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IMF Country Report-Mexico: Selected Issues
November 28, 2012--I. MEXICO: A CLOSER LOOK AT GLOBAL SPILLOVER CHANNELS1
Mexico is a highly open economy with strong real and financial links to the rest of the world. It has close linkages to the U.S. through trade and remittances, and thus is particularly
sensitive to U.S. developments.
In turn, Mexico’s open capital account, good macroeconomic fundamentals and liquid foreign exchange markets have led to a close integration with global
financial markets, resulting in substantial portfolio flows. This warrants close vigilance to
the risks of spillovers from global turbulence.
A. Introduction
1. Mexico is a highly open emerging market with strong linkages to the rest of the world.
view the IMF Country Report-Mexico: Selected Issues
Source: IMF
Knight Capital Group Confirms Receipt Of Proposal From Getco
November 28, 2012--Knight Capital Group, Inc. (NYSE Euronext: KCG) today confirmed that it is in receipt of a proposal letter from Getco.
As a matter of policy, Knight does not comment on interactions with shareholders or shareholder activities including filings.
Source: Knight Capital Group, Inc
S&P Dow Jones Indices Announces Changes In Canadian Indices - A Graduation From TSX Venture Exchange
November 28, 2012--The Toronto Stock Exchange announced today in the Daily Bulletin that the shares of PMI Gold Corporation (TSXVN:PMV) will graduate to trade on TSX at the open of trading on Friday, November 30, 2012.
The ticker symbol will remain "PMV" and the CUSIP number will remain 730153 20 2. The company will be removed from the S&P/TSX Venture Composite Index after the close of trading on Thursday, November 29, 2012.
PMI Gold is also a constituent of the S&P/TSX Venture Select Index. The company will be removed from this index effective after the close of Thursday, December 6, 2012, at which time it will be listed on TSX.
The company is also a constituent of the S&P/TSX Venture 30 Index. According to methodology, it will remain in this index while trading on TSX until the next semi-annual review of the index in February, 2013.
Source: S&P Dow Jones
Institutional Use of ETFs Keeps Growing
November 28, 2012--Exchange-traded funds have shaken institutional investors to their core. Literally.
According to a survey of 1,117 clients of BlackRock (BLK), nearly 40% of institutional investors are now using ETFs for core allocations, particularly in U.S. domestic and international equity. For individual investors playing at home, take note, this means that a large swath of the big guys are essentially using index funds for their core portfolios.
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Source: Forbes
CIBC Mellon earns expanded Horizons Exchange Traded Funds asset servicing mandate
November 28, 2012--November 28, 2012--CIBC Mellon today announced that Horizons Exchange Traded Funds Inc. and its affiliate AlphaPro Management Inc. (together,, "Horizons ETFs") awarded the company a second fund accounting and administration mandate.
In addition, Horizons ETFs selected CIBC Mellon to provide custody and securities lending services for Horizons' family of actively-managed ETFs.
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Source: CIBC Mellon
Invesco PowerShares Lowers Fees on Six ETF Portfolios
November 28, 2012--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), today announced lower total expense ratios (TER) for six PowerShares ETF portfolios effective November 21, 2012.
The names and ticker symbols for the PowerShares ETFs lowering fees are listed below:
Fundamentals Weighted
Ticker Fund Name Old TER New TER
PXF FTSE RAFI Developed Markets ex-U.S. Portfolio 0.75% 0.45% (1)
PXH FTSE RAFI Emerging Markets Portfolio 0.85% 0.49% (2)
PAF FTSE RAFI Asia Pacific ex-Japan Portfolio 0.80% 0.49% (2)
FTSE RAFI Developed Markets ex-U.S. Small-Mid
PDN Portfolio 0.75% 0.49% (2) Factor Driven
Ticker Fund Name Old TER New TER
IDHQ S&P International Developed High Quality Portfolio 0.75% 0.45% (1)
SPHQ S&P 500 High Quality Portfolio 0.50% 0.29% (3) "We continuously analyze ways to improve our overall ETF product lineup for investors," said Ben Fulton, Invesco PowerShares managing director of global ETFs. "We believe the lower fees announced today better align the six funds with our existing offerings, and help position the PowerShares family of ETFs for continued growth."
