Americas ETP News
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S&P Dow Jones Indices Announces Changes in Canadian Indices
A Graduation from TSX Venture Exchange
November 22, 2012--The Toronto Stock Exchange announced today in the Daily Bulletin that the shares of Sandstorm Gold Ltd. (TSXVN:SSL) will graduate to trade on TSX at the open of trading on Friday, November 23, 2012.
The ticker symbol will remain "SSL" and the CUSIP number will remain 80013R 20 6. The company will be removed from the S&P/TSX Venture Composite Index after the close of trading on Thursday, November 22, 2012.
Sandstorm 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, November 29, 2012, at which time it will be listed on TSX.
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Source: Bloomberg
CFTC Approves Application of Chicago Mercantile Exchange, Inc. for Provisional Registration as a Swap Data Repository
November 21, 2012--The U.S. Commodity Futures Trading Commission (CFTC) on November 20, 2012, approved the application of Chicago Mercantile Exchange, Inc. for provisional registration as a swap data repository pursuant to section 21 of the Commodity Exchange Act and section 49.3(b) of the Commission's regulations.
Chicago Mercantile Exchange, Inc. is the third entity for which the Commission has issued provisional registration as a swap data repository – a category of CFTC registered entities created by the Dodd-Frank Act of 2010 to perform a variety of functions related to the collection and maintenance of swap transaction data and information. Chicago Mercantile Exchange, Inc. was provisionally registered as a swap data repository for the interest rate, credit, foreign exchange, and other commodity asset classes.
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Source: CFTC.gov
Consultanats 360-Analytical Insights-Third Quarter 2012 Edition
November 21, 2012--Economic Outlook
View the latest market commentary from Chief Economist Richard Hoey.
Market Review
During Q3'12, median home prices in the US increased to $256,900-the highest since March 2007.
The US unemployment rate fell to 7.8% and the US trade deficit dropped 7.1% from May to August.
Announcements
A recent BNY Mellon study found Public pension plans in the U.S. and Europe incorporate Socially Responsible Investing and Environmental, Social, and Governance concepts into their portfolios at more than twice the rate of corporate plans.
Findings also revealed nearly one-quarter of responding clients have already implemented these strategies within their investment process, representing more than $200 billion in assets.
Report of the Quarter
Manager at a Glance enables clients to quickly aggregate multiple areas of performance reporting, succinctly organizing data and creating comprehensive reports. Performance attribution and universe graphs are now available in this report.
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Source: BNY Mellon
S&P Dow Jones Indices Announces Changes In Canadian Indices-Index Weight Changes Resulting From A Share Issuance
November 21, 2012--On November 21, 2012, Crescent Point Energy Corp. (TSX:CPG) announced the closing of a bought deal financing of shares. As a result of the increase in the number of shares outstanding of the company, the relative weight of Crescent Point will increase in the S&P/TSX Composite and Capped Composite, the S&P/TSX 60, 60 Capped and Equity 60, the S&P/TSX Equity and Capped Equity, the S&P/TSX Capped Energy, the S&P/TSX Composite Dividend and the S&P/TSX Equity Income Indices.
There will be no weight change effective in the S&P/TSX Composite Equal Weight, the S&P/TSX 60 Equal Weight, the S&P/TSX 60 130/30 Strategy or the S&P/TSX Equal Weight Oil & Gas Indices. These changes will be effective after close on Wednesday, November 28, 2012.
Source: Mondovisione
Chilean AFPs' Investment in the U.S. Hits Record High
On the other hand, foreign investors reduce their exposure to government debt
November 21, 2012--A 35% share of all the assets invested abroad by Chilean pension fund managers (AFPs) is in the U.S.
This amounts to some US$56.92bn, the largest figure to date according to the quarterly reports published by the Pensions Superintendence since 2005. Investment in U.S. instruments reached 20.46% this year.
Patricio Eskenazi, International Equities Manager at the brokerage house Penta Corredores de Bolsa, points out that this has not happened overnight. "Everyone has been systematically increasing their exposure to the U.S. for the last two years. In terms of returns, it has been one of the best performing regions in recent times, and when you adjust for risk, the results are much better," he explains.
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Source: Funds America
BMO Asset Management Launches Four New and Innovative Funds Including BMO S&P/TSX Laddered Preferred Share Index ETF
BMO S&P/TSX Laddered Preferred Share ETF (ZPR) is uniquely designed to reduce the risk of changing interest rates compared to the preferred share market
BMO AM's ETF offering now has 48 funds
November 20, 2012--BMO Asset Management Inc. (BMO AM) today introduced four new funds to its Exchange Traded Fund (ETF)* product suite.
"In today's financial environment where the markets are constantly changing, people are looking for investment products that can keep pace with these changes, and we have had that in mind when expanding and evolving our lineup," said Kevin Gopaul, Chief Investment Officer and Senior Vice President, BMO Asset Management Inc. "BMO Asset Management is a leader in providing innovative, timely and competitive ETF products. These four new funds are just the latest example of how we strive to anticipate and fulfill critical investor needs."
