Americas ETP News
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ISE Holdings Reports Business Activity for June 2015
July 1, 2015--ISE and ISE Gemini combined represent 17.8% of equity options market share, excluding dividend trades.
ISE and ISE Gemini reported a combined ADV of 2.4 million contracts.
Dividend trades made up 1.1% of industry volume in June 2015
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Source: ISE
ALPS Adds Two More Equal Sector Weighted Strategies to ETF Lineup
New Asset Management Solutions Provide Investment Diversification across Style and Sector
July 1, 2015--ALPS, a DST Company focused on asset management and asset servicing, today announced the addition of two new equal sector ETF strategies to its growing lineup of exchange traded funds.
The new funds-ALPS Sector Leaders ETF (SLDR) and ALPS Sector Low Volatility ETF (SLOW)-will track the S-Network Sector Low Volatility and S-Network Sector Leaders indexes respectively
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Source: Alps
SEC's panel still at a loss over how to fix 'broken market'
June 30, 2015--Equity markets are "broken," a "complete mess," or maybe even "rigged." Luis Aguilar, a commissioner on the Securities and Exchange Commission, was quoting others when he used those words in remarks to the inaugural meeting of the SEC Equity Markets Structure Advisory Committee on May 13
But his warnings were no less emphatic. Almost five years to the day since the so-called flash crash, the SEC and key market players were finally gathered to discuss, and inevitably debate, the causes and responses to a significant decrease in investor and regulator confidence in the markets. It's been a long road getting to this point.
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Source: MarketWatch
US IPO Market Takes Off Again in the Second Quarter: Renaissance Capital's 2Q 2015 Review
June 30, 2015--IPO activity more than doubled during the second quarter compared to the slow first quarter, which hit a 2-year low.
The 70 IPOs raised almost $13 billion, with each month this quarter having the year-to-date most IPOs, the most proceeds raised and the most initial filings. Issuance rose across nearly every sector, particularly in technology, consumer, and energy. Tech and energy had uncharacteristically weak performance while consumer was the top sector for returns. Fueled by a continued wave of biotechs, the health care sector has accounted for over one in three IPOs for four quarters in a row.
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Source: Renaissance Capital
IMF Working paper-The Macroeconomic Relevance of Credit Flows: An Exploration of U.S. Data
June 30, 2015--Summary: This paper exploits the Financial Accounts of the United States to derive long time series of bank and nonbank credit to different sectors, and to examine the cyclical behavior of these series in relation to (i) the long-term business cycle,(ii) recessions and recoveries, and (iii) systemic financial crises.
We find that bank and nonbank credit exhibit different dynamics throughout the business cycle. This diverging cyclical behavior of output and bank and nonbank credit argues for placing greater emphasis on sector-specific macroprudential measures to contain risks to the financial system, rather than using interest rates to address any vulnerabilities. Finally, we examine the role of bank and nonbank credit in the creation of financial interconnections and illustrate a method to conduct macro-financial stability assessments.
view the IMF Working paper-The Macroeconomic Relevance of Credit Flows: An Exploration of U.S. Data
Source: IMF
IMF Working paper-A New Methodology for Estimating the Output Gap in the United States
June 30, 2015-- Summary: The gap between potential and actual output-the output gap-is a key variable for policymaking. This paper adapts the methodology developed in Blagrave and others (2015) to estimate the path of output gap in the U.S. economy.
The results show that the output gap has considerably shrunk since the Great Recession, but still remains negative. While the results are more robust than other existing methodologies, there is still significant uncertainty surrounding the estimates.
view the IMF Working paper-A New Methodology for Estimating the Output Gap in the United States
Source: IMF
Zuma Bay Capital Launches Volatility-Based Alternative Investment Fund
Zuma Bay Volatility Fund uses hedged S&P 500 volatility (VIX) to deliver market-neutral returns.
June 30, 2015--Zuma Bay Capital, LLC, a California registered investment advisor (RIA), has launched the Zuma Bay Volatility Fund.
The objective of the Fund is to deliver consistent market-neutral returns with limited downside exposure. To accomplish this the fund utilizes a strategy that trades S&P 500 volatility (i.e. VIX) derivatives, namely VIX ETFs/ETNs and vertical spreads on their related options. The Manager implements a proprietary quantitative model using market data and macroeconomic inputs to forecast changes in the VIX in order to optimize trade timing and limit downside risk.
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Source: Zuma Bay Capital
Bruised Solar Stock Hanergy Exits Guggenheim ETFs
June 30, 2015--Troubled Chinese solar stock Hanergy has been dumped from the flagship solar exchange traded fund.
The banged-up stock contributed to a steep fall in Guggenheim Solar (TAN), a $332.1 million ETF, in late May. Two other Guggenheim ETFs have also sold off all positions in Hanergy Thin Film Power Group, according to a representative for the company.
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Source: Nasdaq.com
Nuveen Diversified Commodity Fund Announces Shareholder Approval of Proposed ETF Conversion
June 30, 2015--Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that shareholders of the Nuveen Diversified Commodity Fund (CFD), have approved the plan to convert the fund into an open-ended exchange-traded fund (ETF).
The conversion plan is also contingent on customary regulatory approvals.
As previously announced, the purpose of the conversion is to seek a closer alignment between the fund’s share price and net asset value.
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Source: MarketWatch
Morgan Stanley Statement on its Exchange-Traded Notes
June 30, 2015--Morgan Stanley (NYSE:MS) today announced that it does not intend to issue any additional notes in five series of outstanding exchange-traded notes.
These exchange-traded notes, which will continue to trade on the NYSE Arca, are
listed below:
Morgan Stanley Cushing^(R) MLP High Income Index ETNs due March 21, 2031 (NYSE Arca:MLPY)
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Source: Bloomberg
