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SEC To Propose Rules That Could Crimp Leveraged ETFs
December 7, 2015--Traders and fund companies who favor fast-moving leveraged exchange-traded funds may encounter resistance this week from securities regulators.
The Wall Street Journal's Andrew Ackerman and Leslie Josephs report that the Securities and Exchange Commission on Friday will propose restrictions on derivatives in funds, which would potentially crimp leveraged ETFs that rely on derivatives to deliver the promised two-or-three times daily returns.
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Source: Barron's
NYSE Arca Expands Amounts Stock Prices Can Move When Reopening
December 7, 2015--Price levels were widened for opening auctions in September
Exchange will announce date for system change in later update
NYSE Arca, the New York Stock Exchange's sister market, widened the amount prices are able to move when a security reopens after a trading halt.
Under the exchange's new rule, securities valued at 1 cent to $25 a share can rise or fall 10 percent from their prior level. Securities between $25.01 and $50 can move 5 percent, and those valued at more than $50 can move 3 percent. Previously, those thresholds were 5 percent, 2 percent and 1 percent, respectively.
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Source: Bloomberg
Market Vectors Exchange-Traded Funds Now Trading in Chilean Pesos
December 7, 2015--Market Vectors ETFs, one of the largest providers of exchange-traded products (ETPs) in the U.S. and worldwide, announced today that the Market Vectors exchange-traded funds (ETFs) cross-listed on the Santiago Stock Exchange, currently totaling 27 ETFs, are now trading in Chilean pesos.
Prior to December 7, 2015, the ETFs traded in U.S. dollars. The commencement of trading in pesos is a significant development as it reduces currency risk for local investors.
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Source: Van Eck Securities
Guggenheim adopts momentum filter within $500m multi-asset income ETF
December 7, 2015--Guggenheim Investments, a leading US issuer of exchange-traded funds, has adjusted the methodology behind their Guggenheim Multi-Asset Income Index ETF (NYSE Arca: CVY).
The fund has added a momentum filter to its stock selection process, joining existing screening factors such as yield, liquidity, and relative value. Momentum investing looks to capitalise on existing trends in the market.
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Source: etfstrategy.co.uk
Robotic trading is killing Wall Street jobs
December 5, 2015--The US stock market is at a crossroads as a consensus of market mavens concludes that high-frequency trading is taking its toll on Wall Street.
A new study suggests that an estimated 10 million prospective finance jobs have been lost since 2000 and countless billions in capital was not created due to the proliferation of robotic trading platforms.
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Source: NY Post
UBS Suspends Further Sales of ETRACS 2xMonthly Leveraged Long Alerian MLP Infrastructure Index ETN
December 4, 2015--UBS AG announced today that it has suspended further sales from inventory of its outstanding ETRACS 2xMonthly Leveraged Long Alerian MLP Infrastructure Index ETN (NYSE Arca: MLPL).
This suspension will remain in effect until further notice from UBS AG. As previously announced on October 8, 2015, UBS AG does not intend to issue any new notes of this ETN, which is part of a series of UBS AG debt securities designated as "Medium-Term Notes< Series A."
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Source: UBS
Federal Reserve Board Issues Final Rule Providing Information On Board's Revised Capital Rules For Non Traditional Stock Corporations
December 4, 2015--The Federal Reserve Board on Friday issued a final rule providing information about how to apply the Board's revised capital framework issued in June 2013 to depository institution holding companies that are not organized as traditional stock corporations.
Institutional investors with controlling interests in depository institutions and depository institution holding companies may structure their investments through non-stock entities, such as limited liability corporations and partnerships. To show how the capital instruments issued by these non-traditionally structured firms could meet the capital requirements under the Board's revised capital framework, the final rule issued today provides examples to clarify how instruments issued by these firms may qualify as regulatory capital.
view the Regulatory Capital Rules: Regulatory Capital, Final Rule Demonstrating Application of Common Equity Tier 1 Capital Eligibility Criteria and Excluding Certain Holding Companies from Regulation Q
Source: federalreserve.gov
Asset managers urge SEC to adopt swing pricing
December 4, 2015--The SEC proposed new liquidity risk management rules for US funds in September.
The SEC's swing pricing proposal could help mutual funds navigate illiquid markets, but implementing it could be easier said than done.
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Source: risk.net
CFTC.gov Commitments of Traders Reports Update
December 4, 2015--The current reports for the week of December 1, 2015 are now available.
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Source: CFTC.gov
MIG Weekly Macro Survey: The Final Countdown
December 4, 2015--What happened this week?
As we predicted, markets more fully priced in a December rate hike by the FOMC
The US dollar and the two-year rate both surged as expected and hit multi-year highs
Fed speakers emphasize pace of future increases rather than timing of liftoff
Slow and gradual pace of this coming tightening cycle was reiterated
This will be the basis for the "apologetic increase" in December
November's jobs report was supportive of a rate increase in December
What do investors need to know?
An “apologetic increase” in December is a done deal
At their next meeting, the FOMC will increase rates by 25bp
This will come with very dovish language in the statement so that no subsequent increases will be expected soon after
The FOMC's three "preferences" for liftoff have finally be met:
1. The Fed wants to begin normalizing rates in 2015
2. FOMC wants to move on the back of strong economic data
3. They want to be very cautious with falling inflation
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Source: Macro Insight Group
