Americas ETP News
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SIFMA/ISDA petition to delay CFTC position limits
February 8, 2012--On February 7, the Securities Industry and Financial Markets (“SIFMA”) and the International Swaps and Derivatives Association (“ISDA”) asked a federal court to block CFTC position limits. Under the Dodd-Frank Act, the Commission curbed the number of contracts a trader can have, in an attempt to prevent excessive speculation in oil, gold and other commodity markets.
The Wall Street groups claim that the caps would impose a burden on their industry, damage traders’ capacities to hedge against risks, and cause “irreparable harm” to consumers and markets.
SIFMA and ISDA represent J.P. Morgan, Goldman Sachs, Morgan Stanley, and hundreds of other securities firms, banks, and asset managers. In December, they filed two federal lawsuits against the CFTC. They also asked the US Appeals Court to delay the position limits. The appeals court dismissed the case in January on the grounds that a challenge to legislation must be heard by lower courts before it can be argued before the appeals court.
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Source: CFTCLaw
NASDAQ OMX and IKON GLOBAL MARKETS Launch Spot Gold Futures
Exchange Simulates OTC Gold Market With Protections Compliant With Dodd Frank
Febraury 8, 2012--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), the world's largest exchange group, in partnership with IKON GLOBAL MARKETS, Inc. (IKON), a futures commission merchant registered with the U.S. Commodity Futures Trading Commission (CFTC) offering foreign exchange, futures and options, today will launch NASDAQ OMX XAU/USD Spot Gold FuturesTM (patent pending) on the NASDAQ OMX Futures Exchange, Inc. (NFX).
The contract will trade under the symbol "NAU" and seeks to simulate the over-the-counter (OTC) spot gold market trading experience.
Instead of physical delivery, the new futures contracts will be cash-settled which gives retail investors an efficient and secure way to trade gold. A daily cost of carry is imbedded in the product with an innovative pay/collect feature called "swap points." The swap point feature will be based on data calculated by IKON. This product seeks to simulate the OTC spot market for gold and give greater transparency to the cost of carry element present in OTC gold transactions.
The contracts will be sized appropriately for portfolios of all types, and can be cash-settled with as little as one 10 Troy oz. contract. Ultimately, all investors will benefit from a product with unique features that allow for flexibility and trading strategies without concerns over delivery and forward rolling dates. The exchange-listed spot gold futures follow the construct of recent Dodd Frank legislation by providing central counterparty clearing and the client protections of The Options Clearing Corporation.
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Source: NASDAQ OMX
VelocityShares Launches Suite of Eight Commodities-Related ETNs including 3x Leveraged Long and Inverse Crude Oil, Brent Crude, and Natural Gas and 2X Leveraged Long and Inverse Copper ETNs
February 8, 2012--VelocityShares LLC, creator of exchange traded products for institutional investors, announces the launch of eight commodities-related Exchange Traded Notes (ETNs) on the NYSE Arca stock exchange.
The VelocityShares Crude Oil, Brent Crude, and Natural Gas ETNs represent the first suite of 3x leveraged long and 3x inverse energy-related exchange traded notes to be listed in the U.S.
The VelocityShares Copper ETNs represent the first 2x leveraged long and inverse copper exchange traded notes to be listed in the U.S.
The new ETNs are a response to demand for instruments to manage risk and express tactical views in the energy and metals markets.
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Source: VelocityShares
Van Eck files with the SEC-Market Vectors Morningstar Long/Flat Commodity ETF
February 8, 2012--Van Eck has filed a Form S-1 registration statement with the SEC for the Market Vectors Morningstar Long/Flat Commodity ETF.
view filing
Source: SEC.gov
Fixed Income ETFs Hit Record Levels
Investors Seeking to Restore Low Risk and the Potential for Yield Turning to Fixed Income ETFs in Record Numbers
February 8, 2012--Global asset flows for exchange traded products (ETPs), and fixed income exchange traded funds (ETFs) specifically, hit record levels during the month of January, illustrating a continuing market "revolution" globally as investors increasingly turn to fixed income ETFs in an effort to help restore investment yield to their portfolios.
According to the BlackRock Investment Institute's latest "ETP Landscape" report released today, the global exchanged traded product (ETP) industry had its best month of January ever with $34.1 billion of net inflows, representing a 144% increase in inflows over the previous record set in January 2011 and up 116% from December 2011. Also, according to the ETP Landscape, fixed income ETPs set a new global monthly record, attracting $9.0 billion in January 2012 up from the previous monthly record set of $6.7 billion set in January 2009.
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Source: BlackRock
Global X Funds Launches Permanent ETF (PERM)
February 8, 2012 – Global X Funds, the New York based provider of exchange traded funds, today launched the Global X Permanent ETF (NYSE Arca: PERM), a diversified ETF investing across various asset classes and designed to perform in different economic environments: increasing growth, decreasing growth rate, increasing inflation, decreasing inflation.
Given current economic uncertainty and volatility in the marketplace, investors may stand to benefit from a product that is market agnostic. PERM is an all seasons portfolio tracking the performance of four asset class categories designed to perform differently across various economic climates. The fund has target allocations of 25% to equity stocks, 25to short term bonds, 20% to gold and 5% to silver, and 25% to long term bonds. PERM does not try to beat an index but rather maintains target allocations through passive indexing.
“The Global X Permanent ETF is designed to preserve and increase purchasing power over the long term,” said Bruno del Ama, chief executive officer of Global X Funds. “PERM provides access to this diversification in a single, cost-effective ETF.”
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Source: Global X
Van Eck files with the SEC
February 8, 2012-Van Eck has filed a Form S-1 registration statement with the SEC for the Market Vectors Morningstar Long/Short Commodity ETF.
view filing
Source: SEC.gov
Natixis files with the SEC
February 8, 2012--Natixis has filed an amended application for exemptive relief with the SEC for actively managed ETFs.
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Source: SEC.gov
Natixis files with the SEC
February 8, 2012--Natixis has filed an amended application for exemptive relief with the SEC.
view filing
Source: SEC.gov
Van Eck files with the SEC
February 7, 2012--Van Eck has filed a post-effective amendment, registration statement with the SEC for the Unconventional Oil & Gas ETF (FRAK).
view filing
Source: SEC.gov
