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SEC Approves New Rules Prohibiting Market Maker Stub Quotes

November 8, 2010--The Securities and Exchange Commission approved new rules proposed by the exchanges and FINRA to strengthen the minimum quoting standards for market makers and effectively prohibit "stub quotes" in the U.S. equity markets.

A stub quote is an offer to buy or sell a stock at a price so far away from the prevailing market that it is not intended to be executed, such as an order to buy at a penny or an offer to sell at $100,000. A market maker may enter stub quotes to nominally comply with its obligation to maintain a two-sided quotation at those times when it does not wish to actively provide liquidity. Executions against stub quotes represented a significant proportion of the trades that were executed at extreme prices on May 6, and subsequently broken.

"By prohibiting stub quotes, we are reducing the risk that trades will be executed at irrational prices, and then need to be broken, if the markets become volatile," said SEC Chairman Mary L. Schapiro. "While we continue to look at other potential obligations for market participants, this is an important step in our effort to improve the functioning of the U.S. markets, and restore investor confidence following the events of May 6."

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view SEC Order Approving New Exchange and FINRA Rules

Source: SEC.gov


JP Morgan files with the SEC

November 8, 2010--JP Morgan has filed an application for exemptive relief with the SEC. The Future Funds may include one or more exchange-traded funds (“ETFs”) which invest in other investment companies and/or ETFs (“Fund of Fund ETFs”).

The Initial Fund and the Future Funds together are referred to herein as the “Funds.” Each Fund relying on the exemptive relief will operate as an actively managed ETF.

view filing

Source: SEC.gov


CDS Spreads and Default Risk

U.S. Broker-Dealers
November 8, 2010--In response to interest received from several market participants, Fitch Ratings is following up on its recent study analyzing the performance of credit default swap (CDS) spreads as indicators of default risk for U.S. sectors that incurred pronounced market volatility during the financial crisis.

More specifically, this report analyzes the CDS spread history and implied annual probability of default (PD) for the U.S. broker-dealers over the past several years.

The prior study, which focused on the North American bank, insurance, monoline insurance, real estate investment trust, and homebuilder sectors, did not address U.S. broker-dealers given their small sample size. In effect, only two out of five entities within this sector continued to operate independently after year-end 2008.

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Source: Fitch Ratings


New Report Outlines Causes of Market Distortions Choking Recovery and Preventing New Growth Companies from Going Public

Report provides recommendations for SEC to mitigate ETF dangers
November 8, 2010-- A form of indexed securities known as “exchange traded funds”—or ETFs—are distorting the markets to such an extent that they are threatening the growth of new companies by effectively curtailing their access to capital, according to a provocative new report issued today by Harold Bradley and Robert Litan of the Kauffman Foundation.

Moreover, it is these derivatives and not the phenomenon known as high-frequency trading (HFT)—commonly critiqued as contributing to the “flash crash” of May 6, 2010—that pose serious threats to market stability in the future.

Numerous factors have been pointed to as contributing to the significant downward trend in IPOs over the past decade, some of which, like the higher regulatory costs of going and remaining public under the Sarbanes Oxley Act of 2002, are widely agreed to as one of the main culprits.

But, as Bradley, Kauffman’s chief investment officer, and Litan, Kauffman’s vice president of research and policy, argue, ETFs represent a far more important and heretofore unrecognized deterrent to companies going public because they are artificially distorting stock prices and thereby dissuading new growth companies – on which the growth of our economy depends – from going public.

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view report

Source: Ewing Marion Kauffman Foundation


Opening Statement, Meeting of the: Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues

Chairman Gary Gensler
November 5, 2010--Good morning. I am pleased to join Chairman Schapiro in welcoming the members of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues to our fourth public meeting. I would like to thank Chairman Schapiro, her fellow Commissioners and the staff of the SEC for all they’re doing on the review of the unusual market events that took place on May 6, 2010, as well as our strong collaboration with regard to the Dodd-Frank Act.

I also would like to thank the staff of the CFTC for all of their hard work planning this meeting, reviewing the circumstances surrounding May 6 and releasing their thorough report on the contributing factors.

I also want to recognize and thank my fellow CFTC Commissioners, Mike Dunn, Jill Sommers, Bart Chilton and Scott O’Malia.

