Americas ETP News
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Latin America’s tumble puts decoupling thesis to test
November 18, 2010--Is it time to revisit the notion that emerging markets have decoupled? Maybe, at least in Latin America.
The old investment rubric used to be that when the US caught a cold, Latin America came down with pneumonia.
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Source: FT.com
Morgan Stanley Exchange-Traded Funds: 2010 Year-End CEF and ETF Tax Strategies
November 19, 2010--Closed-End Fund (CEF) and Exchange-Traded Fund
(ETF) prices have generally rallied in 2010, but there are still a number of funds trading below multi-year
highs, creating opportunities to implement tax swap strategies. We see opportunities for tax swaps within
the CEF and ETF markets and believe investors with unrealized losses in their portfolios could benefit from
tax-management strategies.
Tax swaps can be structured to comply with the wash sale rule. A tax swap involving the sale of one
fund and the simultaneous purchase of another with similar objectives may create losses while maintaining
market exposure and may not be subject to wash sale rules. These losses can be used to offset realized or future gains from other holdings.
Morgan Stanley & Co.’s strategists believe that QE2 will result in continued strong performance in risk assets and commodities and in the US Dollar weakening further. In addition, MS & Co.’s economists continue to expect growth from abroad, particularly within emerging markets, to result in a sustainable US economic recovery.
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Source: ETF Research-Morgan Stanley
BNY Mellon Analytical Insights - Third Quarter 2010 Edition
November 19, 2010--Market Review
The pace of US GDP growth continued to slow in the third quarter, as the US economy grew at an annualized rate of just 1.7%, according to the most recent revision. The slowdown in growth prompted the Federal Reserve to announce a second round of quantitative easing.
Financial Markets Review
For the eighth consecutive quarter, the Federal Reserve left the Fed Funds rate at the target of 0-0.25%. The treasury yield curve continued to flatten as it had in the second quarter. Treasuries at all maturities experienced decreasing yields although the drop was more pronounced at mid-to long maturities. The declining dollar led to strong positive returns for commodities. For the quarter, the S&P Goldman Sachs Commodity Index returned 8.3%. Real Estate, after another strong quarter, lead all major asset classes in the year-to-date and 1-year time periods, with returns of 19.1% and 30.3%, respectively. As the quarter drew to a close, investors in international equities had to contend with rising pressure on US lawmakers to encourage China to re-value its currency.
As of September 30, 2010, all major asset classes had positive returns for the quarter, year-to-date and 1-year time periods. Aided by the falling dollar, investors in international equities achieved the greatest quarterly returns. Equity investors in all regions experienced strong, positive third quarter returns.
Domestic Equity Review
Off-setting the losses across all styles in the prior quarter, the third quarter provided gains for US equity investors in growth, value, large and small strategies. Additionally, positive returns were achieved by investors in all US equity sectors. Volatility, as defined by the standard deviation of the Russell 3000 Index returns, increased slightly to 18.9% for the year ended September 2009. Confronted by the possibility of continued quantitative easing by the Federal Reserve, the equity markets rallied into the quarter’s end.
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Source: BNY Mellon
CFTC.gov Commitments of Traders Reports Update
November 19, 2010--The CFTC.gov Commitments of Traders Reports have benn updated for the week of November 16, 2010 are now available.
view updates
Source: CFTC.gov
First Fully-Electronic Interest Rate Swap Trade Executed and Cleared in U.S.
November 19, 2010--Tradeweb, a leading global provider of fixed income and derivatives markets, today announced the completion of the first interest rate swap trade by a client to be electronically executed and cleared in the U.S.
The U.S. dollar-denominated swap transaction was executed on the Tradeweb platform between a U.S.-based asset manager and Deutsche Bank, with Deutsche Bank acting as the clearing member. The trade was then cleared by CME Clearing, and is the first transaction which could be considered swap execution facility (SEF)-ready under the expected regulatory framework soon to be defined and finalized by the CFTC and SEC.
"This trade is an evolutionary step forward for the derivatives markets," said Lee Olesky, CEO of Tradeweb. "As more clients adopt the central clearing model in anticipation of new regulatory requirements, we are happy to lead the way in providing what we anticipate will be a SEF-ready derivatives marketplace."
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Source: Tradeweb
SEC Proposes Rules on Security-Based Swap Reporting
November 19, 2010--The Securities and Exchange Commission today voted unanimously to propose new rules entailing how security-based swap transactions should be reported and publicly disseminated.
The rules are proposed under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which generally authorizes the SEC to regulate security-based swaps. The proposed rules (Regulation SBSR) represent an important step in the SEC's continuing effort to increase the transparency of the security-based swap market and fulfill mandates under the Dodd-Frank Act.
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Source: SEC.gov
SEC Proposes Rules to Outline Obligations of Security-Based Swap Repositories
November 19, 2010--The Securities and Exchange Commission today voted unanimously to propose new rules that would require security-based swap data repositories (SDRs) to register with the SEC. The proposed rules also lay out other requirements with which SDRs must comply.
Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act generally authorizes the SEC to regulate security-based swaps. The SEC's proposal aims to increase accountability and transparency in the security-based swap market, and ensure these repositories retain and maintain complete records of security-based swap transactions that can be accessed by regulators.
"The need for these repositories stems from the opaque nature of the swaps market — a market where transaction-level data has not been widely available or required to be recorded," said SEC Chairman Mary L. Schapiro. "These repositories have a crucial role to play in the development of a healthy and robust security-based swap market."
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Source: SEC.gov
SEC Proposes Rules to Improve Oversight of Investment Advisers
November 19, 2010--The Securities and Exchange Commission today voted to propose new rules to strengthen the SEC's oversight of investment advisers and fill key gaps in the regulatory landscape.
The SEC's proposed rules would implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that, among other things:
Facilitate registration of advisers to hedge funds and other private funds with the SEC.
Implement the Dodd-Frank Act's mandate to require reporting by certain advisers that are exempt from SEC registration.
Increase the asset threshold for advisers to register with the SEC.
Define "venture capital fund" and provide clarity regarding certain exemptions to investment adviser registration.
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Source: SEC.gov
ETF Securities USA LLC files with the SEC
November 19, 2010--ETF Securities USA LLC has filed a pre-effective amendment, Form S-1 with the SEC for
ETFS White Metals Basket Trust.
view filing
Source: SEC.gov
State Street files with the SEC
November 19, 2010--State Street has filed a post effective amendment, registration statement with the SEC for
SPDR Barclays Capital Emerging Markets Local Bond ETF.
view filing
Source: SEC.gov
