Americas ETP News
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Agencies Issue Notice of Proposed Rulemaking to Shorten Settlement Cycle
September 1, 2017--The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) today issued a notice of proposed rulemaking to shorten the standard settlement cycle for securities purchased or sold by national banks, federal savings associations, and FDIC-supervised institutions.
The three-day settlement cycle, which is the current standard for the securities industry in the United States, is known as "T+3"-shorthand for "trade date plus three days." The OCC and FDIC are issuing the proposal in connection with an industry-wide shift to a T+2 settlement cycle. The new T+2 cycle is the culmination of a multi-year securities industry initiative and rule changes being implemented by other financial regulators and securities self-regulatory organizations.
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Source: occ.gov
DOL Officially Proposes 18-Month Extension of Fiduciary Rule Exemptions' Transition Period
September 1, 2017--On Thursday, August 31, 2017, the Department of Labor (DOL) published its proposal[1] to extend the "Transition Period"[2] for the Best Interest Contract (BIC) Exemption[3] and Principal Transaction Exemption[4] from its currently scheduled end date of January 1, 2018 until July 1, 2019.
The proposal would also delay the applicability date of certain amendments to Prohibited Transaction Exemption (PTE) 84-24 for the same period. No further changes to the Transition Period were proposed.
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Source: K&L Gates
CFTC.gov Commitments of Traders Reports Update
September 1, 2017--The current reports for the week of August 29, 2017 are now available.
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Source: CFTC.gov
Hamilton Capital Launches Hamilton Capital U.S. Mid-Cap Financials ETF (USD) (HFMU.U)
August 1, 2017--Hamilton Capital Partners Inc. (“Hamilton Capital“) is pleased to announce the launch of the Hamilton Capital U.S. Mid-Cap Financials ETF (USD) (“HFMU.U“).
HFMU.U seeks long-term returns in U.S. dollars, consisting of capital growth and dividends from an actively managed equity portfolio of, primarily, United States-based mid-cap (i.e., those firms with a market capitalization between US$500 million and US$20 billion) financial services companies.
Units of the ETF will begin trading on Tuesday, September 5, 2017 on the Toronto Stock Exchange (“TSX“) in U.S. dollars under the ticker symbol “HFMU.U”.
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Source: Hamilton Capital
U.S. Weekly FundFlows Insight Report: Despite Increased Volatility During the Week, Investors Return to Equity Funds
September 1, 2017--For the first week in six investors were net redeemers of fund assets (including those of conventional funds and ETFs), withdrawing $11.3 billion. Once again, though, the headline numbers were slightly misleading. While investors padded the coffers of equity funds (+$6.1 billion), taxable bond funds (+$2.1 billion), and municipal bond funds (+$345 million) for the week, they were net redeemers of money market funds (-$19.9 billion).
During a low-volume, quasi-volatile trading week investors pushed the major indices up. For the fund-flows week ended Wednesday, August 30, 2017, the Russell 2000 Price Only Index and the NASDAQ Composite Price Only Index gained 1.58% and 1.43%, respectively, despite investors' worries.
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Source: Thomson Reuters Lipper
ULTUMUS-US ETF Report: August 2107
September 1, 2017--At the end of August 2017 there were 1,781 US ETFs with assets of US$ 2,899 Bn.
Assets in US domiciled ETFs increased by US$ 8 Bn during August.
The SPDR ETF range were the largest winners this month increasing AUM by US$5.3 Bn driven by increases of US$ 4.6 Bn in the SPDR S&P 500, however this was tempered by losses of US$ 2.9 Bn in SPDR Select Sector ETFs.
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US ETF Market Summary August 2017
Source: ULTUMUS-Financial Data Management
IEX Forced to Offer Huge Concession to Win NYSE, Nasdaq Listings
August 1, 2017--Will not charge listed companies a fee for at least five years
Acknowledges it faces tough competition from NYSE, Nasdaq.
IEX Group Inc., acknowledging how hard it will be to battle the New York Stock Exchange and Nasdaq Stock Market's listing duopoly, is offering companies that transfer to its Investors Exchange five years of no listing fees.
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Source: Bloomberg
National Bank Direct Brokerage Eliminates Commissions for All Exchange-traded Funds listed in the United States
August 31, 2017--National Bank Direct Brokerage, a subsidiary of National Bank of Canada (TSX: NA) and a leader in online brokerage, has announced that its clients will now be able to carry out online trades of exchange-traded funds (ETFs) listed on a U.S. market with no commissions.
A year after introducing commission-free trading on ETFs listed in Canada, NBDB is extending this pricing policy to US-listed ETFs to meet the needs of self-directed investors.
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Source: National Bank Direct Brokerage
First Asset Tech Giants Covered Call ETF
August 31, 2017-- First Asset Investment Management Inc. ("First Asset") announces the launch of an unhedged class of units of First Asset Tech Giants Covered Call ETF (the "ETF"). This new class of units will commence trading today on the Toronto Stock Exchange ("TSX") under the ticker symbol TXF.B (the "Unhedged Units").
The hedged class of units of the ETF (the "Hedged Units") has been available since October, 2011 and trade on the TSX under the ticker symbol TXF.
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Source: First Asset
Lowest Priced Gold ETF Hits Market-GraniteShares delivers lowest cost physical gold backed ETF to market*
August 31, 2017---GraniteShares looks to raise the BAR in standards, and lower the BAR on price
Will the gold ETF market ever look the same again?
GraniteShares, a new kind of exchange-traded fund (ETF) company focused on disruption through new exposures, better structures and low-cost investments, today is seeking to set the gold standard for low-cost access to gold with the launch of the GraniteShares Gold Trust (NYSE Arca: BAR).
The fund begins trading today and boasts the lowest expense ratio of all gold ETFs in the marketplace at 20 basis points*.
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Source: GraniteShares
