Americas ETP News
If your looking for specific news, using the search function will narrow down the results
CFTC Staff to Host a Public Roundtable to Discuss the Proposed Volcker Rule
May 24, 2012--The Commodity Futures Trading Commission (CFTC) today announced that staff will hold a public roundtable on Thursday, May 31, 2012, from 9:30 a.m. to 4:30 p.m., to discuss the proposed regulations to implement Section 619 (commonly known as the Volcker Rule) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Section 619 contains certain prohibitions and restrictions on the ability of banking entities to engage in proprietary trading and to have certain interests in, or relationships with, a hedge fund or private equity fund.
read more
Source: CFTC.gov
U.S. copper user, trader attack JP Morgan ETF plan
Red Kite, Southwire executives met SEC last week
ETF would be comparable to Sumitomo price fixing scandal - lawyers
Fund would "wreak havoc on U.S. and global economy"-letter
May 23, 2012--A major U.S. copper consumer and a trader have lodged the first public opposition to JPMorgan Chase & Co's plan to launch a exchange-traded fund (EFT) physically backed by copper,
comparing its impact to the Sumitomo scandal in the 1990s.
Lawyers representing Southwire, one of the largest copper users in the United States, and Red Kite, a major metals hedge fund and physical trader, argued in a letter to the U.S. Securities and Exchange Commission (SEC) this month that such a fund would inflate
view more
Source: Reuters
ETF Portfolio Management Launches InvestableBenchmarks.com
Firm is First Financial Advisor to Offer Strategic Core Portfolios with No Advisory Fee
May 23, 2012--ETF Portfolio Management (ETF PM), a revolutionary financial advisory firm, today announced that it has launched InvestableBenchmarks.com to help investors save money annually.
The firm is first to offer strategic multi-asset class core portfolios with no advisory fee.
“Many investors significantly underperform strategic indexing long term,” said David Kreinces, ETF PM’s founder and portfolio manager. “We believe investable benchmarks help investors avoid mistakes and save thousands of dollars annually.”
read more
Source: ETF Portfolio Management
UBS expands suite of income yielding products with 2 ETRACS ETNS designed to deliver high monthly potential and leveraged exposure to blue-chip dividend indexes
May 23, 2012--UBS Investment Bank announced that today is the first day of trading on the NYSE Arca for 2 new ETRACS Exchange Traded Notes ("ETNs") linked to the Dow Jones U.S. Select Dividend IndexSM and the S&P High Yield Dividend Aristocrats Index:
ETRACS Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN
Ticker: DVYL
ETRACS Monthly Pay 2xLeveraged S&P Dividend ETN
Ticker: SDYL
The 2 new ETRACS Monthly Pay 2xLeveraged ETNs are designed to provide:
2x leveraged exposure to the Index(s), less fees, making them the only exchange-traded products with leveraged exposure to these indexes.
Monthly leverage resetting, which provides an innovative alternative to daily leverage resetting typically used in other leveraged products
Significant income potential in the form of variable monthly coupons linked to 2 times the dividends, if any, on the index constituents.
Convenience of a single exchange-traded security.
read more
Source: UBS
ProShares Launches Only Corporate Bond Fund1 With Substantially All Assets AAA-Rated2
May 23, 2012--ProShares, a premier provider of alternative exchange traded funds (ETFs), today announced the launch of ProShares USD Covered Bond1 (NYSE: COBO). This new ETF is the only corporate bond fund1-mutual fund or ETF-in the U.S. with substantially all of its assets rated AAA.2 COBO lists on NYSE Arca today.
COBO invests in covered bonds, a type of collateralized corporate debt typically issued by non-U.S. financial institutions. Covered bonds are a popular investment outside the U.S. but not broadly accessible in the U.S. until today.
"Many investors are interested in high credit quality bonds, but the supply of AAA-rated corporate debt in the U.S. is very limited," said Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC, ProShares' investment advisor. "COBO, a first-of-its-kind ETF, fills the gap by accessing the highest-rated segment of the $3 trillion,3 240-year-old4 covered bond market."
read more
Source: ProShares
Futures Now Trading on the CBOE NASDAQ-100 Volatility Index
May 23, 2012--NASDAQ OMX Global Indexes is pleased to announce that CBOE NASDAQ-100 Volatility Index futures contracts (ticker symbol VXN, futures symbol VN) are now trading on CBOE Futures Exchange, LLC (CFE).
The CBOE NASDAQ-100 Volatility Index, which measures the volatility of the NASDAQ-100 Index® (NDX®), is calculated through the application of CBOE's VIX® methodology to the prices of options on NDX.
Barclays will act as a liquidity provider for VXN futures contracts.
Trading the CBOE NASDAQ-100 Volatility Index futures could further enhance the liquidity of the industry-leading securities that comprise the NASDAQ-100 Index. These futures reflect not only the popularity of the NASDAQ-100 Index, but the CBOE’s commitment to innovation and broadening the adoption of this important benchmark.
For more information on on CBOE NASDAQ-100 Volatility Index futures, visit www.cboe.com/VXN.
For information on the NASDAQ-100 Index and other offerings, visit www.nasdaqomx.com/indexes
Source: NASDAQ OMX
Biggest US banks in senator's sights
May 23, 2012--Sherrod Brown has been feeling optimistic. The gruff-voiced senator from Ohio is trying to push a law through Congress that would put an end to the "too big to fail" problem.
In effect, it would force a break-up of America’s six biggest banks by assets: JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley.
read more
Source: FT.com
Knight Capital Says Its Facebook Loss May Total $35 Million
May 23, 2012--Knight Capital Group Inc. (KCG) estimated that it lost about $30 million to $35 million trading Facebook Inc. (FB) because of technical problems at Nasdaq OMX Group Inc. (NDAQ) related to the social-media company's initial public offering.
The brokerage and market maker said that while it submitted claims to Nasdaq, “there are no assurances that the company will be able to recover any of its losses resulting from the numerous issues and problems at Nasdaq,” according to a filing today with the U.S. Securities and Exchange Commission. Knight, based in Jersey City, New Jersey, said it’s “evaluating all remedies available under law.”
read more
Source: Bloomberg
Copper ETF plan would 'wreak havoc'
May 23, 2012--US manufacturers have attacked plans by JPMorgan Chase to launch an exchange-traded fund backed by physical copper, arguing that the product would "grossly and artificially inflate prices" and "wreak havoc on the US and global economy".
Copper’s use in electrical wiring makes it essential to the manufacturing industry.
read more
Source: FT.com
MSCI and BM&FBOVESPA Reach a Preliminary Agreement on the Expansion of their Business Relationship and the Provision of Real Time Data
May 23, 2012--MSCI Inc., a leading provider of investment decision support tools worldwide, and BM&FBOVESPA S.A.-Bolsa de Valores, Mercadorias e Futuros ("BVMF"), the largest equity and futures exchange in Latin America and one of the five biggest exchanges in the world in market value, announced today that they have reached a preliminary agreement on key terms regarding the provision of real time stock market data.
With this preliminary agreement, the calculation of MSCI real time indices will continue as normal to support a range of financial products. The parties will now work on the completion of binding documentation.
read more
Source: MSCI