The offering of the following new ETFs has closed and they will begin trading on the Toronto Stock Exchange today:
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Source: BMO Asset Management
Old Mutual signs deal to boost LatAm presence
Investment group acquires majority stake in Uruguay-based firm with view to increasing scope of fund distribution.
November 20, 2012--Old Mutual has sought to increase its fund distribution network in Latin America with the acquisition of a majority stake in business platform and fund distributor AIVA.
The investment group has built on its 15-year working relationship with the Uruguayan company and is aimed at boosting Old Mutual’s presence in selected emerging markets, particularly Latin America.
AIVA is a family-owned firm which centres on business networks and fund distribution across the Latin American region. The firm covers IFAs, wealth managers and other institutions and has $800 million in assets under management.
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Source: CityWire
CFTC Staff Issues No-Action Letter Addressing Timeline for Swap Dealer Compliance with Swap Data Reporting Rules
The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) and Division of Market Oversight (DMO) today jointly issued a letter providing swap dealers with time-limited no-action relief from certain requirements of the CFTC's swap data reporting rules, which are set forth at Part 43, Part 45 and Part 46 of the CFTC's regulations.
The no-action letter establishes a common monthly date by which all newly registered swap dealers must be in compliance with their reporting obligations under the rules, and extends the deadline for reporting historical swap transaction data, as required under Part 46.
Deutsche Bank-Synthetic Equity & Index Strategy-North America-US ETF Weekly Review-Market plunge spurs $6.5bn outflow from Equity ETPs
November 19, 2012--Market and Net Cash Flows Review as of Friday, Nov 16th, 2012
Equity Markets remained on losing streak. The US (S&P 500) fell by 1.45%. At the same time, outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) dropped by 2.02% and 2.1%, respectively.
In other asset classes, rates outperformed credit last week; and commodities were mostly negative with the exception of WTI Crude Oil which was up by 0.7%. The USD was mixed against the majors appreciating by 2.3% against the JPY; and Volatility (VIX) dropped by 11.82% despite the market plunge during the same period.
The total US ETP flows from all products registered $6.49bn (-0.5% of AUM) of outflows during last week vs $2.45bn (+0.2%) of inflows the previous week, setting the YTD weekly flows average at +$2.9bn (+$131.78bn, +12.6% YTD in total cash flows).
Equity, Fixed Income, and Commodity ETPs experienced flows of -$6.46bn (-0.7%), -$0.13bn (-0.1%), +$0.06bn (0.1%) last week vs. +$0.96bn (+0.1%), +$1.1bn (+0.4%), +$0.37bn (+0.3%) in the previous week, respectively.
Among US sectors, Utilities (+$0.35bn, +4.4%) and Energy (+$0.20bn, +1.0%) received the top inflows, while Materials (-$0.32bn, -4.0%) and Industrials (-$0.20bn, -3.7%) experienced the largest outflows.
Within equity ETFs, leveraged strategy products experienced $0.36bn (+4.2%) in net inflows, closely followed by Emerging Country ETPs (mostly China) with +$0.33bn (1.1%); while Large Cap (-$5.57bn, -2.8%) and Small Cap (-$1.23bn, -3.5%) ETPs experienced the largest outflows. In the debt space, Sub-Sovereign and Sovereign products experienced the largest inflows of +$0.44bn (+1.6%) and +$0.4bn (+0.7%), respectively; while Corporates saw strong outflows of $1.34bn (-1.3%). Gold products had the most relevant flows among commodity ETPs (+$0.3bn, +0.3%).
Top 3 ETPs & ETNs by inflows: BIL (+$0.4bn), BND (+$0.4bn), XLU (+$0.4bn) Top 3 ETPs & ETNs by outflows: SPY (-$4.8bn), IWM (-$1.2bn), VWO (-$0.7bn)
New Launch Calendar: new broad and sector commodity exposure
Last week RBS launched five new ETNs, all of them were listed in the NYSE Arca. The new products offer exposure to various commodity sectors.
Turnover Review: Floor activity decreased by 2.8%
Total weekly turnover decreased by 2.8% to $304bn vs. $313bn from the previous week. In addition, last week's turnover level was 20% below last year's weekly average. Equity, Fixed Income and Commodity ETPs turnover decreased by $4.4bn (-1.6%), $1.2bn (-6.8%) and $3.1bn (-20.0%), respectively.
Assets under Management (AUM) Review: ETP assets dropped by 1.9%
Market pressure pushed ETP AUM down by 1.9% during last week, bringing total US AUM to 1.237 trillion. As of last Friday, US ETPs have accumulated an asset growth of 18.3% YTD. Assets for equity, fixed income and commodity ETPs moved -$21.7bn, -$0.7bn, -$1.1bn during last week, respectively.
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Source:Deutsche Bank-Synthetic Equity & Index Strategy-North America
Exchanges Get Closer Inspection
November 19, 2012--Federal securities regulators are stepping up oversight of stock exchanges as they scramble to catch up to trading advantages that some say have developed for sophisticated clients at the expense of ordinary investors.
That effort has led the Securities and Exchange Commission to expand an enforcement probe into a broader look at how exchanges develop new products, communicate with investors and provide incentives to trade, according to people familiar with the probe.
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Source: Wall Street Journal
