Americas ETP News
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Fitch and Fed warn on risks from ETFs
August 14, 2013--Parts of the booming market for exchange traded funds risk worsening broader market sell-offs or triggering crashes, according to two studies released this week.
The reports, from the Federal Reserve and Fitch Ratings, come weeks after a sharp sell-off in fixed income sparked scrutiny of certain ETFs and the structure of the industry, which has grown to a market worth more than $2tn.
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Source: FT.com
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices-A Deletion From The S&P/TSX Venture Composite Index
August 14, 2013--S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The shares of Balmoral Resources Ltd. (TSXVN:BAR) will be removed from the S&P/TSX Venture Composite Index after the close of trading on Thursday, August 15, 2013. The company will graduate to trade on TSX under the same ticker symbol.
Source: S&P Dow Jones Canadian Index Services
Global X Top Guru Holdings Index ETF (GURU) Crosses $100 Million
August 14, 2013--Global X Funds, the $2 billion New York-based provider of exchange-traded funds (ETFs), today announced its Top Guru Holdings Index ETF (GURU) has crossed the $100 million threshold. It has also been ranked the second best-performing out of 938 large cap core mutual funds and ETFs by Lipper, the fund information and fund ratings company.
A unique fund that invests in the largest equity holdings of established hedge funds, GURU serves as a core domestic equity allocation, providing investor access to investment ideas gathered from some of the industry's top hedge funds.
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Source: Global X
Fitch: Rising Prominence of ETFs in the U.S. High Yield Market
August 14, 2013--Exchange-traded funds (ETFs) are playing a more significant role in U.S. fixed income markets, particularly the corporate high yield segment, according to a Fitch Ratings report.
Although U.S. corporate bond ETF assets total less than 2% of the U.S. corporate bond market, their influence on trading activity is relatively more significant. Average daily trading volumes (on a weekly basis) for the five largest high-yield corporate bond ETFs more than tripled from about $470 million in early May to more than $1.5 billion in early June.
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Source: Fitch Rating
CFTC Issues Proposed Rules for Derivatives Clearing Organizations to Align with International Standards
August 13, 2013--The Commodity Futures Trading Commission (CFTC) proposed rules to establish additional standards for systemically important derivatives clearing organizations (SIDCOs) that are consistent with the Principles for Financial Market Infrastructures (PFMIs) and address all of the remaining gaps between part 39 of the Commission's regulations and the PFMIs.
These rules, together with the existing derivatives clearing organizations rules, would establish standards that are consistent with the PFMIs and would allow SIDCOs to continue to be Qualifying Central Counterparties (QCCPs) for purposes of international bank capital standards.
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Source: CFTC.gov
CFTC Adopts Harmonization Rules for Registered Investment Companies
August 13, 2013--The Commodity Futures Trading Commission (CFTC) today issued a final rule with respect to certain compliance obligations for commodity pool operators (CPOs) of investment companies registered under the Investment Company Act of 1940 that are required to register due to the recent changes to Commission Regulation 4.5.
For entities that are registered with both the CFTC and Securities and Exchange Commission (SEC), the CFTC will accept the SEC’s disclosure, reporting, and recordkeeping regime as substituted compliance for substantially all of Part 4 of the CFTC’s regulations, so long as they comply with comparable requirements under the SEC’s statutory and regulatory compliance regime. Thus, the final rule allows dually registered entities to meet certain CFTC regulatory requirements for CPOs by complying with SEC rules to which they are already subject.
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Source: CFTC.gov
Nasdaq to take on greater policing role on its stock exchange
August 13, 2013--Nasdaq OMX Group Inc plans to assume a greater role in the policing of its U.S. stock exchange, according to a regulatory filing, in a move that follows calls by Wall Street for an end to the self-regulatory status of exchanges.
As self-regulatory organizations (SROs), exchanges are responsible for monitoring and enforcing their members' compliance with securities laws and exchange rules.
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Source: Reuters
DB-Synthetic Equity & Index Strategy-North America-US ETF Handbook Series - ETF investments for a European recovery
August 13, 2013--A Comprehensive Guide for European ETF Investing
Full coverage of US-listed equity ETFs featuring 47 different regional and country products with details, analytics, comparisons, and commentaries.
Europe holds positive surprise potential and opportunities
Deutsche Bank strategists and economists see developed economies accelerating. Within the developed world, they see the Eurozone entering a cyclical recovery which should help Europe to emerge from recession during H2 2013. In addition, DB strategists see greater positive surprise potential in Europe than in the US, economically as well as earnings-wise.
The House View is strategically bullish on Europe
Broad European exposure or selective country exposure including Germany, France, Italy, and Spain are attractive on Europe recovery hopes and impressive sequentially developing PMIs. Sector-wise, domestic cyclical sectors such as banks, insurance, construction, media, and autos continue to seem more attractive than defensive sectors such as food & beverages. Sell-offs would provide attractive entry points.
ETF flows support fundamental bullish views on Europe
Recent flows into US-listed long-only European-focused ETFs have exhibited the strongest trend momentum from among all major regional exposures. Moreover, this trend has been strong at both broad and single-country benchmarked-ETFs, and has attracted inflows of $2.4bn and $3.0bn in the last 3 months, respectively.
Seven ETF ideas to engage in a European recovery
We provide seven specific ETF ideas to implement DB's views for Europe (Figure 1). In addition, we provide details and analysis for all 47 ETFs offering European regional and country exposure. Products offer access to broad markets, strategies (e.g. currency hedged, dividends, factors), sectors (Financials and Real Estate), and size segments. Content is organized in a way that facilitates peer-to-peer comparisons.
Visit https://eqindex.db.com/etf/ for report
Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
NYSE Euronext the EGShares EM Dividend HighIncome ETFwill be listed on August 15, 2013
August 13, 2013--Summary:
NYSE Euronext (NYSE:NYX) is pleased to announce that on Thursday, August 15, 2013, the following ETF will be listed on NYSE Arca and will begin trading as a new issue.
Security Name: EGShares EM Dividend High Income ETF
Short Name: EGS EM High Div ETF
CUSIP: 268461 431
Trading Symbol:EMHD
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Source: NYSE Euronext
CFTC Approves Final Regulations for Exemption from Required Clearing for Swaps Entered into by Certain Cooperatives; Division of Clearing and Risk Issues Time-Limited No-Action Relief
August 13, 2013--The Commodity Futures Trading Commission (Commission) today issued a final rule to exempt swaps entered into by qualified cooperatives from the clearing requirement under section 2(h)(1)(A) of the Commodity Exchange Act (CEA) and part 50 of the Commission's regulations, subject to certain conditions.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the CEA to require clearing of certain swaps. On December 13, 2012, the Commission issued its first clearing requirement determination, requiring that swaps meeting the specifications outlined in four classes of interest rate swaps and two classes of credit default swaps (CDS) be cleared. On March 11, 2013, swap dealers, major swap participants, and private funds active in the swaps market began clearing certain index CDS and interest rate swaps that they entered into on or after March 11, 2013.
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Source: CFTC.gov
