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Index Arbitrage Related News
 in chronological order

 See also: Index Arbitrage Related Books, Index Arbitrage Related Scholarly Papers, or Index Arbitrage Home Page.

Table of Contents:
 

RPL ban puts index arbitrageurs in a fix

December 7, 2006
From The Economic Times:
The triggering of a market-wide position limit in the equity derivatives of Reliance Petroleum has put index arbitrageurs in a spot. According to market participants, this is the first time the limit has been breached for a Nifty constituent.

A market-wide position limit refers to the maximum number of shares that can be traded in the derivatives segment.

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The ghost in the exchange

December 2, 2006
From Business Spectator:
When stock markets spike or plunge, people often blame "program trading" by hedge funds.

Such sentiments were on display Monday when the Dow Jones Industrial Average fell 100 points in the last hour of trade. Certainly, program trading has gained in prominence in stock markets – it accounted for almost half the day's volume on the New York Stock Exchange on one particular day this summer – but it remains something of a mystery to many, particularly retail investors.

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NYSE Eliminates Trading Curbs Dating Back to 1987 (Update1)

October 26, 2006
From Bloomberg:
The New York Stock Exchange said it will no longer impose curbs on computer-program trading that were put in place after the crash of 1987, claiming they're no longer as effective in damping swings in prices.

The exchange will stop prohibiting brokerages from entering some program trades when the NYSE Composite Index rises or falls more than 2 percent, according to a notice sent to member firms today. The so-called collars had been in effect since 1988 and were triggered 17 times this year, according to a filing with the Securities and Exchange Commission.

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Indexes Stutter At Open, Leaders Continue Trek To Higher Ground

September 28, 2006
From CNNMoney.com:
The glass was half full and half empty early Friday, as mixed economic data left the major averages little changed.

As of 10:14 a.m. ET, the Nasdaq and NYSE composite were about even. The Dow and S&P 500 fell less than 0.1%.

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Nuveen HydePark Group to absorb indexes

September 28, 2006
From InvestmentNews:
Nuveen Investments Inc. of Chicago yesterday announced the combination of its equity index- and benchmark-based investment activities within the Nuveen HydePark Group.

The merger follows Nuveen’s May 1 acquisition of HydePark Investment Strategies and its affiliated consulting business Richards & Tierney, also of Chicago.

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US STOCKS-Wall St indexes jump, await Bush, Bernanke

August 31, 2006
From Reuters:
U.S. stocks rose on Friday, fueled by a sharp advance in financial services companies on hopes President Bush would unveil a plan to alleviate the subprime mortgage crisis and loosen credit conditions that have rattled financial markets.

Anticipation that Federal Reserve Chairman Ben Bernanke may signal an interest rate cut is coming soon in a speech on Friday also underpinned sentiment, along with data showing that inflation remained in check.

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Index Universe Interviews Executive Director of Dow Jones Indexes, John Prestbo

August 30, 2006
From SeekingAlpha:
Index Universe: What has been the most notable change in the indexing industry over the years?

Prestbo: I think it's the pace. When Dow Jones decided to make indexes a business unit it was a pretty sleepy community that we were joining. The players in it were S&P and Russell and FTSE and MSCI, and they'd been in for a while. They were kind of used to doing things their way, and it took a while to change anything that they were doing. Then we came along, Dow Jones Indexes, and our first business strategy was to license indexes for financial products. Now this happened to coincide with the realization that ETFs were kind of neat, and so we've benefitted a great deal from the growth in that particular vehicle. Now, of course, practically everybody and his brother is an index provider, and competition is fierce.

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GLOBAL MARKETS-US stocks dip, global indexes fly on Fed relief

August 20, 2006
From Reuters:
U.S. stocks fell on Monday as bank shares slid and lower oil prices hurt the energy sector, but benchmark indexes in Japan and Europe soared as investors weighed the chance of more Federal Reserve action after Friday's cut in the discount rate on its loans to banks.

