Americas ETP News
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CFTC Votes to Drop Court Appeal of Position Limits Rule
CFTC abandons challenge of rule limiting speculation in commodity markets
October 29, 2013--The Commodity Futures Trading Commission voted to abandon a court challenge of a rule designed to limit speculation in commodity markets, agreeing to drop the agency's appeal as it works to advance a revised version of the rule.
The CFTC voted to drop its appeal of a September 2012 decision tossing out the agency’s "position limits" rule, which aimed to curb sharp price spikes by limiting the percentage of the market any one firm can control in certain commodities.
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Source: Wall Street Journal
CBOE To Introduce Mini-SPX Options With PM Settlement On November 5
Benefits Also Include Ease Of Cash Settlement And Certainty Of European Exercise
October 29, 2013--Chicago Board Options Exchange, Incorporated (CBOE(R)) announced today that the Exchange will list a Mini-SPX Index option (options symbol: XSP) contract with a new PM-settlement feature beginning on Tuesday, November 5.
CBOE's Mini-SPX Index options are one-tenth the value of the S&P 500(R) Index options (SPX), which are based on the premier benchmark of the broader U.S. market.
The PM-settlement is preferred by many investors, including institutions that have end-of-day reporting requirements.
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Source: CBOE
NASDAQ OMX - Update - Statement On Global Index Data Service (GIDS 2.0)
October 29, 2013--NASDAQ OMX experienced an interruption of service related to the dissemination of Global Index Data Service (GIDS 2.0).
The disruption was caused by a human error performing an operational function which resulted in the incorrect delivery of data to the index distribution system. This limited the ability of the system to distribute index data from 11.53 am to 12.37 pm EDT. The index calculation system was not impacted. No equity exchange operations have been impacted.
Source: NASDAQ OMX
Investors flood U.S. stock funds at fastest pace since 2000-TrimTabs
October 29, 2013--Investors sent $45.5 billion into U.S.-based equity mutual funds and exchange-traded funds from the start of October through Friday, the fifth-highest month on record, data from research provider TrimTabs showed on Tuesday.
Those stock funds, which own shares of companies both inside and outside the United States, have had inflows of $277 billion this year, the largest annual inflow since 2000. Funds that hold stocks of only U.S companies recorded their first annual inflow since 2007, the data showed.
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Source: Yahoo Finance
Home Prices Rise Further in August 2013
October 29, 2013--Data through August 2013, released today by S&P Dow Jones Indices for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, showed that the 10-City and 20-City Composites increased 12.8% year-over-year. Compared to July 2013, the annual growth rates accelerated for both Composites and 14 cities.
On a monthly basis, the 10-City and 20-City Composites gained 1.3% in August. Las Vegas led the cities with an increase of 2.9%, its highest since August 2004. Detroit and Los Angeles followed with gains of 2.0%.
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Source: S&P Dow Jones Indices
SIGTARP Report: October 2013, Quarterly Report to Congress on TARP
October 29, 2013--This morning, SIGTARP issued its October 2013 Quarterly Report to Congress on the status of TARP.
view the SIGTARP Report: October 2013 Quarterly Report to Congress on TARP
Source: Office of the Special Inspector General for the Troubled Asset Relief Program
Copper Firm Drops Bid to Halt ETFs
Southwire Says Suit Isn't Necessary as Banks Retreat From Commodities
October 29, 2013--
Southwire Co., the largest copper-wire maker in the U.S., has ended its legal battle against the launch of two exchange-traded funds as some banks retreat from the physical-commodities business.
The Carrollton, Ga., company had been fighting decisions by the Securities and Exchange Commission to approve certain waivers that paved the way for J.P. Morgan Chase & Co. and BlackRock Inc. to list ETFs backed by physical copper.
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Source: Wall Street Journal
CFTC.gov Commitments of Traders Reports Update
October 28, 2013--The current reports for the week of October 8, 2013 are now available.
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Source: CFTC.gov
ISE Gemini Completes Third Successful Product Rollout Since Launch
October 28, 2013--The International Securities Exchange (ISE) today announced that ISE GeminiTM has completed the rollout of 199 additional products.
This represents the third successful product rollout since ISE Gemini’s launch on August 5, 2013. ISE Gemini now lists approximately 700 total products that together represent over ninety percent of equity options industry volume.
For the full list of new products listed on ISE Gemini, click here.
Additional details about ISE Gemini can also be viewed at www.ise.com/gemini.
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Source: International Securities Exchange (ISE)
Understanding the Master Limited
October 28, 2013--In the last five years, we have seen significant growth of Master Limited Partnership (MLP) investments within both the mutual
fund and alternative investment sectors. Whether you are
interested in increasing your exposure to MLP investments within your existing funds or are considering structuring a fund that focuses primarily on MLPs, there are several factors that
should be considered.
U.S. Bancorp Fund Services offers
consultative support and tax preparation services for multiple
fund structures that invest in MLPs.
General Characteristics of MLPs
MLPs are generally considered publicly traded partnerships (PTPs) that are sold on a primary or secondary
market or exchange where they are priced throughout an open day of trading, much like a typical corporate stock. PTPs are traded in units rather than in shares, but because of their corporate open market trading
characteristics, they can be classified as corporations for U.S. financial reporting and tax purposes.
The IRS allows MLPs that derive 90 percent or more of their annual gross income amount from passive sources to be classified as Qualified Publicly Traded Partnerships (QPTPs). While PTPs that fail to qualify as QPTPs are taxed as corporations for U.S. tax purposes, QPTPs are taxed as partnerships. Because QPTP classification is based on an annual fiscal gross income test, MLP designation as a taxable corporation or partnership can change, and therefore must be monitored. MLPs that are U.S. corporations for tax purposes issue annual 1099 income reporting statements to their underlying investors, while MLPs taxed as partnerships issue K-1 statements.
Currently a significant portion of MLPs are classified as oil, gas, or other types of energy exploratory companies. Per the National Association of PTPs (NAPTP), there has been significant growth in total U.S. MLP structures over the past five years. See the illustration below for the current industry composite of MLPs.
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Source: U.S. Bancorp Fund Services
