Americas ETP News
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IMA sets out plan for overhaul of dealing commission
February 18, 2014--The Investment Management Association has set out recommendations which could see the banning of dealing commission to purchase investment research with fund groups instead paying directly for such services.
A report published today by the IMA, entitled 'The Use of Dealing Commission for the Purchase of Investment Research', lays out a series of measures for good practice surrounding research payments and a possible overhaul of the existing model of dealing commissions.
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Source: FundWeb
SEC to roll out cross--border derivatives rules in phases
February 18, 2014--IN BRIEF
The US Securities and Exchange Commission plans to roll out final international derivatives rules in phases, combining them with new domestic rules, federal officials told MLex.
The first rules tranche, to be approved at some unspecified point in the near term, will be definitions for terms such as "US person" and bank "affiliate" to be used in domestic and international rules, they said.
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Source: mlex.com
Deutsche Asset & Wealth Management Hires Simon Mendelson to Lead Product Management and Development in the Americas
Deutsche Asset & Wealth Management Hires Simon Mendelson to Lead Product Management and Development in the Americas
February 18, 2014--Deutsche Asset & Wealth Management (DeAWM) announced today that Simon Mendelson has joined as a Managing Director and Head of Product Management and Development in the Americas. Based in New York, Mendelson reports to Jerry Miller, Head of Deutsche Asset & Wealth Management, Americas.
"His appointment will help to accelerate DeAWM’s growth strategy by aligning our product offerings with the needs of investors."
In this newly created position, Mendelson will be responsible for overseeing the development, implementation and positioning of DeAWM's investment products and solutions in the Americas. He will play a key role in aligning DeAWM's investment and distribution channels, not only to develop and deliver new products, but also to manage and optimize existing product capabilities.
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Source: Deutsche Asset & Wealth Management
DB- Synthetic Equity & Index Strategy - North America-US ETF Investment Ideas -Implementing DB's 2014 Outlook with ETFs
Febraury 17, 2014--An in-depth ETF guide to navigate markets during 2014
Find the right product for your investment theme with detailed analysis and commentary for 23 investment themes and over 75 products.
Global growth should accelerate in 2014 and favor risk assets
Global growth should benefit from a US economic strengthening, a growth comeback in the Eurozone, and a year of reforms in China.
We expect moderate gains for risk assets, with Equities once again the best performing asset class while Credit and Rates lag in a rising rate environment. Following the sell-off in 2013, EM should see further differentiation this year, as investors reward countries that are reforming. In FX, we see the continuation of the USD multi-year up-cycle. In commodities, oil should fall by ~10% on rising non-OPEC supply led by the US.
23 ETF Investment Ideas for 2014
In this report we explore 23 different investment themes and provide ETF recommendations for each of them. The first couple of sections of this report focus on the implementation of these themes, while the rest of the report presents our detailed analysis for over 75 products reviewed, and can be used as an in-depth thematic investment guide.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - North America
Research Affiliates, Citi launch corporate bond fundamental index
February 17, 2014--Investment bank Citi and fundamental indexing specialist Research Affiliates have launched a global investment-grade corporate bond index in a pioneering move to extend the smart-beta concept further into the fixed income world.
The Citi RAFI World Corporate Investment-Grade Bond index uses two factors in weighting bonds in the portfolio: long-term assets, which represents the portion of assets that long-term bondholders have a claim on, and cash flow, which reflects debt service capacity.
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Source: IP&E
Swaps market prepares for its big bang
February 17, 2014--The US swaps market is expected to begin a shift away from the predominance of telephone trading this week as it joins the 21st century in a move towards more tightly regulated electronic trading venues.
The changes are being ushered in by global regulators in the wake of the financial crisis and come into effect on Tuesday, as trading of over-the-counter derivatives moves on to so-called swap execution facilities, or Sefs.
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Source: FT.com
BMO Asset Management Inc. Launches Seven New ETFs
February 14, 2014--New equity and fixed income ETFs give investors opportunities for income and growth-Non-currency hedged and currency hedged products provide investors with more choice-Since its introduction in 2009, BMO AM's ETF business has expanded to 58 funds and more than $12 billion in AUM
"These new ETFs feature innovative approaches to fixed income investing, including new strategies and precise exposure. They also offer investors more international growth opportunities and include the first ETF in Canada that tracks a MSCI Quality Index," said Kevin Gopaul, Chief Investment Officer and Senior Vice President, BMO Asset Management Inc. "We're also adding to our unhedged suite of international ETFs to give investors more ways to access well-known market indices.
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Source: BMO Financial Group
NASDAQ OMX Files Proposed Rule Change to Permit the Listing and Trading of Exchange-Traded Managed Funds
February 14, 2014--Navigate Fund Solutions LLC (Navigate), a wholly owned subsidiary of Eaton Vance Corp. (NYSE: EV), today announced the filing by The NASDAQ OMX Group, Inc. (NASDAQ OMX) with the U.S. Securities and Exchange Commission (SEC) of a proposed rule change to permit the listing and trading of exchange-traded managed funds (ETMFs). The NASDAQ OMX filing complements the previously announced application for exemptive relief to permit the offering of ETMFs as filed by Eaton Vance Management on March 27, 2013 and most recently amended on January 23, 2014.
ETMFs are a proposed new type of open-end fund designed to bring the performance and tax advantages of exchange-traded funds (ETFs) to active investment strategies, while maintaining the confidentiality of current portfolio trading information. As described in the proposed rule change, ETMFs would trade on The NASDAQ Stock Market at prices directly linked to the fund's next-determined daily net asset value (NAV), using a new trading protocol called "NAV-based trading." In NAV-based trading, prices would vary from NAV by a market-determined premium or discount, which may be zero. Because ETMFs would provide market makers with opportunities to earn reliable arbitrage profits without intraday hedging of their inventory positions, they can be expected to trade at consistently tight spreads to NAV in the absence of full holdings disclosure.
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Source: Eaton Vance Corp.
CFTC.gov Commitments of Traders Reports Update
February 14, 2014--The current reports for the week of February 11, 2014 are now available.
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Source: CFTC.gov
Market Structure, Incentives and Fragility
February 14, 2014--The factors that have contributed to the adoption of high-speed trading and affected market structure in recent years include competition, technology and regulation.
The unexpected ways in which these dynamic forces are coming together raise a number of important policy issues.
view the Chicago Fed Letter-Market structure, incentives, and fragility
Source: Federal Reserve Bank of Chicago