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Source: CFTC.gov


Global X Funds Adds Uranium ETF to its Cleantech Fund Suite

November 5, 2010--Global X Funds, the New York based provider of exchange traded funds, launched today the Global X Uranium ETF (Ticker: URA). The launch is the latest expansion in the ETF issuer's cleantech commodity funds.

Uranium is seen as the clean resource alternative for electric generation. One pound of uranium can generate as much energy as 20,000 pounds of coal, and leaves behind a fraction of the carbon footprint. Almost all the uranium mined today is used to produce electricity, and that provides about 16% of the world's electricity. Since the bull market for uranium in 2006-2007, many new nuclear plant development projects have been initiated around the world. However, uranium supply is forecasted to be in deficit for every year from 2010 onward. RBC Capital Markets estimates that the price of uranium will peak at $80/lb within three years.

"The Uranium ETF, like the successful Lithium ETF launched last quarter, provides access to a commodity in the renewable energy space," says Bruno del Ama, CEO of Global X Funds. "These resources are key for the future of clean technology."

The Global X Uranium ETF tracks the Solactive Global Uranium Index, which is designed to track the performance of the largest and most liquid listed companies globally in the uranium mining industry. As of November 1, 2010 the three largest components were Cameco, Paladin Energy and Uranium One.

This launch follows the issuer's listing yesterday of the Global X Gold Explorers ETF (Ticker: GLDX), the latest addition to the fund family's global commodities suite. "We are committed to identifying novel but relevant investment themes that appeal to sophisticated investors," del Ama said.

Source: Global X Funds


BlackRock * New Report * ETF Landscape Canada Industry Review, End Q3 2010

November 5, 2010--This report is a review of the Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs) industry in Canada through the end of Q3 2010. This report for the first time includes net flows for ETFs in Canada.
Twenty years ago on 9 March 1990, the first ETF was listed in Canada on the Toronto Stock Exchange (TSX): the TIPs (Toronto 35 Index Participation Fund) tracking the TSX 35 Index. It was followed by the HIPs (Hundred Index Participation Fund) tracking the TSX 100 Index on 26 September 1995.

Ten years later, on 7 March 2000, the TIPs and HIPs ETFs were merged into the iUnits S&P/TSE Index Participation Fund (XIU CN): an ETF that was originally listed on 4 October 1999 and has since been renamed iShares CDN S&P/TSX 60 Index Fund (XIU CN).

At the end of Q3 2010, there were 153 ETFs/ETPs listed in Canada with 199 listings, assets of US$35.3 Bn from six providers on one exchange. Since the end of 1999, assets in Canadian ETFs/ETPs have increased 8,634.7%, which represents a CAGR of 51.6%.

Assets in ETFs/ETPs listed in Canada have increased by 23.7% YTD to US$35.3 Bn, which is more than the 6.4% increase in the MSCI Canada Index in US dollar terms over the same period.

Year to date, ETFs/ETPs listed in Canada have seen net inflows of US$3.1 Bn, with US$1.8 Bn of net new assets going into fixed income ETFs/ETPs and US$1.4 Bn into equity ETFs/ETPs. In 2009, ETFs/ETPs listed in Canada had net inflows of US$7.1 Bn, of which US$3.2 Bn went into ETFs/ETPs tracking equity indices.

to request report

Source: Global ETF Research & Implementation Strategy Team, BlackRock


CFTC.gov Commitments of Traders Reports Update

November 5, 2010--The CFTC.gov Commitments of Traders Reports has been updated for the week of November 2, 2010 and are now available.

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Source: CFTC.gov


U.S. Department of the Treasury Economic Statistics - Monthly Data Update

November 5, 2010--The U.S. Department of the Treasury Economic Statistics - Monthly Data has been updated and is now available.

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Source: U.S. Department of the Treasury


Treasury Announces Build America Bonds issuances Surpass $150 Billion

Recovery Act Bonds Program Provides Infrastructure Financing to State and Local Governments, Saving Billions Compared to Tax Exempt Bonds
November 5, 2010--The U.S. Department of the Treasury today released its comprehensive monthly update on Build America Bonds issuances, including state-by-state data, showing that more than $150 billion have been issued through October 31, 2010. Build America Bond issuers benefit from substantial savings in borrowing costs when compared to issuing tax-exempt debt.

