Americas ETP News
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Merk Outlook: dollar, currencies & gold
June 2, 2015--Has the tide turned, or is the dollar merely taking a breather? Is the euro's recent bounce off its lows just a dead cat bounce, or is it a sign of other changes to come? Why has gold not rallied with the recent retreat of the dollar?
What dynamics might be unfolding for the rest of the year? Below we share our outlook and analysis on how economic and financial developments might affect the price of the U.S. Dollar, other currencies, as well as the ultimate hard currency, gold.
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Source: Merk Investments
New TMX CEO shuffles executives, seeks sales administrator
June 2, 2015--TMX Group Ltd is looking to hire a sales chief as part of a reorganization initiated by recently hired Chief Executive Officer Lou Eccleston.
The operator of Canada's biggest stock exchange said on Tuesday that the new executive will focus on commercial strategy and client experience to help fend off competition from rivals, pitch products to investors and attract new stock issues
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Source: Reuters
Investors pull $2.7 bln from Pimco Total Return; $53 mln from ETF
June 2, 2015-- Investors yanked another $2.7 billion from the Pimco Total Return Fund in May, their 25th straight month of withdrawals, but less than half the previous month's pace.
The outflows in May leave the Pimco Total Return Fund, which lost its crown as the biggest bond fund in the world in April, with assets of $107.3 billion at month's end, Pacific Investment Management Co said on Tuesday.
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Source: Yahoo Finance
Structure Matters Series: Know the Factors that drive performance
June 1, 2015--The goal of this next Structure Matters series is to provide practical guidelines with how factor based investing should be monitored, measured and used.
In this series, we will interview ETF portfolio managers and key decision makers who are involved in the ETF construction and the factor weightings that drive index and "real money" performance. Although the label "smart beta" is at the core of the factor question, investors in passively managed funds need to recognize that a "do nothing strategy" arguably results in the automatic acceptance of certain risks.
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Source: Access ETF Solutions
Women Are Scarce Among Fund Managers
A Morningstar study finds that less than 10% of fund managers are women.
June 1, 2015--More women in the United States are making their own investment decisions than ever before. In one recent study, 19% of women reported being a primary decision-maker for couples' long-term retirement savings-a figure that has doubled since 2011.[1]
The numbers of U.S. female financial advisors also are on the rise, with women now comprising more than a fourth of a growing profession.[2]
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Source: Morningstar
Everyone's Been Worried About Liquidity in the Wrong Bond Market
Trouble is lurking in the biggest market there is
June 1, 2015--Bond market liquidity is terrible, goes the familiar refrain across Wall Street.
While liquidity is a notoriously difficult concept to define, a simple interpretation is investors' ability to buy and sell a security without significantly impacting its price. For years now, the $7.5 trillion U.S. corporate bond market has been the center of liquidity concerns as investors, traders and regulators all fret about the ability of investors to exit their large positions in such securities.
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Source: Bloomberg
Highland Capital Management Launches Three ETFs to Expand Suite of Alternative Beta Products
Three New ETFs Launched Using Indices from Hedge Fund Research, Inc, a global leader in the indexation, analysis and research of the global hedge fund industry
June 1, 2015--Highland Capital Management Fund Advisors L.P. ("Highland") announces the launch of three new exchange-traded funds ("ETFs") that leverage the industry-leading indices and research from HFR (Hedge Fund Research, Inc.).
The three ETF products designed in collaboration with HFR will be the first of their kind to replicate aggregate hedge fund positions in an ETF and will trade on the New York Stock Exchange, with trading commencing today.
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Source: Highland Capital Management
BATS Announces Graduation of iShares MSCI India ETF From Competitive Liquidity Provider Program
June 1, 2015--BATS Global Markets (BATS), the leading U.S. market for the trading of exchange-traded funds (ETFs), today announced that the iShares MSCI India ETF (BATS: INDA) has graduated from the BATS Competitive Liquidity Provider (CLP) Program by
establishing consolidated average daily volume (CADV) of more than 1 million shares for three consecutive months.
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Source: BATS Global Markets
For China, the floodgates are about to open
Based on pending index changes, China could become as much as 60% of emerging market indices.
June 1, 2015--On June 9th, MSCI will announce whether or not it will include the onshore Chinese markets into their broad indices.
U.S-listed Chinese companies will be included into broad MSCI indices starting in November 2015.
Taiwan and South Korea are approaching developed market status, which could make additional room for more China in emerging market indices. KraneShares has developed a suite of ETFs to capture these changes today, ahead of their implementation.
As China's markets continue to open-up, there has been increased focus on its weighting within international indices. China has been underrepresented in these indices due to its historic limitations on foreign investment. With these limitations rapidly being lifted, the timeline for China's full inclusion within international indices is starting to solidify. Additionally, China could see a further increase within emerging market indices as South Korea and Taiwan could be upgraded to developed market status in the coming years.
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Source: KraneShares
FINRA Brings Transparency to Asset-Backed Securities Market
June 1, 2015--The Financial Industry Regulatory Authority (FINRA) today brought transparency to the asset-backed securities market, providing investors with post-trade price information for asset-backed securities, including those backed by auto loans, credit card receivables and student loans.
Transactions in this market represent approximately 400 trades, totaling $3.5 billion in original principal balance, on an average daily basis.
Through TRACE (Trade Reporting and Compliance Engine), investors now have access to information regarding transactions in asset-backed securities, including transactions in asset-backed securities effected pursuant to Securities Act Rule 144A (144A transactions). 144A securities are considered private placements and can only be purchased by an institutional investor.
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Source: FINRA
