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BMO Global Asset Management Canadian ETF Outlook 2014
January 29, 2014--The Canadian Exchange Traded Fund (ETF) industry had another strong year in 2013, with over $5.0 billion in inflows and climbing to $63.1 billion in assets under
management (AUM), an increase of 11.9% over year end 2012. Equity ETFs led the way with $2.7 billion in inflows, as investors continued to see the benefits of using ETFs for both strategic and tactical positions.
While fixed income inflows slowed after the tapering announcements that came out mid-year, investors still added $2.3 billion ininflows, which reflects the diversification and tradability benefits of fixed income ETFs.
The flows for commodity based, leveraged, and inverse ETFs were muted as investors concentrated on traditional portfolios.
In Canada, the top selling individual ETF was the BMO S&P/TSX Laddered Preferred Share Index ETF (ticker ZPR) which appealed to investors looking to diversify yield sources and lower interest rate sensitivity relative to fixed income. Another popular theme in both Canada and internationally was broad market exposure, as investors looked to take advantage of global growth opportunities. In the U.S., the ETF with the highest inflows was the SPDR S&P 500 ETF (ticker SPY) which gathered over $16 billion USD. The success of these differing underlying portfolios illustrates the diverse use of ETFs, as both core building blocks and precise satellite exposures.
view the BMO Global Asset Management Canadian ETF Outlook 2014
Source: BMO Global Asset Management
Federal Reserve issues FOMC statement
January 29, 2014--Information received since the Federal Open Market Committee met in December indicates that growth in economic activity picked up in recent quarters. Labor market indicators were mixed but on balance showed further improvement. The unemployment rate declined but remains elevated.
Household spending and business fixed investment advanced more quickly in recent months, while the recovery in the housing sector slowed somewhat.
Fiscal policy is restraining economic growth, although the extent of restraint is diminishing. Inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable.
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Source: FBR
CSOP takes first steps toward listing flagship RQFII ETF in the US
January 29, 2014--CSOP Asset Management is working with European ETF specialist Source to apply to the US Securities and Exchange Commission for the introduction of the CSOP Source FTSE A50 UCITS ETF.
The ETF closely tracks the performance of the FTSE China A50 Index, which comprises the top 50 shares in mainland China.
The move follows the RQFII ETF making its IPO debut on the London Stock Exchange on January 9.
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Source: ETFI ASIA
BlackRock May Double Size of Its Low-Cost ETF Lineup in 2014
January 28, 2014--BlackRock Inc. (BLK), the world's biggest money manager, plans to add as many as 10 new exchange-traded funds focused on international markets this year.
"We really want to double down on international categories to offer the next level of exposure for investors,” Daniel Gamba, head of BlackRock's institutional ETF business in the Americas, said yesterday in an interview.
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Source: Bloomberg
The Commodity Futures Trading Commission's Division of Market Oversight Announces Trade Execution Mandate for Certain Credit Default Swaps and Additional Interest Rate Swaps
TW SEF LLC Available-to-Trade Determinations Are Deemed Certified
January 28, 2014--The Commodity Futures Trading Commission's (CFTC or Commission) Division of Market Oversight (Division) today announced that TW SEF LLC's (Tradeweb) self-certification of available-to-trade
determinations (MAT Determination) for certain interest rate swap (IRS) and credit default swap (CDS) contracts is deemed certified.
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Source: CFTC.gov
Final Sequestration Report for Fiscal Year 2014
January 28, 2014--After the end of a session of Congress, CBO is required by law to issue a report that provides estimates of the caps on discretionary budget authority in effect for each fiscal year through 2021. CBO is also required to report whether, according to its estimates, enacted legislation has exceeded those caps; if the caps were exceeded, a sequestration (a cancellation of budgetary resources) would be required.
In CBO's estimation, such a sequestration will not be required for 2014. However, the Administration's Office of Management and Budget (OMB) has sole authority to determine whether such a sequestration is required and, if so, exactly how the proportional cuts are to be made. Those determinations are based on OMB’s own estimates of federal spending.
view the Final Sequestration Report for
Fiscal Year 2014
Source: Congressional Budget Office (CBO)
SEC Issues Risk Alert on Investment Advisers' Due Diligence Processes for Selecting Alternative Investments
January 28, 2014-- The Securities and Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) today issued a Risk Alert on the due diligence processes that investment advisers use when they recommend or place clients' assets in alternative investments such as hedge funds,
private equity funds, or funds of private funds.
view the Risk Alert on Investment Advisers' Due Diligence Processes for Selecting Alternative Investments
Source: SEC.gov
New York takes first step to regulating Bitcoin
Department of Financial Services suggests creating a "BitLicence" for companies using virtual currencies
January 28, 2014--Bitcoin has taken a big step towards being accepted into the mainstream after the world's largest financial centre laid out plans to regulate the controversial virtual currency.
Benjamin Lawsky, superintendent of the New York Finance Department, said he wanted to create a set of rules that would help to tame an industry still in its "Wild West" phase, but could end up being an integral part of the global financial system.
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Source: The Telegraph
OCC Prepares to Launch OTC S&P 500 Equity Index Options Clearing
OCC has received regulatory approvals to clear over-the-counter (OTC) equity index options and plans to launch OTC S&P 500(R) equity index option clearing services in the second quarter.
January 28, 2014--OCC announced today it has received regulatory approvals to clear over-the-counter (OTC) equity index options, bringing capital and operational efficiencies and enhanced customer protections to the equity derivatives marketplace.
OCC plans to launch its OTC S&P 500(R) equity index option clearing services in the second quarter following the completion of testing with market participants.
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Source: OCC
Source and CSOP Asset Management File China A50 ETF
January 28, 2014--Source, an asset manager and one of the market leading European providers of Exchange Traded Products (ETPs), and CSOP Asset Management ("CSOP"), a leading Hong Kong-provider of on-shore Chinese exposure, have filed with the SEC to launch a fund providing exposure to shares in Chinese companies.
The ETF will aim to track the performance of the FTSE China A50 Index, which comprises the top 50 companies in mainland China. The index is a recognised benchmark for 'A shares' and has been calculated by FTSE since 2003. The intention of Source and CSOP to enter the US ETF market follows a similar, successful, co-operation in Europe.
In Europe, Source offers market leading equity, fixed income, commodity and alternative market exposure through expertly engineered Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs).
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Source: Source