The U.S. central bank's surprising move on Friday rippled across time zones in Asia and Europe on Monday, causing rebounds in stock markets in both regions. World stock markets had fallen sharply in recent weeks as problems in the risky U.S. subprime mortgage sector spread to other markets.

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Shanghai indices track art for investment's sake

August 20, 2006
From Reuters UK:
In Shanghai, even the art market is in a bull run -- just take a look at the indices.

Would-be art investors can turn to the "Chinese Painting 400" or the "Oil Painting 100", and chart the rising prices of paintings from a favourite artist or genre.

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S&P Launches Three Indexes

August 13, 2006
From Forbes:
Index provider Standard & Poor's said Monday it launched three investable indexes: the S&P Global Timber & Forestry Index, S&P Global Nuclear Energy Index and S&P Global Alternative Energy Index.

The S&P Global Timber & Forestry Index is comprised of 25 stocks from around the world that includes forest products companies, timber real estate investment trusts and paper products and packaging companies.

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US STOCKS-Indexes rise on central banks' moves, retail data

August 13, 2006
From Reuters UK:
 U.S. stocks rose on Monday after central banks calmed markets by pumping more cash into the global financial system and a report showed U.S. consumers spent more freely than expected last month.

The gains suggested stocks could stabilize after several days of high volatility on worsening lending conditions, sparked by repayment problems with U.S. subprime mortgages.

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Major Indexes Volatile But Off Lows

August 1, 2006
From CNNMoney.com:
 The stock market continued to struggle for direction as it headed into the afternoon.

Just before 1 p.m. ET, the S&P 500 led the market with a 0.5% gain. The S&P 500 briefly violated its 200-day moving average line but has since climbed back above that key benchmark.

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Morgan Stanley to take indices public

August 1, 2006
From FinancialNews-US.com:
 Morgan Stanley has said it plans to sell a minority stake in its equities index service on the public markets in its second spin-off this year, as the investment bank strips down to its core businesses.

In its regulatory filing, the bank targeted $200m (€150m) for an initial public offering for MSCI, its wholly owned subsidiary that includes the MSCI developed and emerging market indices and its Barra portfolio risk analysis tools.

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U.S. STOCKS - Indexes gain amid optimism about earnings

July 12, 2006
From Reuters India:
 U.S. stocks rose on Wednesday as a scarcity of profit warnings fueled optimism over the corporate reporting season, enabling the market to regain its footing after a sharp drop the previous session.

Shares of fast-food company Yum Brands, which reported quarterly results after the bell, jumped 4.9 percent during the regular session following news that investment bank UBS had raised its rating on the stock.

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U.K.'s FTSE 100 Index Declines; Shell, BP, HSBC Lead Drop

July 11, 2006
From Bloomberg:
 U.K. stocks fell for a second day, led by Royal Dutch Shell Plc and BP Plc after Goldman, Sachs & Co. downgraded the energy companies' shares and crude oil retreated.

HSBC Holdings Plc and HBOS Plc declined on concern losses in subprime mortgages in the U.S. will erode economic and earnings growth.

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Changing indexes for funds

May 24, 2006
From The San Francisco Chronicle:
 Buying an index fund used to be simple.

Investors who wanted broad exposure to the market in a single, low-cost fund could buy one that tracked the Standard & Poor's 500 index and pretty much forget about it.

But the S&P has taken some lumps lately.

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US STOCKS-Indexes slip; traders turn cautious before weekend

May 24, 2006
From Reuters UK:
 U.S. stocks declined on Thursday as investors seized an early rally on housing data as a chance to protect their gains in advance of a long U.S. holiday weekend.

Semiconductor shares fell sharply after Dell Inc. (DELL.O: Quote, Profile , Research) unveiled a plan to sell computers through Wal-Mart Stores Inc. (WMT.N: Quote, Profile , Research), raising concern that profit margins of chip producers may be squeezed. The world's No. 1 retailer has a reputation for pressuring its suppliers to cut prices.

