Americas ETP News
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CFTC's Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Relief Regarding the Treatment of Swap Transactions by Persons Engaging in Floor Trader Activities, for Purposes of Making Calculations Under the Swap Dealer Definitio
December 19, 2012--The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a time-limited no-action letter that provides relief for persons engaging in floor trader activities.
The relief provided in the letter expires on July 1, 2013. During that limited time period, the Division will not recommend that the Commission take an enforcement action against an entity for failure to include, in its calculation of the aggregate gross notional amount of swaps connected with its swap dealing activity for purposes of Commission Regulation 1.3(ggg)(4), a swap that is submitted for clearing to a registered derivatives clearing organization, provided that: (1) the entity does not have a registered swap dealer affiliate; (2) the entity entered into the swap using proprietary funds for its own account; and (3) the entity complies with the requirements set forth in Commission Regulations 1.3(ggg)(6)(iv)(D)-(H).
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Source: CFTC.gov
CFTC's Division of Market Oversight Issues Time-Limited, No-Action Relief for Swap Dealers and Major Swap Participants From the Reporting Provisions of Part 45 for CDS Clearing-Related Swaps
December 19, 2012--The Commodity Futures Trading Commission's ("Commission") Division of Market Oversight ("Division") today issued a no-action letter providing time-limited relief to Swap Dealers ("SDs") and Major Swap Participants ("MSPs") from the obligation to report swap data under part 45 of the Commission's regulations for cleared credit default swaps ("CDS") that are entered into pursuant to a derivatives clearing
organization’s (“DCO”) rules related to its price submission process for determining end-of-day settlement prices for cleared CDS (“CDS Clearing-Related Swaps”).
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Source: CFTC.gov
Gemini, Arrow Partner To Launch Northern Lights ETF Trust
Shared Fund Trust Provides ETF Operational and Cost Efficiencies for Advisers
December 19, 2012--Gemini Fund Services, LLC (Gemini), an engaged partner to independent advisers as a provider of comprehensive, pooled investment solutions, and Arrow Investment Advisors, LLC (Arrow), the adviser to Arrow Funds and ArrowShares, have teamed up to launch the Northern Lights ETF Trust (NLET), a shared fund trust designed to bring innovative exchange-traded funds (ETFs) to market.
NLET will provide benefits to advisers similar to Gemini's shared fund trusts for mutual funds. The trust will be comprised of independent ETFs managed by separate investment advisers. Like Gemini's shared mutual fund trusts, NLET will provide ETF advisers with operational efficiencies and economies of scale they would not be able to achieve on their own.
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Source: Gemini Fund Services
FlexShares Introduces Suite of Dividend-Focused Equity Funds
December 19, 2012--FlexShares(R) Exchange Traded Funds, sponsored and managed by Northern Trust Corp., today introduced dividend-focused equity index funds to help investors achieve their income needs while still participating in capital growth through the equity market.
The exchange-traded funds – the Quality Dividend Index Fund, Quality Dividend Defensive Index Fund and the Quality Dividend Dynamic Index Fund – seek to deliver a portfolio of stocks that emphasize long-term capital growth and income. They invest in quality companies that provide dividend income while controlling for market risk.
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Source:FlexShares
Invesco PowerShares Announces Changes to ETF Family
December 19, 2012-- Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs) with more than $74 billion in franchise assets, announced changes to its product line.
As part of its ongoing commitment to putting investors' interests first, Invesco PowerShares announced that it plans to close 13 ETFs. The affected funds represent less than 1% of Invesco PowerShares' total assets.
"We regularly review our ETF portfolios, evaluating numerous factors such as investment results, length of time in the market and investor interest," said Ben Fulton, Invesco PowerShares managing director of global ETFs. "Based on this assessment, we believe the time is right to make these moves and refocus our resources to better meet investors' needs. As one of the leading innovators in the ETF industry, Invesco PowerShares remains fully committed to maintaining and developing a comprehensive and compelling product line of ETFs to help investors meet their financial goals."
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Source: Invesco PowerShares Capital Management LLC
Getco wins bidding war for Knight Capital
December 19, 2012--Getco, the high-frequency trading firm, was set to acquire Knight Capital, according to people familiar with the talks, in a deal that could see the creation of one of the largest US electronic trading and market-making companies on Wall Street.
A deal was reached after Getco raised the cash portion of its proposed offer, these people said. Getco’s initial offer was worth roughly $1.7bn, inclusive of Knight’s debt.
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Source: FT.com
Knight Capital Group And GETCO Holding Company Agree To Merge
Cash and Stock Transaction Values Knight at Approximately $1.4 Billion;
Provides Knight Shareholders with the Opportunity to Receive Cash and Participate in the Future Success of the Combined Company
Transaction Creates Well-Capitalized, Global Financial Services Firm Providing Market Making and Agency Brokerage for Clients Worldwide
Combined Firm Will Be Publicly Traded
December 19, 2012--Knight Capital Group, Inc. (NYSE: KCG, "Knight") and GETCO Holding Company, LLC ("GETCO") today announced they have entered into an agreement for a strategic business combination whereby GETCO and Knight will be combined under a new publicly traded holding company.
The combined firm will create a true industry leader as an independent market-maker and agency broker across geographies, market structures and asset classes. The resulting company will benefit from Knight's deep customer franchise and GETCO's leading edge technology platform, resulting in a company extremely well positioned to serve customers across multiple products globally.
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Source: Knight Capital Group
Vanguard sets record with customer inflows of $130 billion
December 19, 2012--Vanguard Group said customers had invested $130.4 billion in its mutual and exchange-traded funds during the first 11 months of 2012, beating the fund industry's previous annual inflow record.
The flows into Vanguard funds, mostly into equities, exceeded the previous annual record of $129.6 billion set by JPMorgan Chase & Co in 2008, according to fund research firm Strategic Insight. Vanguard's previous high was $104 billion, achieved in 2007, Vanguard said in a statement on Wednesday.
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Source: Reuters
Invesco PowerShares Provides Estimated Long-Term Capital Gains Information for 2012
December 18, 2012-- Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), announced today that it expects to deliver zero long-term capital gains distributions across 120 of 123 equity and fixed-income ETFs for 2012.
"At Invesco PowerShares we are proud of our product line’s tax efficient track record," said Ben Fulton, Invesco PowerShares managing director of global ETFs. "For the tenth consecutive year, we are pleased that the vast majority of PowerShares ETFs did not deliver capital gains distributions. This accomplishment highlights one of the many advantages ETFs can potentially provide shareholders seeking to maximize real returns."
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Source: Invesco PowerShares
2-yr slog ends as SEC approves first U.S. physical copper-backed ETF
J.P. Morgan's physical copper ETF is the first to win SEC approval, but could soon be joined by BlackRock's proposed iShares Copper Trust.
December 18, 2012--The Securities and Exchange Commission has approved the first physical copper exchange-traded fund, over the concerns of copper fabricators who contend it will hurt their industry by putting too much copper in investors' hands.
The proposed JPM XF Physical Copper Trust will be listed on NYSE Arca and will initially be backed by 61,800 tonnes of copper (30% of the copper available for immediate delivery globally), compared to current copper ETFs, which are backed by futures.
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Source: MineWeb
