Americas ETP News
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Structure Matters Series: Know the Factors that drive performance
June 1, 2015--The goal of this next Structure Matters series is to provide practical guidelines with how factor based investing should be monitored, measured and used.
In this series, we will interview ETF portfolio managers and key decision makers who are involved in the ETF construction and the factor weightings that drive index and "real money" performance. Although the label "smart beta" is at the core of the factor question, investors in passively managed funds need to recognize that a "do nothing strategy" arguably results in the automatic acceptance of certain risks.
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Source: Access ETF Solutions
Women Are Scarce Among Fund Managers
A Morningstar study finds that less than 10% of fund managers are women.
June 1, 2015--More women in the United States are making their own investment decisions than ever before. In one recent study, 19% of women reported being a primary decision-maker for couples' long-term retirement savings-a figure that has doubled since 2011.[1]
The numbers of U.S. female financial advisors also are on the rise, with women now comprising more than a fourth of a growing profession.[2]
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Source: Morningstar
Everyone's Been Worried About Liquidity in the Wrong Bond Market
Trouble is lurking in the biggest market there is
June 1, 2015--Bond market liquidity is terrible, goes the familiar refrain across Wall Street.
While liquidity is a notoriously difficult concept to define, a simple interpretation is investors' ability to buy and sell a security without significantly impacting its price. For years now, the $7.5 trillion U.S. corporate bond market has been the center of liquidity concerns as investors, traders and regulators all fret about the ability of investors to exit their large positions in such securities.
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Source: Bloomberg
Highland Capital Management Launches Three ETFs to Expand Suite of Alternative Beta Products
Three New ETFs Launched Using Indices from Hedge Fund Research, Inc, a global leader in the indexation, analysis and research of the global hedge fund industry
June 1, 2015--Highland Capital Management Fund Advisors L.P. ("Highland") announces the launch of three new exchange-traded funds ("ETFs") that leverage the industry-leading indices and research from HFR (Hedge Fund Research, Inc.).
The three ETF products designed in collaboration with HFR will be the first of their kind to replicate aggregate hedge fund positions in an ETF and will trade on the New York Stock Exchange, with trading commencing today.
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Source: Highland Capital Management
BATS Announces Graduation of iShares MSCI India ETF From Competitive Liquidity Provider Program
June 1, 2015--BATS Global Markets (BATS), the leading U.S. market for the trading of exchange-traded funds (ETFs), today announced that the iShares MSCI India ETF (BATS: INDA) has graduated from the BATS Competitive Liquidity Provider (CLP) Program by
establishing consolidated average daily volume (CADV) of more than 1 million shares for three consecutive months.
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Source: BATS Global Markets
For China, the floodgates are about to open
Based on pending index changes, China could become as much as 60% of emerging market indices.
June 1, 2015--On June 9th, MSCI will announce whether or not it will include the onshore Chinese markets into their broad indices.
U.S-listed Chinese companies will be included into broad MSCI indices starting in November 2015.
Taiwan and South Korea are approaching developed market status, which could make additional room for more China in emerging market indices. KraneShares has developed a suite of ETFs to capture these changes today, ahead of their implementation.
As China's markets continue to open-up, there has been increased focus on its weighting within international indices. China has been underrepresented in these indices due to its historic limitations on foreign investment. With these limitations rapidly being lifted, the timeline for China's full inclusion within international indices is starting to solidify. Additionally, China could see a further increase within emerging market indices as South Korea and Taiwan could be upgraded to developed market status in the coming years.
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Source: KraneShares
FINRA Brings Transparency to Asset-Backed Securities Market
June 1, 2015--The Financial Industry Regulatory Authority (FINRA) today brought transparency to the asset-backed securities market, providing investors with post-trade price information for asset-backed securities, including those backed by auto loans, credit card receivables and student loans.
Transactions in this market represent approximately 400 trades, totaling $3.5 billion in original principal balance, on an average daily basis.
Through TRACE (Trade Reporting and Compliance Engine), investors now have access to information regarding transactions in asset-backed securities, including transactions in asset-backed securities effected pursuant to Securities Act Rule 144A (144A transactions). 144A securities are considered private placements and can only be purchased by an institutional investor.
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Source: FINRA
CBOE Holdings Reports May 2015 Trading Volume
June 1, 2015--Total Volume of 85.3 Million Contracts
ADV of 4.3 Million Contracts, Down 8% From Year Ago
CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that total trading volume during May for options contracts on Chicago Board Options Exchange(R) (CBOE(R)) and C2 Options Exchange (C2)
and futures contracts on CBOE Futures Exchange (CFE(R)) was 85.3 million contracts, a decrease of 7 percent from April 2015 and 12 percent from May 2014.
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Source: CBOE
Recon Capital Partners Enters Strategic Engagement with Brazilian RIA
Partnership with Bullmark Financial Group expands Recon Capital's global investment solutions and distribution
June 1, 2015--Recon Capital Partners, the issuer behind the Recon Capital FTSE 100 ETF and the Recon Capital DAX Germany ETF, has increased its global distribution efforts and strengthened its commitment to continue delivering global investment solutions by partnering with Bullmark Financial Group, one of Brazil's fastest-growing RIA firms.
The scope of the relationship will entail both firms collaborating on product development, enhancement and distribution with an emphasis on Latin American-themed exchange-traded products (ETPs) that mitigate risk via intelligent index construction.
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Source: MarketWatch
ISE Holdings Reports Business Activity for May 2015
June 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 1.0% of industry volume in May 2015.
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Source: International Securities Exchange
