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CFTC's Division of Clearing and Risk and Division of Market Oversight Provide Time-Limited No-Action Relief for swap execution facilities ("SEFs") from compliance with certain requirements of Commission Regulations 37.9(a)(2) and 37.203(a)
October 25, 2013--The Commodity Futures Trading Commission's (CFTC) Division of Clearing and Risk and Division of Market Oversight (together, "the Divisions") today announced the issuance of no-action letter providing time-limited relief for swap execution facilities ("SEFs") from compliance with certain requirements of Commission Regulations 37.9(a)(2) and 37.203(a).
The Divisions will not recommend that the Commission take any enforcement action against a SEF for failure to comply with Regulation 37.9(a)(2) regarding methods of execution for required or permitted transactions or Regulation 37.203(a)’s prohibition of pre-arranged trading, if, after a trade has been rejected for clearing for clerical or operational errors or omissions, the SEF permits a new trade, with terms and conditions that match the terms and conditions of the original trade, other than any such error and the time of execution, to be submitted for clearing without having been executed pursuant to the methods set forth in Regulation 37.9(a)(2).
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Source: CFTC.gov
JPMorgan changes its mind about active ETFs
October 24, 2013--JPMorgan Asset Management, long a skeptic about actively managed exchange traded funds, has added a "smart beta" ETF to its pipeline
The JPMorgan Global Equity ETF, outlined in a US regulatory filing this week, would track an undisclosed index composed of diversified global developed-markets equities, both mid-and large-caps, screened in a "multi-factor" investment process.
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Source: FT.com
The Federal Reserve Board proposed a rule to strengthen the liquidity positions of large financial institutions.
October 24, 2014--The Federal Reserve Board proposed a rule on Thursday to strengthen the liquidity positions of large financial institutions.
The proposal would for the first time create a standardized minimum liquidity requirement for large and internationally active banking organizations and systemically important, non-bank financial companies designated by the Financial Stability Oversight Council.
These institutions would be required to hold minimum amounts of high-quality, liquid assets such as central bank reserves and government and corporate debt that can be converted easily and quickly into cash. Each institution would be required to hold liquidity in an amount equal to or greater than its projected cash outflows minus its projected cash inflows during a short-term stress period. The ratio of the firm's liquid assets to its projected net cash outflow is its "liquidity coverage ratio," or LCR.
"Liquidity is essential to a bank's viability and central to the smooth functioning of the financial system," Chairman Ben S. Bernanke said. "The proposed rule would, for the first time in the United States, put in place a quantitative liquidity requirement that would foster a more resilient and safer financial system in conjunction with other reforms."
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Source: FRB
S&P Capital IQ Marks Five Years of Providing Equity ETF Research
October 24, 2013--Earlier this month, S&P Capital IQ marked the fifth anniversary of the launch of its holdings-based equity Exchange-Traded Fund (ETF) research product, created to help advisors and their clients more effectively navigate the rapidly expanding universe of ETFs.
At the time the new research product was introduced, there were 433 equity ETFs in the market. By year-end 2008, U.S. exchange-traded products of all types had about $540 billion in assets, according to BlackRock.
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Source: S&P Capital IQ
Fidelity Responds to Growing Investor Demand For Sector Products With Launch of Industry's Lowest Cost Passive Sector ETFsi
New Suite of 10 ETFs Offers Investors and Advisors Greater Choice and Value; Company Also Introduces New Sector Educational Resources and Tools
October 24, 2013--Fidelity Investments(R), a leading global asset management firm with $1.9 trillion in managed assets,ii today announced it has significantly expanded its sector investing platform for investors and financial advisors with the introduction of the company's first suite of passive sector exchange traded funds (ETFs).
