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Corporate-Bond Market Poses Systemic Risk, SEC's Gallagher Says
March 2, 2015--A lack of liquidity in corporate-bond markets could pose a "systemic risk" to the economy when interest rates rise, U.S. Securities and Exchange Commission member Daniel Gallagher said.
Gallagher, a Republican, warned that the Financial Stability Oversight Council, a group of U.S. regulators that monitors emerging systemic risks, hasn't paid enough attention to the $7.3 trillion corporate-bond market, which has ballooned over the past seven years amid low interest rates.
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Source: Bloomberg
Wall St. rallies, Nasdaq hits highest level since 2000
March 2, 2015--The Nasdaq on Monday closed above 5,000 for the first time since the year 2000 dot-com bubble as tech stocks were boosted by deals, while the S&P 500 and Dow indexes hit records after economic data pointed to a slowly accelerating economy.
After oscillating around it for much of the day, the Nasdaq composite index .IXIC gained steam in the late afternoon to finish firmly above the milestone, marking the third time the index ended above 5,000. The last time was March 10, 2000.
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Source: Reuters
Exclusive: SEC plans to level playing field for newer ETF firms
March 2, 2015--The U.S. Securities and Exchange Commission may strip Vanguard Group, BlackRock Inc and State Street Corp, the oldest and biggest providers of exchange-traded funds, of an advantage they hold over newer rivals in how they assemble the shares of their funds, said sources familiar with the SEC.
ETFs are typically funds whose holdings are meant to mimic the performance of an index. To do that, the SEC has said the securities used to create shares in most funds must be the same ones as in the fund’s portfolio unless there was a change in the index the fund tracks.
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Source: Reuters
More clients, and delays, for Eaton Vance's active ETFs
March 2, 2015--Eaton Vance continues to add fund shops backing its push to develop nontransparent exchange traded products, but the timeline for launching NextShares is growing longer.
The Boston-based shop now expects that the first funds under the NextShares brand will launch in the second half of this year, which is later than the second-quarter forecast provided when Eaton Vance received initial Securities and Exchange Commission approval of the nontransparent structure in November.
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Source: FT.com
Deutsche Bank Boosts Capacity for A-Shares ETF
March 2, 2015--Deutsche Asset & Wealth Management on Monday took a step toward normalizing the trading mechanics for its popular China "A-shares" exchange-traded fund, diminishing the odds that the fund's price will leapfrog its net-asset value in bouts of heavy buying.
Here's what happened: Deutsche boosted the number new shares that can be created daily in the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR).
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Source: Barron's
Horizons ETFs Announces Appointment of Co-CEOs
March 2, 2015--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs"), the Toronto-based manager and trustee of a family of exchange traded funds, announces today that Mr. Taeyong Lee, Executive Chairman of Horizons ETFs, along with Steven Hawkins, Chief Investment Officer of Horizons ETFs, have been appointed as Co-Chief Executive Officers of Horizons ETFs.
Going forward, Mr. Lee will serve as Executive Chairman and Co-CEO and Mr. Hawkins will serve as Co-CEO and Chief Investment Officer. Mr. Lee and Mr. Hawkins have also been appointed as Co-CEOs of AlphaPro Management Inc., which serves as the manager and trustee for certain of the exchange traded funds in the Horizons ETFs family.
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Source: Horizons ETFs Management (Canada) Inc.
BlackRock Reduces Fees on Five Bond ETFs, Joining Rivals
March 2, 2015--BlackRock Inc., the world's largest money manager, cut fees on five bond exchange-traded funds, joining rivals in lowering costs to attract more investors.
BlackRock cut fees on iShares J.P. Morgan USD Emerging Markets Bond ETF, iShares Emerging Markets Local Currency Bond ETF, iShares Emerging Markets High Yield Bond ETF, iShares Emerging Markets Corporate Bond ETF and iShares B-Ca Rated Corporate Bond ETF, the New York-based firm said in a statement.
ISE Holdings Reports Business Activity for February 2015
Dividend trades made up 1.1% of industry volume in February 2015.
view more CBOE Holdings Reports February 2015 Trading Volume view more Institutions Pour Cash Into Bond ETFs view more
Source: Bloomberg
March 2, 2015--ISE and ISE Gemini combined represent 12.5% of equity options market share, excluding dividend trades.
ISE and ISE Gemini reported a combined ADV of 1.8 million contracts.
Source: ISE (International Securities Exchange)
ADV of 4.7 Million Contacts Down 13% vs January
Total Volume of 88.5 Million Contracts Traded
March 2, 2015--CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that average daily volume (ADV) during February for options contracts on Chicago Board Options Exchange(R)(CBOE(R)) and C2 Options ExchangeSM (C2SM) and futures contracts on CBOE Futures Exchange (CFE®) was 4.7 million contracts, a decrease of 22 percent from February 2014 and a decline of 13 percent from January 2015.
Total options and futures volume at CBOE Holdings during February was 88.5 million contracts, a decrease of 22 percent from a year ago and down 17 percent from January 2015.
Source: CBOE Holdings, Inc.
Move to exchange-traded funds comes as big investors deal with bond-trading challenges
March 1, 2015--Institutions are piling into exchange-traded bond funds at the fastest pace on record, driven by forces reshaping the increasingly illiquid corporate-debt market and their desire to stay nimble ahead of expected interest-rate moves.
Bond ETFs took in $32 billion globally this year through Feb. 26, according to data from...
Source: Wall Street Journal
