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Dollar, U.S. interest rates depend on Asian central banks, NY Fed report warns
From Reuters
Tuesday, October 26, 2004
http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=6616573
NEW YORK -- Regulatory approval for a much-anticipated
gold-backed security that is expected to soon launch on
the New York Stock Exchange takes time and has not
been delayed, the NYSE's chief executive said on Tuesday.
John Thain said when a batch of exchange-traded funds
(EFTs) were launched in 2000, it took 14 months for the
U.S. Securities and Exchange Commission to approve
them. Barclays Global Investors NA, the biggest sponsor
of ETFs, said there are international equity-based ETFs
that have taken years to approve.
Thain said he was unable to say more about the
gold-backed product because the NYSE was still in a
"quiet period," when the SEC forbids promotional activity
about a security.
"The SEC does a very thorough vetting. It can be a very
lengthy process," said Lee Kranefuss, in charge of ETF
business at Barclays.
Kranefuss and Thain spoke at a Barclays' sponsored
breakfast to promote investor understanding of ETFs,
a product that has experienced explosive growth in
recent years. More than $30 billion in new assets has
entered ETFs in the first nine month of the year, pushing
total industry assets to $190 billion, Morgan Stanley
said.
The gold-backed security to list on the NYSE is known
as streetTRACKS and is sponsored by the World Gold
Council. It is designed as an alternative to investing in
physical gold, which is difficult and expensive to move,
store, and insure.
The SEC said in late August that the security, whose
registration was filed in May 2003, could start trading
soon. The security's prospectus indicates it will launch
in 2004.
Barclays filed a registration this year for iShares
COMEX Gold Trust, which will mimic the price of gold
futures at the Comex division of the New York Mercantile
Exchange.
Bullion-backed securities are expected to launch next
week in South Africa, according to their sponsor, Absa
Corporate and Merchant Bank said Tuesday in
Johannesburg.
Interest in the two gold-backed U.S. securities is high
because of growth in ETFs, though little has been
publicly discussed about them.
"They're not talking about it because they're in direct
competition," said Morgan Stanley analyst Paul Mazzilli,
referring to the two gold-backed products.
Thain said ETFs are a great growth area, and the NYSE
plans to increase its market share of trading in ETFs.
According to Morgan Stanley, the National Stock
Exchange has the largest market share of ETF trade,
with 30 percent, followed by the Pacific Exchange with
28 percent, the Nasdaq Stock Market with 21 percent,
and the American Stock Exchange with 12 percent.
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