WallachBeth ETF Desk Notes July 20

Today’s WallachBeth action:
Despite early and large selling in EFA, our blotter evened out with some steady 2-way flow of smaller notional sizes in emerging market funds. We also had large inflows into Sweden and the UK (EWD and EWU).

Away, we noticed heavy price pressure on Spain and Italy ETFs (EQP and EWI)

Re: Fixed Income: the steady and large inflows we have been handling all week lightend up considerably today, although direction remained on the buy-side.

Commodities: Natural Gas and CORN displayed some wild price action once again; today’s action was on the upside.

Some of you might be shocked to discover that I’ll be taking next week off (for a well-deserved summer vacation!); our entire trade desk team will be operating in full force and end-of-day updates will be produced by our able team here at WB.

Chris Hempstead

Director of ETF Execution Services

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