Americas ETP News
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Canada ETF industry on track for record year
November 27, 2012--Canada's fast growing exchange traded funds market is on course for a record year in 2012 with analysts predicting that ETFs will continue to win market share from the country's traditional mutual funds industry.
Canadian listed ETFs (funds and products) attracted net new inflows of $10.1bn between January and October, up 33.2 per cent on the $7.6bn gathered over the whole of 2011, according to ETFGI, a consultancy, which reported all figures in US dollars.
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Source: FT.com
NASDAQ OMX Becomes First North American Exchange to Join the United Nations Global Compact
NASDAQ OMX Hosts Global Compact LEAD Symposium at MarketSite
November 27, 2012--Today The NASDAQ OMX Group, Inc. announced it has joined the United Nations Global Compact. The announcement was made at the Global Compact's 3rd LEAD Symposium being hosted at the NASDAQ MarketSite in Times Square, New York City.
Launched in 2000, the United Nations Global Compact is both a policy platform and a practical framework for companies committed to sustainability and responsible business practices. As a multi-stakeholder leadership initiative, it seeks to align business operations and strategies with 10 universally-accepted principles in the areas of human rights, labor, environment, and anti-corruption, and to catalyze actions in support of broader UN goals. With 7,000 corporate signatories in 135 countries, it is the world's largest voluntary corporate sustainability initiative. NASDAQ OMX is the first North American exchange to join the Global Compact.
Global Compact LEAD engages leading companies in reaching higher levels of corporate sustainability performance. Participants collaborate with fellow champions, investors, business schools and the UN System, and share related lessons and best practices with the broader Global Compact network. The symposium will focus on aligning efforts to communicate corporate sustainability through reporting and disclosure.
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Source: NASDAQ OMX
Fitch says Argentina default is 'probable'
November 27, 2012--The credit rating agency Fitch Ratings on Tuesday downgraded Argentina, which is locked in a court battle in New York over its debt, and said the country would probably default.
Fitch cut its long-term rating for Argentina to "CC" from "B," a downgrade of five notches, and cut its short-term rating to "C'' from "B." A rating of "C'' is one step above default.
U.S. judge Thomas Griesa of Manhattan federal court last week ordered Argentina to set aside $1.3 billion for certain investors in its bonds by Dec. 15,
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Source: Bloomberg BusinessWeek
ISE sets mini option launch date
November 27, 2012--The trading of new mini options contracts on US venue the International Securities Exchange (ISE) will commence in March, following recent regulatory go-ahead.
The new mini options will represent a deliverable of 10 shares of an underlying security compared to the standard contracts which represent 100 shares.
The new instruments will have the same expiration dates as their standard counterparts and strike prices will also align to those of the standard contracts, as will the quoted bids and offers. The fees associated with mini options will be announced at a later date after SEC approval.
“We are very pleased to announce a launch date of 18 March, 2013, to begin trading Mini Options,” said Gary Katz, president and CEO of ISE.
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Source: CFTC.gov
BATS Global Markets Expands Access Of Risk Management And Kill Switch Tools To All Members
Tools Now Available to All Members at No Cost With No Additional Latency Incurred
November 27, 2012--
BATS Global Markets (BATS), a leading operator of securities markets in the U.S. and Europe, today rolled out a suite of risk management tools available at no charge to all members of its U.S. equities and equity option markets to help them mitigate risk.
Beginning today the tools are available to all members of the BATS BZX Exchange, BYX Exchange and BATS Options at no charge with no additional latency incurred on inbound orders to BATS.
The customizable port-level risk management tools, which had previously only been available to Sponsoring Members, provide members with pre-trade risk protection by enabling members to set critical parameters for orders and prevent unwanted executions. Some of the key features of the risk management tools include the ability to set order restrictions, maximum per-order limits, and order cutoffs, or a member controlled "kill switch," which would cancel all open orders and block new orders.
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Source: BATS Global Markets, Inc.
Knight Capital Group Sale Rumors: What is the Company Worth?
November 26, 2012--After rumors started this past weekend of a potential sale, shares of Knight Capital Group Inc. (NYSE:KCG) are actively trading on Monday.
As of 3:00 p.m. ET, the stock is up 18.07 percent, trading at $2.94.
On Saturday, the Wall Street Journal reported that the firm was holding talks to potentially sell its large and profitable market-making operation.
From 2009 to 2011, the unit had pretax profits of $663.8 million, but in 2012′s first nine months, it incurred a $400.9 million loss due to a software glitch that resulted in erroneous trades back on Aug. 1.
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Source: Investing Channel
ProShares Considers Listing Products with BATS
November 26, 2012--On January 24th, BATS Global Markets became the third listing venue for U.S. exchange-traded products when the iShares unit of BlackRock launched the first of sixteen new funds on the BATS BZX Exchange.
Several of those new funds even debuted after BATS self-listed initial public offered stumbled in March.
Now Bethesda, Md.-based ProShares Advisors is looking to become the second ETP issuer to take the BATS challenge.
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Source: Forbes
Nuveen Hires Former BlackRock Strategist Robert Doll
November 26, 2012--Nuveen Asset Management hired Robert Doll as chief equity strategist, less than six months after he announced his retirement from the same role at BlackRock Inc. (BLK), where he was known for his bullish stance on stocks.
Doll, 58, will also serve as senior portfolio manager directly overseeing about $1.5 billion and reporting to David A. Chalupnik, Nuveen’s head of
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Source: Bloomberg
ISE is First Exchange to Announce Mini Options Launch on March 18
November 26, 2012--The International Securities Exchange (ISE) today became the first exchange to confirm a launch date of March 18, 2013 to commence trading in Mini Options.
Since receiving Securities and Exchange Commission (SEC) approval for this innovative new product offering, ISE has been coordinating with its member firms to determine an appropriate date for launch readiness. Mini Options will represent a deliverable of 10 shares of an underlying security, whereas standard contracts represent a deliverable of 100 shares. ISE will initially list Mini Options on the following securities: AAPL, AMZN, GLD, GOOG, and SPY.
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Source: International Securities Exchange
SEC Chairman Mary Schapiro to Step Down Next Month
November 26, 2012--After nearly four years in office, SEC Chairman Mary L. Schapiro today announced that she will step down on Dec. 14, 2012.
Chairman Schapiro, who became chairman in the wake of the financial crisis in January 2009, strengthened, reformed, and revitalized the agency. She oversaw a more rigorous enforcement and examination program, and shaped new rules by which Wall Street must play.
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Source: SEC.gov
