Americas ETP News
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Treasury International Capital Data for March
May 15, 2012--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for March 2012. The next release, which will report on data for April 2012, is scheduled for June 15, 2012.
The sum total in March of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC outflow of $49.9 billion. Of this, net foreign private outflows were $57.7 billion, and net foreign official inflows were $7.8 billion.
Foreign residents increased their holdings of long-term U.S. securities in March – net purchases were $22.3 billion. Net sales by private foreign investors were $4.0 billion, and net purchases by foreign official institutions were $26.3 billion.
At the same time, U.S. residents decreased their holdings of long-term foreign securities, with net sales of $13.9 billion.
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Source: US Department of the Treasury
Exchange Traded Concepts files with the SEC-KraneShares
May 15, 2012-- Exchange Traded Concepts has filed a post-effective amendment no.18, registration statement with the SEC. Prospectuses for the KraneShares Dow Jones Global Luxury Consumer ETF, KraneShares Dow Jones China Alternative Energy ETF, KraneShares CSI China Internet ETF,
KraneShares CSI China Consumer Staples ETF, KraneShares CSI China Consumer Discretionary ETF, KraneShares CSI China Five Year Plan ETF, and KraneShares CSI China Urbanization ETF.
view filing
Source: SEC,gov
ISE to List Options on Facebook on May 29
May 15, 2012--The International Securities Exchange (ISE) today announced that it will list options on Facebook (ticker: FB) beginning on Tuesday, May 29.
Citadel Securities LLC will serve as the Primary Market Maker for Facebook at ISE. The options listing date is contingent on a successful completion of Facebook’s initial public offering on Friday, May 18.
Contract specifications will be determined when the new listing is certified by The Options Clearing Corporation prior to trading.
Source: International Securities Exchange (ISE)
Direxion files with the SEC
May 15, 2012--Direxion has filed a post-effective amendment, registration statement with the SEC for the Direxion S&P 1500 RC Volatility Response Shares (VSPR)
Direxion S&P 600 RC Volatility Response Shares
Direxion S&P 500 RC Volatility Response Shares (VSPY)
Direxion S&P Latin America 40 RC Volatility Response Shares (VLAT)
Direxion NASDAQ Volatility Response Shares (QVOL)
view filing
Source: SEC.gov
Rockledge active ETF employs sector rotation
May 15, 2012--Rotating in and out different equity sectors to build returns is an investment strategy that historically was the preserve of hedge funds or sophisticated institutional investors.
But earlier this year, Rockledge Advisors launched an actively managed exchange traded fund that provides investors with a single instrument that pursues a sector rotation strategy.
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Source: FT.com
Agencies Finalize Large Bank Stress Testing Guidance
May 14, 2012--The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation on Monday issued final supervisory guidance regarding stress-testing practices at banking organizations with total consolidated assets of more than $10 billion.
The guidance highlights the importance of stress testing at banking organizations as an ongoing risk management practice that supports a banking organization's forward-looking assessment of its risks and better equips it to address a range of adverse outcomes. The recent financial crisis underscored the need for banking organizations to incorporate stress testing into their risk management practices, demonstrating that banking organizations unprepared for particularly adverse events and circumstances can suffer acute threats to their financial condition and viability.
This guidance builds upon previously issued supervisory guidance that discusses the uses and merits of stress testing in specific areas of risk management. The guidance outlines general principles for a satisfactory stress testing framework and describes various stress testing approaches and how stress testing should be used at various levels within an organization. The guidance also discusses the importance of stress testing in capital and liquidity planning and the importance of strong internal governance and controls as part of an effective stress-testing framework.
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Source: FRB
Guggenheim Investments Selects Milestone Group's pControl For NAV Validation And Reporting -End-To-End
Automation Of Key Fund Administration Processes Enhances Efficiency, Control And Risk Management
May 14, 2012--Milestone Group, the specialist provider of optimised fund processing solutions to the global funds industry, has today announced that Guggenheim Investments, the investment management business of Guggenheim Partners LLC, which has approximately $127 billion of assets under management, has selected its pControl platform to automate the management and control of its NAV production and validation processes.
