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ETF Securities Precious Metals Weekly-Have Gold and Silver Prices Already Discounted
August 26, 2013--Fed Tapering?
Gold and silver rise despite spike in US bond yields and stronger dollar.
The silver price rose 1.0% last week, bringing gains over the past 8 weeks to
27%. The gold price also rose, bringing the total increase to 14% since its 5 July low.
While the spike in US bond yields is pressuring many financial assets,
precious metals took the latest release of the Fed's FOMC minutes in stride,
ignoring the Fed's statement that it is “broadly comfortable” with moving ahead with reductions in bond buying in the near future. The fact that both gold and silver prices ended the week higher indicates that the start of Fed tapering has largely been priced in to precious metals prices. U.S. 10yr yields and the gold
price are now trading more or less around the same levels they were in November of 2010, when QEII was first announced.
The 2013 correction in precious metals prices has attracted substantial physical demand, notably strategic buying by China. This demand surge, combined with a sharp decline in recycled gold supply and diminishing mining productivity, appears to be forming a solid foundation for the gold price.
Horizons ETFs announces new name for HAF
August 26, 2013--Horizons ETFs Management ( Canada ) Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. (the "Manager") announced today that it will change the name of the Horizons Active Advantage Yield ETF ("HAF" or the "ETF") to the Horizons Active Yield Matched Duration ETF.
This name change is intended to emphasize the risk-mitigation strategy employed by the ETF to attempt to limit the negative impact that future interest rate increases could have on the value of the ETF. The name change is expected to take effect on September 6, 2013 .
HAF's investment objective and sub-advisor, Fiera Capital Corporation ("Fiera"), will remain the same.
Horizons ETFs announces final valuation for terminated ETF
August 26, 2013--Horizons ETFs Management ( Canada ) Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. (the "Manager") previously announced, by way of a press release dated June 25, 2013 , that the Horizons S&P/TSX 60 130/30(TM) Index ETF (the "ETF") would be terminated effective upon the close of business today, August 26, 2013.
NYSE to temporarily lift limit rules on 530 ETFs
August 26, 2013--NYSE Euronext said it will temporarily lift volatility curbs on hundreds of lightly traded exchange-traded funds after a slew of halts in low volume shares over the past week.
The exchange operator will temporarily roll back so-called limit-up/limit-down rules on certain ETFs that trade on the electronic Arca exchange starting on Wednesday, according to an alert sent Monday afternoon by the exchange operator.
Lew Tells Congress Treasury to Hit Debt Limit in Mid-October
August 26, 2013--The U.S. will hit the $16.7 trillion debt ceiling in mid-October, Treasury Secretary Jacob J. Lew said in a letter urging Congress to raise the limit "as soon as possible."
"Extraordinary measures are projected to be exhausted in the middle of October," Lew said in the letter today to House Speaker John Boehner and other lawmakers.
"At that point, the United States will have reached the limit of its borrowing authority, and Treasury would be left to fund the government with only the cash we have on hand on any given day," he said. The cash balance at that time is forecast to be about $50 billion, "insufficient to cover net expenditures for an extended period of time," according to Lew.
Indictments Expected in Alleged Trading Code Theft
Criminal Complaint Targets Three, Including Two Former Flow Traders Employees
August 25, 2013--The top prosecutor in Manhattan is seeking to indict three men for allegedly stealing valuable computer source code from an automated trading firm, according to people familiar with the matter.
A criminal complaint filed by Manhattan District Attorney Cyrus Vance Jr. in New York and seen by The Wall Street Journal alleges that Glen Cressman and Jason Vuu, who worked as traders at Flow Traders US LLC in New York, emailed themselves lines of code that contained secret algorithms at the heart of the firm's high-frequency trading strategy.
CFTC Issues Interpretation Concerning Retail Commodity Transactions
August 23, 2013--The U.S. Commodity Futures Trading Commission (CFTC) today announced an Interpretation concerning its authority over retail commodity transactions, as provided by Section 2(c)(2)(D) of the Commodity Exchange Act (CEA).
Today's Interpretation clarifies the CFTC’s view of the meaning of “actual delivery” under Section 2(c)(2)(D).
