Americas ETP News
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United States Commodity Funds LLC Lowers Fees of United States Copper Index Fund (CPER)
May 29, 2012--United States Commodity Funds LLC (USCF) announced a voluntary reduction in a portion of its management fee for the United States Copper Index Fund (CPER). As of May 29, 2012, the management fee will be reduced from 0.95% to 0.65%.
USCF anticipates that the waiver will remain in place through March 31, 2013. This reduction is voluntary, and may be terminated or modified prior to March 31, 2013, with the approval of USCF's Board of Directors.
Chief Investment Officer John Hyland states, "With CPER, we tried to design both a useful tool for investing in copper exposure over the long term, as well as a useful tool for trading copper exposure over the shorter term. We think that offering it with lower expenses will help generate economies of scale for both trading and investing."
for more info
Source: United States Commodity Funds LLC (USCF)
Precidian files with the SEC
May 29, 2012--Precidian has filed a second amended and restated application for exemptive relief with the SEC.
view filing
Source: SEC.gov
Sage Quant Management LLC files with the SEC
May 29, 2012--Sage Quant Management LLC
has filed an application for exemptive relief with the SEC.
view filing
Source: SEC.gov
Horizons ETFs Launches the World's First Black Swan ETFs
May 29, 2012--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. ("AlphaPro") are pleased to announce the launch of two innovative exchange traded funds ("ETFs") which will seek to allow investors to gain exposure to North American stock market indices while providing protection from sudden and significant market declines.
Horizons Universa Canadian Black Swan ETF ("HUT") and the Horizons Universa US Black Swan ETF ("HUS.U") (together, the "Black Swan ETFs") are the first ETFs to be launched that pair a tail risk hedge with an equity index investment.
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Source: : Horizons ETFs Management (Canada) Inc.
Morningstar Annual Survey Finds Continued Strong Usage of Alternative Investments Among Institutions and Financial Advisors But Growth Slowing
May 29, 2012--Morningstar, Inc., a leading provider of independent investment research, and Barron's, the financial magazine published by Dow Jones and Co., today released highlights of their fourth-annual national survey examining the perception and usage of alternative investments among institutions and financial advisors.
“Institutional investors and financial advisors have significantly expanded their alternative holdings since the 2008 crash, and continue to view alternative investments as an important part of their portfolios,” Scott Burns, director of ETF, closed-end fund, and alternative research for Morningstar, said. "Growth has begun to slow, though, as investors have ramped up their allocations, and excitement may be cooling with the lackluster performance of alternatives relative to the overall market over the last few years."
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Source: Morningstar
Invesco Canada announces change of name and index provider for underlying fund of PowerShares Golden Dragon China Class
May 28, 2012--Invesco Canada Ltd. announced today that the NASDAQ OMX Group, Inc. has replaced the Halter Financial Group, Inc. as the index provider for PowerShares Golden Dragon Halter USX China Portfolio
(the "Underlying ETF"). Changes to the holdings of the Underlying ETF will begin to be made effective on or about June 15th, 2012, due to changes in the methodology of the underlying index. Also, the name of the Underlying ETF has changed to PowerShares Golden Dragon China Portfolio.
Created by the NASDAQ OMX Group, Inc., the NASDAQ Golden Dragon China Index is designed to track the performance of leading companies that derive a majority of their revenues from China and have accessed the U.S. capital markets.
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Source: Invesco Canada Ltd.
Facebook launch drives ETF interest
May 25, 2012--The Global X Social Media ETF, known by its ticker SOCL, is the first ETF to invest after an accelerated entry into the underlying index was agreed.
As a result, Facebook stock became a constituent in SOCL five trading sessions after the IPO
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Source: FT.com
JPMorgan Gave Risk Oversight to Museum Head With AIG Role
May 25, 2012--The three directors who oversee risk at JPMorgan Chase & Co. (JPM) include a museum head who sat on American International Group Inc.'s governance committee in 2008, the grandson of a billionaire and the chief executive officer of a company that makes flight controls and work boots.
What the risk committee of the biggest U.S. lender lacks, and what the five next largest competitors have, are directors who worked at a bank or as financial risk managers. The only member with any Wall Street experience, James Crown, hasn’t been employed in the industry for more than 25 years.
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Source: Bloomberg
Treasury Releases Semi-Annual Report to Congress on International Economic and Exchange Rate Policies
May 25, 2012--The U.S. Department of the Treasury today released the Semi-Annual Report to Congress on International Economic and Exchange Rate Policies that is required under Sections 3004 and 3005 of the Omnibus Trade and Competitiveness Act of 1988. The Report covers international economic and foreign exchange developments in the second half of 2011.
Where pertinent and available, data and developments through mid-May 2012 are included.
The Report highlights that conditions in Europe continue to pose a risk to the U.S. recovery, that global growth has been hindered by insufficient demand rebalancing, and that greater exchange rate flexibility is needed – most notably in China. Based on the appreciation of the RMB against the dollar since June 2010, the decline in China's current account surplus, and China's commitments in the G-20 and the U.S.-China Strategic & Economic Dialogue to move more rapidly to a more market-determined exchange rate system, Treasury has concluded that the standards identified in Section 3004 of the Act during the period covered in this Report have not been met with respect to China. Nonetheless, the available evidence suggest the RMB remains significantly undervalued, and we believe further appreciation of the RMB against the dollar and other major currencies is warranted. Treasury will continue to closely monitor the pace of RMB appreciation and press for policy changes that yield greater exchange rate flexibility, a level playing field, and a sustained shift to domestic demand-led growth.
view the Report to Congress on International Economic and Exchange Rate Policies
Source: US Department of the Treasury
Broker Losses on Facebook Put at $100m
May 25, 2012--Wholesale brokerages including Knight Capital and Citadel have suffered trading losses that could top up to an amount of $100m as a result of computer glitches in Nasdaq OMX's software on the morning of Facebook's trading debut on May 22nd.
According to people familiar with the case, it was said that problems with the exchange’s trading software meant the brokers were uncapable of calculating their precise shareholdings in the social network through more than two hours of share trading.
Source: Co-plan.net
