Americas ETP News
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CFTC Files and Settles Charges Against JPMorgan Chase Bank, N.A., for Violating Prohibition on Manipulative Conduct In Connection with "London Whale" Swaps Trades
October 16, 2013--The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order against JPMorgan Chase Bank, N.A. (JPMorgan or Bank), bringing and settling charges for employing a manipulative device in connection with the Bank's trading of certain credit default swaps (CDS),
in violation of the new Dodd-Frank prohibition against manipulative conduct.
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Source: CFTC.gov
Banks could face surcharge on physical-commodities assets
Fee Could Spur Firms to Pare Involvement in the Sector
October 16, 2013--Federal Reserve officials are considering imposing a new capital surcharge on Wall Street banks that own oil pipelines, metals warehouses and other lucrative physical-commodities assets, according to people familiar with the matter.
Such an approach could encourage banks to pare back their involvement in physical commodities, which has increasingly raised concerns among regulators and lawmakers.
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Source: Wall Street Journal
Schwab ETF OneSource(TM) Expands to Offer More Than 120 Commission-Free ETFs
October 16, 2013-- Since its debut earlier this year, Charles Schwab has added 16 new ETFs to Schwab ETF OneSource(TM), the platform that gives investors and advisors access to the most commission-free ETFs anywhere in the industry(1) .
Today, Schwab clients can now buy and sell 121 ETFs with $0 online trade commissions--a 15% increase from the 105 ETFs first offered when Schwab ETF OneSource was launched in February.
Schwab ETF OneSource includes funds from six leading providers--State Street SPDR(R) ETFs, Guggenheim Investments, PowerShares, ETF Securities, United States Commodity Funds, and Charles Schwab Investment Management.
The 16 new ETFs include five from Guggenheim, five from SPDR ETFs and six from Charles Schwab Investment Management.
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Source: Wall Street Journal
DB-Synthetic Equity & Index Strategy-North America-US ETF Market Weekly Review- US ETP assets up by 0.5% amid flat flows
October 15, 2013--Data in this report is as of Friday, October 11
Market and Net Cash Flows Review
Markets moved higher during last week. The US (S&P 500) edged higher by 0.75%; while, outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) rose by 0.63% and 1.55%, respectively.
In the meantime, performance was mostly positive across US sectors. Utilities (+2.58%) and Consumer Staples (+1.78%) recorded the biggest gains. The DB Liquid Commodity Index rose by 0.92%; similarly, the Agriculture sector (DB Diversified Agriculture Index) rose by 0.54%; meanwhile, the WTI Crude Oil, Gold and Silver prices fell by 1.75%, 2.95% and 1.75%, respectively. Moving into other asset classes, the 10Y US Treasury Yield rose by 4bps ending at 2.70%. Meanwhile on the FX side the USD weakened against all major currencies. The Euro, the British Pound, the Swiss Franc and the Japanese Yen appreciated 0.10%, 0.33%, 0.52% and 1.13%, respectively. Last but not least, Volatility (VIX) dropped by 6.09% during the same period.
The total US ETP flows from all products ended flat during last week vs. $1.1bn (-0.1%) of outflows the previous week, setting the YTD weekly flows average at +$3.1bn (+$125.1bn YTD in total cash flows).
Equity, Fixed Income and Commodity ETPs experienced flows of +$1.1bn (+0.1%), -$0.7bn (-0.3%) and -$0.7bn (-1.0%) last week vs. +$2.9bn (+0.2%), -$3.1bn (-1.2%) and -$0.8bn (-1.2%) in the previous week, respectively.
Top 3 ETPs & ETNs by inflows: MDY (+$2.2bn), EFA (+$0.6bn), BZF (+$0.5bn)
Top 3 ETPs & ETNs by outflows: SPY (-$2.3bn), QQQ (-$0.4bn), SCPB (-$0.4bn)
New Launch Calendar: China, Infrastructure, short duration, leveraged, active
There were five new ETFs and one ETN listed during the previous week on the NYSE Arca. The new products offer exposure to the China A-Share market, Infrastructure, short duration bonds, leveraged, and active strategies.
Turnover Review: Floor activity increased by 5.0%
Total weekly turnover increased by 5.0% to $350.2bn vs. $333.7bn from the previous week; Furthermore, last week's turnover level was 29.9% over last year's weekly average. Equity ETPs turnover increased by $24.5bn (+8.4%); while Fixed Income and Commodity ETPs turnover decreased by $8.1bn (-31.8%) and $1.6bn (-12.6%), respectively.
