Americas ETP News
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CFTC's Division of Swap Dealer and Intermediary Oversight Issues Technical Correction to No-Action Letter Regarding Certain Risk Mitigation Requirements
July 11, 2013--The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today announced the issuance of a technical correction to CFTC Staff Letter 13-45 that had been issued earlier today.
The no-action letter provides relief from certain designated risk mitigation requirements applicable to registered swap dealers (SDs) and major swap participants (MSPs) organized or established in the United States or European Union with respect to certain transactions, when such transactions are subject to both section 4s of the CEA and Article 11 of the European Market Infrastructure Regulation (EMIR). Under the terms of the no-action letter, DSIO stated that relief would be extended to SDs and MSPs for whom, under both regimes, the requirements are essentially identical and the SD or MSP complies with the requirements under EMIR.
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Source: CFTC.gov
CFTC Staff Issues Four No-Action Letters Providing Relief in Connection with Issues Relating to Swaps Regulation
July 11, 2013--Staff of the U.S. Commodity Futures Trading Commission (CFTC) today issued four no-action letters that address certain issues relating to swaps regulation, following the announcement earlier today by European Commissioner Michel Barnier and CFTC Chairman Gary Gensler of a Path Forward regarding their joint
understandings on a package of measures for how to approach cross-border derivatives.
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Source: CFTC.gov
SEC Approves JOBS Act Requirement to Lift General Solicitation Ban
Commission Also Adopts Rule to Disqualify Bad Actors from Certain Offerings and Proposes Rules to Enable SEC to Monitor New Market and Bolster Investor Protections
July 10, 2013--The Securities and Exchange Commission today adopted a new rule to implement a JOBS Act requirement to lift the ban on general solicitation or general advertising for certain private securities offerings.
In connection with this new rule, the Commission voted to issue a rule proposal requiring issuers to provide additional information about these securities offerings to better enable the SEC to monitor the market with that ban now lifted. The proposal also provides for additional safeguards as this market changes and new practices develop.
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Source: SEC.gov
Vanguard ETFs Surpass $1 Billion in Assets
June 10, 2013--Vanguard Investments Canada Inc. (Vanguard) today announced that its lineup of 11 high-quality, low-cost exchange-traded funds (ETFs) has surpassed $1 billion in assets under management.
"We are grateful for the trust that financial advisors and their clients have placed in us," said Atul Tiwari principal and managing director of Vanguard Investments Canada.
Vanguard entered the Canadian market in December 2011, listing six ETFs on Toronto Stock Exchange (TSX), and in November 2012, Vanguard added another five ETFs. Vanguard also recently filed a preliminary prospectus with the Canadian regulatory authorities for seven new ETFs (five equity ETFs and two bond ETFs).
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Source: Vanguard
Knight Capital's Browne Would Stop Bitcoin ETF 'Right at the Front Door'
July 10, 2013--If you're going to build an exchange-traded fund, you're well advised to get the support of Knight Capital Group, the industry,s leading market-making firm (recently renamed KCG Holdings).
In that regard, Winklevoss Bitcoin Trust is already in a hole. Just one week after the regulatory filing by the Winklevoss twins’ Math-Based Asset Services LLC, a top official from Knight says he isn’t interested.
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Source: Barron's
Vanguard ETFs Surpass $1 Billion in Assets
July 10, 2013--Vanguard Investments Canada Inc. (Vanguard) today announced that its lineup of 11 high-quality, low-cost exchange-traded funds (ETFs) has surpassed $1 billion in assets under management.
“We are grateful for the trust that financial advisors and their clients have placed in us,” said Atul Tiwari principal and managing director of Vanguard Investments Canada.
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Source: Vanguard Investments Canada Inc.
BlackRock Expands iSharesBondsTM Suite of Defined Maturity ETFs
July 10, 2013--iSharesBonds provide efficient access to corporate credit with a defined maturity date
July 10, 2013-- BlackRock, Inc. (NYSE: BLK) announced today that its iShares Exchange Traded Funds (ETFs) business, the world's largest manager of ETFs, has expanded its suite of iSharesBondsTM with four new Corporate Term ETFs.
These new products offer investors efficient access to a diversified pool of investment grade corporate credit securities with a defined maturity date, daily liquidity and price transparency.
