Americas ETP News
If your looking for specific news, using the search function will narrow down the results
WisdomTree Surges As Arnott Withdraws Lawsuit
November 8, 2012--Good news this morning for exchange-traded fund company WisdomTree Investments (WETF): Robert Arnott's Research Affiliates dropped its patent-infringement lawsuit, ending a dispute over "fundamental indexing" that has hung over the stock.
Investors certainly like it: WisdomTree’s stock has surged 11% as of midmorning trading.
The two firms announced the move this morning in a joint press release. ”Based on information that came to our attention during the lawsuit, Research Affiliates can now acknowledge that WisdomTree’s fundamentally-weighted indexes and strategies were developed by WisdomTree independently of Research Affiliates,” Arnott, chairman and CEO of Research Affiliates, said in the release.
view more
Source: Barron's
BM&FBOVESPA begins bidding process to select Market Makers for Ibovespa Options and Banco Bradesco, Gerdau and Banco do Brasil Equity Options
November 8, 2012--BM&FBOVESPA hereby announces the start of the competitive bidding processes for the selection of up to three market makers for Banco Bradesco S.A. (BBDC4), Gerdau S.A. (GGBR4) and Banco do Brasil S.A. (BBAS3) equity options and for BOVESPA Index (IBOV) options.
The institutions that wish to take part in this process, including nonresidents, have until December 07, 2012 to submit their proposals, with the opening ceremony occurring on December 18, 2012, when the pre-selected institutions will be known. The winners will be announced on January 18, 2013, after the contract has been signed.
view more
Source: BM&FBOVESPA
CBO-Economic Effects of Policies Contributing to Fiscal Tightening in 2013
November 8, 2012--Substantial changes to tax and spending policies are scheduled to take effect in January 2013, significantly reducing the federal budget deficit. According to CBO's projections' if all of that fiscal tightening occurs, real (inflation-adjusted) gross domestic product (GDP) will drop by 0.5 percent in 2013 (as measured by the change from the fourth quarter of 2012 to the fourth quarter of 2013)-reflecting a decline in the first half of the year and renewed growth at a modest pace later in the year.
That contraction of the economy will cause employment to decline and the unemployment rate to rise to 9.1 percent in the fourth quarter of 2013. After next year, by the agency’s estimates, economic growth will pick up, and the labor market will strengthen, returning output to its potential level (reflecting a high rate of use of labor and capital) and shrinking the unemployment rate to 5.5 percent by 2018.
Output would be greater and unemployment lower in the next few years if some or all of the fiscal tightening scheduled under current law—sometimes called the fiscal cliff—was removed. However, CBO expects that even if all of the fiscal tightening was eliminated, the economy would remain below its potential and the unemployment rate would remain higher than usual for some time.
view the report-CBO-Economic Effects of Policies Contributing to Fiscal Tightening in 2013
Source: CBO (CONGRESSIONAL BUDGET OFFICE)
CBO-Choices for Deficit Reduction
November 8, 2012--This report reviews the magnitude and causes of the federal government's budgetary imbalance, various options for bringing spending and taxes into closer alignment, and criteria that lawmakers and the public might use to evaluate different approaches to deficit reduction.
How Big Are Projected U.S. Deficits and Debt?
Federal debt held by the public currently exceeds 70 percent of the nation’s annual output (gross domestic product, or GDP), a percentage not seen since 1950. Under the current-law assumptions embodied in CBO’s baseline projections, the budget deficit would shrink markedly—from nearly $1.1 trillion in fiscal year 2012 to about $200 billion in 2022—and debt would decline to 58 percent of GDP in 2022. However, those projections depend heavily on the significant increases in taxes and decreases in spending that are scheduled to take effect at the beginning of January.
If, instead, lawmakers maintained current policies by preventing most of those changes from occurring—what CBO refers to as the alternative fiscal scenario—annual deficits would average nearly 5 percent of GDP over the next decade, and debt held by the public would increase to 90 percent of GDP 10 years from now and keep rising rapidly thereafter.
view the report-CBO-CBO-Choices for Deficit Reduction
Source: CBO (CONGRESSIONAL BUDGET OFFICE)
Alerian MLP ETF Declares Fourth Quarter 2012 Distribution of $0.256
November 7, 2012-The Alerian MLP ETF (Master Limited Partnership Exchange-Traded Fund) declared its fourth quarter 2012 distribution of $0.256
on Tuesday, November 6th.
