Americas ETP News
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Federal Reserve Board Issues Final Rule Providing Information On Board's Revised Capital Rules For Non Traditional Stock Corporations
December 4, 2015--The Federal Reserve Board on Friday issued a final rule providing information about how to apply the Board's revised capital framework issued in June 2013 to depository institution holding companies that are not organized as traditional stock corporations.
Institutional investors with controlling interests in depository institutions and depository institution holding companies may structure their investments through non-stock entities, such as limited liability corporations and partnerships. To show how the capital instruments issued by these non-traditionally structured firms could meet the capital requirements under the Board's revised capital framework, the final rule issued today provides examples to clarify how instruments issued by these firms may qualify as regulatory capital.
view the Regulatory Capital Rules: Regulatory Capital, Final Rule Demonstrating Application of Common Equity Tier 1 Capital Eligibility Criteria and Excluding Certain Holding Companies from Regulation Q
Source: federalreserve.gov
Asset managers urge SEC to adopt swing pricing
December 4, 2015--The SEC proposed new liquidity risk management rules for US funds in September.
The SEC's swing pricing proposal could help mutual funds navigate illiquid markets, but implementing it could be easier said than done.
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Source: risk.net
CFTC.gov Commitments of Traders Reports Update
December 4, 2015--The current reports for the week of December 1, 2015 are now available.
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Source: CFTC.gov
MIG Weekly Macro Survey: The Final Countdown
December 4, 2015--What happened this week?
As we predicted, markets more fully priced in a December rate hike by the FOMC
The US dollar and the two-year rate both surged as expected and hit multi-year highs
Fed speakers emphasize pace of future increases rather than timing of liftoff
Slow and gradual pace of this coming tightening cycle was reiterated
This will be the basis for the "apologetic increase" in December
November's jobs report was supportive of a rate increase in December
What do investors need to know?
An “apologetic increase” in December is a done deal
At their next meeting, the FOMC will increase rates by 25bp
This will come with very dovish language in the statement so that no subsequent increases will be expected soon after
The FOMC's three "preferences" for liftoff have finally be met:
1. The Fed wants to begin normalizing rates in 2015
2. FOMC wants to move on the back of strong economic data
3. They want to be very cautious with falling inflation
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Source: Macro Insight Group
'ETF 20/20' Trends Report: ETF Fee Cuts
December 4, 2015--In this months report
Blackrock announced fee cuts on 7 of its core ETFs, and Schwab responded with fee cuts on 4 of its ETFs.
Our monthly 'ETF 20/20' report summarizes recent Exchange Traded Fund(ETF) trends in the US. It uses data from the First Bridge ETF database that includes all ETFs listed globally
Assets for ETFs listed in the US increased by 0.7 % in November 2015 to $2.152T
US small cap equities (IWM) outperformed ETFs representing the other major asset classes in November 2015
The most significant impact of MSCI's latest index review was the addition of Chinese ADRs to its benchmark EM index that is tracked by 'EEM'.
17 new ETPs were launched in the US in November 2015. We provide a complete listing.
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Source: First Bridge
From Brutish to a Brouhaha: Shifting Winds and the Demographic Payback
December 4, 2015--Key Points
1. The obvious remedies (e.g., higher taxes, higher savings rates) for the problems related to a rapidly falling worker-to-retiree support ratio are unlikely to be embraced by U.S. constituencies, leaving governments' and corporations' abrogation of their pension promises to retirees as the most likely future scenario.
2. Using the more complex lifetime savings models as a guide, we adopt a simple and straightforward model to analyze the impending retiree support problem.
3. Demographic shifts are playing a major role in the current high valuations of developed market assets, putting near-term and current retirees in the precarious position of facing very low long-term yields on their investment portfolios.
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Source: Research Affiliates, LLC
U.S. Crosses Threshold: One Million Homes Have Solar
Record for Solar Homes in the United States
December 4, 2015--Early next year, the U.S. will cross a major threshold: one million homes will run at least partially on solar energy.
According to EnergySage1, which did the calculation, an incredible six million Americans are actively shopping for solar systems right now, and they predict 300,000 of them will decide to install solar this year. These figures are even more impressive when you consider that in 2006, only about 30,000 homes had solar. Thanks to the great drop in the cost of solar over the past few years, homeowners are buying much larger systems, averaging just under eight kilowatts-more than enough to supply all a home's electricity.
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Source: Nasdaq.com
In New Partnership, ISE ETF Ventures Launches First Latin American Real Estate ETF
December 3, 2015--ISE ETF Ventures today announced that it has partnered with Tierra Funds and XP Gestão de Recursos to launch the first exchange-traded fund (ETF) that offers exposure to a basket of Latin American real estate investment trusts (REITs) and real estate operating companies (REOCs).
The ETF, which tracks the Solactive Latin America Real Estate Index (index ticker: LAREPR), begins trading today on NYSE Arca.
"Tierra Funds and XP Gestão de Recursos both possess a wealth of knowledge about the Latin American real estate market, and we're pleased to add them to our growing list of venture partners," said Kris Monaco, Head of ISE ETF Ventures. "The launch of this ETF today demonstrates our commitment to provide investors with diversified access to markets that were previously unavailable in the ETP landscape".
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Source: ISE (International Securities Exchange)
UBS case shines light on proprietary index disclosures
December 3, 2015--With greater regulatory focus on proprietary indexes following UBS's $19.5 million settlement in October for making false and misleading statements in its disclosures, dealers are redoubling their efforts to shore up product governance.
Eighteen days before Halloween, US structured product providers suffered a nasty fright. After years of general warnings to tighten up disclosures for products linked to proprietary indexes, the Securities and Exchange Commission (SEC) finally took action, accusing UBS of making false and misleading disclosures about the performance...
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Source: risk.net
Brazil GDP plunges 4.5%
December 2, 2015--Brazil's economy shrank by a record 4.5 percent year-on-year in the third quarter, new figures revealed yesterday, deepening the country's sharpest recession in 25 years and adding fuel to opposition
fires targeting President Dilma Rousseff as she struggles to close a growing fiscal deficit and contain a vast corruption scandal.
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Source: buenosairesherald.com
