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CFTC.gov Commitments of Traders Reports Update
March 1, 2013--The current reports for the week of February 26, 2013 are now available.
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ISE Reports it is The Largest Equity Options Exchange in February 2013
ISE was the largest equity options exchange in February with market share of 18.1%, excluding
dividend trades.
Dividend trades made up 4.4% of industry volume in February 2013.
March 1, 2013--The International Securities Exchange (ISE) today reported average daily volume of 2.7 million contracts
in February 2013.
This represents an increase of 1.3% compared to February 2012. Total options volume for the month was 51.5 million contracts. ISE was the largest U.S. equity options exchange in February
with market share of 18.1%*.
Business highlights for the month of February include:
On February 6, ISE and IndexIQ announced their partnership agreement to support and promote new exchange traded products (ETPs) focusing on physical commodities.
On February 15, ISE announced that it received the "Most Innovative Exchange Technology-Options" award at the Wall Street Letter 2013Institutional Trading Awards.
On February 21, ISE announced that Hauke Stars, Chief Information Officer of Deutsche Borse AG, was elected to ISE's Board of Directors.
For the month of February, Implied Order functionality accounted for 7.3% of all non-crossing, multi-legged contract volume executed on ISE.
DB-Synthetic Equity & Index Strategy-North America-US ETF Model Portfolios-Diversified Momentum Portfolio Update
March 1, 2013--Diversified Momentum Update as of February 28th, 2013
Flat month for our DMP, Global Sectors offset by the other asset classes.
Market Performance
The US equity market (SPY) recorded another positive month following January's rally. The broad US Fixed Income market (BND) was up by 0.34%; while the Commodity market (DBC) retreated by 4.71% during the same period.
Model Portfolio Performance
Our Diversified Momentum Portfolio (DMP) was flat in February. In the meantime, the equity market and our multi asset class benchmark were mixed with the market up by 1.28% and the benchmark slightly down (-0.20%).
Portfolio Updates and New Membership
All sub-portfolios experienced some degree of turnover, with the overall DMP changing over half of its positions. In terms of portfolio weights, the asset class weights remained the same. Currencies continue to be the top allocation with 40%, followed by Global Sectors, Treasuries, and Commodities with 30%, 20%, and 10%, respectively.
ISE Names Chief Technology Officer
March 1, 2013--The International Securities Exchange (ISE) announced today that Rob Cornish has been appointed Chief Technology Officer (CTO).
“ISE is pleased to appoint Rob Cornish to the position of Chief Technology Officer,” said Gary Katz, President and Chief Executive Officer of ISE. “Rob’s leadership and guidance have played a key role in the development of our technology strategy. This CTO appointment recognizes that, as well as his significant accomplishments and contributions to ISE’s technology innovation.”
SEC Seeks Information to Assess Standards of Conduct and Other Obligations of Broker-Dealers and Investment Advisers
March 1, 2013-- The Securities and Exchange Commission today published a request for data and other information to assist the agency in considering whether to make new rules about the standards of conduct and regulatory obligations for broker-dealers and investment advisers when they provide personalized investment advice about securities to retail customers.
“Studies have shown that few investors realize that the standard of care they receive depends on the type of investment professional they use. And often investors do not know which type of financial professional they are relying on,” said SEC Chairman Elisse B. Walter. “This request for information will help us in our ongoing consideration of alternative standards of conduct for certain broker-dealers and investment advisers, as well as potential harmonization of other aspects of regulation in this area.”
Van Eck Unconstrained Emerging Markets Bond Fund Passes $100 Million AUM in Six Months
Actively managed fund is able to invest across markets, currencies, credits and maturities
March 1, 2013--Assets under management in Van Eck's recently introduced Unconstrained Emerging Markets Bond Fund (Advisor-EMBAX; Institutional-(EMBUX) reached $100 million just six months after launch and now stand at $130 million.
The Fund, an actively managed, unconstrained emerging market bond mutual fund, is among the first funds mandated to invest in both local currency and hard currency denominated bonds, as well as government, quasi-government and corporate fixed income instruments.
Van Eck files with the SEC
March 1, 2013--Van Eck has filed a application for exemptive relief with the SEC.
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ALPS Launches US Equity High Volatility Put Write Index Fund
February 28, 2013--A DST Company announced today the launch of the U.S. Equity High Volatility Put Write Index Fund (NYSE Arca: HVPW).
The Fund seeks investment results that correspond generally to the performance, before the Fundfs fees and expenses, of an index called the NYSE Arca U.S. Equity High Volatility
Put Write Index. The Index reflects the performance of a portfolio of exchange-traded put options on highly volatile stocks.
