Americas ETP News
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BMO Asset Management Inc. Cuts Management Fees on Its ETFs
April 21, 2014--BMO Asset Management Inc. ("BMO AM") today announced that it is reducing the maximum annual management fee on certain of its exchange traded funds (collectively, "the ETFs").
Effective on or about April 30, 2014, the annual management fee for the ETFs will be reduced as follows:
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Source: BMO
Invesco PowerShares to Launch the First Variable Rate Preferred ETF
April 21, 2014--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), today announced the anticipated listing of the PowerShares Variable Rate Preferred Portfolio (VRP) on May 1, 2014, on the NYSE Arca. VRP will provide income-seeking investors efficient access to a portfolio of variable-rate preferred securities.
Variable-rate preferred securities are typically issued at rates below fixed-rate preferred securities of similar quality, in exchange for the issuer bearing most of the risk for changes in interest rates. Accordingly, variable-rate preferred securities are priced more like short-term instruments, rather than long-term instruments, and are generally less sensitive than fixed-rate preferred securities to changes in interest rates.
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Source: Invesco PowerShares
BlackRock recruits for Boston push
April 21, 2014--BlackRock's iShares exchange-traded funds business is seeking to woo asset managers in Boston, hiring an MSCI executive director to connect institutional clients there with its capital markets services.
The hire is part of a push to sell more ETFs to asset managers, hedge funds and family office clients.
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Source: Financial News
High-frequency traders: heroes or hoodlums?
April 20, 2014--By using the emotive phrase "rigging the market" to describe the impact of high-frequency trading on stock markets, the author Michael Lewis has guaranteed himself both extensive publicity and enhanced sales for his book, Flash Boys .
In addition, by casting his story in Manichean terms as a tale of one heroic outsider taking on the evil big boys of Wall Street...
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Source: FT.com
The Federal Budget in 2013: An Infographic
April 18, 2014--The infographic-The Federal Budget in 2013 was released today.
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Source: Congressional Budget Office (CBO)
IMF Working paper-Official Demand for U.S. Debt: Implications for U.S. Real Interest Rates
April 18, 2014-- Summary: By constructing and estimating a structural arbitrage-free model of demand pressures on US real rates, we find that recent purchases of US government debt securities by the Fed and foreign officials have significantly affected the level and the dynamics of US real rates. In particular, by 2008, foreign purchases of US Treasuries are estimated to have had cumulatively reduced long term real yields by around 80 basis points.
The subsequent total impact of Fed purchases in 2008-2012 has been even larger: the quantitative easing (QE) has depressed real 10-year yields by around 140 basis points. Our findings also reveal that the Fed policy interventions and foreign official purchases affect longer term real bonds mostly through a reduction in the bond premium.
view the IMF working paper-Official Demand for U.S. Debt: Implications for U.S. Real Interest Rates
Source: IMF
SEC Proposes Rules for Security-Based Swap Dealers and Major Security-Based Swap Participants
April 17, 2014--The Securities and Exchange Commission voted yesterday to propose new rules for security-based swap dealers and major security-based swap market participants.
The proposed rules cover recordkeeping, reporting, and notification requirements for security-based swap dealers and major security-based swap participants and would establish additional recordkeeping requirements for broker-dealers to account for their security-based swap activities.
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Source: SEC.gov
Barclays and OFI Global Asset Management Will Partner to Launch the Barclays OFI SteelPath MLP ETNs
New ETNs Will Leverage OFI SteelPath's Expertise in MLPs to Provide Exposure to Midstream Assets While Reducing Correlation to Oil and Gas Prices
April 16, 2014--Barclays Bank PLC ("Barclays") and OFI Global Asset Management, which consists of OppenheimerFunds, Inc. and certain of its advisory subsidiaries, announced today the planned launch of the Barclays OFI SteelPath MLP ETNs (the "ETNs").
Barclays plans to apply to list the ETNs on the NYSE Arca Stock Exchange ("NYSE Arca") under the ticker symbol OSMS. If the application is approved, Barclays expects that the ETNs will begin trading on NYSE Arca on April 24, 2014.
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Source: MarketWatch
Treasury International Capital Data For February
April 15, 2014-- The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for February 2014. The next release, which will report on data for March 2014, is scheduled for May 15, 2014.
The sum total in February of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC inflow of $167.7 billion. Of this, net foreign private inflows were $147.5 billion, and net foreign official inflows were $20.3 billion.
Foreign residents increased their holdings of long-term U.S. securities in February; net purchases were $84.8 billion. Net purchases by private foreign investors were $66.3 billion, while net purchases by foreign official institutions were $18.5 billion.
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Source: US Department of the Treasury
CBO-Updated Budget Projections: 2014 to 2024
April 14, 2014--As it usually does each spring, CBO has updated the baseline budget projections that it released earlier in the year.
CBO now estimates that if the current laws that govern federal taxes and spending do not change, the budget deficit in fiscal year 2014 will be $492 billion. Relative to the size of the economy, that deficit-at 2.8 percent of gross domestic product (GDP)-will be nearly a third less than the $680 billion shortfall in fiscal year 2013, which was equal to 4.1 percent of GDP. This will be the fifth consecutive year in which the deficit has declined as a share of GDP since peaking at 9.8 percent in 2009 (see the figure below).
view the CBO report-Updated Budget Projections: 2014 to 2024
Source: Source: Congressional Budget Office (CBO)
