Americas ETP News
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Claymore Announces Product Lineup Changes
August 13, 2010--Claymore Securities, Inc., an ETF sponsor with approximately $3 billion in ETF assets under management, today announced the closure and liquidation of four lightly followed ETFs.
"We continue to be committed to developing innovative investment solutions for clients and we want to dedicate our resources to areas of greater investor interest," said Steven A. Baffico, senior managing director at Claymore Securities, Inc. "After careful evaluation of our product lineup, we believe these changes are in the best interest of our clients and shareholders."
Sept. 10, 2010, will be the last day of trading on the NYSE Arca for:
Claymore/Zacks Dividend Rotation ETF (NYSE Arca: IRO)
Claymore/Zacks Country Rotation ETF (NYSE Arca: CRO)
Claymore/Beacon Global Exchanges, Brokers & Asset Managers Index ETF (NYSE Arca: EXB)
Claymore/Robb Report Global Luxury Index ETF (NYSE Arca: ROB)
Shareholders may sell their fund shares prior to the market close on Sept. 10, 2010. Effective after the market close on Sept. 10, 2010, the funds will no longer accept creation or redemption orders for fund shares. It is anticipated that transactions executed prior to Sept. 10, 2010, will be subject to fees normally assessed by broker-dealers for such transactions. From Sept. 13, 2010, through Sept. 17, 2010, shareholders may be able to sell their shares to certain broker-dealers, but there can be no assurance that there will be a market for the funds. All shareholders remaining on Sept. 17, 2010, will receive a cash distribution into their brokerage account representing the value of their shares as of that date, which will also include any capital gains and dividends.
Source: Claymore Securities
CBOE Stock Exchange (CBSX) Offers New Taker Rebates On Select Group Of Securities
August 13, 2010-- The CBOE Stock Exchange, LLC (CBSX) on Monday, August 16 will institute new pricing in 24 of the most-active, lower-priced securities traded on CBSX. The pricing will pay "takers" a substantial rebate to remove liquidity when the security's price is above one dollar, creating an incentive for customers to route their orders to CBSX.
The new pricing inverts traditional maker and taker rates, with "makers" charged an $0.0018 fee per share and "takers" receiving a credit of $0.0014 per share for the following securities:
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Source: CBOE
Van Eck files with the SEC
August 13, 2010-Van Eck has filed 2amended application for exemptive relief with the SEC.
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view filing
Source: SEC.gov
CFTC, SEC to Host August 20 Roundtable on Clearing and Listing of Swaps and Security-Based Swaps
August 13, 2010--The Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) staffs will hold a public roundtable on August 20, 2010, to discuss issues related to governance and conflicts of interest in the clearing and listing of swaps and security-based swaps.
The roundtable will assist both agencies in the rulemaking process to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The roundtable will be held in the Lobby Level Hearing Room at the CFTC’s Headquarters, Three Lafayette Centre,1155 21st Street, NW, Washington DC. The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public may also listen by telephone and should be prepared to provide their first name, last name and affiliation.
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Source: CFTC.gov
CFTC and SEC Issue Joint Advance Notice of Proposed Rulemaking and Request for Comment Regarding Definitions and the Regulation of Mixed Swaps as Part of Dodd-Frank Act Rulemaking
August 13, 2010-- The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) today published a joint advance notice of proposed rulemaking requesting public comment to assist the agencies in further defining certain key terms, and in prescribing regulations regarding “mixed swaps,” as required by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Title VII provides for the comprehensive regulation of swaps and security-based swaps and includes definitions of key terms relating to such regulation. It requires the CFTC and the SEC, in consultation with the Board of Governors of the Federal Reserve System, to jointly further define the terms “swap,” “security-based swap,” “swap dealer,” “security-based swap dealer,” “major swap participant,” “major security-based swap participant,” “eligible contract participant” and “security-based swap agreement.” Title VII also requires the CFTC and SEC to jointly prescribe regulations regarding “mixed swaps” as necessary to carry out the purposes of Title VII.
The CFTC and SEC invite comment with respect to all aspects of the statutory definitions of these key terms. The agencies also invite commenters to express views on the regulation of “mixed swaps.”
This request for comment is in addition to the series of email links on the CFTC’s and SEC’s Web sites to facilitate public comment regarding regulatory reform rulemaking under the Dodd-Frank Act.
The public comment period will remain open for 30 days, following publication of the advance notice in the Federal Register. Commenters are urged to submit comments as soon as possible within the 30-day comment period.