Milestone Group’s NAV Control solution provides extremely robust quality assurance around the NAV accounting function by eliminating the use of spreadsheets and manual processes. Instead, pControl aggregates and manages multiple data sources and formats, performs validations of NAVs and presents this in a single dashboard. This provides managers with a consolidated view across funds at any point in time.
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Source: Mondovisione
DB Equity Research Equity Research-US ETF Market Monthly Review : Risk-off tone continued and removed $15bn from ETP AUM
May 14, 2012--Net Cash Flows Review
Last week, the risk-off sentiment continued to weigh on the equity markets. The US (S&P 500) retreated by 1.15%. Outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) dropped by 2.42% and 4.11%, respectively. Moving on to other asset classes, the 10Y Treasury yield retreated by 7bps last week, while the DB Liquid Commodity Index was down by 1.77%. Other sectors followed suit.
The Agriculture sector (DB Diversified Agriculture Index), the WTI Crude Oil, the Gold and the Silver prices fell by 1.67%, 2.40%, 3.83%, and 4.80%, respectively. Last but not least, Volatility (VIX) increased by 3.81% during the same period.
The total US ETP flows from all products registered $0.4bn of inflows during last week vs $1.6bn of outflows the previous week, setting the YTD weekly flows average at +$2.8bn (+$53.6bn YTD in total cash flows).
Equity, Fixed Income, and Commodity ETPs experienced flows of -$0.5bn, +$1.2bn, and -$0.2bn last week vs. -$4.2bn, +$3.1bn, and -$0.5bn the previous week, respectively.
Within Equity ETPs, regional emerging markets and leveraged short products experienced the largest outflows (-$1.0bn, -$0.5bn respectively); while leveraged vehicles experienced the largest inflows (+$0.5bn). Within Fixed Income ETPs, Sovereign products recorded the largest inflows (+$0.6bn), followed by broad benchmark products (+$0.4bn); while Corporates experienced outflows of $0.2bn. Within Commodity ETPs, broad-based products experienced the largest outflows (-$0.2bn).
Top 3 ETPs & ETNs by inflows: TMW (+$0.26bn), GDX (+$0.2bn), FAS (+$0.15bn)
Top 3 ETPs & ETNs by outflows: EEM (-$1.0bn), JNK (-$0.8bn), SPY (-$0.4bn)
New Launch Calendar: more high yield strategies
There were two new ETFs launched during the previous week. The products were listed on NYSE Arca. The new products come in the form of new multi asset and fixed income ETFs. The first one aims to replicate an asset allocation strategy with focus on high yielding asset classes, while the second one tracks an index of emerging market high yield debt.
Assets Under Management (AUM) Review: $15bn removed from assets on risk-off trade
Total weekly turnover increased by 12.4% to $319bn vs. $284bn in the previous week. Last week’s turnover level, however, is still 15% below last year’s weekly average. The largest increase was on Equity ETP turnover, which rose by $34.4bn or 13.6% to $286.5bn. Commodity ETP turnover followed with an increase of 9.5% ($1.4bn); while Fixed Income ETP turnover experienced a drop of 8.6% (-$1.3bn).
Assets Under Management (AUM) Review:
$23bn removed by the sell-off
Last week’s risk-off mode eroded $15.1bn from ETP assets. ETP AUM shrank by 1.3% to $1.15 trillion from the previous week’s level. YTD growth remains at two-digits with 10.2%. Assets for equity, fixed income and commodity ETPs moved -$12.4bn, +$1.3bn, and -$3.8bn during last week, respectively.
to request report
Source: Deutsche Bank-Equity Research-North America
Nasdaq set to take on US banks and brokerages
May 14, 2012--Nasdaq OMX is moving into direct competition with banks and brokerages, filing plans to make basic trading algorithms available as part of its US equity trading platform.
It also aims to expand its small futures market to trade Treasury futures later this year, joining rival NYSE Euronext in taking on the CME Group in the market for listed interest rate derivatives.
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Source: NASDAQ OMX
Schwab ETFs Struggle in the Shadow of Vanguard
May 14, 2012--Charles Schwab would like to say they have Vanguard ETFs in their sights, but that would require a very powerful telescope.
It isn’t realistic to compare the two ETF providers yet because Vanguard dominates in number, total assets, and even performance. That being said, I commend Schwab’s efforts to promote low-cost index investing and hope they continue.
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Source: Forbes