"In the beginning, Build America Bonds helped fill a critical hole in the municipal finance market left by the financial crisis. Now, Build America Bonds have now become an important source of financing to help state and local governments undertake much-needed infrastructure projects," said Alan B. Krueger, Assistant Secretary for Economic Policy and Chief Economist at the Treasury Department. "That state and local governments have now issued more than $150 billion of Build America Bonds and saved billions of dollars in financing costs in the process is a testament to their success and further evidence that the program should be extended."

Market reception for Build America Bonds has been very positive. Between the program launch on April 3, 2009 and October 31, 2010:

There have been more than $150 billion in Build America Bond issuances; Build America Bonds now constitute about 21 percent of the municipal bonds market; and

There have been a total of 1,912 separate issues of Build America Bonds by local or state governments in all 50 states, the District of Columbia and two territories.

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Source: U.S. Department of the Treasury


SEC Filings


July 03, 2025 ARK ETF Trust files with the SEC-4 ARK Q Defined Innovation ETFs
July 03, 2025 Tidal Trust II files with the SEC-YieldMax(R) SCHD DoubleDiv(TM) ETF
July 03, 2025 iShares Trust files with the SEC-iShares Large Cap 10% Target Buffer Mar ETF
July 03, 2025 iShares Trust files with the SEC-iShares Large Cap 10% Target Buffer Jun ETF
July 03, 2025 iShares Trust files with the SEC-iShares Large Cap 10% Target Buffer Sep ETF

view SEC filings for the Past 7 Days


Europe ETF News


June 16, 2025 ESMA's activities in 2024 focused on strengthening the EU capital markets and putting citizens and businesses at the heart of it
June 12, 2025 Janus Henderson launches active fixed income ETF
June 12, 2025 ifo Institute Raises Growth Forecast for Germany
June 10, 2025 ESMA publishes latest edition of its newsletter
June 06, 2025 Active ETF fever grips selectors-is the end in sight for mutual funds?

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Asia ETF News


July 02, 2025 Fujitsu to develop ETF trading platform based on TSE's CONNEQTOR and provide it to Australian Securities Exchange
June 25, 2025 QFIIs Gain Access to Onshore ETF Options As A-share Market Opening Deepens
June 18, 2025 Mirae Asset Global Investments Launches MIRAE ASSET TIGER CHINA GLOBAL LEADERS TOP3 PLUS ETF, Tracking Solactive-KEDI China Global Leaders TOP3Plus Index
June 13, 2025 Post-Adjustment ChiNext Index Attracts Global Assets with Low Valuation and High Growth Potential
June 13, 2025 Unlocking Consumption to Sustain Growth in China -World Bank Economic Update

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Global ETP News


July 03, 2025 Flow Traders-Tokenization in Capital Markets: A Market Maker's Perspective
June 14, 2025 Global Economic Prospects-Global Economy Faces Trade-Related Headwinds
June 12, 2025 Disclosing Public Debt Boosts Investor Confidence, Cuts Borrowing Costs 
June 10, 2025 Global Economy Set for Weakest Run Since 2008 Outside of Recessions

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Middle East ETP News


June 19, 2025 GCC: Growth on the Rise, but Smart Spending Will Shape a Thriving Future
June 16, 2025 Saudi Exchange leads market losses across the GCC

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Africa ETF News


June 24, 2025 East Africa's regional 20 share index
June 16, 2025 African Credit Rating Agency to Launch September 2025
May 27, 2025 African Economic Outlook 2025-Africa's short-term outlook resilient despite global economic and political headwinds

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ESG and Of Interest News


June 18, 2025 Global Energy Transition Gains Ground, but Security and Capital Challenges Persist
June 17, 2025 Pacific Economic Update: Slowing Growth Highlights Need for More Inclusive Workforce
June 10, 2025 Global Carbon Pricing Mobilizes Over $100 Billion for Public Budgets
June 07, 2025 Accelerating Blue Finance: Instruments, Case Studies, and Pathways to Scale
June 03, 2025 The Longevity Dividend

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White Papers


May 30, 2025 IMF Working Paper-Interest Rate Sensitivity Scenarios to Guide Monetary Policy

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