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BlackRock Set To Slice Corporate Bond ETFs By Sector
February 16, 2012--Three new iShares ETFs are expected to launch to provide investors with finer tools to slice and dice investment-grade corporate bonds
BlackRock expects to come out with more at a later date to cover a wider range of different segments
The latest expansion in bond funds comes as investors continue to flock into high-grade investment bonds at a record pace
The iShares unit of global asset management giant BlackRock (BLK) is planning to launch Thursday what is expected to be the industry's first sector-specific ETFs tracking U.S. corporate high-grade issues.
Income-hungry investors have been flocking to investment-grade corporate bond exchange-traded funds at record rates this year, and the new set of funds are designed to let them target market segments in their search for higher yields and lower portfolio volatility. The initial three ETFs will follow Barclays indexes concentrating separately on financials (MONY), utilities (AMPS) and industrials (ENGN).
Citigroup, JP Morgan and RBS announced as counterparties to new XIE Shares
February 16, 2012--Enhanced Investment Products' XIE Shares (EIP), the first Hong Kong-domiciled swap-based synthetic ETF platform to be authorised by the Securities and Futures Commission, has appointed Citigroup Global Markets Limited, JP Morgan Chase Bank, NA and The Royal Bank of Scotland Plc as counterparties to its range of exchange traded funds.
XIE Shares’ seven ETFs, which correspond to the performance of local Emerging Asian stock exchange indices, are expected to provide liquid and low cost passive investment in India, Indonesia, Korea, Malaysia, the Philippines, Taiwan and Thailand. These country-specific products intend to provide an estimated Total Expense Ratio# (TER) of 39 bps.
The funds will be managed by Paul So, Head of Beta Products at EIP. So says: “Because we are an independent asset manager, we are able to adopt a flexible approach and change counterparties if needed, allowing us to manage the ETFs’ counterparty risks. We are pleased to announce Citigroup, JP Morgan and RBS as the counterparties to XIE Shares. We chose these particular financial institutions because they are major, reputable financial houses and provide investors with confidence.”
CFTC to Hold Open Meeting to Consider Two Final Rules and One Proposed Rule
February 16, 2012--The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Thursday, February 23, 2012, at 9:30 a.m., on the following topics:
Final Rule: Further Definition of "Swap Dealer," "Security-Based Swap Dealer," "Major Swap Participant," "Major Security-Based Swap Participant" and "Eligible Contract Participant;"
Final Rule: Swap Dealer and Major Swap Participant Recordkeeping and Reporting, Duties, and Conflicts of Interest Policies and Procedures; Futures Commission Merchant and Introducing Broker Conflicts of Interest Policies and Procedures; Swap Dealer, Major Swap Participant, and Futures Commission Merchant Chief Compliance Officer; and
Minutes of the Federal Open Market Committee January 24-25, 2012
February 15, 2012--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on January 24-25, 2012. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the January 24-25, 2012 meeting is also included as an addendum to these minutes
The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Report. Summaries of economic projections are released on an approximately quarterly schedule. The descriptions of economic and financial conditions contained in these minutes and in the Summary of Economic Projections are based solely on the information that was available to the Committee at the time of the meeting.
view Minutes of the Federal Open Market Committee January 24-25, 2012
SEC Tightens Rules on Advisory Performance Fee Charges
February 15, 2012--The Securities and Exchange Commission today announced it is tightening its rule on investment advisory performance fees to raise the net worth requirement for investors who pay performance fees, by excluding the value of the investor's home from the net worth calculation.
Under the SEC’s rule, registered investment advisers may charge clients performance fees if the client’s net worth or assets under management by the adviser meet certain dollar thresholds. Investors who meet the net worth or asset threshold are deemed to be “qualified clients,” able to bear the risks associated with performance fee arrangements.
The revised rule will require “qualified clients” to have at least $1 million of assets under management with the adviser, up from $750,000, or a net worth of at least $2 million, up from $1.5 million. These rule changes conform the rule’s dollar thresholds to the levels set by a Commission order in July 2011. The Commission-ordered increase in the thresholds was required by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. In addition, the revised rule will exclude the value of a client’s primary residence and certain property-related debts from the net worth calculation; the change was not required by the Dodd-Frank Act, but is consistent with changes the Commission approved in December to net worth calculations for determining who is an “accredited investor” eligible to invest in certain unregistered securities offerings.
view Final Rule Release No. IA-3372
State Street files with the SEC
February 15, 2012--State Street has filed a post-effective amendment, registration statement with the SEC for the SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (EMCD)
and
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (XOVR)
view filing
Advisor Shares files with the SEC
February 15, 2012--AdvisorShares has filed a post-effective amendment No. 45, registration statement with the SEC for the AdvisorShares Global Alpha & Beta ETF.
view filing
State Street plans OTC derivatives platform
February 15, 2012--State Street, the investment management and custody company, plans to challenge Wall Street banks involved with derivatives trading with the launch of an electronic trading platform for over-the-counter swaps.
