Americas ETP News
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Fed's 2015 bank stress tests will account for rate hike
December 22, 2014--Federal Reserve policymakers have been spare in their guidance on when near-zero interest rates will rise next year, but its 2015 bank stress test will account for the possibility of an increase in short-term interest rates.
The stress test includes a "hypothetical adverse scenario" that could force an increase in bank funding costs, said Janet Yellen, head of the central bank
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Source: SmartBrief
CFTC Orders Deutsche Bank Securities Inc. to Pay $3 Million to Settle Charges of Improper Investment of Customer Segregated Funds, Reporting and Recordkeeping Violations, and Supervision Failures
December 22, 2014--The U.S. Commodity Futures Trading Commission (CFTC) today issued an order filing and simultaneously settling charges against Deutsche Bank Securities Inc. (DBSI), a registered Futures Commission Merchant (FCM) based in New York, N.Y., for failing to properly invest customer segregated funds, failing to prepare and file accurate financial reports, failing to maintain required books and records, and for related supervisory failures.
None of the violations resulted in any customer losses, according to the CFTC's Order. The Order requires DBSI to pay a $3 million civil monetary penalty and to cease and desist from violating the CFTC Regulations, as charged. DBSI is an indirect, wholly-owned subsidiary of the parent company, Deutsche Bank AG.
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Source: CFTC.gov
US regulator probes ETF pricing structures
December 21, 2014--Extreme movements in the prices of bonds, commodities and other assets have prompted regulators at the Federal Reserve Bank of New York to take a closer look at the inner workings of exchange traded funds.
Wall Street's top regulator has been talking to the firms responsible for ensuring the smooth functioning of such ETFs as it seeks to gauge the resilience of the structures to sharp fluctuations in the underlying market they track.
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Source: FT.com
Bloomberg and State Street Global Advisors Introduce the First Fixed Income ETF Creation and Redemption Service To Enhance Transparency Of Fixed Income ETFs.
State Street Global Advisors is the first ETF Provider to Use the Bloomberg Fixed Income ETF Basket Tool
December 19, 2014--Bloomberg today introduced the Bloomberg Fixed Income ETF Basket Tool in order to further automate the workflow and construction of fixed income exchange traded funds (ETFs).
The new offering provides the first comprehensive solution for clients of State Street Global Advisors (SSGA) to automate the process of creating and redeeming baskets of fixed income ETFs.
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Source: Bloomberg
A Humbled Janus Capital Is Betting on Bill Gross for Its Turnaround
December 19, 2014--When Bill Gross quit bond giant Pacific Investment Management Co. three months ago, almost as stunning as his departure was his choice of employer: Janus Capital Group Inc.
(JNS), a struggling stock fund manager whose assets had shrunk by half from a peak 14 years earlier.
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Source: Bloomberg
Commodity Funds CFD and CTF Propose Plan to Convert to ETF Structure
Funds to seek shareholder approval for structure change that seeks a closer alignment between market price and net asset value
December 19, 2014--Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that Nuveen Commodities Asset Management ("NCAM"), the manager for the Nuveen Diversified Commodity Fund (NYSE MKT: CFD) and the Nuveen Long/Short Commodity Total Return Fund (NYSE MKT: CTF), has approved a plan to convert the Funds into open-end exchange-traded funds ("ETFs").
The purpose of the conversion plan is to seek a closer alignment between the funds’ share price and net asset value (“NAV”).
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Source: Nuveen
Commodity Funds CFD and CTF Propose Plan to Convert to ETF Structure
Funds to seek shareholder approval for structure change that seeks a closer alignment between market price and net asset value
December 19, 2014--Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that Nuveen Commodities Asset Management ("NCAM"), the manager for the Nuveen Diversified Commodity Fund (NYSE MKT: CFD) and the Nuveen Long/Short Commodity Total Return Fund (NYSE MKT: CTF), has approved a plan to convert the Funds into open-end exchange-traded funds ("ETFs").
The purpose of the conversion plan is to seek a closer alignment between the funds' share price and net asset value ("NAV").
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Source: Nuveen Investments
CFTC Swaps Report Update
December 19, 2014--The current reports for the week of December 16, 2014 are now available.
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Source: CFTC.gov
Financial Stability Oversight Council Releases Request for Comment on Asset Management Products and Activities
Council Seeks Public Comment on Potential Financial Stability Risks Related to Liquidity and Redemptions, Leverage, Operational Functions, and Resolution
December 18, 2014--The Financial Stability Oversight Council (Council) today voted unanimously to release a notice seeking public comment regarding potential risks to U.S. financial stability from asset management products and activities.
The Council is seeking input from the public about potential risks to the U.S. financial system associated with liquidity and redemptions, leverage, operational functions, and resolution in the asset management industry.
Asset management is a vital segment of the financial services sector, with a high degree of diversity in investment strategies, corporate structures, regulatory regimes, and customers. The Council is issuing this notice in connection with its ongoing evaluation of asset management products and activities, building on work carried out by the Council over the past year regarding potential risks to U.S. financial stability.
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Source: US Department of the Treasury
FINRA Issues Precious Metals Investor Alert
December 18, 2014--The Financial Industry Regulatory Authority (FINRA) issued a new Investor Alert called Physical Precious Metals: Tips to Avoid Tarnishing Your Portfolio.
FINRA's new Alert warns investors of the risks involved with investing in physical precious metals such as silver, gold, palladium or platinum. Enforcement actions by the Commodity Futures Trading Commission (CFTC) and court decisions paint an ugly picture of sellers who charge high commissions and fees but ultimately fail to purchase or deliver the physical assets as promised.
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Source: FINRA
