Americas ETP News
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SEC Proposes New Derivatives Rules for Registered Funds and Business Development Companies
December 11, 2015--The Securities and Exchange Commission today voted to propose a new rule designed to enhance the regulation of the use of derivatives by registered investment companies, including mutual funds, exchange-traded funds (ETFs) and closed-end funds, as well as business development companies.
The proposed rule would limit funds' use of derivatives and require them to put risk management measures in place which would result in better investor protections.
view the white paper-Use of Derivatives by Registered Investment Companies
Source: SEC.gov
This Week's IPO Calendar from Renaissance Capital
December 11, 2015--Renaissance Capital's IPO Calendar for the Week of 12/14/2015.
view
Source: Renaissance Capital
Initial NextSharesTM Fund Registration Statements Declared Effective by U.S. Securities and Exchange Commission
December 11, 2015--NextShares Solutions LLC (NextShares Solutions) today announced that the U.S. Securities and Exchange Commission (SEC) has declared effective the registration statements of 18 NextSharesTM funds (Funds) sponsored by Eaton Vance Management (Eaton Vance).
The Funds represent a broad range of actively managed investment strategies, including equity, fixed income, floating-rate income, absolute return and multi-asset funds. They are the first NextShares funds to complete the SEC registration statement process.
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Source: Eaton Vance Corp.
UPDATE 3-U.S. fund sector fears SEC proposal on derivatives may hurt ETFs
December 11, 2015--Securities and Exchange Commission proposal to clamp down on how funds use derivatives has industry officials worried that some exchange-traded funds may have to close or change their investment strategy.
The rule proposed on Friday would require funds to hold cash reserves to cover potential future losses on derivatives.
Funds could agree to limit their derivatives exposure to 150 percent of net assets, or, if they passed a separate risk test, keep derivatives exposure as high as 300 percent of net assets.
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Source: Reuters
Macro Insight Group-December FOMC Preview: What Comes Next?
December 11, 2015--What will happen at the December FOMC meeting?
Our longstanding expectation for a December "apologetic increase" will come to pass
The rate of interest on excess reserves will be increased by 25bps to 0.50%
The ON reverse repo rate will be increased by 20bps to 0.25%
This has been our base case for Fed liftoff for more than a year
Statement will formalize FOMC's strong bias for a slow and gradual pace
Uncertain outlook abroad leaves open the timing of next increase
Forecast revisions to the SEP will lower the trajectory of policy rates slightly
What do investors need to know?
Economy
Upside surprises to headline inflation in early 2016
Headline inflation will rise slowly in early 2016, in line with FOMC forecasts, but higher than market-based measures indicate today.
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Source: Macro Insight Group
The time is now for a new Latin America-China partnership to foster mutual development strategies, says the Latin American Economic Outlook 2016
December 11, 2015--Latin America's GDP growth slowdown deepened and is expected to be negative in 2015. For a second consecutive year, Latin America falls behind the average growth of OECD countries after a full decade of convergence with advanced economies, according to the Latin American Economic Outlook 2016.
Weaker global growth, lower commodity prices and a loss of investment momentum are having an impact on the region’s growth. However, Latin American and Caribbean economies are not homogeneous: manufacture exporters in Mexico and Central America are recovering, whereas Andean countries struggle to maintain growth and two key economies-Brazil and Venezuela-are now in recession.
view the Latin American Economic Outlook 2016: Towards a new partnership with China-Executive Summary
Source: OECD
ETFs/ETPs listed in the United States have gathered a record 201.7 billion US dollars in net new assets this year as of the end of November 2015, according to ETFGI
December 10, 2015--ETFs/ETPs listed in the United States have gathered a record US$201.7 billion in net new assets as of the end of November 2015 which is 5% above the record level of US$191.8 billion of net new assets gathered at this point in 2014.
This marks the 10th consecutive month of positive net inflows. The US ETF/ETP industry had 1,824 ETFs/ETPs, assets of US$2.1 trillion, from 92 providers listed on 3 exchanges at the end of November, according to ETFGI's Global ETF and ETP insights report for November 2015.
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Source: ETFGI
ETFs/ETPs listed in Canada have gathered a record 11.3 Bn US dollars in net new assets this year as of the end of November 2015, according to ETFGI
December 10, 2015--ETFs/ETPs listed in Canada have gathered a record US$11.3 billion in net new assets as of the end of November 2015 which is 10.7% above the record level of US$10.2 billion of net new assets gathered at this point in 2012.
This marks the 12th consecutive month of positive net inflows. The Canadian ETF industry had 373 ETFs, with 522 listings, assets of US$66 Bn, from 12 providers on 1 exchange at the end of November, according to ETFGI’s Global ETF and ETP insights report for November 2015 .
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Source: ETFGI
BATS Welcomes iShares FactorSelect MSCI Emerging ETF
New ETF Began Trading Today on The BATS ETF Marketplace
December 10, 2015--BATS Global Markets (BATS), the #1 U.S. market for the trading of exchange-traded funds (ETFs), today welcomed the iShares FactorSelect MSCI Emerging ETF (BATS: EMGF), which began trading today on The BATS ETF Marketplace.
The iShares FactorSelect MSCI Emerging ETF seeks to track the investment results of the MSCI Emerging Markets Diversified Multiple-Factor Index which is composed of stocks of large-and mid-capitalization companies in emerging markets that have favorable exposure to target style factors subject to constraints.
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Source: BATS Global Markets, Inc.
Corporate Bond Liquidity Healthy by Most Measures: FINRA Research
Analysis of TRACE Data Also Finds Potentially Significant Changes in Market Structure
December 10, 2015--The Financial Industry Regulatory Authority (FINRA) today issued new research that provides a deep and focused look at the state of liquidity in the U.S. corporate-bond market.
Analyzing all TRACE transactions from 2003 to September 2015, the research found:
Most measures indicate a healthy market. New bond issuance is at a record level, transaction volumes have continued to grow, and the number of trades is rising. The cost of trading corporate bonds has been decreasing, as indicated by narrower bid-ask spreads and falling price impact to block trades.
However, several measures offer evidence of potentially significant changes in how the market is working, including smaller average trade size and a declining proportion of bonds traded in blocks of $5 million or more. These trends are consistent with a market that has a larger number of issues, more electronic trading and a growing network of counterparties.
view the FINRA research note-Analysis of Corporate Bond Liquidity
Source: FINRA
