Americas ETP News
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SEC-Staff Analysis of Data and Academic Literature Related to Money Market Fund Reform
March 24, 2014--The staff of the Securities and Exchange Commission today made available certain analyses of data and academic literature related to money market fund reform.
The analyses, which were conducted by the staff of the SEC's Division of Economic and Risk Analysis, are available for review and comment on the Commission's website as part of the comment file for rule amendments proposed by the SEC in June 2013 regarding money market fund reform.
view the SEC-Analysis of Liquidity Cost During Crisis Periods
view the SEC-Analysis of Government Money Market Fund Exposure to Non-Government Securities
view the SEC-Analysis of Demand and Supply of Safe Assets in the Economy
Source: SEC.gov
Investors ignore ETFs at their peril
March 24, 2014--For all the positive headlines that exchange-traded funds garner, its somewhat surprising that growth in Canada has slowed sharply in the past year.
ETFGI research shows global ETF assets under management recently hit US$2.44-trillion, while BlackRock, the world's largest money manager and owner of the biggest ETF provider iShares, reports that the worldwide number of ETFs in January crossed 5,000 for the first time-choice is a good thing.
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Source: Financial Post
PowerShares Canada announces changes to three ETFs, one mutual fund
March 24, 2014--PowerShares Canada today announced changes to the investment strategy of PowerShares Canadian Preferred Share Index Class and PowerShares Canadian Preferred Share Index ETF ("PPS").
In 2013, The NASDAQ OMX Group, Inc. ("NASDAQ") acquired the index business of Mergent, Inc., including Indxis, which created and maintained the underlying index for both PowerShares Canadian Preferred Share Index Class and PPS.
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Source: Invesco Ltd.
Blackrock Canada Announces Changes to Certain iShares Funds
March 24, 2014--BlackRock Asset Management Canada Limited ("BlackRock Canada"), an indirect, wholly owned subsidiary of BlackRock, Inc. BLK +1.43% , has determined to make certain changes to the investment strategy of iShares MSCI Brazil Index ETF ("XBZ"), iShares S&P Global Consumer Discretionary Index ETF (CAD-Hedged) ("XCD"), iShares China Index ETF ("XCH"), iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) ("XEB"), iShares MSCI Emerging Markets IMI Index ETF ("XEC"),
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Source: BlackRock
Schwab waging ETF insurgency in US retirement market
March 21, 2014--Charles Schwab sees exchange traded funds as a revolutionary catalyst in US retirement saving, but it has yet to convince the biggest private retirement schemes or the powerful pension consultants patrolling the market. ...
The financial services company last month launched an all-ETF platform for defined contribution private pension plans in the US, known as 401(k)s, touting ETFs' lower expense ratios compared with mutual funds, as well as benefits including intraday trading and increased portfolio transparency.
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Source: FT.com
CFTC’s Division of Market Oversight Provides Extension of Temporary No-Action Relief with respect to Swaps Trading on Multilateral Trading Facilities Overseen by Competent Authorities
Designated by European Union Member States
March 21, 2014--The Commodity Futures Trading Commission's (CFTC or Commission) Division of Market Oversight (DMO) today announced the issuance of a no-action letter extending time-limited relief for (1) Multilateral Trading Facilities overseen by competent authorities designated by European Union Member States (MTFs) from the swap execution facility (SEF) registration requirement set out in section 5h(a)(1) of the Commodity Exchange Act (CEA or Act) and Commission regulation 37.3(a)(1);
and (2) parties executing swap transactions on or pursuant to the rules of MTFs from the trade execution mandate set out in section 2(h)(8) of the Act.
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Source: CFTC.gov
AccuShares Files to Register a New Volatility ETF and 6 New Commodity ETFs
March 20, 2014--AccuShares Commodities Trust I, a newly-formed fund trust ("AccuShares"), has filed a registration statement with the Securities and Exchange Commission to issue shares of 7 exchange traded funds ("ETFs").
Launch dates for the proposed ETFs have not yet been determined. The first ETF expected to be offered, the AccuShares Spot CBOE(R) VIX(R) Fund, is designed to provide exposure to the CBOE Volatility Index.
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Source: AccuShares
Morgan Stanley-ETF Tracking Error: A Modest Rise in 2013
March 20, 2014--Morgan Stanley defines tracking error in this report as the difference in total return
between an ETF's net asset value (NAV) and its underlying index. In our
view,the most common sources of tracking error include fees and
expenses,portfolio optimization,fair value pricing of net asset value
(NAV), ownership restrictions, and index turnover.
Average and weighted average tracking error for US-listed ETFs in our
study was 66 and 45 basis points (bps),respectively, in 2013. This
reflected a modest increase of 7 bps in average tracking error and a 1 bps
increase in weighted average tracking error from 2012 levels.
We attribute the slight uptick in average tracking error to myriad factors
at play in 2013. 1) Increasing complexity of underlying markets; 2) the
effect of compounding amid higher asset prices in relation to expense
ratios; 3) strong performance of MLPs; 4) strong performance and
declining correlations impacting optimization techniques.
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Source: Morgan Stanley
BlackRock ETP Landscape-February 2014
March 10, 2014--Fixed Income ETP flows surged in early February while Equities recovered after a rocky start.
Global ETP inflows finished February at $27.2bn spurred on by Janet Yellen's February 11th address to Congress, which was well received by equity markets.
Fixed Income flows of $19.6bn set a new monthly record amid expectations for continued low interest rates and low inflation.
US Treasuries brought in $11.4bn and Investment Grade Corporate gathered $3.6bn. High Yield Corporate added $1.4bn.
Despite inflows into all duration buckets, Short Maturity funds had a record month taking in $7.4bn.
Overall Equity flows were moderate at $5.8bn with investors continuing to favour non-US Developed Markets exposures.
Japanese Equity inflows reached $4.1bn and Pan-European funds gathered $2.8bn as evidence continues to point toward improving growth in the region.
US Equity outflows totaled ($0.2bn) and Emerging Markets shed ($4.5bn).
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Source: BlackRock ETP Landscape Research
Federal Reserve issues FOMC statement
March 19, 2014--Information received since the Federal Open Market Committee met in January indicates that growth in economic activity slowed during the winter months, in part reflecting adverse weather conditions.
Labor market indicators were mixed but on balance showed further improvement. The unemployment rate, however, remains elevated. Household spending and business fixed investment continued to advance, while the recovery in the housing sector remained slow. Fiscal policy is restraining economic growth, although the extent of restraint is diminishing. Inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable.
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Source: FRB
