Americas ETP News
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Bearish ETF drinks up bad news
June 10, 2012--When Green Mountain Coffee Roasters Inc.'s price fell sharply last month, well-known hedge-fund manager David Einhorn wasn't the only winner.
John DelVecchio had a big bearish position on the coffee maker, handing his small fund a windfall as the stock tumbled 48% amid disappointing earnings. He had been ready for that moment for more than a year.
"That was kind of the 'aha' moment when everyone got it," Mr. DelVecchio said. "It certainly felt nice."
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Source: Financial News
Auto reinvestments scheme shaves ETF transaction costs
June 10, 2012--Precidian Investments wants to help investors more easily and cheaply reinvest exchange traded fund distributions through a new program.
The firm, provider of the Maxis Nikkei 225 ETF, has filed a request for exemptive relief with the Securities and Exchange Commission that would allow it to introduce what it calls the DTC Distribution Reinvestment Service for holders of its ETF.
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Source: FT.com
Vanguard secures lead in US ETF race
June 10, 2012--Vanguard has established a commanding lead in the race among US exchange traded providers for investors' cash in 2012 after posting a strong performance last month while its main rivals faltered.
Vanguard attracted net inflows of $6.7bn in May while the remainder of the US ETF industry recorded aggregate outflows of $2.5bn, according to the ETF Industry Association.
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Source: FT.com
CFTC.gov Commitments of Traders Reports Update
June 8, 2012--The current reports for the week of June 5, 2011 are now available.
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Source: CFTC.gov
Deutsche Bank - Equity Research -North America: US ETF+ Monthly Directory : May 2012 ETPs
June 8, 2012--This document includes all US listed exchange-traded funds (ETFs) and exchangetraded vehicles (ETVs), plus a special section covering exchange-traded notes (ETNs).
The directory is organized by asset class and asset-class-related sub sections. Within each sub section it has also been sorted. For Equity and Fixed Income ETPs it is sorted by country (or sub region for regional products) in alphabetical order and by AUM in descending order, and for the other ETP asset classes it is sorted by sub sector in alphabetical order and by AUM in descending order. A number of key information points per product has been included in order to enable the reader to get an overview in their respective area of interest. Among the key numeric information we include avg. daily turnover, assets under management, and cash flows (all in $US).
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Source: Deutsche Bank-Equity Research-North America
Energy traders should be aware of CFTC's new powers, experts say
June 8, 2012--The Dodd-Frank Act gave the Commodity Futures Trading Commission powers to tackle energy-market manipulation, and experts say energy traders should be on guard.
"The CFTC and its senior enforcement officials have made clear that they're going to use their new authorities under Dodd-Frank aggressively, and will be focusing on manipulation and continue to focus on energy markets for manipulative or disruptive trading activities," says Michael Loesch, a former CFTC chief of staff who is a partner at Fulbright & Jaworski.
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Source: Risk.net
CFTC.gov Financial Data for Futures Commission Merchants Update
June 8, 2012--Selected FCM financial data as of April 30, 2012 (from reports filed by June 4, 2012) is now available.
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Source: CFTC.gov
July 1 Deadline Approaches for Disclosure of Compensation and Fees to ERISA Plans
June 8, 2012--Retirement plan fiduciaries and service providers to retirement plans are coming up to
the July 1, 2012, deadline for service providers to deliver disclosures of compensation to be received from their service arrangements with plans.
We have prepared this review
of the rules as a reference for those who are giving or getting these disclosures. Many of the questions that arise in connection with these requirements are fact-specific, so
the following should not be regarded as advice with respect to any particular person or situation.
Putting the Disclosure Requirement in Context
The Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code of 1986 (the Code) each contain rules about "prohibited transactions" involving employee benefit plans. (These rules are similar, but not identical, in the two statutes.)
Under ERISA, a fiduciary is prohibited from engaging in a prohibited transaction, to the point of having to unwind it, and the Code imposes excise taxes on the transaction. As a result, avoiding prohibited transactions is an important part of plan administration and providing services to plans. ERISA and the Code contain a number of statutory exemptions for categories of transactions that would otherwise be prohibited transactions.
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Source: Katten Muchin Rosenman LLP.
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices-2nd Quarter, 2012, Revisions Of S&P/TSX Indices
June 8, 2012--S&P Canadian Index Services will make the following index changes as a result of the Quarterly S&P/TSX Composite Index review.
These changes will be effective at the open on Monday, June 18, 2012:
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Source: Mondovisione
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices-Index Treatment Of A Rights Issue-Ivanhoe Mines Ltd
June 8, 2012--S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
On Wednesday, April 18, 2012, Ivanhoe Mines Ltd. (TSX:IVN) announced a rights offering open to all shareholders on an equal-participation basis. Shareholders of record on Tuesday, June 19, 2012, will receive one transferable right for each common share held.
Every 20 rights will allow the shareholder to purchase 7 common shares of Ivanhoe Mines at a price of $CDN7.17 per share. The rights offering will expire after close of trading on Thursday, July 19, 2012. The rights will trade on TSX on a when-issued basis starting on Thursday, June 14, 2012.
Assuming the rights are in-the-money at the time, the close price of Ivanhoe Mines on Thursday, June 14, 2012, will be reduced by the close price of the rights on the same date. Also after the close of Thursday, June 14, 2012, the outstanding shares of Ivanhoe Mines will increase by a factor of 1.35. The current (pre-Q2 2012 review) number of outstanding shares of Ivanhoe Mines is 740,655,000. The new number of outstanding shares will be 999,884,250 - effective after the close of Thursday, June 14, 2012. The Investable Weight Factor (IWF) will not change.
Source: Standard & Poor's
