Americas ETP News
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LedgerX Hopes to Establish First U.S.-Regulated Options Exchange for Bitcoin
October 27, 2014--A new startup out of New York called LedgerX LLC has recruited big financial-industry names to its board of directors and raised venture funding from Lightspeed Venture Partners, Google Ventures and others to add a dose of legitimacy to the bitcoin market.
LedgerX hopes to become the country’s first bitcoin options exchange with Uncle Sam's blessing. It submitted applications to the U.S. Commodity Futures Trading Commission, or CFTC, which regulates U.S. futures and options exchanges, in late September to be approved as a derivatives exchange with bitcoin as the underlying asset to be traded, according to LedgerX co-founder and Chief Executive Paul Chou.
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Source: Wall Street Journal
SEC rejects NYSE proposal to list 'non-transparent' ETFs
October 24, 2014--U.S. regulators on Friday rejected a proposal from the NYSE Arca exchange to be able to list and trade actively managed exchange-traded funds that do not have to disclose their holdings on a daily basis.
The move follows the U.S. Securities and Exchange Commission's announcement earlier this week that it intends to deny proposals from Precidian Investments and BlackRock Inc to be allowed to create such ETFs. Because the NYSE filing is linked to the Precidian funds, the rejection of the exchange's proposed rule change was largely expected.
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Source: Reuters
SEC to Keep Veil Open on ETFs
Asset-Management Industry Suffers Setback After BlackRock Proposal Is Rejected
October 24, 2014--The asset-management industry suffered a setback when regulators rejected a proposal by BlackRock Inc. to launch an exchange-traded fund that would have kept its holdings hidden from investors.
The product, known as a "nontransparent ETF," is a key part of the industry's attempt to broaden its customer base beyond traditional index-tracking investments by selling more funds that are actively managed
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Source: Wall Street Journal
U.S. Bancorp Fund Services Adds Third Exchange Traded Fund from Vident Financial to its Multiple Series Trust
October 23, 2014--U.S. Bancorp Fund Services (USBFS) has added a third exchange traded fund (ETF) from Vident Financial to its ETF Series Solution (ESS) multiple series trust (MST).
Vident Core U.S. Bond
Strategy ETF (VBND) launched Thursday, October 16, 2014.
"The Vident Core U.S. Bond Strategy ETF provides investors with access to our rules-based principled reasoning methodology. We are proud to collaborate again with U.S. Bancorp Fund Services and Exchange Traded Concepts to launch our third ETF within ETF Series Solutions. The benefits of ESS have allowed us to seamlessly plan, launch and grow our ETF family successfully," said Nick Stonestreet, chief executive officer for Vident Financial.
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Source: .S. Bancorp Fund Services (USBFS)
Global X Funds Launches Two New ETFs Based On J.P. Morgan Indexes
October 23, 2014--Global X Funds, the New York-based provider of exchange-traded funds (ETFs), today launched two ETFs based on indexes developed by J.P. Morgan Corporate and Investment Bank: the Global X | JPMorgan Efficiente Index ETF (NYSE Arca: EFFE) and the Global X | JPMorgan US Sector Rotator Index ETF (NYSE Arca: SCTO).
These new ETFs from Global X enter the market at a time when investors are increasingly interested in products linked to strategies that are designed to help manage against downside risks.
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Source: Global X
U.S. BANCORP FUND SERVICES ADDS THIRD EXCHANGE TRADED FUND FROM VIDENT FINANCIAL TO ITS MULTIPLE SERIES TRUST
October 23, 2014--U.S. Bancorp Fund Services (USBFS) has added a third exchange traded fund (ETF) from Vident Financial to its ETF Series Solution (ESS) multiple series trust (MST). Vident Core U.S. Bond Strategy ETF (VBND) launched Thursday, October 16, 2014.
"The Vident Core U.S. Bond Strategy ETF provides investors with access to our rules-based principled reasoning methodology. We are proud to collaborate again with U.S. Bancorp Fund Services and Exchange Traded Concepts to launch our third ETF within ETF Series Solutions. The benefits of ESS have allowed us to seamlessly plan, launch and grow our ETF family successfully," said Nick Stonestreet, chief executive officer for Vident Financial.
