Americas ETP News
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High-frequency trader Virtu plots 2014 IPO
Decemmber 18, 2013--Virtu Financial, a leading global high-frequency trading firm, is preparing for an initial public offering in the US that may take place in the first half of next year, according to people familiar with its plans.
An IPO would provide a rare glimpse into the secretive world of high-frequency trading, where Virtu has carved out an envied position with a significant presence across financial markets and regions.
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Source: FT.com
Federal Reserve Board and Federal Open Market Committee release economic projections from the December 17-18 FOMC meeting
December 18, 2013--The Federal Reserve Board and Federal Open Market Committee has released the projections from the December 17-18 FOMC meeting.
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Source: FBR
Federal Reserve issues FOMC statement
December 18, 2013--Information received since the Federal Open Market Committee met in October indicates that economic activity is expanding at a moderate pace. Labor market conditions have shown further improvement; the unemployment rate has declined but remains elevated. Household spending and business fixed investment advanced, while the recovery in the housing sector slowed somewhat in recent months. Fiscal policy is restraining economic growth, although the extent of restraint may be diminishing.
Inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic growth will pick up from its recent pace and the unemployment rate will gradually decline toward levels the Committee judges consistent with its dual mandate. The Committee sees the risks to the outlook for the economy and the labor market as having become more nearly balanced. The Committee recognizes that inflation persistently below its 2 percent objective could pose risks to economic performance, and it is monitoring inflation developments carefully for evidence that inflation will move back toward its objective over the medium term.
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Source: FBR
Asset Manager Regulations Could Crimp Profits: Fitch
December 18, 2013--Treating large asset managers like banks- by requiring tougher capital and liquidity standards, for instance - could result in lower long-term profitability for those firms, but would also beef up balance sheets, Fitch Ratings said this morning as it weighed in on a subject of high interest to BlackRock (BLK), Vanguard Group and a handful of other massive investment managers.
The backstory to the possible treatment of asset managers as so-called "systemically important financial institutions" is a September report by the Treasury Department's Office of Financial Research arguing the use of leverage, concentration risk in certain fund types and the prospect of forced asset sales could worsen risk in the financial system.
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Source: Barron's
Invesco PowerShares Announces Changes to ETF Family
Plans to Change the Indexes and Names of Ten ETFs and Close Four ETFs
December 18, 2013--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs) with more than $97 billion in franchise assets, announced changes to its product line.
Reflective of its ongoing commitment to place investors' interests first, Invesco PowerShares announced that it plans to change the underlying indexes and names of ten ETFs. In addition, it also announced plans to close four ETFs, which together represent less than 1% of Invesco PowerShares' total assets.
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Source: Invesco PowerShares Capital Management LLC
COO David Brierwood to Retire From MSCI
December 18, 2013--MSCI Inc. (NYSE: MSCI), a leading provider of investment decision support tools worldwide, announced today that its Chief Operating Officer, David Brierwood, will retire from MSCI in February 2014.
"We thank David for his valuable service to MSCI, When he joined the company as Chief Operating Officer in 2006, MSCI was a part of Morgan Stanley with a run rate of $300 million. His leadership helped us to become a standalone public company with a run rate of more than $1 billion.
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Source: MSCI
ETP Landscape-2013 Surprises: BlackRock ETP Landscape Special Report
December 18, 2013--Highlights:
The global ETP industry is closing in on another year of strong asset growth. Here are some surprising trends that have emerged in 2013.
ETPs listed in the US grew at a faster rate than in any other region
Developed Markets Equity flows drove industry growth
Emerging Markets Equity flows remain in negative territory for the year
Strategic Beta captured nearly a third of industry flows
Fixed Income experienced a duration rotation but kept growing
Demand and dollars invested in Pan European ETPs reached all-time highs
Monetary and fiscal policy heavily influenced ETP flows
The pace of new launches moderated, yet these funds attracted meaningful assets
US individual investors amped up their ETP usage
Gold outflows were a consistent and significant drag on industry growth
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Source: BlackRock ETP Landscape Research
S&P has bad news for this year's top-performing funds
December 17, 2013--S&P Dow Jones Indexes are playing the Grinch for this year's top-performing mutual funds.
In its newly released Persistence Scorecard, the index company reports that the odds of the top-performing funds repeating that success are low at best and only get worse the longer the time frame. The bottom line: If you were thinking about buying new funds that have done well lately, you may want to think again.
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Source: Investment News
High-Speed Trading, Interest Rates Pose Risks, Treasury Says
December 17, 2013--The U.S. financial system's vulnerabilities include a sudden spike in interest rates amid greater risk-taking and high-frequency trading, the Treasury Department said.
While threats to stability have "generally abated" from a year ago, they remain in markets for short-term funding and credit, interest rates and volatility, and in automated, high-speed trading that represents a significant portion of daily equity and foreign exchange volumes, the Treasury's Office of Financial Research said in its annual report released today in Washington.
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Source: Bloomberg
BNY Mellon's latest Product & Policy Newsletter
December 17, 2013---BNY Mellon's latest Product & Policy Newsletter is now available.
Topics covered in this edition:
BNY Mellon's enhanced FX reporting capability
A global market & regulatory update
An exploration of BNY Mellon’s Collateral UniverseSM
A "What If" Equity Characteristic Analysis
An overview of our new Pensioner Website
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Source: BNY Mellon
