Americas ETP News
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US swaps reform triggers futures rush
October 26, 2012--October 26, 2012--Looming US rules for "over-the-counter" derivatives deals are starting to transform credit and energy markets as traders adjust to new strictures and costs.
Tradeweb, the electronic fixed income trading platform, has seen a fourfold jump in US credit derivative index volume over the past week since barriers to trading between market participants were lowered.
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Source: FT.com
State Street Global Advisors Launches Pair of SPDR(R) Tilt ETFs
New SPDR ETFs Designed to Provide Precise Access to Value and Momentum Stocks
October 25, 2012--State Street Global Advisors (SSgA)*, the asset management business of State Street Corporation (NYSE: STT), today announced that the SPDR S&P 1500 Value Tilt ETF (Symbol: VLU) and the SPDR S&P 1500 Momentum Tilt ETF (Symbol: MMTM) began trading on the NYSE Arca on October 25, 2012.
The new SPDR ETFs offer investors an opportunity to access potential sources of outperformance with advanced indexing methodologies that reconfigure how index components are weighted.
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Source: State Street Global Advisors
SIGTARP October 2012 Quarterly Report to Congress on the Status of TARP
October 25, 2012--This morning, SIGTARP issued its latest, October 2012 Quarterly Report to Congress on the status of TARP.
The report is now available and can be downloaded from the SIGTARP Web site or by clicking here
Source: Office of the Special Inspector General for the Troubled Asset Relief Program
Global X files with the SEC
October 25, 2012--Gloal X has filed a post-effective amendment, registration statement with the SEC for the Global X Risk Parity ETF.
view filing
Source: SEC.gov
Horizons ETFs Enters Latin American Market in Joint Venture With Grupo InterBolsa
October 25, 2012-- Horizons ETFs Management (USA) LLC ("Horizons USA"), a subsidiary of Mirae Asset Global Investments Co., Ltd. ("MAGI") has entered into a definitive agreement with InterBolsa USA Holdings, Inc. ("InterBolsa USA Holdings"), a subsidiary of Grupo InterBolsa to launch a joint venture, Horizons ETFs Management (LATAM) LLC ("Horizons LatAm"), which will sponsor and manage exchange traded funds ("ETFs") in Latin America.
Horizons LatAm will initially focus on listing ETFs in the Colombian market. Horizons USA will have an 80% interest in Horizons LatAm, while InterBolsa USA Holdings have a 20% interest.
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Source:Mirae Asset Global Investments
Canadian Securities Regulators Seek Comment on Amendments Relating to Direct Electronic Access
October 25, 2012--The Canadian Securities Administrators (CSA) announced today it is seeking feedback on proposed amendments to NI 23-103 Electronic Trading (NI 23-103), which would provide a framework for the provision of direct electronic access (DEA).
NI 23-103 outlines the risk and supervisory policies, procedures and controls that must be put in place for dealers to manage the risks associated with electronic trading, including the use of algorithms and high frequency trading. NI 23-103 will be implemented on March 1, 2013 .
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Source: Canadian Securities Administrators
Schapiro: No "Concrete Plans" to Alter Erroneous Trade Rules, After Knight Debacle
October 25, 2012--The Securities and Exchange Commission is not considering any changes to the "clearly erroneous" trade rules that could respond to the type of flood of incorrect orders sent onto the nation's stock markets Aug. 1 by market maker Knight Capital.
"We will always be revisiting rules after particular experiences,'' if there is concern about how the rules are working, chairman Schapiro told Traders Magazine at the annual meeting of the Securities Industry and Financial Markets Association here. "But I wouldn't say there is anything concrete planned," after the Knight incident.
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Source: Traders Magazine
IMF Working paper-Financial Spillovers to Chile
October 24, 2012--Summary: This paper quantifies financial spillovers from global risk factors to banks' funding costs in Chile. It decomposes Chilean banks' bond and interbank spreads into domestic and external factors.
The results suggest moderate spillovers. On average, global spillovers pushed up bank bond and interbank spreads in Chile by about 50 basis points in 2008–12. While in 2008–09, most spillovers originated in the U.S., in mid-2010 onwards, European distress played a prominent role.
view the IMF Working paper--Financial Spillovers to Chile
Source: IMF
FOMC statement
October 24, 2012--Information received since the Federal Open Market Committee met in September suggests that economic activity has continued to expand at a moderate pace in recent months.
Growth in employment has been slow, and the unemployment rate remains elevated. Household spending has advanced a bit more quickly, but growth in business fixed investment has slowed. The housing sector has shown some further signs of improvement, albeit from a depressed level. Inflation recently picked up somewhat, reflecting higher energy prices. Longer-term inflation expectations have remained stable.
Nasdaq Plays Down High-Speed-Trade Impact
October 24, 2012--The top executive of Nasdaq OMX Group Inc. said a marketwide slide in high-frequency trading volume won't have a material impact on the exchange operator.
Chief Executive Robert Greifeld said high-frequency trading accounts for only about $50 million in annual revenue at Nasdaq, which is expanding its technology and corporate services to become less reliant on handling stock and derivatives transactions. In 2011, Nasdaq had $1.69 billion in revenue.
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Source: Wall Street Journal
