determined that it satisfied the requirements of the Commodity Exchange Act (Act) and the Commission’s Regulations. Accordingly, the MSCI Indonesia Index futures contract is deemed to be in conformance with the Act and therefore may be offered or sold to persons in the U.S. SGX may make the contract available for trading through its direct access terminals in the U.S.
Source: CFTC.gov
Morgan Stanley-Preliminary 3Q2012 ETF Net Cash Flows Estimates
October 3, 2012--We estimate that net cash inflows into US-listed ETFs were
$58.3 billion during the third quarter of 2012. This report
contains our estimates and analysis of 3Q 2012 ETF flows for the US
market. Once official data are released, we will publish our more
comprehensive flow analysis.
The $58.3 billion during 3Q 2012 is above the $34.0 billion
average quarterly net cash inflows over the past three years.
Year to date, we estimate ETF net inflows at $135.9 billion, which is
already more than the total net cash inflows in each of the full years
from 2009-2011. US-listed ETF assets are now almost $1.3 trillion,
which is up 23% year to date.
The largest net cash inflows went into ETFs tracking US Large-Cap and Fixed Income indices. These segments had net cash inflows of $13.0 billion and $8.1 billion in 3Q 2012, bringing their total inflows for the first three quarters of the year to $25.3 billion and $41.2 billion, respectively. US Sector & Industry ETFs also had a strong quarter with net inflows of $7.7 billion. Currency ETFs were the only segment to post net outflows (only $76 million) in 3Q 2012.
BlackRock’s net cash inflows of $18.3 billion in 3Q 2012 were the
largest of any provider. State Street had the next highest net cash
inflows at $15.1 billion.
As of 9/28/12, BlackRock, State Street and
Vanguard accounted for almost 79% of ETF assets.
There were 30 ETFs launched and 27 liquidated in the US during 3Q 2012. There have been 130 ETFs issued and 44 closures this year (additional 29 liquidations announced).
As of 9/28/12, there were 36 issuers with 1,252 ETFs.
Roughly $9 billion in total ETF market cap is from ETFs issued over the past year. The most successful recent launches (by total assets) focus on fixed income and on low volatility equity indices.
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Source: Morgan Stanley
CFE Temporarily Postpones Launch Date For S&P 500 Variance Futures
October 3, 2012--CBOE Futures Exchange, LLC (CFE) today announced that it has temporarily postponed the launch of S&P 500 Variance futures, originally scheduled to begin on Thursday, October 4.
The additional time will allow market participants to further prepare for the trading and clearing of S&P 500 Variance futures.
CFE plans to launch S&P 500 Variance futures later this quarter and will announce the new launch date when it has been determined.
For more information on S&P 500 Variance futures: www.cfe.cboe.com/Products/Products_VA.aspx.
Source: CBOE
ISE Introduces Risk Management Feature in Kill Switch
October 3, 2012--The International Securities Exchange (ISE) today announced the implementation of its electronic "Kill Switch" functionality in PrecISE Trade(R), ISE's innovative, front-end execution system.
The Kill Switch has already been available for exchange members that are connected to ISE via a Direct Trading Interface (DTI) or FIX connection. By extending this functionality to PrecISE, this segment of ISE’s membership community now has the ability to utilize the Kill Switch to cancel all open orders and prevent new order submissions for more comprehensive risk management. In addition, if a DTI or FIX user is unable to access their system during a session, PrecISE serves as an alternative means of enabling the Kill Switch.
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Source: International Securities (ISE)
Brown Brothers Harriman, Hilliard Lyons, Legg Mason, Edward Jones, and JPMorgan Chase Recognized with SIFMA Diversity Leadership Awards
October 3, 2012--SIFMA today awarded Brown Brothers Harriman, Hilliard Lyons, Legg Mason, Edward Jones, and JPMorgan Chase with its annual Diversity Leadership Awards.
Emerging Diversity Leadership: Brown Brothers Harriman - Possibility Thinking and Hilliard Lyons - Women’s Financial Consultant Roundtable.
Innovative Diversity Leadership: Legg Mason - Diversity & Inclusion Leadership Council Board Leadership Program.
Sustained Diversity Leadership: Edward Jones - Cross-Cultural Development Program.
Team Diversity Leadership: JPMorgan Chase - Black Organization for Leadership Development.
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Source: SIFMA
Introductory Remarks At SEC's Market Technology Roundtable By SEC Chairman Mary L. Schapiro
October 2, 2012--Good morning. Thank you to all of the panelists for taking time to share your thoughts with us on market technology. And thank you to those who have already written in with your comments. You have given us a number of very thoughtful recommendations.
To an extraordinary extent, the stability of our securities markets is tied to the technological infrastructure of those markets.
As with virtually every industry, technology brings many benefits. And our markets are no different. Thanks to technology, our securities markets are more efficient and accessible than ever before.
But we also know that technology has pitfalls. And when it doesn’t work quite right, the consequences can be severe.
Just imagine what can happen:
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Source: SEC.gov
S&P Dow Jones Indices announces changes to the S&P/TSX Canadian Indices
A Deletion from the S&P/TSX Income Trust Index October 2, 2012--S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The stapled unitholders of Labrador Iron Ore Royalty Corporation (LIF-UN.TO) have approved the restructuring of the company to a corporate structure.
The name of the company is not changing and the new ticker symbol will be "LIF". Following this restructuring, the company will be removed from the S&P/TSX Income Trust Index and added to the S&P/TSX Equity, Capped Equity and Equity Completion indices. The company will remain a constituent of the S&P/TSX Composite, Capped Composite and Composite Equal Weight, the S&P/TSX Completion, the S&P/TSX Capped Materials and the S&P/TSX Composite Dividend Indices. All these changes will be effective after the close of trading on Thursday, October 4, 2012 .
Source: S&P Dow Jones Indices