VNBD is a fixed income strategy that seeks to track the performance of the Vident Core U.S. Bond Strategy Index. Vident Financial has two additional ETFs in the ESS trust; the Vident International Equity Fund (VIDI), which launched on October 29, 2013 and the Vident U.S. Core Equity Fund (VUSE) which launched January 22, 2014. Exchange Traded Concepts is the Investment Adviser for VIDI, VUSE and VBND.
"We're proud that our partnership with Vident continues to grow through our ESS multiple series trust," said Joe Redwine, president of U.S. Bancorp Fund Services. "The efficiencies of our ESS model continue to provide Vident with a collaborative structure to meet their requirements, and we’ve enjoyed watching their success grow as each new fund has launched."
USBFS launched ESS in February 2012. ESS extends the benefits of a shared trust model to one of the industry’s fastest growing segments, and marks the fifth MST, out of six, for U.S. Bancorp Fund Services. Currently, U.S. Bancorp Fund Services shared trusts have over $30.5 billion in mutual fund assets, 143 participating funds, 237 classes, and 81 different advisers.
Source: U.S. Bancorp Fund Services
DAX has been licensed for an exchange-traded fund in the U.S.
Index now available in the European, Asian and North American regions for the first time
October 23, 2014--Deutsche Börse today announced the DAX Index has been licensed to Recon Capital Partners to underlie an exchange-traded fund (ETF) in the U.S. The Recon Capital DAX Germany ETF is available today on Nasdaq.
'Germany continues to be among the most promising and compelling economies in Europe. As the trusted measure of German blue-chips, DAX is one of the leading indices for financial products in the world. For the first time, it underlies ETFs in three key financial centers in Europe, Asia and now the United States," said Hartmut Graf, chief executive officer, STOXX Limited. STOXX Ltd. is the marketing agent for the indices of Deutsche Börse AG and SIX, including the DAX and SMI indices.
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Source: Deutsche Börse
Six Federal Agencies Jointly Approve Final Risk Retention Rule
October 22, 2014--Six federal agencies approved a final rule requiring sponsors of securitization transactions to retain risk in those transactions.
The final rule implements the risk retention requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The final rule is being issued jointly by the Board of Governors of the Federal Reserve System, the Department of Housing and Urban Development, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission. As provided under the Dodd-Frank Act, the Secretary of the Treasury, as Chairperson of the Financial Stability Oversight Council, played a coordinating role in the joint agency rulemaking.
view final rule
Source: SEC.gov
ValueShares Launches U.S. Quantitative Value ETF (QVAL)
October 22, 2014--ValueShares today announced that it has launched its first active exchange-traded fund, the ValueShares U.S. Quantitative Value ETF (BATS:QVAL). QVAL pursues its investment objective by investing primarily in U.S. equity securities the Advisor believes to be the cheapest, highest-quality value stocks in the market.
The Advisor to QVAL anticipates transferring $50 million from its separately managed accounts into the Fund. The managed account capital’s sources are a multi-billion dollar family office and other high-net-worth clients of the Fund’s Advisor, Alpha Architect.
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Source: ValueShares
Mr. John Hyland, Chief Investment Officer of United States Commodity Funds, Resigning Effective May 1, 2015
October 15, 2014-- United States Commodity Funds LLC ("USCF") today announced that it has received and accepted the resignation of John T. Hyland, CFA. In order to provide an orderly transition, Mr. Hyland has agreed to stay and remain as the Chief Investment Officer of USCF until May 1, 2015.
"We greatly appreciate Mr. Hyland's years of dedicated service to USCF and the Funds, which USCF serves as general partner or sponsor,1 and his decision to remain as Chief Investment Officer of USCF through May 1, 2015," stated Howard Mah, Management Director and Chief Financial Officer of USCF. "The care and dedication Mr. Hyland has shown to USCF and the Funds over the past decade have contributed in an invaluable way to making USCF the company it is today. The management and employees of USCF wish Mr. Hyland the greatest success in his future endeavors."
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Source: The United States Commodity Funds