For investors who are concerned about rising rates, the interest rate sensitivity of the iSharesBonds Corporate Term ETFs will decline through time as the funds approach maturity. If iSharesBonds are held until maturity, investors can expect to experience a yield that is similar to the yield to maturity of the underlying bonds held in the ETF. iSharesBonds can be utilized to target and manage interest rate risk, just like with a portfolio of individual bonds. Investors can also construct a bond ladder using iSharesBonds to help achieve a well-diversified portfolio for investments of almost any size.
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Source: BlackRock
State Street ETFs undercut iShares and Vanguard
July 10, 2013--State Street Global Advisors, the second-largest provider of exchange-traded funds, is making a push to join the ranks of low-cost ETF providers by offering the cheapest Russell 1000, 2000, and 3000 ETFs on the market.
SSgA launched the SPDR Russell 2000 ETF on Tuesday and changed the underlying index of the $38 million SPDR Dow Jones Large Cap ETF and the $510 million SPDR Dow Jones Total Market ETF to the Russell 1000 and Russell 3000, respectively.
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Source: Pensions & Investments
DB-Synthetic Equity & Index Strategy-North America-US ETF Market Weekly Review-Fixed Income ETPs dominated the weekly flows with +$3.4bn
July 9, 2013--Data in this report is as of Fri, July 5th
Markets were mixed during last week. The US (S&P 500) rose by 1.59%; while, outside the US, the MSCI EAFE (in USD) gained 0.57% and the MSCI EM (USD) plunged by 2.33%. Moving on to other asset classes, the 10Y US Treasury Yield rose by 13 bps last week; while the DB Liquid Commodity Index was up by 1.71%. In the meantime, the Agriculture sector (DB Diversified Agriculture Index) pulled back by 0.93% and the WTI Crude Oil rose 6.90%, while Gold and Silver prices retreated by 0.92% and 3.83%, respectively. Last but not least, Volatility (VIX) dropped by 11.68% during the same period.
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The total US ETP flows from all products registered $6.1bn (+0.4% of AUM) of inflows during last week vs. $3.3bn (+0.2%) of inflows the previous week, setting the YTD weekly flows average at +$2.9bn (+$77.4bn YTD in total cash flows).
Equity, Fixed Income, and Commodity ETPs experienced flows of +$3.01bn (0.28%), +$3.44bn (1.33%) and -$0.41bn (-0.61%) last week vs. +$5.25bn (0.49%), -$0.61bn (-0.24%) and -$1.25bn (-1.71%) in the previous week, respectively.
Among US sectors, Information Technology (+$0.73bn, +3.5%) and Energy (+$0.57bn, +2.0%) received the top inflows, while Utilities (-$0.36bn, -4.7%) and Healthcare (-$0.24bn, -1.3%) experienced the largest outflows.
Top 3 ETPs & ETNs by inflows: IEI (+$2.3bn), SPY (+$1.6bn), IWM (+$0.9bn)
Top 3 ETPs & ETNs by outflows: IVV (-$1.4bn), SSO (-$1.1bn), IYR (-$0.7bn)
New Launch Calendar: EM dividend growth
There was one new ETF listed during last week on the NYSE Arca. The new product offers exposure to emerging market companies whose 5-year dividend payout growth is faster than the average dividend payout growth in the FTSE All Cap Emerging ex Taiwan Universe.
Turnover Review: Floor activity decreased by 40.3%
Total weekly turnover decreased by 40.3% to $232.85bn vs. $390.03bn from the previous week; Furthermore, last week's turnover level was 13.6% below last year's weekly average. Equity, Fixed Income and Commodity ETPs turnover decreased by $128.9bn (-39.0%), $16.4bn (-45.6%) and $9.8bn (51.4%) during the same period, respectively.
Assets under Management (AUM) Review: assets rose by $15.5bn
US ETP assets rose by $15.5bn (+1.1%) totaling $1.435 trillion at the end of the week. As of last Friday, US ETPs had accumulated an asset growth of 7.6% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved +$13.1bn, +$1.6bn, +$0.8bn during last week, respectively.
Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
Fee war redux? State Street ETFs undercut iShares and Vanguard
July 9, 2013--State Street Global Advisors, the second-largest provider of exchange-traded funds, is making a push to join the ranks of low-cost ETF providers by offering the cheapest Russell 1000, 2000, and 3000 ETFs on the market.
SSgA launched the SPDR Russell 2000 ETF (TWOK) on Tuesday and changed the underlying index of the $38 million SPDR Dow Jones Large Cap ETF (ELR) and the $510 million SPDR Dow Jones Total Market ETF (ELR) to the Russell 1000 and Russell 3000, respectively.
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Source: Investment News
