Americas ETP News
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CFTC Announces that the Third Phase of Mandatory Clearing of Certain Credit Default Swaps and Interest Rate Swaps Begins Today
September 9, 2013--The Commodity Futures Trading Commission's (Commission) Division of Clearing and Risk (Division) reminds all swaps market participants that the third phase of required clearing for certain credit default swaps (CDS) and interest rate swaps begins today.
Accounts managed by third-party investment managers, ERISA pension plans, and entities that were not subject to the Commission’s first two implementation deadlines are required to begin clearing CDS and interest rate swaps that are executed on or after September 9, 2013.
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Source: CFTC.gov
CFTC Publishes Concept Release on Risk Controls and System Safeguards for Automated Trading Environments
September 9, 2013--The U.S. Commodity Futures Trading Commission (Commission) today approved for publication in the Federal Register a Concept Release on Risk Controls and System Safeguards for Automated Trading Environments (Concept Release).
The Concept Release reflects the Commission's ongoing commitment to the safety and soundness of U.S. derivatives markets in a time of rapid technological change, and provides a platform for discussion and analysis of the appropriate responses to such changes.
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Source: CFTC.gov
PowerShares Canada responds to investor demand for low volatility funds
September 9, 2013--PowerShares Canada celebrated the recent launch of two new mutual funds by ringing the opening bell at the Toronto Stock Exchange this morning.
PowerShares Canadian Low Volatility Index Class and PowerShares U.S. Low Volatility Index Fund ("the Funds") provide investors with exposure to portfolios of equities that are less volatile than the broad indices.
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Source: Invesco Canada Ltd.
CBO Monthly Budget Review for August 2013
September 9, 2013--The federal government ran a budget deficit of roughly $750 billion for the first 11 months of fiscal year 2013, CBO estimates-a reduction of more than $400 billion from the shortfall recorded for the same period last year.
Revenues have risen significantly, accounting for more than two-thirds of the decline in the deficit. The deficit for all of fiscal year 2013 is expected to be smaller than the 11-month figure, as revenues are likely to outpace outlays in September.
view the CBO Monthly Budget Review for August 2013
Source: Congressional Budget Office (CBO)
CFTC.gov Commitments of Traders Reports Update
September 6, 2013--The current reports for the week of September 3, 2013 are now available.
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Source: CFTC.gov
U.S. Department of the Treasury Economic Statistics-Monitoring the Economy Update
September 6, 2013--The U.S. Department of the Treasury Economic Statistics-Monitoring the Economy report has been updated.
view the US Economic Data Monthly September 2013 report
Source: US Department of the Treasury
Toronto Stock Exchange Reaches a New Exchange Traded Product Milestone
September 6, 2013--Toronto Stock Exchange (TSX) today announced that it now has more than 300 exchange traded products (ETPs) listed. Purpose Investments Inc. listed five exchange traded funds (ETFs) this week, which enabled TSX to achieve this new milestone.
There are now 284 ETFs and 17 exchange traded notes trading on TSX. The number of listed products has increased by 40% in the past two years bringing the total market cap to approximately $70 billion as of August 31 , 2013. There have been 30 new ETFs listed so far this year.
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Source: Toronto Stock Exchange
DB-Synthetic Equity & Index Strategy-North America-US ETF Market Monthly Review-August Equity ETP outflows may not be as bearish as they look
September 6, 2013--Data in this report is as of Fri, Aug 30
Record outflows removed $47.3bn from US ETP assets
ETP assets in the US dropped by $47.3bn to $1.467 trillion (YTD +10.0%) last month. Global ETP industry assets closed at $1.994 trillion (YTD +8.4%)
Flows Review: Intl DM equities gain momentum, while the US takes a breather
US ETPs experienced outflows of $18.4bn during August (-1.2% of last month's AUM).
Within long-only ETPs, total flows were -$19.6bn in August vs. +$39.6bn in July. Equity, Fixed Income and Commodity long-only ETPs experienced outflows of $11.6bn, $7.7bn and $0.1bn, respectively
The $11.6bn equity outflows were led by US-focused ETPs, however if we exclude SPY's outflows (usually more tactical than strategic in nature), long-only Equity ETP flows would have been +$2.4bn; moreover, the latest SPY short interest data available shows that in the first half of August shorted shares declined by 18.5m (-7.6%) compared to a decline of 10.3m (-1.1%) in its shares outstanding; this suggests that the outflows from SPY (and hence equities) could well be from short covering rather than an outright sell-off. Because of this we believe that August outflows from equities are less bearish than they seem and should be short-lived. Meanwhile, investors' attention turned to Intl DM equities, where broad DM ex US ETPs captured $4.7bn in new cash with interest shifting from Japan (-$1.4bn) to Europe (+$4.1bn) during August. Fixed Income ETPs saw strong outflows of $7.7bn during August, Sovereign ETPs, offering mostly rates exposure, experienced historical outflows of $5.2bn; while short duration products continued to attract new assets (+$1.1bn). Last but not least, although Commodity ETPs experienced outflows of $0.1bn, these have slowed down suggesting that negative sentiment towards the asset class has been waning.
New Launch Calendar: income, MLPs, EM, fundamentals and thematic
There were fourteen new ETPs listed during the previous month. Eleven of them were listed in the NYSE Arca, while the remaining three where listed in the NASDAQ. The new products offer exposure to commodities, MLPs, EM high-yielding equities, fundamental and managed futures strategies, thematic exposure to China and the city of Nashville and a mix of asset classes with focus on income generation and diversification.
Turnover Review: Floor activity decreased by 1.4% in August
ETP turnover totaled $1.167 trillion last month, 1.4% (-$16.2bn) lower than the previous month figure of $1.184 trillion, and 0.1% below last year's monthly average of $1.168 trillion. Commodity ETPs turnover increased by $4.3bn (+10.1%); while Equity and Fixed Income ETPs turnover decreased by $17.4bn (-1.7%) and $2.5bn (-2.6%), respectively.
ETP trading made up 27.0% of all US cash equity trading in August, down from this year's peak of 32.0% in June, and still below its 3-year monthly average of 28.2%.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
BMO Asset Management Announces Proposed Termination of Certain BMO Exchange Traded Funds
September 6, 2013--BMO Asset Management Inc. (the "Manager"), the manager of BMO Energy Commodities Index ETF, BMO Agriculture Commodities Index ETF, BMO Base Metals Commodities Index ETF, and BMO Precious Metals Commodities Index ETF (the "Funds") announced that it has decided to terminate the Funds on or about December 6, 2013 (the "Termination Date").
Pursuant to the declaration of trust governing the Funds, the Manager may terminate the Funds on not less than 60 days' notice to unitholders.
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Source: BMO Financial Group
SEC 'monitoring developments' after latest Nasdaq outage
September 5, 2013--The U.S. Securities and Exchange Commission said it was in contact with Nasdaq OMX Group after another brief outage in the system that was at the heart of the exchange's three-hour trading halt last month.
"As is our practice, we are in contact with them and monitoring developments," a spokesman for the securities regulator said.
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Source: Reuters
