Americas ETP News
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Horizons ETFs Announces Unit Consolidation
April 29, 2013--Horizons ETFs Management (Canada) Inc. and its affiliate AlphaPro Management Inc. (collectively "Horizons ETFs"), the manager and trustee of the Horizons Enhanced Income Gold Producers ETF (the "ETF"), have announced today that they intend to consolidate the units of the ETF, as indicated below:
Unit Consolidation
After the Toronto Stock Exchange ("TSX") has closed for trading on Tuesday, May 14, 2013, the units of the ETF will be consolidated on the basis of the ratios (the "Consolidation Ratios") set out below, and will begin trading on a consolidated basis on Wednesday, May 15, 2013, the effective date of the consolidation:
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Source: Wall Street Journal
iShares to Close, Liquidate Diversified Alternatives ETF
April 29, 2013--On Thursday, April 25, iShares announced that it is taking the unusual step--for iShares at least--of shuttering an exchange-traded fund.
In a filing and a letter to shareholders, the firm revealed that it plans to close and liquidate the actively managed ETF iShares Diversified Alternatives Trust (ALT), which follows a market-neutral strategy that takes long and short positions in historically correlated assets. The firm said in the letter that it had based the decision on several factors including "client feedback on limited application in investment portfolios" and a "lack of long-term demand for ALT." The ETF has about $57 million in assets, making it one of the larger ETFs to liquidate in recent memory.
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Source: Morningstar
Nasdaq OMX Recasts Smaller Stock Exchange to Draw ETF Volume
April 29, 2013--Nasdaq OMX Group Inc. (NDAQ) is recasting one of its three stock exchanges as a venue focused on exchange-traded funds and similar products, according to the company.
It will adopt trading rules used on Nasdaq Stock Market and another equity exchange it owns for Nasdaq OMX PSX, the New York-based company said in an announcement today. It also plans to introduce incentives for member firms to provide competitive quotes in exchange-traded products and make more shares available to investors.
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Source: Bloomberg
US mutual fund fees continue to plummet
April 28, 2013--The expense ratios of US mutual funds continue to plummet as competition from index and exchange traded funds gathers pace.
This is forcing the country’s active managers to slash fees to stay in the game, new research suggests.
While the trend is apparent in the US, the decline in fees has not travelled to Europe, where total expense ratios in most countries are as much as 50 to 100 basis points higher on average, according to the fund tracker Lipper.
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Source: FT.com
First Trust Launches First Trust Senior Loan Fund
Firm's Fourth Actively Managed ETF Seeks to Capitalize on Attractive Yields in Senior Loan Market While
Offering an Element of Protection Against Rising Interest Rates
April 26, 2013--
First Trust Advisors L.P.
("First Trust"), a provider of more than 200 investment products, many of which offer transparency, tax efficiency and a rules-based approach to stock selection, will launch a new actively managed exchange-traded fund ("ETF")on May 2, 2013, the First Trust
Senior Loan Fund (NASDAQ:FTSL).
The First Trust Senior Loan Fund ("the Fund") seeks to generate high current income and preserve capital by investing primarily in a diversified portfolio of first-lien senior floating rate bank loans ("senior loans").
Under normal market conditions, at least 80 percent of the Fund's net assets will be invested in senior loans
made to businesses operating in North America.
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Source: First Trust
CFTC.gov Commitments of Traders Reports Update
April 26, 2013--The current reports for the week of April 23, 2013 are now available
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Source: CFTC.gov
US-based stock funds have $7.3 bln outflow-Lipper
April 25, 2013--April 25, 2013--Investors pulled $7.3 billion out of U.S.-based stock funds in the latest week, the most since
July of last year even as U.S. stock markets recovered from a sharp selloff, data from Thomson Reuters' Lipper Service showed on Thursday.
The big outflow was a result of investors pulling $8.4 billion out of stock exchange-traded funds in the week ended April 24, also the most since July of last year.
The outflows from stock funds follow seven straight weeks of cash gains into the funds. Those cash gains were largely driven by rallies in the U.S. stock market. The benchmark S&P 500 has risen over 11 percent this year as global stimulus measures from the U.S. Federal Reserve and European Central Bank have boosted markets.
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Source: Reuters
Latin America, an Economic Success, Must Now Focus on Education and Social Inclusion
Latin America must build on its economic success and invest in education and social inclusion
Fast growth and stability provide an opportunity, but dangers exist
Time is short for Latin America to prepare for the future
April 25, 2013--The eighth World Economic Forum on Latin America concluded with a call for the region to build on its many economic successes and prepare for the future by focusing on education and social inclusion.
Luis A. Moreno, President, Inter-American Development Bank, Washington DC, said the region is likely to continue to grow at least twice as fast as the developed world for the next three to five years “at a minimum”, and questions of debt overhangs, budget deficits and macroeconomic stability no longer haunt most countries in the region.
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Source: World Economic Forum
Financial Stability Oversight Council (FSOC) Releases Third Annual Report
April 25, 2013--The Financial Stability Oversight Council (Council) today unanimously approved its 2013 annual report, which was developed collaboratively by the members of the Council and their agencies and staff.
Under the Dodd-Frank Act, the Council must report annually to Congress on a range of issues, including the activities of the Council, significant financial market and regulatory developments, and potential emerging threats to the financial stability of the United States. The report must also make recommendations to promote market discipline, maintain investor confidence, and enhance the integrity, efficiency, competitiveness, and stability of U.S. financial markets.
“Our work on financial reform is absolutely essential, as we work to modernize our regulatory framework and make our financial system more stable” said Treasury Secretary Jacob J. Lew. “Members of this Council continue to make a great deal of progress in building a more resilient financial system, and the Council’s annual report informs the public about actions we have taken over the past year, developments in the financial system during that time, and the challenges ahead.”
view the Financial Stability Oversight Council-2013 Annual Report
Source: US Department of the Treasury
Fee Rate Advisory #3 for Fiscal Year 2013
April 25, 2013--April 25, 2013-The Securities and Exchange Commission today announced that starting on May 25, 2013, the fee rates applicable to most securities transactions will decrease from $22.40 per million dollars to $17.40 per million dollars.
The assessment on security futures transactions will remain unchanged at $0.0042 for each round turn transaction.
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Source: SEC.gov
