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CFTC to Hold Open Meeting to Consider Proposed Interpretive Guidance on Cross--Border Application of Certain Swaps Provisions of the Commodity Exchange Act and a Proposal Regarding Phased Compliance for Foreign Swap Dealers
June 14, 2012--The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Thursday, June 21, 2012, at 1:00 p.m., to consider Proposed Interpretive Guidance on Cross-Border Application of Certain Swaps Provisions of the Commodity Exchange Act (CEA)
and Regulations thereunder, and a Proposal Regarding Phased Compliance for Foreign Swap Dealers.
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Source: CFTC.gov
Canadian securities regulators propose enhanced disclosure requirements on investment costs and performance
June 14, 2012--The Canadian Securities Administrators (CSA) are publishing for a second comment period, proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, which would require registered dealers and advisers to provide investors with clear and meaningful information on the costs and performance of their investments.
This Proposal includes, among other things, requirements for registered dealers and advisers to provide their clients with annual reports that show them:
in dollars, what the dealer or adviser was paid for the products and services it provided, and
in dollars and percentages, how the client's investments performed during that year and over longer periods
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Source: Canadian Securities Administrators
JPMorgan Chase & Co. Announces a Cap to the Issuances of the Alerian MLP Index ETNs (NYSE Arca: AMJ)
June 14, 2012--JPMorgan Chase & Co. (JPM) announced today that the maximum number of Alerian MLP Index ETNs (NYSE Arca: AMJ) authorized for issuance will be 129 million ETNs.
This size limitation does not affect the weekly repurchase rights at the option of note holders described in the reopening pricing supplement and the product supplement relating to the ETNs. Other exchange traded notes, structured notes and debt securities issued by JPMorgan Chase & Co. are not affected by this maximum issuance authorization.
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Source: JPMorgan Chase & Co.
Private equity firms target ETF portfolio managers
June 13, 2012-Private equity investors have found another way to get into the growing U.S. exchange traded fund (ETF) market: investing in firms that manage ETF portfolios.
Seven years ago, venture capitalists clamored to invest in start-up ETFs - investment funds that are traded much like stocks. But with over 1,460 ETFs now available in the U.S., the landscape is crowded. That has led to a growing interest in ETF model portfolio firms - the companies that manage a portfolio made up solely of ETFs.
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Source: Reuters
U.S. seen delaying swaps rules for overseas banks
June 13, 2012--The United States is considering giving U.S. and foreign banks more time to comply with costly new reforms related to their overseas swaps operations, according to three people briefed on the matter.
The Commodity Futures Trading Commission has drafted a proposed exemptive order that would delay for these players certain "entity level" swaps rules, including one that will mandate they hold a certain amount of capital to back their trades, these people said.
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Source: Chicago Tribune
'Lipstick effect' taking hold of US consumer, says leading manager
June 13, 2012--Consumer demand for affordable luxury goods in the US is beginning to mirror that of the emerging retail market, said Grant Bowers, manager of the Franklin US Opportunities fund.
‘The lipstick effect is definitely taking effect in the US,’ said Bowers, who co-manages just under €3 billion with Conrad Herrman through the fund and is overweight the consumer discretionary sector.
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Source: City Wire
OECD-Economy: Canada needs to boost innovation and human capital to sustain living standards
June 13, 2012--Canada has weathered the global economic crisis comparatively well but will have to become more productive to sustain its high standard of living, according to OECD's latest Economic Survey of Canada.
The report, presented today in Ottawa, notes that a timely fiscal stimulus, low interest rates, a solid banking sector and revenues from natural resources helped Canada return to a stable growth path after the global economic crisis of 2008-09. With rising real estate prices and high household indebtedness now posing new risks, the OECD projects that Canada’s economy will grow by around 2¼ per cent in 2012, and by around 2½ per cent in 2013.
