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Banks are essential to the commodities market, say banks
September 20, 2013--Back in July, we delved into a game that Goldman Sachs has been playing with aluminum markets: It warehouses metal and drives up the price, filtering down into the cost of your Coke.
But that was just a small window into a lucrative side business that investment banks have taken up over the past few years, trading in all sorts commodities like oil, natural gas, and petrochemicals. Last fall, for example, JPMorgan got permission to trade shares in warehoused copper, which copper users worry will interfere with supply.
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Source: Washington Post
ISE GeminiTM Rolls Out 200 Additional Products
Listings on ISE Gemini Now Represent Over Ninety Percent of Overall Equity
and ETF Options Volume
September 20, 2013--The International Securities Exchange (ISE) today announced that ISE GeminiTM has completed the rollout of 200 additional products.
Following today's expansion, ISE Gemini now lists all options classes included in the penny pilot and the most active non-penny pilot names. ISE Gemini has approximately 500 total products listed that together represent over ninety percent of equity and ETF options industry volume.
"The listing of an additional 200 products is an important step in continuing to grow ISE Gemini," said Boris Ilyevsky, Managing Director of ISE's Options Exchanges. "With the full complement of penny pilot names now listed on ISE Gemini, we are well positioned to effectively compete with the other maker-taker exchanges and look forward to expanded participation from new and existing member firms over the coming months."
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Source: International Securities Exchange (ISE)
PUR Investing to sub-advise for Horizons
September 20, 2013--Horizons ETFs Management (Canada) Inc. and its affiliate AlphaPro Management Inc. have announced the appointment of PŮR Investing Inc. as sub,advisor to the Horizons Active Diversified Income ETF (HAA).
HAA seeks to provide Canadian investors with a consistent rate of return balanced between current income and long-term capital growth. To achieve its objective, HAA invests in a balanced portfolio that includes ETFs.
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Source: Advisor.ca
UBS Launches Exchange-Traded Note with Significant Monthly Income Potential and Exposure to a Diversified, Multi-Asset Index
September 19, 2013--UBS Investment Bank announced that today is the first day of trading on the NYSE Arca(R) for the ETRACS Diversified High Income ETN (NYSE:DVHI).
DVHI is linked to the performance of the NYSE(R) Diversified High Income Index (the "Index").
DVHI Profile
Underlying Index: NYSE(R) Diversified High Income Index
Index Yield* :7.71%
Income Potential: Variable monthly coupon linked to the cash distributions,
if any, of the 138 Index constituents, less investor fees and any withholding taxes
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Source: Wall Street Journal
Exclusive: ETF 'godfather' Browne to join Cantor Fitzgerald
September 19, 2013--Reggie Browne, the former head of the exchange-traded funds team at KCG Holdings Inc, is joining Cantor Fitzgerald's ETF market making team, two sources familiar with the situation told Reuters Thursday.
Browne, known as "the Godfather of ETFs," and two other managers on his team left KCG earlier this month after being unable to agree on the terms of new contracts, a source told Reuters at the time. KCG is the trading firm formed in July after GetcoHolding Co's $1.4 billion takeover of Knight Capital Group.
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Source: Reuters
NYSE Euronext Launches the NYSE(R) Diversified High Income Index
New multi-asset, low-volatility index of high dividend-paying securities
September 19, 2013--NYSE Euronext today announced the launch of the NYSE(R) Diversified High Income Index (NYDVHI), a new index designed to measure the performance of a broad, diversified basket of 138 publicly-traded securities that provide exposure to multiple asset classes, sectors and segments that historically pay high dividends on distributions.
"We are pleased with the successful launch of NYDVHI, " said Nicholas Aninos, vice president, Global Index and Exchange-Traded Products, NYSE Euronext. "NYDVHI is an opportunity for our customers to use a diversified index to structure investments in high dividend-paying securities across multiple asset classes and sectors."
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Source: NYSE EUronext
FINRA Issues Public Statement, Framework Regarding FINRA's Approach to Economic Impact Assessment for Proposed Rulemaking
September 19, 2013--The Financial Industry Regulatory Authority (FINRA) issued a public statement, Framework Regarding FINRA's Approach to Economic Impact Assessment for Proposed Rulemaking.
FINRA's framework, authored by the Office of the Chief Economist, will help ensure that its rules are better designed to protect the investing public and maintain market integrity while minimizing unnecessary burdens. The framework described in this statement applies specifically to the prospective analysis of rules and rule changes and describes how FINRA will evaluate significant new rule proposals, including amendments to existing rules.
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Source: FINRA
Canada to set up new markets watchdog but scope limited
September 19, 2013--Canada's federal government and two of its provinces will set up a common securities regulator as a first step toward their ultimate goal of replacing the current patchwork of provincial agencies with a more efficient national markets watchdog.
The federal finance minister, Jim Flaherty, and his counterparts from Ontario and British Columbia unveiled details of the plan on Thursday. Together, Ontario and British Columbia are home to about two-thirds of the country's capital markets.
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Source: Reuters
IHS Briefing Report Reviews the Role of Banks in Physical Commodities
September 19, 2013-A new IHS report, The Role of Banks in Physical Commodities, provides a comprehensive framework for understanding the current role of banks in the commodities sectors of the U.S. economy. The report includes an overview of the role of financial intermediaries in physical commodities in providing access to capital and risk management services, including hedging against price risks.
The report draws on the multidisciplinary expertise of IHS and includes five illustrative case studies to provide insight into the current role of banks in commodities markets including:
Market making and market liquidity
Risk management solutions
Financing of infrastructure and projects
view the full report-The Role of Banks in Physical Commodities
Source: IHS
Federal Reserve Board And Federal Open Market Committee Release Economic Projections From The September 17-18 FOMC Meeting
September 18, 2013--Information received since the Federal Open Market Committee met in July suggests that economic activity has been expanding at a moderate pace. Some indicators of labor market conditions have shown further improvement in recent months, but the unemployment rate remains elevated.
Household spending and business fixed investment advanced, and the housing sector has been strengthening, but mortgage rates have risen further and fiscal policy is restraining economic growth. Apart from fluctuations due to changes in energy prices, 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 downside risks to the outlook for the economy and the labor market as having diminished, on net, since last fall, but the tightening of financial conditions observed in recent months, if sustained, could slow the pace of improvement in the economy and labor market. The Committee recognizes that inflation persistently below its 2 percent objective could pose risks to economic performance, but it anticipates that inflation will move back toward its objective over the medium term.
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Source: Federal Reserve
