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CFTC.gov Commitments of Traders Reports Update
October 25, 2013--The current reports for the week of October 1, 2013 are now available.
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Source: CFTC.gov
iShares emphatic about quasi-active ETFs
October 25, 2013--Six months after entering the active exchange traded fund space, BlackRock's iShares is looking to stake out more ground.
Its focus on so-called enhanced active ETFs is part of an industry wide effort to straddle traditional active strategies and passive strategies with quantitative or rules-based products.
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Source: FT.com
Frontier Market Exposure Added to EGShares Beyond BRICs ETF (TICKER: BBRC)
Emerging Global Advisors completed the index transition of BBRC to the FTSE Beyond BRICs Index
October 25, 2013--Emerging Global Advisors (EGA), the asset manager to the EGShares exchange-traded fund (ETF) offering, today announced it completed the transition of the EGShares Beyond BRICs ETF (BBRC) to track the FTSE Beyond BRICs Index.
The FTSE Beyond BRICs Index generally has 75% exposure to companies in more developed emerging markets (excluding Brazil, Russia, India, China, South Korea and Taiwan) and 25% exposure to companies in frontier markets, which are less developed. While the index is free-float market capitalization-weighted, it addresses potential concentration issues by including diversification parameters such as position and country caps, as well by liquidity-ranking the frontier markets company exposure.
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Source: Emerging Global Advisors (EGA)
Barclays Bank PLC Announces Reverse Split of the iPath(R) S&P 500 VIX Short-Term FuturesTM ETNs (Ticker:VXX)
October 25, 2013--Barclays today announced today that it will implement a 1 for 4 reverse split of its iPath(R) S&P 500 VIX Short-Term FuturesTM Exchange Traded Notes (the "ETNs") effective Friday, November 8, 2013.
The ETNs trade on the NYSE Arca stock exchange under the ticker symbol VXX and on the Toronto Stock Exchange ("TSX") under ticker symbols VXX and VXX.U. Barclays Bank PLC has the right (but no obligation) to initiate such a reverse split if the closing indicative value of the ETNs falls below $25.00 on any business day, as described in the pricing supplement relating to the ETNs. On October 25, 2013, the closing indicative value of the ETNs was $12.85.
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Source: Barclays
Vanguard starts another price war
October 25, 2013--Just as Vanguard's low-cost dogma is taking hold as industry orthodoxy, the fund management giant has found a new way to upset the pricing status quo.
Under changes announced this month, more than 40 of its conventional mutual funds will be available to financial advisers and institutional investors on identical terms as their exchange traded fund counterparts-at the same price and free of any investment minimum
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Source: FT.com
S&P 500 ends at record high, boosted by tech results
October 25, 2013--The S&P 500 ended at another record high on Friday, boosted by gains in technology shares after strong results from Microsoft and Amazon.com.
They were the latest to offer some upbeat news on the earnings season, which has been mixed overall, especially on the revenue side where the percentage of companies beating analysts' expectations has been below the long-term average.
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Source: Reuters
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
