Global ETF News Older than One Year
Banks look to counter LSE’s TMX deal
May 12, 2011--This week a giant blue illuminated ball and electronic ticker tapes were inaugurated at the London Stock Exchange as the UK bourse launched a new market opening ceremony to kick off trading each day.
It was probably a welcome distraction for Xavier Rolet, LSE chief executive, from having to follow the progress of his planned “merger of equals” with TMX Group, operator of the Toronto and Montreal exchanges, thousands of miles away in Canada.
Source FT.com
D Börse raises NYSE revenue forecasts
May 12, 2011--Deutsche Börse on Thursday raised its estimates for revenue synergies that could be achieved in its planned combination with NYSE Euronext from €100m ($141m) to €150m partly through expanding the group’s clearing service across the proposed new group.
Reto Francioni, Deutsche Börse chief executive, also attacked the counter-bid for NYSE Euronext by Nasdaq OMX and IntercontinentalExchange, saying it would lead to a monopoly in US listings, weaken New York as a financial centre and “marginalise” European cash markets through “a US-oriented Nasdaq and NYSE Euronext combination”.
Source: FT.com
China eases trade rules, allows US fund sales
May 11, 2011--China on Tuesday pledged easier access for US companies to key sectors of its economy by removing barriers to its huge market in government contracts and offering a foothold to US mutual funds.
The pledges were made in two days of talks between the world’s two biggest economies which ended with both sides hailing progress in their often tense relationship. The difficulties in relations, particularly in human rights issues, were underscored by US Secretary of State Hillary Clinton, who described Beijing’s rights decord as “deplorable” in a magazine interview. China’s current crackdown on dissent, she said, amounted to “a fool’s errand”. But on economic matters, officials were upbeat after talks. “We are seeing very promising shifts in the direction of Chinese economic policy,” US Treasury Secretary Timothy Geithner said.
Source: Todays Zaman
BlackRock New Report ETF Landscape: Industry Highlights - End of April 2011
US$22.4 Bn of net new assets went into United States listed ETFs/ETPs in April 2011. US$16.7 Bn net inflows went into equity ETFs/ETPs, of which US$9.8 Bn went into ETFs/ETPs tracking US equity indices and US$3.5 Bn went into ETFs/ETPs tracking emerging markets equity indices. Fixed income ETFs/ETPs saw net inflows of US$2.9 Bn, of which US$0.7 Bn went into corporate bond ETFs/ETPs and US$0.6 Bn went into Government bond ETFs/ETPs. Commodity ETFs/ETPs saw net inflows of US$1.8 Bn, of which US$2.4 Bn went into ETFs/ETPs providing exposure to precious metals, while ETFs/ETPs providing exposure to energy experienced US$0.9 Bn net outflows in April 2011. Of the US$45.5 Bn of net new assets in United States listed ETFs in April 2011, Vanguard gathered the largest net inflows with US$13.2 Bn, followed by iShares with US$12.7 Bn net inflows, while Bank of New York had the largest net outflows with US$1.4 Bn in 2011 YTD. Global ETF and ETP industry: Record April net inflows with US$25.3 Bn. Record YTD net inflows in the first four months with US$67.2 Bn through the end of April 2011. The global ETF industry had 2,670 ETFs with 6,021 listings and assets of US$1,469.8 Bn, from 140 providers on 48 exchanges around the world at the end of April 2011. This compares to 2,189 ETFs with 4,354 listings and assets of US$1,113.1 Bn from 122 providers on 42 exchanges, at the end of April 2010. The global ETF and ETP industry combined, had 3,819 products with 7,893 listings, assets of US$1,670.9 Bn from 176 providers on 52 exchanges around the world. This compares to 2,967 products with 5,453 listings, assets of US$1,295.1 Bn from 150 providers on 44 exchanges, at the end of April 2010. European ETF and ETP industry: The European ETF industry had 1,128 ETFs with 3,952 listings and assets of US$328.2 Bn, from 39 providers on 23 exchanges at the end of April 2011. This compares to 932 ETFs with 2,748 listings and assets of US$234.3 Bn from 36 providers on 18 exchanges, at the end of April 2010. US$3.6 Bn of net new assets went into European listed ETFs/ETPs in April 2011. US$2.8 Bn net inflows went into equity ETFs/ETPs, of which US$1.6 Bn went into ETFs/ETPs providing emerging markets exposure while ETFs/ETPs providing broad European exposure saw net outflows of US$1.2 Bn. Fixed income ETFs/ETPs saw net outflows of US$0.4 Bn, of which money market ETFs/ETPs experienced US$0.3 Bn net outflows while high yield ETFs/ETPs saw net inflows of US$0.2 Bn. US$1.1 Bn net inflows went into commodity ETFs/ETPs, of which US$0.5 Bn went into ETFs/ETPs providing exposure to precious metals and US$0.4 Bn went into ETFs/ETPs providing broad commodity exposure. Of the US$2.8 Bn of net new assets in European listed ETFs in April 2011, Source Markets gathered the largest net inflows with US$0.9 Bn, followed by db x-trackers with US$0.6 Bn net inflows, while iShares and Lyxor Asset Management had the largest net outflows with US$0.2 Bn. Asia Pacific (ex-Japan) ETF industry: The Asia Pacific (ex-Japan) ETF industry had 250 ETFs with 362 listings and assets of US$58.6 Bn, from 63 providers on 13 exchanges at the end of April 2011. This compares to 168 ETFs with 267 listings and assets of US$44.4 Bn, from 53 providers on 13 exchanges, at the end of April 2010. Japan ETF industry:
The Japanese ETF industry had 84 ETFs with 88 listings and assets of US$29.4 Bn, from seven providers on three exchanges at the end of April 2011. This compares to 70 ETFs with 73 listings and assets of US$26.3 Bn from six providers on two exchanges, at the end of April 2010. There are 178 ETFs which have filed notifications in Japan.