Section 742(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the CEA to add Section 2(c)(2)(D), entitled "Retail Commodity Transactions." Section 2(c)(2)(D) broadly applies to any agreement, contract, or transaction in any commodity that is entered into with, or offered to, a non-eligible contract participant or non-eligible commercial entity on a leveraged, margined, or financed basis. The Section requires such agreements, contracts, and transactions to be conducted on a regulated exchange and subjects them to the CFTC’s anti-fraud authority. However, the Section does not apply if “actual delivery" of the commodity is made within 28 days.
CFTC's Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Relief Regarding Regulation 23.502 for Swap Dealers and Major Swap Participants in Connection with Swaps Subject to Risk Mitigation Techniques under E
August 23, 2013-- The Commodity Futures Trading Commission's Division of Swap Dealer and Intermediary Oversight (DSIO) today announced the issuance of a no-action letter providing time-limited relief to SDs and MSPs from compliance with Regulation 23.502,
provided that the SD or MSP intends to rely upon, and be compliant with, the EMIR portfolio reconciliation rules and otherwise satisfies the conditions set forth in CFTC Letter No. 13-45 Corrected
BATS, Direct Edge in Talks to Merge
Deal Would Create Second-Largest U.S. Stock-Market Operator
August 23, 2013--Electronic-exchange group BATS Global Markets Inc. is in advanced discussions to merge with rival stock-exchange company Direct Edge Holdings LLC, people close to the talks said, in a deal that would unseat Nasdaq OMX Group Inc.as the second-largest U.S. stock-exchange operator by volume.
The combination would unite two companies built by trading firms and banks to challenge the dominance of the New York Stock Exchange and Nasdaq Stock Market, using technology geared toward rapid, electronic trading.
ProShares files with the SEC
August 23, 2013--ProShares has filed a post-effective amendment, registration statement with the SEC. This post-effective amendment relates only to: ProShares Short Term USD Emerging Markets Bond ETF.
view filing
Arrow Investment Advisors files with the SEC
August 23, 2013--Arrow Investment Advisors has filed a first and restated application for exemptive relief with the SEC.
view filing
CFTC.gov Commitments of Traders Reports Update
August 23, 2013--The current reports for the week of August 20, 2013 are now available.
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First Trust Launches International Multi-Asset Diversified Income Index Fund
New Exchange-Traded Fund Seeking Income and Diversification Using a Multi-Asset Approach
August 22, 2013--First Trust Advisors L.P. ("First Trust"), a provider of more than 200 investment products, announced the launch of the International Multi-Asset Diversified Income Index Fund (NASDAQ: YDIV), an exchange-traded fund (ETF) which is expected to begin trading on NASDAQ on August 23, 2013.
The International Multi-Asset Diversified Income Index Fund ("the Fund") seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of the NASDAQ International Multi-Asset Diversified Income IndexSM.
The Fund provides international exposure to a diversified mix of asset classes in a single investment portfolio that has built-in volatility screens. Yield is the main driver behind the index; however, within each asset class a maximum volatility cap is used that seeks to limit securities that have high yields strictly due to poor price performance. The portfolio is further diversified within each asset class. As a result, the Fund provides the potential for a lower-risk total return alternative to investing solely in one asset class. Since income is generated from multiple sources, the Fund may provide less interest-rate sensitivity than traditional fixed-income securities. It is important to note that diversification does not guarantee profit or protect against loss.
SEC's White Vows New Safeguards Following Nasdaq Failure
August 23, 2013--U.S. Securities and Exchange Commission Chairman Mary Jo White, responding after system errors caused a three-hour halt on the Nasdaq Stock Market, said she will push to adopt proposed automated-trading rules.
The failure that affected Nasdaq’s system for reporting quotes and prices bolsters the case to pass a proposal issued in March, White said in a statement. Advancing it will require the regulator to face down opposition by exchanges, which have pushed the SEC to limit the scope of the rule, including how much information about glitches they must be provide.
Nasdaq in Fresh Market Failure
Glitch That Locked Out Investors for Three Hours Is Latest Malfunction in Electronic Trading
August 22, 2013--A technical glitch knocked out trading in all Nasdaq Stock Market NDAQ -3.42% securities for three hours Thursday afternoon, an unprecedented meltdown for a U.S. exchange that paralyzed a broad swath of markets and highlighted the fragility of the financial world's electronic backbone.
Nasdaq officials scrambled to figure out what happened and resume trading. They shared few of their findings with trading firms or the public during regular trading hours, sowing confusion across Wall Street and leaving many investors frustrated.
