Americas ETP News
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Statement on Support of Advanced Notice of Proposed Rulemaking on the Authority to Designate Financial Market Utilities as Systemically Important
Chairman Gary Gensler
November 23, 2010-- support the advanced notice of proposed rulemaking on the Authority to Designate Financial Market Utilities as Systematically Important. It is an important step in fulfilling the requirements of the Dodd-Frank Act to ensure that there is robust oversight and risk management of financial market utilities including clearinghouses.
Clearinghouses in the futures markets have been around since the late-19th Century and have functioned both in clear skies and during stormy times – through the Great Depression, numerous bank failures, two world wars and the 2008 financial crisis – to lower risk to the American public. By standing between two counterparties, by valuing transactions daily, requiring collateral, and rigorous risk management standards, clearinghouses help ensure that the failure of one entity does not harm its counterparties and reverberate throughout the financial system. Comprehensive and robust regulatory oversight of clearinghouses, however, is essential to our country’s financial stability. This is particularly important since, under the Dodd-Frank Wall Street Reform and Consumer Protection Act, standardized swaps between financial entities must be brought to clearinghouses.
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Source: CFTC.gov
Horizons AlphaPro Launches Canada's First Actively Managed Preferred Share ETF
November 23, 2010--AlphaPro Management Inc. ("AlphaPro"), manager of the Horizons AlphaPro exchange traded funds ("ETFs"), has launched Canada's first actively managed preferred share ETF, the Horizons AlphaPro Preferred Share ETF (the "Preferred Share ETF").
The Preferred Share ETF will begin trading today on the Toronto Stock Exchange under the symbol HPR. The sub-advisor to the Preferred Share ETF is Natcan Investment Management Inc. ("Natcan"), which currently manages more than $1 billion dollars in preferred share assets.
"We're very happy to be working with Natcan once again. Their fixed income team has done a great job in managing the recently launched Horizons AlphaPro Corporate Bond ETF, Canada's largest actively managed ETF. We expect more of the same with the Preferred Share ETF based on our belief that an active strategy can overcome many of the limitations found in trying to replicate a preferred share index," said Ken McCord, President of AlphaPro.
The investment objective of the Preferred Share ETF is to provide dividend income while preserving capital by investing primarily in preferred shares of Canadian companies. The Preferred Share ETF may also invest in preferred shares of companies located in the United States, fixed income securities of Canadian and U.S. issuers, including other income generating securities, as well as Canadian equity securities and exchange traded funds that issue index participation units. The Preferred Share ETF will, to the best of its ability, seek to hedge its non-Canadian dollar currency exposure to the Canadian dollar at all times.
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Source: AlphaPro Management Inc
iShares files with the SEC
November 23, 2010--iShares has files a post effective amendment, registration statement with the SEC for
iShares FTSE China (HK Listed) Index Fund.
view filing
Source: SEC.gov
Morgan Stanley Exchange-Traded Funds: US ETF Weekly Update
November 22, 2010--Highlights
Weekly Flows: $3.7 Billion Net Outflows
ETFsTraded $342 Billion Last Week
No ETF Launches
Guggenheim BulletShares’Indexes Undergo Changes
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iSharesRussell 1000 Value (IWD) posted net inflows of $564 mlnlast week, the most of any ETF
On the contrary, SPDR S&P 500 ETF (SPY), was a drag on flows, posting $3.1 blnnet outflows
Despite its weak showing last week, over 13-wk period, SPY has taken in most new money ($10.1 bln)
US-Listed ETFs: ETF Dollar Volume
Market share of monthly ETF volume as % of listed volume has doubled over 5 yrs
Leveraged/Inverse accounts for 12% weekly ETF volume, but only has 3% of market cap
Fixed Income accounts for only 4% weekly ETF volume, but has 15% of market cap
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Source: ETF Research-Morgan Stanley
Credit Suisse files with the SEC
November 22, 2010--Credit Suise has filed a FORM 424(B)(2) with the SEC for VelocityShares ETNs.
view filing
Source: SEC.gov
Eaton Vance Corp. Announces Asset Purchase of Managed ETFs LLC
Acquires Intellectual Property relating to Exchange-Traded Fund Operations and Trading
November 22, 2010--Eaton Vance Corp. (NYSE: EV) announces today that it has purchased the assets of Managed ETFs LLC, a developer of intellectual property in the field of exchange-traded funds. Managed ETFs holds intellectual property assets, including issued patents, that could provide the foundation for more efficient trading of index-based ETFs and facilitate the development of non-transparent, actively managed ETFs.
Commercialization of the acquired technology is subject to the approval of the U.S. Securities and Exchange Commission and market acceptance.Terms of the transaction are not being disclosed.
"Eaton Vance is pleased to acquire the intellectual property of Managed ETFs and to assume responsibility for its commercial development," said Thomas E. Faust Jr., Chairman and Chief Executive Officer. "Facilitating more robust ETF trading and expanding the scope of the ETF market to encompass non-transparent, active strategies is a vision we share with the principals of Managed ETFs."
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Source: Eaton Vance
Huntington files with the SEC
November 19, 2010--Huntington Strategy Shares has filed a registration statement with the SEC for
Rotating Strategy Fund
EcoLogical Strategy Fund and
Equity Protection Strategy Fund
view filing
Source: SEC.gov
Russell files with the SEC
November 22, 2010--Russell has filed a amended and restated application for exemptive relief with the SEC.
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Source: SEC.gov
BlackRock(R) Canada Launches the iShares(R) S&P(R)/TSX(R) North American Preferred Stock Index Fund (CAD-Hedged)
ETF to Invest in U.S. and Canadian Securities
November 22, 2010--BlackRock Asset Management Canada Limited (BlackRock Canada), an indirect, wholly-owned subsidiary of BlackRock, Inc., today announced that iShares, the world's largest provider of Exchange Traded Funds (ETFs), is now providing investors with a new income-oriented product, featuring a consistent distribution schedule, with the launch of the iShares S&P/TSX North American Preferred Stock Index Fund (CAD-Hedged) (XPF). XPF will begin trading on the Toronto Stock Exchange today.
XPF will provide investors with geographically diversified exposure to preferred shares by investing a portion of its assets in U.S. preferred shares and a portion in Canadian preferred shares. Preferred stock is an asset class that combines some characteristics of both equity and debt securities and generally makes regular payments to investors. XPF will hedge its currency exposure to the U.S. dollar, and carry a management fee of 0.45% per year.
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Source: BlackRock
CBOE Futures Exchange Posts Weekly Record Trading Volume in VIX Futures for Third Time This Month
Volume Tops 210,000 Contracts Over Five Trading Days
November 22, 2010--The CBOE Futures Exchange, LLC (CFE) announced that the week of November 15 was the busiest week on record for the trading of futures on the CBOE Volatility Index (VIX).
The three most active weeks in CFE history for the trading of VIX futures have occurred during the first three weeks of November. The 210,995 VIX futures contracts that traded the week of November 15 now ranks as the highest, followed by the previous highs of 171,988 contracts for the week of November 1 and 170,196 contracts for the week of November 8.
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Source: CBOE