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Source Invesco PowerShares
DB-Synthetic Equity & Index Strategy-North America-US ETF Investment Ideas-Capture the rating upgrade of Industrials with ETFs
November 28, 2012--XLI and beyond...
Comprehensive Guide for US Industrials Sector ETF Investing
Industrials upgraded from Underweight to Overweight
Deutsche Bank's US Equity Strategist, David Bianco, has recently upgraded the Industrials sector from Underweight to Overweight based on an expected increase in business investment, strong capex, attractive valuations, and a favorable view on long-term EM growth coupled with a soft landing for Asia.
At an industry level, the following industries have an Overweight rating: Aerospace & Defense, Electrical Equipment, Industrial Conglomerates, and Machinery; while these other industries have an Underweight rating: Airlines, Building Products, Commercial Services & Supplies, and Trading Companies & Distributions.
ETF recommendations
We provide ETF recommendations for implementing positions in the Industrials sector and the Aerospace & Defense industry. Besides having good product characteristics, we focus on finding the most representative exposure and attractive valuations. We recommend XLI and VIS for the Industrials sector and ITA for the Aerospace & Defense industry.
Full ETF analysis for Industrials ETFs
We also present details for all 14 non-levered long US Industrials ETFs listed in the US, with additional in-depth analysis for the 6 Broad Diversified Industrials and the 3 Aerospace & Defense products. This information can be used as a guide for Industrials ETF investing.
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Source: Deutsche Bank -Synthetic Equity & Index Strategy-North America
CFTC Staff Withdraws Elements of the "Frequently Asked Questions on Reporting of Cleared Swaps"
November 28, 202--Staff of the Commodity Futures Trading Commission (Commission) today withdrew parts of its "Frequently Asked Questions on Reporting of Cleared Swaps." Specifically, staff withdrew the following questions, and their corresponding answers:
"Which party has the authority to select the particular SDR for purposes of cleared swap reporting?"
“May a DCM, SEF or DCO that is also registered as an SDR or legally affiliated with an SDR require counterparties to use their “captive” SDR for reporting swap transactions?”
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Source: CFTC.gov
CFTC Issues Clearing Determination for Certain Credit Default Swaps and Interest Rate Swaps
Commission Requires First Swaps to be Cleared
November 28, 2012--The Commodity Futures Trading Commission today issued new rules to require certain credit default swaps (CDS) and interest rate swaps to be cleared by registered derivatives clearing organizations (DCOs).
The rules establish the first clearing determination by the Commission under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Under the rules, market participants are required to submit a swap that is identified in the rule for clearing by a DCO as soon as technologically practicable and no later than the end of the day of execution. The Commission voted 5 to 0 via seriatim to issue the Clearing Determination, which will become effective upon publication in the Federal Register.
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Source: CFTC.gov
CFTC's Division of Clearing and Risk Issues Time-Limited No-Action Relief from Required Clearing for Swaps between Affiliated Counterparties
November 28, 2012--The Commodity Futures Trading Commission's Division of Clearing and Risk (DCR) today announced the issuance of a time-limited, no-action letter granting relief from required clearing under section 2(h)(1)(A) of the Commodity Exchange Act and the Commission’s newly adopted Part 50 regulations for certain swaps entered into by qualifying affiliated counterparties.
The no-action letter provides that DCR will not recommend an enforcement action for failure to clear a swap entered into by affiliated counterparties if one of the counterparties to the swap is majority owned by the other counterparty or both counterparties are majority owned by a third party and the financial statements of both counterparties and the third party majority owner, if any, are reported for accounting purposes on a consolidated basis. In addition, both affiliates must agree not to clear the swap.
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Source: CFTC.gov