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US STOCKS-Indexes rebound on easing inflation concerns

May 11, 2006
From Reuters:
 U.S. stocks rose on Friday, rebounding from their worst drop in two months, after core producer prices data pointed to moderating inflation, quelling concern about the outlook for interest rates.

Shares of rate-sensitive financial services stocks, such as Goldman Sachs Group Inc. (GS.N: Quote, Profile, Research and Merrill Lynch (MER.N: Quote, Profile, Research, were among the top gainers. Energy stocks were also broadly higher as oil futures gained ground.

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Illinois SURS switches indexes

May 10, 2006
From Pensions & Investments:
 Illinois State Universities Retirement System, Champaign, changed the index that will be used by the $800 million PIMCO StocksPlus and $460 million BlackRock Equity Plus enhanced structured equity portfolios, said Dan M. Slack, executive director of the $15.5 billion fund.

They were both moved to Russell 3000 from S&P 500 and as a result will use the Russell index’s derivatives, primarily futures, to implement their strategies, rather than S&P 500 contracts.

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Earnings gains lift Asian indexes to highs

May 4, 2006
From The International Herald Tribune:
 Asian stocks rose Thursday to a record after Korea Electric Power reported higher earnings and United Microelectronics of Taiwan forecast an increase in profit.

"Solid earnings reports are the bedrocks of stock valuations," said Murphy Huang at PCA Securities Investment Trust in Taipei. "Investors will buy shares of companies able to deliver good numbers."

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MSCI sets changes to new world, emerging indexes

May 4, 2006
From Reuters Africa:
 Index compiler MSCI Barra announced on Thursday the list of constituents of its new MSCI Global Investable Market Indexes, including benchmarks for world and emerging market stocks.

The largest constituents of the new MSCI Provisional World Standard Index that are not included in the widely emulated MSCI World Index are ConocoPhillips, Toronto-Dominion Bank, Schering-Plough Group, Standard Chartered, Colgate-Palmolive and BMW.

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US STOCKS-Indexes flat; Dow stalls march to 13,000

April 23, 2006
From Reuters:
 U.S. stocks were little changed on Monday, leaving the Dow just shy of 13,000, after a brokerage cut its rating on drug company Pfizer Inc. (PFE.N: Quote, Profile, Research) and offset stronger-than-expected earnings news.

Hasbro Inc. (HAS.N: Quote, Profile, Research), the No. 2 U.S. toymaker, handily beat Wall Street profit expectations, sending its stock up 8.3 percent to $32.20 on the NYSE. For details, see [ID:nN23258766].

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Shanghai Soars, Asia Pares Gains

April 23, 2006
From SmartMoney.com:
 With the exception of Shanghai's booming Composite Index, Asian stocks that had been energized early Monday by another record performance on Wall Street had given up a large portion of their gains by late in the day.

Japan's Nikkei 225, which had ended the morning session up 0.94% at 17,617.51, pared back to a gain of 0.04%, to 17,459.28, late in the trading day. The broader Topix, which had added 0.2% to 1,713.50 at the midday break, slipped into negative numbers, down 0.42% to 1,703.03, late in the day.

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Indexes drop on PPI data, Oracle

December 19, 2006
From Reuters:
 U.S. stocks fell sharply on Tuesday after news of the sharpest rise in producer prices in 32 years and disappointing financial results from tech bellwether Oracle and Circuit City, a leading electronics retailer.

The Labor Department's announcement that the Producer Price Index rose 2 percent in November revived worries about worsening inflation and higher interest rates. It was the biggest jump in PPI since November 1974.

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S&P to roll out shariah-compliant stock indexes

December 18, 2006
From Reuters:
 Standard & Poor's said it will launch on Tuesday versions of its widely used global indexes such as the S&P 500 <.SPX>, in response to the burgeoning demand for financial products and services that comply with Islamic law, or shariah.

