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SEC-Investor Bulletin: Exchange-Traded Funds (ETFs)
August 10, 2012--The SEC's Office of Investor Education and Advocacy
is issuing this Investor Bulletin to educate investors about exchange-traded funds ("ETFs").
This Investor Bulletin discusses only ETFs that are registered as open-end investment companies or unit
investment trusts under the Investment Company Act of 1940 (the "1940 Act").
It does not address other types of exchange-traded products that are not registered under the 1940 Act, such as exchangetraded commodity funds or exchange-traded notes.
view the SEC-Investor Bulletin: Exchange-Traded Funds (ETFs)
Maple and TMX Group Announce Completion of Offer
80% of outstanding TMX Group shares acquired under Maple offer
Maple renamed TMX Group Limited
August 10, 2012--TMX Group Limited, formerly Maple Group Acquisition Corporation ("Maple"), and TMX Group Inc. ("TMX Group") today announced the expiry of the deposit extension period in respect of Maple's offer to acquire up to 80% of the TMX Group shares for $50 per share in cash.
Approximately 95.4% of the outstanding TMX Group shares have been deposited under the Maple offer. In accordance with the terms of the offer, Maple has acquired 80% of the outstanding TMX Group shares, and the remaining TMX Group shares deposited under the Maple offer but not acquired by Maple will be returned to TMX Group shareholders. All TMX Group shares that were not acquired by Maple under the offer will be exchanged for shares of Maple on a one-for-one basis pursuant to the subsequent arrangement, as described below.
iShares files with the SEC-Currency ETFs
August 9, 2012--iShares files a post-effective amendment, registration statement with the SEC.
view filing
First Trust files with the SEC
August 9, 2012--First Trust has filed a pre-effective amendment, registration statement with the SEC for the Multi-Asset Diversified Income Index Fund.
view filing
John Hancock files with the SEC
August 9, 2012--John Hancock has filed a registration statement with the SEC for the John Hancock Global Balanced ETF, an actively-managed ETF.
view filing
John Hancock files with the SEC
August 9, 2012--John Hancock has filed a third amended and restated application for exemptive relief with the SEC for actively-managed ETFs.
view filing
"The Plan, Stan-Moving Forward on a Futures Insurance Fund"
Statement of Commissioner Bart Chilton on the Futures Investor and Customer Protection Act (FICPA) Proposal
August 9, 2012--Last November, in the wake of the MF Global debacle, I called for a futures insurance fund. It made no sense to me that banking customers had insurance (up to $250,000) through the Federal Deposit Insurance Corporation (FDIC) and that security customers had similar protections up to $500,000 through the Securities Investor Protection Corporation (SIPC).
The support for such a futures insurance fund, at the time, was essentially zero. Nobody said they liked it. A few folks said they didn't like it. Perhaps it would only encourage risky behavior by firms if they knew there was insurance, one Member of Congress suggested to me. That's a good point, which is why such a fund (if it were to exist) should never pay out for trading losses or losses as a result of a downturn in the economy. Some suggested, without much detail, that such a fund for futures customers would be excessively expensive. I don't agree. Ask those who lost money if they would have wanted such a fund and there will be unanimous support of such a concept.
Fidelity(R) Prime Services Brings Price Transparency To The Securities Lending Market With PB Optimize
August 9, 2012--Fidelity Prime Services(R), the prime brokerage division of Fidelity Capital Markets, today announced PB Optimize, a securities lending pricing tool that displays, compares and ranks securities lending rates and performance from various prime brokers, helping hedge funds best allocate their short portfolios among their prime brokers.
PB Optimize is the first securities lending pricing tool of its kind offered by a prime broker, and is now available to Fidelity’s hedge fund clients at no additional cost.
Industry Sounds Off On Paying ETF Market Makers These proposals, according to comment letters to the Securities and Exchange Commission, are drawing strong reactions from key industry figures. UBS, State Street discussed asset management merger
A UBS spokeswoman referred a request for comment to a statement made by UBS Chief Executive Sergio Ernotti during the company's second-quarter earnings call in which he said, "Our strategy builds on the strengths of all our businesses, including our diversified asset management business." The spokeswoman declined to comment on the discussions with State Street. DB-Equity Research-US ETF+ Monthly Directory : July 2012 ETPs
The following link will be available for 90 days. For more information, please click on the link for the full PDF. If you have any trouble viewing the link, copy and paste the link in a browser. http://pull.db-gmresearch.com/p/374-A9E6/22254493/US_ETF+_Monthly_Directory.pdf Moment of truth for US grain Sage Quant Management files with the SEC Russell to conduct strategic review of its U.S. ETF business
The firm, whose direct ETF team works mostly in San Francisco and New York, will cut about 30 jobs between the two offices, Steve Claiborne, a spokesman for Seattle-based Russell, said in a telephone interview. The ETFs provided by the firm have about $300 million in assets. Federal Reserve Board extends comment period on three proposed capital rules rulemakings until October 22, 2012
August 9, 2012--If issuers of exchange-traded funds could pay to attract market makers to their products, would there be more liquidity in ETFs? Or would paying market-makers create a dangerous precedent and harm long-term investors?
Both Nasdaq and NYSE Arca have proposed programs allowing ETF issuers to pay fees to the exchanges for market-maker support. The proposals are similar to a program already implemented on the BATS exchange, which has a handful of ETF listings.
August 8, 2012--UBS was in talks with State Street Corp about a possible combination of their asset management businesses, but those talks fell through in June, according to two people familiar with the situation.
For UBS, which had $599 billion in assets under management as of June 30, the merger would have provided a capital infusion, said one of the sources, who declined to be named because he is not allowed to speak to the press.
August 7, 2012--This document includes all US listed exchange-traded funds (ETFs) and exchangetraded vehicles (ETVs), plus a special section covering exchange-traded notes (ETNs).
The directory is organized by asset class and asset-class-related sub sections. Within each sub section it has also been sorted. For Equity and Fixed Income ETPs it is sorted by country (or sub region for regional products) in alphabetical order and by AUM in descending order, and for the other ETP asset classes it is sorted by sub sector in alphabetical order and by AUM in descending order. A number of key information points per product has been included in order to enable the reader to get an overview in their respective area of interest. Among the key numeric information we include avg. daily turnover, assets under management, and cash flows (all in $US). If you have any questions for any of the products listed, or any suggestions on how to improve the directory going forward, please do not hesitate to get in touch.
August 8, 2012--Hundreds of hedge fund managers, commodity merchants, government officials and farmers will have one thing on their mind when they turn on their computers on Friday: US grain statistics.
The release of this specialised report from the US Department of Agriculture has acquired huge market significance this year as the worst drought in half a century shrivels crops in America’s farm belt. It will influence trading for days and weeks to come as well as possible government decisions on biofuels and feed exports.
August 8, 2012--Sage Quant Management has filed a registration statement with the SEC for the Sage Quant ETF Trust
Low Volatility Dividend Fund
view filing
August 8, 2012--Russell Investments is reviewing its direct U.S. exchange-traded fund business and will scale back the team dedicated to those funds.
Russell will focus on its core role of providing multiasset solutions to investors and advisers, the firm said in a statement posted on its website.
July 8, 2012--The Federal Reserve Board on Wednesday announced the extension of the comment period until October 22, 2012, on three notices of proposed rulemaking that would revise and replace current capital rules.
The proposals by the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency would implement the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
