Americas ETP News
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"Kill switches" closer to becoming reality
May 1, 2013--Exchanges are almost ready to submit a proposal to the Securities and Exchange Commission that will create "kill switches" or "big red buttons" designed to prevent market disruptions.
These kill switches would track and limit the amount of trading conducted by market participants and would provide a cap on all trading for a given day. The kill switches would be free for all brokers.
Source: SmartBrief.com
CME Group Volume Averaged 11.6 Million Contracts per Day in April 2013, Up 8 Percent from April 2012
Metals volume up 62 percent, to record
Energy volume up 20 percent
Foreign exchange volume up 18 percent
Equities volume up 16 percent
May 1, 2013--CME Group, the world,s leading and most diverse derivatives marketplace, today announced that April 2013 volume averaged 11.6 million contracts per day, up 8 percent compared with April 2012. Total volume for April 2013 was more than 254 million contracts, of which 87 percent was traded electronically.
In April 2013, CME Group metals volume averaged a record 532,000 contracts per day, up 62 percent from April 2012, driven by monthly records across various products including copper. CME Group energy volume averaged 1.9 million contracts per day in April 2013, up 20 percent compared with the prior April. During the month, open interest in NYMEX Light Sweet Crude Oil (WTI) futures reached a record 1.77 million contracts and open interest for NYMEX Brent Crude Oil Futures surpassed 53,000. Furthermore, 458,000 energy contracts were cleared through CME ClearPort, up 16 percent from the prior April and up 5 percent sequentially.
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Source: CME Group
CFTC's Division of Swap Dealer and Intermediary Oversight Issues No-Action Letter Providing Time-Limited Relief for Swap Dealers in Connection with Prime Brokerage Arrangements
April 30, 2013--The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a time-limited no-action letter that provides swap dealers with relief from certain External Business Conduct Standards
rules in the context of prime brokerage arrangements.
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Source: CFTC.gov
DB-Synthetic Equity & Index Strategy-North America
US ETF Model Portfolios-Country Rotation Portfolio Update
April 30, 2013--Long portfolios were in line with global equities; while Long/Short portfolios lagged in April.
Market Performance
The global equity markets posted strong returns for April, despite intra-month weakness. The MSCI AC World Index (ACWI) gained 2.84% during this period.
ETF Country Rotation Portfolio (CRP) Series Performance
Our long portfolios posted positive returns for April. The tercile, quartile, and quintile portfolios recorded gains of 2.79%, 2.3%, and 1.73%, respectively. On the long/short area, only our Tercile portfolio experienced positive returns (0.28%), while the quartile and quintile portfolios recorded losses of 0.52% and 2.14%, respectively. The main drags to the long/short portfolios came from the short positions in Greece and Italy.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - North America
State Street Global Advisors Announces Index Change to the SPDR FTSE/Macquarie Global Infrastructure
State Street Global Advisors Announces Index Change to the SPDR FTSE/Macquarie Global Infrastructure 100 ETF (Symbol: GII)
April 30, 2013--State Street Global Advisors (SSgA), the asset management business of State Street Corporation (NYS: STT), today announced changes to the index and name of the SPDR FTSE/Macquarie Global Infrastructure 100 ETF (Symbol:GII).
Effective May 1, 2013, the SPDR FTSE/Macquarie Global Infrastructure 100ETF began tracking The S&P Global Infrastructure Index and was renamed the SPDR S&P® Global Infrastructure ETF. The fund's ticker symbol (GII) remains unchanged and no action is required by shareholders. The annual expense ratio will change from 0.59 to 0.40 percent.
The S&P Global Infrastructure Index provides liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. To create diversified exposure across the global listed infrastructure market, the index has balanced weights across three distinct infrastructure clusters: Utilities, Transportation and Energy.
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Source: State Street Global Advisors
Horizons ETFs Announces Unit Consolidation
April 29, 2013--Horizons ETFs Management (Canada) Inc. and its affiliate AlphaPro Management Inc. (collectively "Horizons ETFs"), the manager and trustee of the Horizons Enhanced Income Gold Producers ETF (the "ETF"), have announced today that they intend to consolidate the units of the ETF, as indicated below:
Unit Consolidation
After the Toronto Stock Exchange ("TSX") has closed for trading on Tuesday, May 14, 2013, the units of the ETF will be consolidated on the basis of the ratios (the "Consolidation Ratios") set out below, and will begin trading on a consolidated basis on Wednesday, May 15, 2013, the effective date of the consolidation:
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Source: Wall Street Journal
iShares to Close, Liquidate Diversified Alternatives ETF
April 29, 2013--On Thursday, April 25, iShares announced that it is taking the unusual step--for iShares at least--of shuttering an exchange-traded fund.
In a filing and a letter to shareholders, the firm revealed that it plans to close and liquidate the actively managed ETF iShares Diversified Alternatives Trust (ALT), which follows a market-neutral strategy that takes long and short positions in historically correlated assets. The firm said in the letter that it had based the decision on several factors including "client feedback on limited application in investment portfolios" and a "lack of long-term demand for ALT." The ETF has about $57 million in assets, making it one of the larger ETFs to liquidate in recent memory.
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Source: Morningstar
Nasdaq OMX Recasts Smaller Stock Exchange to Draw ETF Volume
April 29, 2013--Nasdaq OMX Group Inc. (NDAQ) is recasting one of its three stock exchanges as a venue focused on exchange-traded funds and similar products, according to the company.
It will adopt trading rules used on Nasdaq Stock Market and another equity exchange it owns for Nasdaq OMX PSX, the New York-based company said in an announcement today. It also plans to introduce incentives for member firms to provide competitive quotes in exchange-traded products and make more shares available to investors.
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Source: Bloomberg
US mutual fund fees continue to plummet
April 28, 2013--The expense ratios of US mutual funds continue to plummet as competition from index and exchange traded funds gathers pace.
This is forcing the country’s active managers to slash fees to stay in the game, new research suggests.
While the trend is apparent in the US, the decline in fees has not travelled to Europe, where total expense ratios in most countries are as much as 50 to 100 basis points higher on average, according to the fund tracker Lipper.
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Source: FT.com
First Trust Launches First Trust Senior Loan Fund
Firm's Fourth Actively Managed ETF Seeks to Capitalize on Attractive Yields in Senior Loan Market While
Offering an Element of Protection Against Rising Interest Rates
April 26, 2013--
First Trust Advisors L.P.
("First Trust"), a provider of more than 200 investment products, many of which offer transparency, tax efficiency and a rules-based approach to stock selection, will launch a new actively managed exchange-traded fund ("ETF")on May 2, 2013, the First Trust
Senior Loan Fund (NASDAQ:FTSL).
The First Trust Senior Loan Fund ("the Fund") seeks to generate high current income and preserve capital by investing primarily in a diversified portfolio of first-lien senior floating rate bank loans ("senior loans").
Under normal market conditions, at least 80 percent of the Fund's net assets will be invested in senior loans
made to businesses operating in North America.
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Source: First Trust
