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Report: The Potential Macroeconomic Effect of Debt Ceiling Brinksmanship
Unprecedented default could result in recession comparable to or worse than 2008 financial crisis
October 3, 2013--The U.S. Department of the Treasury released a report today on the potential macroeconomic effects of debt ceiling brinksmanship.
The report states that a default would be unprecedented and has the potential to be catastrophic: credit markets could freeze, the value of the dollar could plummet, and U.S. interest rates could skyrocket, potentially resulting in a financial crisis and recession that could echo the events of 2008 or worse. By looking at the disruptions to financial markets that ensued in 2011, the report examines a variety of economic indicators-including consumer and small business confidence, stock price volatility, credit risk spreads, and mortgage spreads- through which a similar episode might harm the economic expansion.
"As we saw two years ago, prolonged uncertainty over whether our nation will pay its bills in full and on time hurts our economy," Treasury Secretary Jacob J. Lew said. "Postponing a debt ceiling increase to the very last minute is exactly what our economy does not need- a self-inflicted wound harming families and businesses. Our nation has worked hard to recover from the 2008 financial crisis, and Congress must act now to lift the debt ceiling before that recovery is put in jeopardy."
view the report-THE POTENTIAL MACROECONOMIC
EFFECT OF DEBT CEILING BRINKMANSHIP
Source: US Department of the Treasury
BATS Global Markets Reports 23.4% European Market Share-Sets Record In Germany's SDAX-U.S. Equities Market Share Totals 9.7%-BATS Options Reports 4.1% Market Share
U.S. Equities Market Share Totals 9.7%; BATS Options Reports 4.1% Market Share
October 2, 2013-- BATS Global Markets (BATS) today reported that BATS Chi-X Europe posted overall market share of 23.4% in September, with a new monthly market share record set in Germany's SDAX (8.8%) and its second-best month on record for market share in Depositary Receipts (FTSE ROIB, 8.3%).
BATS Chi-X Europe remained the largest pan-European market by market share and notional value traded in September, with monthly market share exceeding 26% in the UK, German, Swedish and Finnish markets.
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Source: BATS Global Markets (BATS)
Horizons ETFs Launches Canada's First Floating Rate Preferred Share ETF
October 2, 2013--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. are pleased to announce the launch of the Horizons Active Floating Rate Preferred Share ETF ("HFP"), which will for the first time give Canadian investors the opportunity to gain floating rate exposure from North American preferred shares through an exchange traded fund.
Class E units and Advisor Class units of the HFP will begin trading today on the Toronto Stock Exchange ("TSX").
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Source: Wall Street Journal
IPI Wealth Management Welcomes Dan Weiskopf of Access ETF Solutions
Investment Planners, Inc. Welcomes Dan Weiskopf
October 1, 2013--Dan Weiskopf, Portfolio Manager and Investment Advisor Representative of IPI Wealth and IPI Wealth Management Inc., have entered into a strategic alliance that brings Access ETF Solutions models strategies.
and Mr. Weiskopf's ETF expertise to managed accounts and advisory platforms.
For more information, visit Investment Planner's Inc. online at www.investment-planners.com.
Source: Investment Planners, Inc.
CBOE Holdings Reports September Volume
Year-to-Date Volume: Index Options Up 24 Percent, VIX Futures Up 86 Percent
October 1, 2013--CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that September trading volume for options contracts on Chicago Board Options Exchange(R) (CBOE(R)) and C2 Options Exchange (C2SM) and futures contracts on CBOE Futures ExchangeSM (CFE(R)) totaled 95.48 million contracts.
Average daily volume (ADV) was 4.77 million contracts, a three-percent increase from August 2013 and a two-percent decrease from September 2012.
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Source: CBOE
ISE Reports Business Activity for September 2013
October 1, 2013--ISE and ISE Gemini(TM) combined represent 17.3% of equity options market share, excluding dividend trades.
ISE reported a combined ADV of 2.4 million contracts.
Dividend trades made up 2.7% of industry volume in September 2013.