The report identifies sluggish productivity growth as the main long-term challenge facing Canada’s economy. Per capita income has increased in recent years, as more people entered the labour force and oil and other commodity prices soared, pushing up the value of the Canadian dollar. However, the amount of labour, capital and natural resources needed to produce a unit of GDP has remained largely the same over the past few decades.
view OECD Overview of the Economic Survey of Canada
Source: OECD
CBOE To Introduce First Interest Rate-Based Volatility Index
June 13, 2012--The Chicago Board Options Exchange (CBOE) announced today that it will begin disseminating values for its first interest rate-based volatility index, the CBOE Interest Rate Volatility Index (ticker: SRVX), on Monday, June 18.
The SRVX Index is designed to offer fixed income options traders and portfolio managers a standardized and transparent measure of interest rate swap volatility.
CBOE's Interest Rate Volatility Index measures expected basis-point volatility in the interest rate swap market. Specifically, the index is based on one-year/ten-year U.S. dollar-denominated swap options (swaptions), which are one of the most actively traded contracts in the $14.5-trillion notional over-the-counter (OTC) U.S. dollar interest rate option market.
"The CBOE Interest Rate Volatility Index extends the same benefits provided by our widely followed equity index volatility benchmarks to customers in the enormous fixed income market," CBOE Chairman and CEO William J. Brodsky said. "Interest rate swaps and swaptions together are the most actively traded derivatives in the OTC market, and we believe the CBOE Interest Rate Volatility Index will enable participants to more efficiently assess risk in this enormous asset class."
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Source: CBOE
ETFGI Latin America ETF/ETP Industry Insights-May 2012
June 13, 2012--Summary for ETFs listed in Latin America
At the end of May 2012, the Latin America ETF industry had 33 ETFs, with 499 listings, assets of US$8.9 Bn, from 15 providers on 4 exchanges.
Assets
ETF assets have decreased by 21.4% from US$11.4 Bn in April 2012 to US$8.9 Bn in May 2012.
YTD through end of May 2012, ETF assets have decreased by 13.5% from US$10.3 Bn to US$8.9 Bn.
Flows
In May 2012, ETFs saw net outflows of US$1,170.4 Mn. YTD through end of May 2012, ETFs saw net outflows of US$1,342.5 Mn.
iShares experienced the largest net outflows in May with US$1,037.1 Mn. iShares experienced the largest net outflows YTD with US$1,040.3 Mn, followed by BBVA Asset Management with US$195.3 Mn and Itau Unibanco with US$86.6 Mn net outflows.
Summary for ETFs/ETPs listed in Latin America
Including other Exchange Traded Products (ETPs), at the end of May 2012, the Latin America ETF/ETP industry had 33 ETFs/ETPs, with 528 listings, assets of US$8.9 Bn, from 18 providers on 4 exchanges.
Assets
ETF/ETP assets have decreased by 21.4% from US$11.4 Bn in April 2012 to US$8.9 Bn in May 2012.
YTD through end of May 2012, ETF/ETP assets have decreased by 13.5% from US$10.3 Bn to US$8.9 Bn.
Flows
In May 2012, ETFs/ETPs saw net outflows of US$1,170.4 Mn. YTD through end of May 2012, ETFs/ETPs saw net outflows of US$1,342.5 Mn.
iShares experienced the largest net outflows in May with US$1,037.1 Mn. iShares experienced the largest net outflows YTD with US$1,040.3 Mn, followed by BBVA Asset Management with US$195.3 Mn and Itau Unibanco with US$86.6 Mn net outflows.
request report
Source: ETFGI
S&P Indices Announces Changes In The S&P/TSX Canadian Indices-A Deletion From The S&P/TSX Venture Composite Index
June 13, 2012--S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The unitholders of GT Canada Medical Properties REIT (TSXVN:MOB.UN) have accepted the $CDN1.87 cash per unit offer from NorthWest Value Partners Inc..
The company will be removed from the S&P/TSX Venture Composite Index after the close of trading on Thursday, June 14, 2012.
Source: Standard & Poor's