Source: CFTC.gov
U.S. Department of the Treasury Economic Statistics - Monthly Data Update
August 13, 2010---The U.S. Department of the Treasury Economic Statistics - Monthly Data has been updated.
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Source: U.S. Department of the Treasury
U.S. Department of the Treasury Economic Statistics - Quarterly Data Update
August 13, 2010--The U.S. Department of the Treasury Economic Statistics - Quarterly Data has been updated and is now available.
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Source: U.S. Department of the Treasury
CFTC Commitments of Traders Reports Update
August 13, 2010-The CFTC.gov Commitments of Traders Reports for the week of August 10, 2010 are now available.
view report
Source: CFTC.gov
ETF circuit breakers needed after US flash crash
August 12, 2010-Exchange traded funds should have “circuit breakers” consistent with those being proposed for individual equities to prevent a repeat of the “flash crash” of May 6 when the US stock market briefly dropped more than 8 per cent, according to industry participants at a meeting of US regulators on Wednesday.
Numerous ETFs were caught up in the still unexplained plunge in the US stock market on May 6 which also saw the share prices of some companies temporarily drop to one penny, erasing billions of dollars from their market value.
The joint advisory committee meeting of the Commodity Futures Trading Commission and the Securities and Exchange Commission on Wednesday, showed regulators are still struggling to understand fully why ETFs were disproportionately affected in the flash crash.
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Source: FT.com
Morningstar Reports U.S. Mutual Fund and ETF Asset Flows Through July 2010
August 11, 2010--—Morningstar, Inc., a leading provider of independent investment research, today reported estimated U.S. mutual fund and exchange-traded fund asset flows through July 2010. Overall flows into U.S. open-end mutual funds increased slightly in July to $14.1 billion. Almost universally, outflows increased for equity and balanced funds, and inflows rose for bond, alternative, and commodity funds.
U.S. ETFs registered total net inflows of $6.8 billion in July, marking the sixth consecutive month of positive asset flows. Total ETF assets are up 6% since the start of the year and 29% over the trailing 12 months.
Additional highlights from Morningstar’s report on mutual fund flows:
Bond funds had another strong month of inflows, with investors adding $22.3 billion to taxable-bond funds and $3.9 billion to municipal-bond funds, approximately double the inflows municipal-bond funds saw in June.
Nearly $12.4 billion exited domestic-equity funds in July, but international-stock funds saw less severe outflows of $565 million. Flows into emerging-markets equity funds offset redemptions from broader foreign-stock funds. Emerging-markets equity funds had roughly $161.4 billion in total assets as of the end of July, up nearly 41% over the trailing 12 months.
Emerging-markets bond fund assets more than doubled to $30.8 billion over the last year after taking in more than $1.2 billion in July. A significant portion of these flows were allocated to local-currency emerging-markets bond funds, led by PIMCO Emerging Local Bond Fund with inflows of nearly $3.6 billion over the trailing 12 months.
PIMCO and Vanguard led all fund families in terms of total inflows in July, taking in $5.9 billion and $4.9 billion, respectively. American Funds continued to see significant outflows with another $4.6 billion in redemptions in July.
Additional highlights from Morningstar’s report on ETF flows:
Inflows into emerging-markets ETFs helped make international-stock funds, which saw inflows of $4.6 billion, the most popular ETF asset class in July. Vanguard Emerging Markets Stock VWO was the top asset gatherer within the international-stock asset class as well as the overall U.S. ETF universe, with $2.3 billion in net inflows in July. Investors also expressed a renewed interest in single-country ETFs to gain precise international exposure while avoiding struggling Eastern European countries.
Commodity ETFs saw net outflows in July for the first month since February. Although iShares COMEX Gold Trust IAU gathered assets of $209 million during the month, the asset class saw redemptions of $1.8 billion, led by SPDR Gold Shares GLD with $1.4 billion in outflows.
Fixed-income ETFs remained popular in July, but investors favored the short end of the yield curve to the longer end. ETFs in the long government and long-term bond Morningstar categories saw combined total net inflows of $1.1 billion, while short government and short-term bond ETFs experienced outflows of $446 million.
U.S. stock ETFs saw outflows of $91 million in July, as inflows into small-cap funds were not enough to offset outflows from large-cap funds. Investors added $2.3 billion to the iShares Russell 2000 Index IWM, bolstering ETFs in the small-blend category, whereas redemptions from SPDR SandP 500 SPY drove outflows from large-cap U.S. stock ETFs.
For more information about Morningstar Fund Flows, please visit http://global.morningstar.com/fundflows.
Source: Morningstar
