Americas ETP News
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US economy shrugs off shutdown with 3.2% growth in fourth quarter
January 30, 2014--Highest consumer spending levels in three years boosted growth, which had been hit by higher taxes and federal spending cuts
The US economy expanded at an annual rate of 3.2% in the last three months of 2013, the Commerce Department said on Thursday, as consumers and businesses largely ignored a government shutdown and fight over the debt ceiling.
The pace of growth slowed from 4.1% in the previous quarter but still means that US gross domestic product (GDP) the broadest measure of goods and services produced across the economy, grew at an annual rate of 3.7% in the last half of 2013, a pace unseen since 2003.
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Source: The Guardian
The Commodity Futures Trading Commission's Division of Market Oversight Announces Trade Execution Mandate for Certain Credit Default Swaps
MarketAxess SEF Corporation's Available-to-Trade Determinations Are Self-Certified
January 30, 20144--The Commodity Futures Trading Commission's (CFTC or Commission) Division of Market Oversight (Division) today announced that MarketAxess SEF Corporation's (MarketAxess) self-certification of available-to-trade determinations (MAT Determination)
for certain credit default swap (CDS) contracts is self-certified.
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Source: CFTC.gov
Nasdaq sees hurdle in business of U.S. government-bond trading
January 30, 2014--Nasdaq OMX Group has aimed to increase market share in U.S. government bonds since acquiring eSpeed a year ago but faces resistance from banks that dominate the market.
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Source: Smart Brief
Asset managers lure insurers with new exchange-traded funds
January 30, 2014--Insurers predicted to increase ETF exposure
Asset managers are refining their exchange-traded fund (ETF) products in a bid to attract insurers seeking to invest in a wider range of credit securities.
Earlier this month Pimco released an actively managed ETF investing in covered bonds to appeal to insurers looking for easy access to an asset class that receives favourable treatment under Solvency II.
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Source: Risk.net
Barclays Bank PLC Extends Consent Solicitation Period for Select iPath(R) Commodities ETNs, and Plans Solicitation for an Additional iPath® Commodities ETN
Planned launch of new solicitation for iPath Commodity ETNs linked to the Dow Jones-UBS Coffee Subindex
January 30, 2014--Barclays Bank PLC ("Barclays") announced today that it has extended by two months the expiration date of its consent solicitation (the "Consent Solicitation") for select issues of iPath(R) Commodities Exchange-Traded Notes listed in the table (the "Existing ETNs") and that it intends to launch a new solicitation with respect to the iPath(R) Dow Jones-UBS Coffee Subindex Total ReturnSM ETN (the "Coffee ETNs")
(each of the Existing ETNs and the Coffee ETNs, an "issue" and collectively, the "ETNs").
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Source: Barclays
Invesco Reports Results for the Year and Three Months Ended December 31, 2013
Annual adjusted operating income increased 27.7%
Annual adjusted diluted EPS up 29.1%
Total 2013 return of capital of $850 million
Total net inflows of $34.4 billion for 2013
January 30, 2014--Invesco Ltd. (NYSE: IVZ) today reported financial results for the year and
three months ended December 31, 2013.
"Invesco continued to provide strong, long-term investment performance to our clients, which contributed
to one of our strongest years on record," said Martin L. Flanagan, president and CEO of Invesco.
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Source: Invesco PowerShares
Bloomberg to Launch Floating Rate Treasury Index
January 29, 2014--Today, the U.S. Treasury Department will hold its first auction of floating-rate securities. This is the first new security issued by the government in nearly two decades. These floating rate securities, or "floaters," offer yields that adjust based on changes in interest rates to provide investors with a hedge against a potential rise in interest rates.
To track this new asset class, Bloomberg Indexes will launch the Bloomberg U.S. Treasury Floating Rate Bond Index at the end of the first day of trading, January 31. In addition to the note issued at the initial auction, the index will track securities issued in subsequent auctions. Index data will be available to both buy and sell-side participants on the Bloomberg Professional service via the ticker BUSYFL.
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Source: Bloomberg
In Bernanke's final act, Fed cuts stimulus despite market turmoil
January 29, 2014--The Federal Reserve on Wednesday decided to trim its bond purchases by another $10 billion as it stuck to a plan to wind down its extraordinary economic stimulus despite recent turmoil in emerging markets.
The action was widely expected, although some investors had speculated that the U.S. central bank might put its plans on hold given the jitters overseas.
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Source: Reuters
Canadian Investment Advisors Remain Overwhelmingly Bullish On Stocks
January 29, 2014--Canadian investment advisors expect stocks to continue their torrid pace in Q1 of 2014, but are bearish on every other asset class, according to the Q1 2014 Advisor Sentiment Survey (the "Q1 Survey") conducted by Horizons ETFs Management (Canada) Inc. ("Horizons ETFs").
The Q1 Survey asked Canadian advisors to share their outlook on 15 distinct asset classes, indicating whether they were, at the time the survey was conducted, bullish, bearish or neutral on the anticipated returns from these asset classes in Q1 2014. Collectively, advisors were bullish on only six of the 15 asset classes surveyed, all of which were equity indices.
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Source: Horizons ETFs Management (Canada) Inc.
BMO Global Asset Management Canadian ETF Outlook 2014
January 29, 2014--The Canadian Exchange Traded Fund (ETF) industry had another strong year in 2013, with over $5.0 billion in inflows and climbing to $63.1 billion in assets under
management (AUM), an increase of 11.9% over year end 2012. Equity ETFs led the way with $2.7 billion in inflows, as investors continued to see the benefits of using ETFs for both strategic and tactical positions.
While fixed income inflows slowed after the tapering announcements that came out mid-year, investors still added $2.3 billion ininflows, which reflects the diversification and tradability benefits of fixed income ETFs.
The flows for commodity based, leveraged, and inverse ETFs were muted as investors concentrated on traditional portfolios.
In Canada, the top selling individual ETF was the BMO S&P/TSX Laddered Preferred Share Index ETF (ticker ZPR) which appealed to investors looking to diversify yield sources and lower interest rate sensitivity relative to fixed income. Another popular theme in both Canada and internationally was broad market exposure, as investors looked to take advantage of global growth opportunities. In the U.S., the ETF with the highest inflows was the SPDR S&P 500 ETF (ticker SPY) which gathered over $16 billion USD. The success of these differing underlying portfolios illustrates the diverse use of ETFs, as both core building blocks and precise satellite exposures.
view the BMO Global Asset Management Canadian ETF Outlook 2014
Source: BMO Global Asset Management
