Americas ETP News
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CFTC.gov Commitments of Traders Reports Update
January 10, 2014--The current reports for the week of January 7, 2014 are now available.
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Source: CFTC.gov
After pioneering mutual funds, MFS sets sights on new horizons
In partnership with SSgA, mutual fund giant dips toe into active-ETF arena
January 9, 2014--MFS Investments is breaking new ground in the investment industry yet again. The company was the first to launch a modern mutual fund in the United States, and now it's become the first major mutual fund company to bring its stock-picking talent to exchange-traded funds.
MFS, in partnership with State Street Global Advisors, the second-largest ETF company, launched three actively managed large-cap ETFs on Thursday. MFS will act as the subadviser to the fund, which means it will handle the investment process, and leave the marketing and distribution to SSgA.
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Source: Investment News
Vanguard to cut charges across LifeStrategy range
January 9, 2014--Vanguard Asset Management will lower the charges on a selection of its LifeStrategy funds at the end of the month, as well as changing their asset allocation policy.
The family of five 'all-in-one' portfolios, which are built from Vanguard's low-cost index funds, will have an annual management charge of 0.29 per cent on 31 January 2014.
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Source: Fundweb.co.uk
NYSE Euronext -3 ETF Launches: State Street Global Advisors
January 9, 2014--NYSE Euronext is pleased to announce that on Thursday, January 09, 2014, the following ETFs will be listed on NYSE Arca and will begin trading as new issues:
Security Name: SPDR MFS Systematic Core Equity ETF
Short Name: SPDR MFS Sys Core Eq
Trading Symbol: SYE
Security Name: SPDR MFS Systematic Growth Equity ETF
Short Name: SPDR MFS Sys Gwth Eq
Trading Symbol: SYG
Security Name: SPDR MFS Systematic Value Equity ETF
Short Name: SPDR MFS Sys Vlu Eq
Trading Symbol: SYV
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Source: NYSE Euronext
Institutional Broker WallachBeth Capital Adds to Arsenal; ETF Trading Market Veteran Joins Agency-Execution Trailblazer
January 8, 2014--WallachBeth Capital, a leading provider of institutional execution services, announced today that ETF industry veteran trader Mohit "Mo" Bajaj has joined WallachBeth in the newly created role of Director, ETF and Portfolio Trading Services.
Mr. Bajaj brings over 10 years of ETF principal market-making and global bank trading experience to agency-only brokerage specialist WallachBeth, most recently serving in a senior ETF facilitation role at Deutsche Bank. According to Michael Wallach, CEO of WallachBeth,"Mo further strengthens our core capabilities and his wealth of ETF and portfolio trading expertise will help our clients navigate the increasingly complex and evolving ETF landscape."
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Source: WallachBeth Capital
CSA publishes guidance for know-your-client, know-your-product and suitability obligations
January 9, 2014--The Canadian Securities Administrators (CSA) today published CSA Staff Notice 31-336 Guidance for Portfolio Managers, Exempt Market Dealers and Other Registrants on the Know-Your-Client, Know-Your-Product and Suitability Obligations (Notice).
Today's Notice is in response to a number of compliance oversight reviews where CSA staff concluded that additional guidance for registrants, such as Portfolio Managers (PMs), Exempt Market Dealers (EMDs), and other registrants who are not members of a self-regulatory organization (SRO) is required to enhance overall compliance with these important regulatory obligations.
view the CSA Staff Notice 31-336 Guidance for Portfolio Managers, Exempt Market Dealers and Other Registrants on the Know-Your-Client, Know-Your-Product and Suitability Obligations (Notice).
Source: osc.gov.on.ca
SEC Announces 2014 Examination Priorities
January 9, 2014--The Securities and Exchange Commission today announced its examination priorities for 2014, which cover a wide range of issues at financial institutions, including investment advisers and investment companies, broker-dealers, clearing agencies, exchanges and other self-regulatory organizations, hedge funds, private equity funds, and transfer agents.
"We are publishing these priorities to highlight areas that we perceive to have heightened risk," said Andrew J. Bowden, Director of the SEC's Office of Compliance Inspections and Examinations. "This document, along with our Risk Alerts and other public statements, help us to increase transparency, strengthen compliance, and inform the public and the financial services industry about key risks that we are monitoring and examining."
The examination priorities address market-wide issues and those specific to particular business models and organizations. The market-wide priorities include fraud detection and prevention, corporate governance and enterprise risk management, technology controls, issues posed by the convergence of broker-dealer and investment adviser businesses and by new rules and regulations, and retirement investments and rollovers.
view the SEC-Examination Priorities for 2014 BNY Mellon ADR Index Monthly Performance Update-December 2013 Finra Fines Stifel Financial in ETF Case view more ChinaAMC appointed sub-advisor to Market Vectors China A-Share ETF view more
Source: SEC.gov
January 9, 2014--The BNY Mellon ADR Index Monthly Performance-December 2013 Update has been published and is now available for review.
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Source: BNY Mellon
Two Brokerage Units Sold Products That Were Inappropriate for the Investors
January 9, 2014--Two Stifel Financial Corp. brokerage units were ordered by the industry's self-regulator to pay more than $1 million in fines and restitution for selling leveraged and inverse exchange-traded funds that were unsuitable for the investors.
The Financial Industry Regulatory Authority Inc. fined Stifel, Nicolaus & Co. Inc. and Century Securities Associates Inc., both based in St. Louis, Mo., a combined $550,000. They also were ordered to pay about $475,000 in restitution to 65 customers who lost money on the ETFs, purchased between January 2009 and June 2013.
Source: Wall Street Journal
Physical A-share exposure provided by China's largest mutual fund management company
January 8, 2014--Van Eck Associates Corporation has entered into an agreement with China Asset Management (Hong Kong) Limited ("ChinaAMC"), through which ChinaAMC has begun serving as sub-advisor for the Market Vectors(R) ChinaAMC A-Share ETF, it was announced today.
ChinaAMC is a wholly-owned subsidiary of China Asset Management Co., Ltd., China's largest management company in terms of mutual fund assets under management, and it has received its Renminbi Qualified Foreign Institutional Investor ("RQFII") quota, which will allow PEK to have direct exposure to physical China A-shares, providing investors with enhanced access to the Chinese equity markets.
Source: Van Eck