Latin America ETF industry: The Latin American ETF industry had 27 ETFs, with 407 listings and assets of US$10.4 Bn, from four providers on three exchanges at the end of April 2011. This compares to 21 ETFs, with 243 listings and assets of US$9.1 Bn from three providers on three exchanges, at the end of April 2010. Canada ETF industry: The Canadian ETF industry had 180 ETFs and assets of US$43.1 Bn, from four providers on one exchange at the end of April 2011. This compares to 134 ETFs and assets of US$33.0 Bn from four providers on one exchange, at the end of April 2010.
Source: Global ETF Research & Implementation Strategy Team, BlackRock
Statement From NASDAQ OMX
NASDAQ OMX is working closely with the Department of Justice to provide all the necessary materials they require to conduct a thorough review of our proposed transaction and it has also made its Hart-Scott Rodino filings. NASDAQ OMX makes no comment on the specifics of these discussions or how they are progressing, has received no assurances from the Department of Justice as to the timing or outcome of the review. Comments made by NASDAQ OMX concerning the impact of potential remedies on NASDAQ OMX are based solely upon the views of NASDAQ OMX.
Source: NASDAQ OMX
HSBC to launch regional, global emerging market ETFs
"We are still missing products on some very important indices (in this area)," Farley Thomas told Reuters on Monday, adding that HSBC planned to launch 5-8 new products with a focus on emerging markets by the end of the year.
So far, HSBC mostly offers ETFs on single emerging markets and Thomas said the bank was looking at products on Eastern Europe.
Source: Reuters
Words vs. Deeds: What Really Matters? -IMF Working paper
To test our hypothesis, we exploit a novel dataset of both de jure and de facto exchange rate regime classifications. We find that pegged exchange rates are associated with significantly lower inflation in EMDCs than flexible exchange rates, and that this effect is much stronger for de facto pegs that are matched by de jure pegs than for those that are not. When it comes to anchoring expectations and delivering low inflation, therefore, both deeds and words matter. view the IMF Working paper-Words vs. Deeds: What Really Matters?
Source: IMF
Identifying Vulnerabilities in Systemically-Important Financial Institutions in a Macro-financial Linkages Framework-IMF Working paper
(ii) the expected default frequencies react positively to shocks to leverage, inflation, global financial stress, and global excess liquidity, and negatively to return on assets and equity prices; and (iii) leverage has been the most robust factor with a long-run causal effect on the expected default frequencies.
Source: IMF
Nasdaq in offer to Paris over NYSE bid
The disclosure, by Nasdaq chief executive Bob Greifeld, is the latest twist in an increasingly aggressive effort by Nasdaq and its partner IntercontinentalExchange to persuade NYSE shareholders of the merits of its counter-bid for NYSE Euronext.
Source: FT.com
Geithner hails ‘progress’ in China talks
China pledged on Tuesday to change regulations so that government contracts are not linked to improvements in its domestic technology base. China also promised improvements in the enforcement of intellectual property such as software.
Source: FT.com
May 11, 2011--This report highlights the Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs) industry at the end of April 2011.br>United States ETF and ETP industry:
Record April net inflows with US$22.4 Bn.
Record YTD net inflows in the first four months with US$51.5 Bn through the end of April 2011.
The ETF industry in the United States had 972 ETFs and assets of US$997.3 Bn, from 29 providers on two exchanges at the end of April 2011. This compares to 839 ETFs and assets of US$764.0 Bn, from 28 providers on two exchanges at the end of April 2010.
May 11, 2011-The NASDAQ OMX Group, Inc. (NDAQ) has issued the following statement with regard to the ongoing antitrust process surrounding its offer to acquire the NYSE Euronext, following its presentation at the UBS Global Financial Services Conference in New York yesterday:
May 10, 2011--HSBC is planning to expand its offering of exchange-traded funds (ETFs) in the coming months, the bank's head of ETF said, pointing to emerging market products with a global and regional focus.
May 10, 2011--Summary: This paper revisits the link between the nominal exchange rate regime and inflation, based on a sample of 145 emerging market and developing countries (EMDCs) over the period 1980-2010. We contend that, just as a de jure peg that is not backed by a de facto peg will have little value, de facto pegs that lack the corresponding de jure will likewise reap few of the low inflation benefits associated with pegging the exchange rate.
May 10, 2011-Summary: This paper attempts to identify the indicators that can demonstrate the vulnerabilities in systemically important financial institutions. The paper finds that (i) indicators on leverage, liquidity, and business scope can help identify the differences between the intervened and non-intervened financial institutions during the subprime crisis;
May 10, 2011--Nasdaq OMX, the US exchange group, has offered to restore the name Paris Bourse to France's stock market, if it wins the battle for control of NYSE Euronext, current operator of the Paris exchange.
May 10, 201--The US and China have claimed success after two days of negotiations ended in a series of deals on US access to the Chinese market and Chinese access to sensitive US technology.
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