Americas ETP News
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CSA and IIROC announce implementation of dark liquidity framework
April 13, 2012--The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) are implementing a new regulatory framework for the use of orders entered without pre-trade transparency (dark orders).
To implement the framework, amendments have been made to National Instrument 21-101 Marketplace Operation and to the Universal Market Integrity Rules (UMIR), approved by the CSA on March 30, 2012. The framework is comprised of the following key elements:
Visible order priority –Visible orders will have execution priority over dark orders on the same marketplace at the same price;
Meaningful price improvement – In order to trade with a dark order, smaller orders must receive a minimum level of price improvement, which is defined as one trading increment or half a trading increment for securities with a bid-ask spread of one trading increment; and
Minimum size – IIROC has the ability to designate a minimum size for dark orders. It is not doing so at this time, but the CSA and IIROC will monitor market developments closely to consider whether and when IIROC should implement a minimum size.
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Source: IIROC
United States Commodity Funds LLC Launches the United States Agriculture Index Fund (USAG)
April 13, 2012--The United States Commodity Funds LLC, a sponsor of exchange traded commodity funds, listed for trading on the New York Stock Exchange Arca, a new exchange traded
commodity index fund, United States Agriculture Index Fund, under the ticker "USAG".
The United States Agriculture Index Fund (USAG) is an exchange traded product (“ETP”) that seeks to
reflect the performance of a portfolio of agriculture futures contracts fully collateralized with U.S. Treasury
Bills. The investment objective of USAG is for the daily changes in percentage terms of its units’ net
asset value (“NAV”) to reflect the daily changes in percentage terms of the SummerHaven Dynamic
Agriculture Index Total ReturnSM, less USAG’s expenses. USAG issued units may be purchased and
sold on the NYSE Arca.
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Source: United States Commodity Funds LLC,
US Department of the Treasury-Factsheet: The Crossroads Fund
April 13, 2012--The Crossroads Fund was created to promote regional economic integration and investment in infrastructure to accelerate economic growth. By improving cross-border infrastructure and economic integration, Central American countries can: (i) reduce production costs, improving export competitiveness and lowering the cost of goods for local consumers; (ii) encourage businesses to scale by expanding into neighboring markets,
reducing dependence on remittance flows and goods and services exports to North America; and (iii) improve regional security through domestic job creation. High transport and logistics costs have prevented Central America from fully benefiting from the growth potential of two decades of existing economic integration with its neighbors and the United States through trade liberalization.
The United States, Canada, and Mexico established the targeted Crossroads Fund to provide innovative new financing instruments and technical assistance to catalyze public investment into strategic infrastructure projects. The seed investment by Crossroads will lead to a meaningful reduction in transport and logistics costs and are expected to generate higher formal sector employment, more trade and foreign direct investment, and reduce inequality and violence through spreading opportunity to remote populations.
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Source: US Department of the Treasury
Diamonds as a Commodity
Could diamonds be the new gold?
April 13, 2012--A small number of investment professionals around the world are competing behind the scenes to turn the gem into a commodity that would be available to investors in the way that gold has been traded through funds on exchanges.
Trading in diamonds is limited in the United States to the retail market for engagement rings and other jewelry and the back-room bargaining among merchants in places like Manhattan’s diamond district on West 47th Street.
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Source: NY Times
Canada-only ETN kicks off trading
April 13, 2012--The first exchange-traded notes solely listed in Canada start trading on Friday, adding another new dimension to the country's growing ETF market.
Barclays Bank PLC announced the launch of three new ETNs under the iPath banner that will give investors access to U.S.-denominated indexes in Canadian dollars.
“You can get exposure to cross-listed ETNs already in Canada,” said Tim Edwards, vice president, investor solutions at Barclays. “But these are the first securities that are really built for the Canadian marketplace and with the needs and objectives of Canadian investors in mind.”
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Source: canada.com
CFTC.gov Commitments of Traders Reports Update
April 13, 2012--The current reports for the week of April 10, 2012 are now available.
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Source: CFTC.gov
Treasury Department Statement Regarding Decision to Delay Semi-Annual Report to Congress on International Economic and Exchange Rate Policies
April 13, 2012-Treasury today announced that it will delay publication of the semi-annual Report to Congress on International Economic and Exchange Rate Policies of our major trading partners so that progress may be assessed following several upcoming international meetings: the G-20 Finance Ministers and Central Bank Governors Meeting April 19-20;
the spring meetings of the International Monetary Fund (IMF) and World Bank April 20-21; and the upcoming U.S.-China Strategic and Economic Dialogue.
Treasury last published the semi-annual Report December 27, 2011.
Source: US Department of the Treasury
Standard & Poor's Announces Quarterly Review of S&P/TSX Preferred Share Index and the S&P/TSX Venture Select Index
April 13, 2012--Standard & Poor's Canadian Index Operations announces the following index changes as a result of the quarterly S&P/TSX Preferred Share Index and S&P/TSX Venture Select Index Reviews.
These changes will be effective at the open on Monday, April 23, 2012:
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Source: Standar & Poor's
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
April 13, 2012--Standard & Poor's will make the following changes in the S&P/TSX Canadian Indices:
The shares of Goldbrook Ventures Inc. (TSXVN:GBK) will be removed from the S&P/TSX Venture Composite Index after the close of Friday, April 13, 2012.
The shares of the company have been acquired by Jilin Jien Nickel Industry Co., Ltd. (Shanghai:600432).
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poor's
Cracks open within the ranks of issuers
April 13, 2012--Market participants are calling it the exchange traded note, or ETN, that barked.
Last month the TVIX, an ETN marketed by VelocityShares, diverged dramatically from the volatility index it was meant to be tracking. Its issuer, Credit Suisse, had suspended the creation of new units due to its own internal risk limits, inhibiting the market from keeping the note’s value in check.
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Source: FT.com