The dividend is payable on November 14, 2012 to shareholders of record on November 9, 2012.
AMLP Cash Distribution:
Ex-Date: Wednesday, November 7th
Record Date: Friday, November 9th
Payable Date: Wednesday, November 14th
Source: ALPS
CFTC.gov Financial Data for Futures Commission Merchants Update
November 7, 2012--Selected FCM financial data as of September, 2012 (from reports filed by October, 2012) is now available.
view updates
Source: CFTC.gov
Institutional investors accounted for largest share of ETF trading on BM&FBOVESPA in October
November 7, 2012--Institutional investors accounted for 37.1% of the total volume of exchange-traded funds traded on BM&FBOVESPA in October.
Financial investors ranked second with 31.5%, followed by foreign investors with 18.8%, individual investors with 13.2% and private- or public-sector corporations with 0.7%.
iShares Ibovespa Fundo de Índice (BOVA11) was the most traded ETF on BM&FBOVESPA in Octorber, accounting for 91.4% of the total trading volume in all the ETFs available on the Exchange.
read more
Source: BM&FBOVESPA
Pyxis Capital Launches Pyxis iBoxx Senior Loan ETF
First ETF offering by leading alternative fund family targets yield-seeking investors with unique bank loan fund.
November 7, 2012--Pyxis Capital, L.P. today announced the launch of the Pyxis iBoxx Senior Loan ETF (SNLN), a low-cost exchange traded fund that provides investors with access to bank loan investments. Trading began today on the New York Stock Exchange.
The Pyxis iBoxx Senior Loan ETF is the only ETF to track the Markit iBoxx USD Liquid Leveraged Loan Index, a measure of the broad loan market comprised of 100 of the most liquid, tradable leveraged loans as identified by Markit's Loans Liquidity service.
read more
Source: Pyxis Capital
CBO- Monthly Budget Review-October Fiscal Year 2012
November 7, 2012--Last month, the Treasury Department reported that the federal government incurred a budget deficit of $1.1 trillion for fiscal year 2012-$207 billion less than that in 2011.
Fiscal year 2012 marks the fourth consecutive year with a deficit above $1.0 trillion. As a share of the nation’s gross domestic product (GDP), the deficit declined—from 8.7 percent in 2011 to 7.0 percent in 2012—but it was still the fourth highest as a share of GDP since 1946.
Total Receipts Were Up by 6 Percent in Fiscal Year 2012 but Were Still Below Their Peak in 2007
The government’s receipts increased (in nominal terms) for the third consecutive year; still, they were 5 percent below their peak in 2007. Receipts rose from 15.4 percent of GDP in 2011 to 15.8 percent of GDP in 2012 but remained well below the 40-year average of about 18 percent of GDP.
Receipts in fiscal year 2012 totaled $2.4 trillion, $147 billion (or 6 percent) more than those in the same period last year. Compared with collections in fiscal year 2011, revenues from all major sources increased in 2012:
view the Monthly Budget Review-Fiscal Year 2012-
A Congressional Budget Office Analysis
Source: Congressional Budget Office
DB-ETF Quant Ideas - Implementing Multi Asset Class Momentum Strategies with ETFs
November 6, 2012--A diversified approach to momentum strategies using ETFs
ETFs provide a diverse and liquid range of alternatives to implement momentum strategies across multiple asset classes
Momentum across asset classes
A momentum portfolio across several asset classes is far superior to the traditional 12-1 month equities only momentum both from a risk adjusted and maximum drawdown perspective. In addition, being selective when choosing your portfolio allocation method can definitely reap performance benefits.
ETF momentum portfolios
In this research we explore the different alternatives available for implementing cross asset class momentum portfolios using ETFs. More specifically we test the momentum strategy in equity developed markets country and sector funds, commodity, currency, strategy, and treasury products. In general we found that ETF portfolios implementing global sector, commodity, currency and treasury momentum strategies have displayed momentum persistency.
Introducing our Diversified Momentum ETF Portfolio (DMP)
We prove that a multi asset class momentum portfolio implemented with ETFs can provide access to the momentum anomaly and improve the portfolio’s risk-adjusted return and maximum drawdown.
request report
Source: Deutsche Bank - Synthetic Equity & Index Strategy- North America