Assets under Management (AUM) Review: assets increased by 0.5%
US ETP assets rose by $7.9bn (+0.5%) totaling $1.558 trillion at the end of the week. As of last Friday, US ETPs had accumulated an asset growth of +16.8% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved +$10.2bn, -$0.6bn, -$2.2bn during last week, respectively.
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Source: Deutsche Bank -Synthetic Equity & Index Strategy- North America
Vanguard consolidates five funds
The fund giant plans to consolidate five funds and eliminate $10K minimum for advisers on some funds
October 16, 2013--The Vanguard Group Inc. announced Wednesday that it plans to consolidate five of its mutual funds and has increased individual-investor access to its lower-cost Admiral Shares by eliminating Signal Shares.
The $16.3 billion Vanguard Developed Markets Index Fund will be merged with the $18.4 billion Vanguard Tax-Managed International Fund. The company explained that the funds share similar holdings and seek to track the same benchmark, the FTSE Developed ex-North America Index.
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Source: Investment News
SEC Charges Knight Capital With Violations of Market Access Rule
October 16, 2013--The Securities and Exchange Commission today announced that Knight Capital Americas LLC has agreed to pay $12 million to settle charges that it violated the agency's market access rule in connection with the firm's Aug. 1, 2012 trading incident that disrupted the markets.
An SEC investigation found that Knight Capital did not have adequate safeguards in place to limit the risks posed by its access to the markets, and failed as a result to prevent the entry of millions of erroneous orders. Knight Capital also failed to conduct adequate reviews of the effectiveness of its controls.
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Source: SEC.gov
BlackRock Canada Launches Suite of Outcome-Oriented Balanced Mutual Funds
BlackRock Strategic Portfolio Series- delivering the diversification and efficiencies advisors and their clients need in today's markets
Industry-leading iShares ETFs now available to all Canadian investors
October 15, 2013--BlackRock Asset Management Canada Limited (BlackRock Canada), an indirect, wholly-owned subsidiary of BlackRock, Inc. (BlackRock), today launched a suite of balanced mutual funds-BlackRock Strategic Portfolio Series built with iShares ETFs-
now available for purchase in Canada through your financial advisor or brokerage firm. Leveraging the success of its iShares ETF platform and its leading asset management and risk analytics capabilities, this new fund series is designed to provide both advisors and investors with much needed alternative investment strategies during a time of ever changing market conditions.
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Source: BlackRock
Purpose Investments Launches the World's First High Interest Savings ETF
October 15, 2013--Purpose Investments Inc. ("Purpose") is pleased to announce the launch of the Purpose High Interest Savings ETF, which will begin trading today on the Toronto Stock Exchange.
The Purpose High Interest Savings ETF seeks to maximize monthly income while preserving capital and liquidity. The Fund invests substantially all of its assets in high interest deposit accounts with one or more Chartered Banks and/or Canadian credit unions, providing investors with greater yield than traditional money market funds.
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Source: Purpose Investments Inc.
ISE Trades 20 Millionth Contract through Implied Order Functionality
Unique Functionality Improves Executions of Multi-Legged Orders on ISE
October 15, 2013--The International Securities Exchange (ISE) today announced that trading of multi-legged strategy orders through its Implied Order* functionality has exceeded 20 million contracts. ISE's Implied Order functionality has accounted for approximately seven percent of all non-crossing, multi-legged contract volume executed on ISE year-to-date.
With the ongoing success of Implied Orders, the functionality has tightened spreads on ISE's regular order book, improving executions for exchange members with both single- and multi-legged orders.
"We are very pleased to have surpassed 20 million contracts through our Implied Order functionality, further validating ISE as the industry leading destination for multi-legged orders," said Boris Ilyevsky, Managing Director of ISE's Options Exchanges. "We look forward to introducing further enhancements to our multi-legged order functionality, and to continuing to grow this important segment of our business."
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Source: ISE (International Securities Exchange)
NYSE Euronext new listings- 2 iShares ETFs
October 15, 2013-Summary: NYSE Euronext (NYSE:NYX) is pleased to announce that on Wednesday, October 17, 2013, the following ETFs will be listed on NYSE Arca and will begin trading as a new issue
iShares 0-5 Year Investment Grade Corporate Bond
Trading Symbol:SLQD
iShares 0-5 Year High
Yield Corporate Bond
Trading Symbol: SHYG
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Source: NYSE Euronext