The move is a sign that the market for OTC derivatives is set to be contested by “buyside” institutions not hitherto associated with such markets.
Banks and brokers rush to lobby CFTC on SEF trading model
Trading Banks and brokers rush to lobby CFTC on SEF trading model
Regulator hit with letter campaign
February 15, 2012--Banks, trading firms and brokers have fired off a torrent of correspondence at the Commodity Futures Trading Commission in a last minute bid to influence which derivatives should be traded on swap execution facilities and electronic markets.
With the comment period for the proposed rule ending this week, organisations including JP Morgan, Isda and the Wholesale Markets Brokers Association have launched scathing attacks on the CFTC's proposed "made available trade" rules, which set out the conditions for mandatory trading of swaps on SEFs.
XTF Capital Corp. Launches Two More ETFs
February 15, 2012--XTF Capital Corp.,a First Asset company, is pleased to announce that two more of its new exchange traded funds have closed their offerings of Common Units and Advisor Units. The funds will commence trading on the Toronto Stock Exchange ("TSX") when the market opens this morning under the following ticker symbols:
Fund:XTF Morningstar Canada Value Index ETF
Common Units: FXM
Advisor Units:FXM.A
Fund Common Units Advisor Units XTF Morningstar Canada Value Index ETF FXM FXM.A
Horizons Launches Two New Corporate Bond ETFs
February 15, 2012--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. (the "AlphaPro") are pleased to announce the launch of two new innovative corporate debt based ETFs, the Horizons High Yield Bond ETF ("Horizons HYI") and the Horizons U.S. Floating Rate Bond ETF ("Horizons HUF.U") (collectively, the "ETFs").
The ETFs' portfolios will be actively-managed by Natcan Investment Management Inc ("Natcan").
Both ETFs will begin trading on the Toronto Stock Exchange ("TSX") under the below ticker symbols with both a Class E unit and an Advisor Class unit.
SEC Filing-Select Sector SPDR Trust
February 15, 2012-Select Sector SPDR Trust has filed a post-effective amendment No. 20, registration statement with the SEC.
view filing
Horizons ETFs Mourns Loss of Robert Reid
February 15, 2012--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") is deeply saddened by the news that Robert Reid , one of the company's founding shareholders and original board directors, has passed away.
Mr. Reid was the President of DGM Bank and Trust Inc. of Barbados , and, through that role, was one of the founding shareholders in Horizons ETFs, under its prior name BetaPro Management Inc. Prior to his role with DGM Bank, Mr. Reid was well known on Bay Street as a former director and Vice-President at Wood Gundy.
Mr. Reid sat on the board of directors of Horizons ETFs until 2008. In this role, he helped guide the growth of Horizons ETFs from its early start-up days to becoming one of Canada's largest ETF providers.
First Trust Adds New Broad Market and Country Funds to Its Lineup of AlphaDEX Index ETFs
February 15, 2012--)--First Trust Advisors L.P., a leading provider of investment products and services that help financial advisors meet the financial needs and objectives of their clients, today announced the addition of nine new international-focused funds to the AlphaDEX family of exchange-traded funds (ETFs).
These additions are comprised of two broad market and seven country-specific funds listed below. The country-specific funds are launching today, while the other two will launch tomorrow.
The AlphaDEX ETFs are designed to track the performance of a group of custom “enhanced” indexes which employ a proprietary, rules-based, fundamental stock selection methodology. The AlphaDEX family of funds consists of a diverse range of sector, style, multi-cap and international funds.
Market Vectors ETFs Launches First Unconventional Oil & Gas ETF (FRAK)
Market Vectors Unconventional Oil & Gas ETF (FRAK) seeks to tap vast potential of fast-growing energy sub-sector
February 15, 2012--Market Vectors ETFs announced today the launch of Market Vectors Unconventional Oil & Gas ETF (NYSE Arca: FRAK), the first U.S.-listed exchange-traded fund (ETF) designed to provide investors with pure
play exposure to this fast-growing segment of the energy sector,
which can include efforts in coal bed methane, coal seam gas, shale oil, shale gas, tight natural gas, tight oil and tight sands.
FRAK comes to the market as rising global consumption and the quest for energy independence is driving many nations to seek additional supply sources for oil and natural gas. Unconventional technologies—which include hydraulic fracturing, lateral or deep sea drilling, high pressure gas injection, and advanced 3D imaging—may have potential to transform the global energy landscape by dramatically increasing supply and altering import needs. During the past several years, new extraction techniques applied to traditional resources have led to significant, “game changing” increases in North America’s natural gas supply capacity. More recently, these same techniques have been utilized by oil companies striving to produce similar results. Companies located outside North America, in countries such as China, Australia and Argentina, have also begun exploring the potential of unconventional energy. Technological advancements and cost efficiencies have attracted interest from major global energy companies that are eager to participate, as evidenced by rapidly increasing M&A activity.
