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CFTC.gov Commitments of Traders Reports Update
December 14, 2012--The current reports for the week of December 11, 2012 are now available.
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Source: CFTC.gov
Rafferty Asset Management Closing Three Exchange Traded Funds
December 14, 2012--The Board of Trustees of the Direxion Shares ETF Trust has decided to liquidate and shutter three exchange-traded funds ("Funds") based on the recommendation of Rafferty Asset Management, LLC, the Trust's advisor.
Due to the Funds' inability to attract sufficient investment assets, Rafferty believes they cannot continue to conduct their business and operations in an economically efficient manner. As a result, the Board concluded that liquidating and shuttering the Funds would be in the best interests of the Funds and their shareholders.
The Trust will close the following funds: Direxion Large Cap Insider Sentiment Shares (INSD), Direxion S&P 1500 DRRC Index Volatility Response Shares (VSPR) and Direxion S&P Latin America 40 DRRC Index Volatility Response Shares (VLAT).
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Source: Rafferty Asset Management, LLC
CFTC's Division of Market Oversight Issues No-Action Letter Addressing Timeline for Swap Dealer Compliance with Large Swap Trader Reporting Rules
Decemeber 14, 2012--The Division of Market Oversight (DMO) of the Commodity Futures Trading Commission (CFTC) today issued a letter addressing the timeline within which non-clearing member swap dealers must come into compliance with the large swap trader reporting requirements of Part 20 of the CFTC's regulations.
Part 20 establishes large trader reporting requirements for physical commodity swaps and swaptions. Clearing organizations and clearing members are already required to be in compliance with the reporting requirements of Part 20.
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Source: CFTC.gov
ISE Weekly Listings, December 14, 2012
December 14, 2012--The International Securities Exchange (ISE) listed new options classes during the week beginning December 10, 2012 as described below.
Effective Wednesday, December 12, 2012, the ISE will list options on the following product(s) along with their related symbol(s):
Bin 4 - Citadel Securities LLC Equity
FleetCor Technologies Inc. (Symbol: FLT, Trading Symbol(s): FLT) will trade on a February expiration cycle with exercise and position limits of 75000. Given Imaging Ltd. (Symbol: GIVN, Trading Symbol(s): GIVN) will trade on a February expiration cycle with exercise and position limits of 25000.
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Source: International Securities Exchange (ISE)
Global X files with the SEC
December 14, 2012--Global X has filed a post-effective amendment, registration statement with the SEC for the Global X Junior MLP ETF.
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Source: SEC.gov
CFTC Needs 6-Month Delay in Overseas Rules, Chilton Says
December 13, 2012--The main U.S. derivatives regulator came under pressure to limit the cross-border impact of new swaps rules and delay them for six months from overseas regulators as well as Democratic and Republican members of the Commodity Futures Trading Commission.
The Washington-based agency should provide relief from compliance with Dodd-Frank Act rules while U.S. and overseas regulators discuss how to limit oversight gaps, Bart Chilton, one of three Democrats at the CFTC, and Jill E. Sommers, one of two Republicans, told a House Agriculture Committee hearing on the scope of the rules.
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Source: Bloomberg
6 top ETF trends of 2012, and the outlook for '13
December 13, 2012--Exchange-traded funds remain relative upstarts compared with mutual funds. But they're leading the race for investors' assets, on Main Street as well as Wall Street.
Check out the key ETF trends of 2012, and it’s not a stretch to ask whether investors might someday commit as much cash to ETFs as they have to their more established cousins.
Introduced in the early 1990s, ETFs initially were trading tools for professional investors. Similar to low-cost index mutual funds, they track segments of the market and try to match a benchmark stock or bond index rather than beat it. But ETF shares can be traded throughout the day like stocks. That makes it possible to lock in a preferred price without waiting for a closing price. Mutual funds are priced only at the close of daily trading.
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Source: Boston.com
U.S. fund investors pour $8.68 billion into stock ETFs: Lipper
December 13, 2012--Investors in U.S.-based funds pumped the most money into stock exchange-traded funds since mid-September while also putting money into higher-quality corporate bonds in one of the last reporting weeks of the year, data from Thomson Reuters' Lipper service showed on Thursday.
Stock ETFs pulled in $8.68 billion in investor cash in the week ended December 12, the most since mid-September. The inflows offset outflows of $3.71 billion from stock mutual funds, leading to net inflows of $4.97 billion into stock funds.
Investors were less drawn to bond funds overall than they were to stocks, and committed a net $1.24 billion into the funds. Bond mutual funds attracted $674.6 million, while bond ETFs attracted $570.34 million, which was the most cash committed to the passive funds in five weeks.
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Source: Reuters
ProShares Launches First True Merger Arbitrage ETF
Expands Nation's Largest Lineup of Alternative ETFs
December 13, 2012--ProShares, a premier provider of alternative exchange traded funds (ETFs), today announced the launch of the ProShares Merger ETF (Ticker: MRGR), the first ETF based on a true merger arbitrage strategy.
MRGR aims to produce the risk/return characteristics of a merger arbitrage strategy by tracking the performance of the S&P Merger Arbitrage Index (before fees and expenses). The ETF lists on BATS Exchange today.
Merger arbitrage strategies, frequently used by institutions and high-net-worth investors, seek to capture the spread between a target company’s stock price after a proposed merger or acquisition is announced and the deal price that the acquiring company will pay for the target company.
"The goal of MRGR is to produce consistent, positive returns under virtually any market conditions," said Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC, ProShares' investment advisor. "We are pleased to offer access to a true merger arbitrage strategy delivered for the first time with the cost efficiency, transparency and liquidity of an ETF."
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Source: ProShares
Horizons ETFs Announces Upcoming Name Changes
December 13, 2012--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate Horizons ETFs Management ( Canada ) Inc. are pleased to announce that effective on or about Friday, December 21, 2012 , the names of certain exchange traded funds listed below (the "ETFs") will change as follows:
Current Name: Horizons Winter-Term NYMEX(R) Crude Oil ETF
New Name: Horizons NYMEX(R) Crude Oil ETF
Current Name: Horizons Winter-Term NYMEX(R) Natural Gas ETF
New Name: Horizons NYMEX® Natural Gas ETF
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Source: Horizons Exchange Traded Funds Inc.