Fidelity's 10 new passive sector ETFs will commence trading on the New York Stock Exchange today, October 24, 2013, at 9:30 a.m. Eastern Time. These ETFs will be the lowest-cost passively managed sector ETFs in the industryiii with total expense ratios of just 0.12 percentiv-- nearly 80 percent below the industry average for passive sector ETFsv. In addition, investors and registered investment advisors (RIAs) can purchase Fidelity's ETFs commission-free online* through one of Fidelity’s brokerage platforms.
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Source: Fidelity Investments
Horizons ETFs launches its first ETF in Colombia
October 23, 2013--Horizons ETFs Management (LATAM) LLC ("Horizons LatAm"), a member of the Horizons ETFs Group, is pleased to announce the launch of its first ETF in Latin America in partnership with CitiTrust. The new ETF will be listed on the Bolsa de Valores de Colombia.
The Mercado Integrado Latino Americano (MILA) platform is an integrated trading venture formed by the Colombia, Perú and Chile stock exchanges. Recognizing the growing importance of the Andean region, S&P Dow Jones Indices LLC ("S&P") partnered with MILA to create the S&P MILA 40(TM) Index (the "Index"), a key indicator of regional stock market performance. Horizons ETFs Group has a license agreement with S&P to use the Index in Latin America.
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Source: Horizons ETFs Group
KCG Holdings Hires Chris Hempstead to Head ETF Sales
October 23, 2013--KCG Holdings Inc. (KCG) hired former WallachBeth LLC exchange-traded-fund specialist Chris Hempstead to head its ETF sales team, the latest in a string of moves by some of Wall Street's highest-profile ETF traders in the wake of Getco LLC's acquisition of Knight Capital Group Inc.
A KCG spokeswoman said Mr. Hempstead will join KCG on Oct. 28. Mr. Hempstead left WallachBeth earlier this month, having served there as director of ETF execution since January 2012.
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Source: Wall Street Journal
Fidelity to launch own ETF play but plans to lean on partners
Fidelity to launch 10 sector ETFs on Thursday
Firm administers $125 billion in ETF assets
Executive sees more ETF use in packaged products
October 23, 2013--As Fidelity Investments prepares to launch its first full lineup of sector exchange-traded funds on Thursday, the Boston-based company is jumping in much later than many of its peers and is not trying to be the largest provider of ETFs.
Instead, Fidelity, which currently has $125 billion in ETF assets on its platform largely through third-party ETF offerings, is just as content to be an administrator of ETFs created by rivals, such as BlackRock Inc, as it is launching its own ETFs that complement what is already in the market.
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Source: Reuters
S&P MILA 40 Index Licensed to Horizons ETFs Group
Index to Provide Underlying Index Basis for the First Colombian ETF Focused on the Andean Region
October 23, 2013--S&P Dow Jones Indices today announced that it has licensed the S&P MILA 40 Index to Horizons ETFs Group to serve as the basis for an exchange traded fund (ETF).
The ETF will be listed on the Bolsa de Valores de Colombia (BVC) and will be the first Andean equity focused ETF available in Colombia.
The S&P MILA 40 Index, launched in 2011, was the first in a series of indices for Latin America's second-largest market. The Index gauges the returns of the largest and most liquid stocks trading on the Mercado Integrado Latinoamericano (MILA) platform, an integrated trading venture formed by the Chile, Colombia and Peru stock exchanges.
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Source: Wall Street Journal
ISE Gemini(TM) Surpasses 500,000 Contracts in a Trading Day
October 23, 3013--The International Securities Exchange (ISE) today announced that ISE GeminiTM surpassed two milestones for the first time by trading over 500,000 contracts (actual: 601,901 contracts) in a single day, and also accounting for over 3 percent (actual: 3.3%) of equity and ETF options market share.
ISE Gemini has a total of 500 listings and plans to rollout an additional 200 names by the end of October.
Since launching on August 5, 2013, ISE Gemini has offered customers a unique maker-taker pricing model combined with ISE’s patented pro-rata and customer priority market structure
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Source: International Securities Exchange (ISE)