The International Securities Exchange (ISE) today reported a combined average daily volume (ADV) of 2.4 million contracts in September 2013 for its two exchanges, ISE and ISE Gemini. This represents 17.3% of U.S. equity options market share.
Business highlights for the month of September include:
On September 30, ISE Gemini rolled out 200 additional products. Total listings on ISE Gemini now represent over ninety percent of overall equity and ETF options volume.
For the month of September, Implied Order functionality accounted for 6.5% of all non-crossing, multi-legged contract volume executed on ISE.
Detailed volume statistics are found in the tables by visiting
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Source: International Securities Exchange (ISE)
DB-Synthetic Equity & Index Strategy- North America-US ETF Investment Ideas-Implementing sector and industry strategies with ETFs
October 1, 2013--Finding the right sector and industry product
Full analysis of 54 US-listed sector and industry ETFs providing access to DB's overweight sectors and industries
Prefer the low PE cyclical sectors
DB US Equity strategists recommend overweighting all of Tech, all of Energy, Financials ex. REITs, and within their equal-weight sectors they recommend overweighting Auto, Auto Components, Media, Pharmaceuticals, Biotechnology, Aerospace & Defense, Electrical Equipment, Engineering & Construction and Chemicals. This positioning has significant cyclical and low PE tilts. The 2014E PE of their OW Industries is 13.4x vs. 16.6x for the rest of the S&P 500.
Full ETF analysis for IT, Financials, & Energy Sectors and 14 OW industries
We provide single ETF implementation ideas for 3 OW sectors and 14 OW industries; preference is given to sector exposure, market representation, and product efficiency (Figure 1). In addition, we provide details, analysis, and commentary for all 54 investable ETFs focusing on DB's OW sector and industries. We include GICS-based sector and industry exposure for more accurate peer-to-peer comparison. We also discuss the main differences among the major sector and industry index families available in the US ETF market.
for more info
Source: Deutsche Bank-Synthetic Equity & Index Strategy -North America
RevenueShares Launches First Revenue-Weighted Dividend ETF
RevenueShares Ultra Dividend Fund (RDIV) holds 60 high yielding stocks
October 1, 2013--RevenueShares has expanded its family of exchange-traded funds (ETFs) with the launch of the RevenueShares Ultra Dividend Fund (RDIV), which provides exposure to the 60 highest yielding dividend stocks in the S&P 900.
As the first revenue-weighted dividend ETF, RDIV is positioned to potentially capture the capital appreciation benefits of revenue-producing companies while operating with a goal of providing income-focused investors the yield they seek.
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Source: RevenueShares
FTSE Launches FTSE TMX GDCP
FTSE TMX Global Debt Capital Markets is the world's third-largest fixed income index provider
FTSE opens Toronto office to further expand operations in Canada
Existing PC Bond products to be rebranded
October 1, 2013--FTSE Group ("FTSE"), the global index provider, today announced the launch of a new global operating brand: FTSE TMX Global Debt Capital Markets.
A joint venture between FTSE and TMX Group's information services division, TMX Datalinx, FTSE TMX Global Debt Capital Markets is the third-largest fixed income index provider globally, strengthening FTSE’s position in the global fixed income market and further expanding the organisation's profile in North America.
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Source: FTSE
Deutsche Asset & Wealth Management Launches Three New Hedged Equity Exchange Traded Funds
October 1, 2013--Deutsche Asset & Wealth Management today announced the launch of three new hedged equity exchange traded funds (ETFs) on the db X-trackers platform. The new funds track MSCI hedged equity indexes and provide direct exposure to several important international equity markets, while aiming to protect against fluctuations in value of the U.S. dollar and non-U.S. currencies.
db X-trackers offers the most comprehensive suite of hedged equity ETFs in the U.S.
The three new ETFs are listed for trading on the NYSE Arca, under the following symbols:
db X-trackers MSCI Asia Pacific ex Japan Hedged Equity Fund (NYSEArca:DBAP)
db X-trackers MSCI Europe Hedged Equity Fund (NYSEArca:DBEU)
db X-trackers MSCI United Kingdom Hedged Equity Fund (NYSEArca:DBUK)
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Source: MarketWatch