The ALPS HVPW Fund is designed for investors who seek to obtain income through selling put options, selling 60 day listed put options every 2 months (6 times per year) on 20 stocks. The Fund intends to distribute, at the end of each 60]day period out of net investment income and/or short]term capital gains, an amount of cash equal to 1.5% of the Fundfs net assets at the end of such 60]day period. If the Fundfs net investment income is insufficient to support a 1.5% distribution in any 60]day period, the distribution will be reduced by the amount of the shortfall. Also note while the Fund only intends to make such distributions out of net investment income and/or short]term capital gains, it is possible that in certain circumstances, a portion of a distribution may result in a return of capital (which is a return of the shareholderfs investment in the Fund).
Horizons ETFs announces proposed change to the investment objective of the Horizons Active Advantage Yield ETF
February 28, 2013--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. (the "Manager") hereby announce that a special meeting (the "Meeting") of unitholders of the Horizons Active Advantage Yield ETF ("HAF") has been called to consider and, if advisable, pass a resolution to approve a change to the investment objective of HAF.
The Special Meeting will be held in Toronto at the office of the Manager, 26 Wellington Street East, Suite 604, Toronto, Ontario on March 27, 2013 at 11:00 a.m. Toronto time.
The Manager is seeking approval from the HAF unitholders to change the investment objective of HAF so that it instead seeks to provide unitholders with: (i) a stable stream of tax-efficient monthly distributions; and (ii) the opportunity for capital appreciation through exposure to a tactical asset allocation strategy that focuses primarily on fixed income and fixed income-like securities.
Horizons ETFs Announces Approval of Change to the Investment Objective of the Horizons S&P 500(R) Index (C$ Hedged) ETF
February 28, 2013--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate Horizons ETFs Management (Canada) Inc. (the "Manager") hereby announce that a change to the investment objective of the Horizons S&P 500(R) Index (C$ Hedged) ETF ("HXS") was approved at a special meeting of unitholders held today.
Beginning on or about April 1, 2013, HXS will seek to replicate, to the extent possible, the performance of the S&P 500® Index (Total Return), net of expenses.
On or about April 1, 2013, the Manager also expects to change the name of HXS to the "Horizons S&P 500® Index ETF" and to offer units of HXS in both Canadian and US dollars.
Mirae Asset Management- Latin America Equity Market Outlook
February 28, 2013--The fragile global economic backdrop is likely to cause continued volatility for Latin American equities into the first quarter of 2013. We do not currently subscribe, however, to a scenario of rupture within the euro zone or a collapse in U.S. growth due to a failure to negotiate the fiscal cliff.
The developed world is undergoing a prolonged phase of structural deleveraging, both at the household and at the sovereign level. As a result, the emerging world will remain the driver of global output, led by China, with positive implications for Latin America, a key trading partner.
Brazilian earnings revisions are bottoming, Mexico is undergoing significant structural reform and the Andean markets are set for another year of robust growth. Argentina stands out as the region’s only major highrisk economy.
In the current environment of low global economic and earnings visibility, companies delivering stable earnings growth and reliable cash generation are likely to command a rising premium. Falling yields in U.S. Treasury, Gilt and Bund markets will increasingly force asset allocators toward higher risk assets, including equities, and we expect this search for yield to result in rising premiums for dividend-paying blue chips with strong balance sheets. Latin American income properties, airports and toll roads fall into this category.
Transparent Value Advisors, LLC files with the SEC
February 28, 2013--Transparent Value Advisors, LLC has filed a first amended application for exemptive relief with the SEC.
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First Trust files with the SEC
February 28, 2013--First Trust has filed a post-effective amendment, registration statement with the SEC for the First Trust North American Energy
Infrastructure Fund.
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U.S. ETF prices come to Canada
Ultra-cheap ETFs have arrived.
February 28, 2013--It's been a few years since we've had a good old-fashioned gas-price war at the pumps. But most of us can still remember the vehicle lineups.
Some car owners even filled Jerry cans to squeeze every last ounce of value from the temporarily depressed fuel costs. A few bucks saved on a couple tanks of gas is one thing; but that’s peanuts compared to what you could save during the price war now raging at an investment brokerage near you. It’s a marvel what a little competition can do for a marketplace.
U.S. Department of the Treasury TIC Annual and Benchmark Surveys Update
February 28, 2013--The preliminary data from the annual survey on Foreign Portfolio Holdings of U.S. Securities at End-June 2012 are available, along with the Press Release, dated February 28, 2013.
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