Americas ETP News
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Banks’ dual role in ETFs in jeopardy
January 22, 2012--Banks running exchange traded funds in Europe face potential challenges to the profitability and even viability of their businesses if regulators adopt proposals for limiting conflicts of interest.
Deborah Fuhr, an independent ETF strategist, said banks could be barred from acting as providers of synthetic ETFs and as derivative counterparties to those ETFs, if recommendations made by the Securities and Markets Stakeholder Group were adopted by regulators.
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Source: FT.com
Fund Companies To Expand ETF Presence In ’12
January 20, 2012--The stage is set for more exchange-traded fund launches from traditional fund companies this year. Last month, Fidelity investments moved to significantly expand its role in the ETF market by filing an application for exemptive relief with the Securities and Exchange Commission to roll out a suite of ETFs.
The filing envisions the launch of index-based domestic and international stock and bond funds including 130/30 and other long/short funds.
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Source: FA-Mag.com
Richard Jaycobs Named as Successor to Neal Wolkoff as CEO of ELX
January 20, 2012--ELX Futures, L.P. (ELX), a leading electronic futures exchange, announced today that veteran futures industry executive Richard Jaycobs will succeed Neal Wolkoff as Chief Executive Officer of ELX.
Mr. Jaycobs, a 25-year veteran of the futures and derivatives industry, has served as President of the Cantor Exchange, a CFTC-regulated exchange committed to providing the market with innovative products in entertainment, weather, and news events. Earlier, he served as CEO of the Chicago-based Clearing Corporation (formerly the Board of Trade Clearing Corporation), CEO of onExchange, and Managing Director at the New York Cotton Exchange.
ELX launched in July 2009 to establish a faster, more efficient, competitive alternative for global market participants trading future contracts. ELX’s founding firms include leading financial institutions, dealers, trading firms and a major electronic and voice broker and technology provider: Bank of America Merrill Lynch, BGC Partners, Barclays Capital, Breakwater/Peak6, Deutsche Bank, Citi, Morgan Stanley, Goldman Sachs, Credit Suisse, RBS, J.P. Morgan, and Getco.
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Source: ELX Futures
Fee Rate Advisory #5 for Fiscal Year 2012
January 20, 2012 — The Securities and Exchange Commission today announced that on February 21, 2012 the fees rates applicable to most securities transactions will decrease from $19.20 per million dollars to $18.00 per million dollars. The assessment on security futures transactions will remain unchanged at $0.0042 for each round turn transaction.
The Commission determined these new rates in accordance with Section 31 of the Securities Exchange Act of 1934 (“Exchange Act”). Accordingly, the Commission consulted with both the Congressional Budget Office and the Office of Management and Budget regarding the annual adjustment. These adjustments do not affect the amount of funding available to the Commission.
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Source: SEC.gov
Wolkoff Announces Plans to Depart ELX Effective April 30
January 20, 2012--Neal L. Wolkoff, Chief Executive Officer of ELX Futures, L.P. (ELX), today notified the ELX board of his resignation, effective April 30.
ELX, a leading electronic futures exchange offering market competition in U.S. Treasury and Eurodollar futures contracts, launched on July 10, 2009 to establish a faster, more efficient competitive alternative for global market participants trading futures..
Wolkoff, who has been CEO of ELX since launch, previously served as chairman and CEO of the American Stock Exchange and was the Chief Operating Officer in a 20-year career at the New York Mercantile Exchange.
Wolkoff said, “ELX presented an exciting opportunity for me to guide strategy, tactics, and operations of a financial institution from before its launch and I am very proud of the inroads we have been able to achieve in providing a competitive market. At this point, I am ready for new challenges and opportunities.”
Source: ELX Futures
U.S. Federal Reserve Releases Templates For Reporting FOMC Participants' Projections Of The Appropriate Target Federal Funds Rate
January 20, 2012--The Federal Reserve on Friday released blank templates showing the format of the two charts it will use on January 25 to report Federal Open Market Committee (FOMC) participants' projections of the appropriate target federal funds rate. It also released a draft of an explanatory note that will accompany the projections.
The first chart, which will have shaded bars when released on January 25, will show FOMC participants’ projections for the timing of the initial increase in the target federal funds rate.
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Source: FBR
Expense ratio changes for 27 Vanguard ETFs®
January 20, 2012--In December 2011, Vanguard filed annual prospectus updates for 27 ETFs that had changes in their stated expense ratios. Eight of the ETFs had expense ratios that increased, while the remaining 19 ETFs had a decrease. Ten sector, six bond, and three mega-cap ETFs experienced reductions. Increases occurred in eight of our Russell and S&P domestic equity ETFs.
In the cases where there were expense ratio reductions, they were primarily a result of the way we operate our funds. When funds and their corresponding ETF share class experience greater efficiencies (either through asset growth, operating cost reductions, or a combination of both) the savings are passed on to the fund owners in the form of lower expenses.
For those ETFs where expense ratios increased, it was due to "acquired fund fees and expenses" (AFFE) that result from ownership of business development companies (BDCs).
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Source: Vanguard
CFTC.gov Commitments of Traders Reports Update
January 20, 2012--The current reports for the week of January 17, 2012 are now available.
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Source: CFTC.gov
Expense ratio changes for 27 Vanguard ETFs®
January 20, 2012--In December 2011, Vanguard filed annual prospectus updates for 27 ETFs that had changes in their stated expense ratios. Eight of the ETFs had expense ratios that increased, while the remaining 19 ETFs had a decrease.
Ten sector, six bond, and three mega-cap ETFs experienced reductions. Increases occurred in eight of our Russell and S&P domestic equity ETFs.
In the cases where there were expense ratio reductions, they were primarily a result of the way we operate our funds. When funds and their corresponding ETF share class experience greater efficiencies (either through asset growth, operating cost reductions, or a combination of both) the savings are passed on to the fund owners in the form of lower expenses.
For those ETFs where expense ratios increased, it was due to "acquired fund fees and expenses" (AFFE) that result from ownership of business development companies (BDCs).
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Source: Vanguard
Exchange Traded Concepts files with the SEC
January 20, 2012--Exchange Traded Concepts has filed a post-effective amendment, registraion statement with the SEC for the Sustainable North American Oil Sands ETF.
view filing
Source: SEC.gov