Shariah forbids Muslims from receiving interest payments and from investing in companies involved in the production or sale of pork, alcohol, tobacco, pornography, gambling and non-Islamically structured finance or life insurance.

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Energy shares hit by sell-off even as oil rises

November 27, 2006
From MarketWatch:
 Caught up in a broad market sell-off, energy shares fell Monday even as crude rose above $60 a barrel, lifted by comments from Saudi Arabia's oil minister that the world's largest oil producer might support further production cuts.

The Amex Oil Index gave up early gains, falling 0.2% to 1,161.16 points even as crude for January delivery added $1.08 to close at $60.32 per barrel. The Philadelphia Oil Service Index was down 1.3% to 198.10 points.

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Market indexes slip in post-holiday trading

November 25, 2006
From The Columbus Dispatch:
 Stocks fell yesterday in thin trading, ending a shortened week quietly as the holiday shopping season began and attention turned to retailers and a steep decline in the dollar against other major currencies. The major stock indexes ended the week mixed, with only the Nasdaq composite index reporting a gain.

The day after Thanksgiving appeared to be a busy one for retailers. Shoppers seeking bargains inundated stores. Without tallies from cash register receipts, however, investors were forced to examine little more than anecdotal evidence as they tried to get a read on what to expect out of retailers during the all-important holiday season.

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Stock market signals mixed as indexes set records, oil prices fall

November 17, 2006
From CBC.ca:
 Early indicators were mixed for North American stock markets early Friday with many global indexes at or near record highs. Crude-oil prices hit a new low for the year.

Wall Street futures suggested a weak start for regular trading and European indexes dropped in early action.

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European Indexes Close Mixed

November 16, 2006
From BusinessWeek:
 Europe's major indexes closed mixed Thursday. Wall Street gained after a tame US CPI report eased inflation worries. Wednesday's FOMC minutes revealed that the Fed views the current core inflation rate as 'uncomfortably high'. Oil inched near US$59/bbl. EIA data Wednesday showed a draw in US fuel stocks.

UK: The FTSE 100 index closed higher. In London, India-focused company Vedanta (-6.42%) posted a 284% jump in first half EBITDA to US$1.3 billion, beating estimates, driven by better prices and strong volume growth. However, the miner's shares were hit on funding concerns about its plans to invest US$1.9 billion in India.

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European Indexes Fall

November 8, 2006
From BusinessWeek:
 European markets lost momentum Wednesday tracking Wall Street. U.S. markets traded lower after Democrats swept control of the US House of Representatives, while the race for the Senate is too close to call. Investors also took the opportunity to take profits. Oil moved above US$59/bbl, recovering from earlier losses after a larger-than-expected drop in US fuel stocks.

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Two Canadian indexes make debut

November 7, 2006
From InvestmentNews.com:
 Dow Jones Indexes, a unit of Dow Jones & Co. Inc. of New York, today launched two Canadian indexes, the Dow Jones Canada Select Growth Index and the Dow Jones Canada Select Value Index.

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European Indexes Yawn

November 2, 2006
From BusinessWeek:
 European indexes had trouble gaining traction Thursday morning ahead of the ECB's decision on interest rates, where no change was expected.

Germany: The Xetra-Dax index (-0.13%) languished a fraction below breakeven. It's earnings galore in Germany. BMW's (+0.13%) quarterly pretax profit rose 9.4% to €720 million and net profit came in at €452 million. But both numbers fell short of expectations. Revenues for the quarter were €11.56 billion, down 1.4% year-over-year. The 2006 pretax profit target of €4 billion was maintained.

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Asia: Oil falls and indexes follow

November 1, 2006
From International Herald Tribune:
 Asian indexes were pulled down Tuesday after oil posted its biggest drop in more than a year.

BHP Billiton, PetroChina and Inpex Holdings led declines.

"I can't be bullish on oil-related shares until I confirm a solid rebound in crude prices," Hideyuki Ookoshi, a manager at Chiba-Gin Asset Management in Tokyo, said.