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NYSE eyes changes to options cancellations
September 23, 2013--NYSE Euronext is seeking to amend its rules to make it less likely for trading houses to cancel options trades because of computer glitches such as the one recently suffered by Goldman Sachs.
The exchange operator said it submitted a filing to US securities regulators that would alter its guidelines for reviewing so-called "clearly erroneous trades" on its two US options exchanges, NYSE Arca and NYSE Amex.
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Source: FT.com
NYSE Wins Most Business Since '09 as Markets Handle Volume Surge
September 21, 2013--The New York Stock Exchange won its biggest share of U.S. equity volume in almost four years amid changes to the Standard & Poor's 500 Index and Dow Jones Industrial Average as well as the expiration of derivatives.
NYSE Euronext (NYX)'s market captured 23 percent of volume yesterday, the most since reaching 25 percent on Dec. 18, 2009, and topping the peak of 22 percent set a year ago, according to data compiled by Bloomberg.
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Source: Bloomberg
CFTC.gov Commitments of Traders Reports Update
September 20, 2013--The current reports for the week of September 17, 2013 are now available.
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Source: CFTC.gov
Banks are essential to the commodities market, say banks
September 20, 2013--Back in July, we delved into a game that Goldman Sachs has been playing with aluminum markets: It warehouses metal and drives up the price, filtering down into the cost of your Coke.
But that was just a small window into a lucrative side business that investment banks have taken up over the past few years, trading in all sorts commodities like oil, natural gas, and petrochemicals. Last fall, for example, JPMorgan got permission to trade shares in warehoused copper, which copper users worry will interfere with supply.
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Source: Washington Post
ISE GeminiTM Rolls Out 200 Additional Products
Listings on ISE Gemini Now Represent Over Ninety Percent of Overall Equity
and ETF Options Volume
September 20, 2013--The International Securities Exchange (ISE) today announced that ISE GeminiTM has completed the rollout of 200 additional products.
Following today's expansion, ISE Gemini now lists all options classes included in the penny pilot and the most active non-penny pilot names. ISE Gemini has approximately 500 total products listed that together represent over ninety percent of equity and ETF options industry volume.
"The listing of an additional 200 products is an important step in continuing to grow ISE Gemini," said Boris Ilyevsky, Managing Director of ISE's Options Exchanges. "With the full complement of penny pilot names now listed on ISE Gemini, we are well positioned to effectively compete with the other maker-taker exchanges and look forward to expanded participation from new and existing member firms over the coming months."
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Source: International Securities Exchange (ISE)
PUR Investing to sub-advise for Horizons
September 20, 2013--Horizons ETFs Management (Canada) Inc. and its affiliate AlphaPro Management Inc. have announced the appointment of PŮR Investing Inc. as sub,advisor to the Horizons Active Diversified Income ETF (HAA).
HAA seeks to provide Canadian investors with a consistent rate of return balanced between current income and long-term capital growth. To achieve its objective, HAA invests in a balanced portfolio that includes ETFs.
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Source: Advisor.ca
UBS Launches Exchange-Traded Note with Significant Monthly Income Potential and Exposure to a Diversified, Multi-Asset Index
September 19, 2013--UBS Investment Bank announced that today is the first day of trading on the NYSE Arca(R) for the ETRACS Diversified High Income ETN (NYSE:DVHI).
DVHI is linked to the performance of the NYSE(R) Diversified High Income Index (the "Index").
DVHI Profile
Underlying Index: NYSE(R) Diversified High Income Index
Index Yield* :7.71%
Income Potential: Variable monthly coupon linked to the cash distributions,
if any, of the 138 Index constituents, less investor fees and any withholding taxes
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Source: Wall Street Journal
Exclusive: ETF 'godfather' Browne to join Cantor Fitzgerald
September 19, 2013--Reggie Browne, the former head of the exchange-traded funds team at KCG Holdings Inc, is joining Cantor Fitzgerald's ETF market making team, two sources familiar with the situation told Reuters Thursday.
Browne, known as "the Godfather of ETFs," and two other managers on his team left KCG earlier this month after being unable to agree on the terms of new contracts, a source told Reuters at the time. KCG is the trading firm formed in July after GetcoHolding Co's $1.4 billion takeover of Knight Capital Group.
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Source: Reuters
NYSE Euronext Launches the NYSE(R) Diversified High Income Index
New multi-asset, low-volatility index of high dividend-paying securities
September 19, 2013--NYSE Euronext today announced the launch of the NYSE(R) Diversified High Income Index (NYDVHI), a new index designed to measure the performance of a broad, diversified basket of 138 publicly-traded securities that provide exposure to multiple asset classes, sectors and segments that historically pay high dividends on distributions.
"We are pleased with the successful launch of NYDVHI, " said Nicholas Aninos, vice president, Global Index and Exchange-Traded Products, NYSE Euronext. "NYDVHI is an opportunity for our customers to use a diversified index to structure investments in high dividend-paying securities across multiple asset classes and sectors."
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Source: NYSE EUronext
FINRA Issues Public Statement, Framework Regarding FINRA's Approach to Economic Impact Assessment for Proposed Rulemaking
September 19, 2013--The Financial Industry Regulatory Authority (FINRA) issued a public statement, Framework Regarding FINRA's Approach to Economic Impact Assessment for Proposed Rulemaking.
FINRA's framework, authored by the Office of the Chief Economist, will help ensure that its rules are better designed to protect the investing public and maintain market integrity while minimizing unnecessary burdens. The framework described in this statement applies specifically to the prospective analysis of rules and rule changes and describes how FINRA will evaluate significant new rule proposals, including amendments to existing rules.
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Source: FINRA
