Americas ETP News
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Oct. 15 bond swing draws attention from regulators, traders
November 9, 2014--The day's trading was just hitting its stride in New York on the morning of Oct. 15 when bond investors, traders and strategists were stunned by an unusual move in the $12 trillion U.S. Treasury market playing out on their computer screens.
The yield on the 10-year Treasury note took a sharp dive below 2% within minutes, and few could understand exactly why. Some dealers immediately pulled the plug on automated trading systems that provided price quotes to customers.
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Source: Wall Street Journal
CFTC.gov Commitments of Traders Reports Update
November 7, 2014--The current reports for the week of November 04, 2014 are now available.
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Source: CFTC.gov
Regulators Consider Easing Volcker Trading Rules
November 7, 2014--U.S. regulators are considering changes to the Dodd-Frank law that could ease requirements on the Volcker Rule's trading restrictions.
Scott Alvarez, the Federal Reserve's general counsel, said the central bank is reviewing whether to extend a deadline for implementing the Volcker Rule and changing "metrics" used in the regulation.
He said a rule requiring banks to separate their derivatives trading from units that benefit from federal backstops should be revisited.
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Source: Bloomberg
J.P. Morgan Asset Management Launches New ETF: JPMorgan Diversified Return International Equity ETF (JPIN)
November 7, 2014--J.P. Morgan Asset Management announced that the JPMorgan Diversified Return International Equity ETF (JPIN) officially launched for trading today, expanding J.P. Morgan's strategic beta ETF suite.
JPIN, like its predecessor JPGE, is designed to provide investors the opportunity to seek enhanced risk-adjusted returns through an ETF, and to help financial advisors keep clients invested in equities over the long term.
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Source: J.P. Morgan Funds
SEC Plans To Approve Eaton Vance's New ETF Structure
November 7, 2014--The Securities and Exchange Commission yesterday said it intends to allow Eaton Vance to offer non-transparent, actively managed exchange-traded funds that won't require daily disclosure of portfolio holdings.
In March 2013, Eaton Vance first filed with the SEC for exemptive relief from certain provisions of the Investment Company Act of 1940 to bring its exchange-traded managed funds (ETMFs) structure to market. It subsequently made three amended filings for permission to roll out the ETMF format, which employs net asset value (NAV)-based trading where fund shares would be purchased and sold on an exchange throughout the trading day at market-determined spreads to the fund's ending NAV on that day.
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Source: FA Magazine
Nasdaq to List PowerShares DB Optimum Yield Diversified Commodity Strategy Portfolio
New Broad-Based Commodity Strategy Expands Smart Beta Suite
October 7, 2014--Nasdaq today announced that Invesco PowerShares will list a new exchange-traded fund, PowerShares DB Optimum Yield Diversified Commodity Strategy Portfolio (Symbol:PDBC), on The Nasdaq Stock Market. PDBC will begin trading today, November 7th, 2014.
"Invesco PowerShares has enjoyed a long and successful relationship with Nasdaq," said Dan Draper, Head of Invesco PowerShares. "We're pleased to once again work with Nasdaq for today's listing of our newest smart beta ETF."
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Source: Nasdaq.com
FINRA Investor Survey Reveals Strong Support for Additional Regulatory Protections
November 6, 2014--The Financial Industry Regulatory Authority (FINRA) released a survey of U.S. investors designed to measure perceptions of fairness and to gauge demand for additional regulatory protections. FINRA's survey of 1,000 adults revealed that 92 percent of investors agreed (62 percent strongly agreed and 30 percent somewhat agreed) that it is important to have a regulatory "cop on the beat" to protect investors and police the markets.
In addition, 70 percent of investors surveyed strongly agreed and 24 percent of investors somewhat agreed that it is important that regulators use the latest tools and technology to protect investors.
Overall, investors surveyed by FINRA strongly agreed that regulation and investor protections are important. Highlights include:
88 percent of investors believe it's moderately or very important for regulators to detect when unsuitable securities are being sold to investors.
90 percent believe it's moderately or very important for regulators to detect when brokers are making trades that benefit themselves and not the investor.
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Source: FINRA
U.S. Securities and Exchange Commission Issues Notice of Intent to Grant Exemptive Relief to Permit the Offering of Exchange-Traded Managed Funds
NextShares(TM) Announced as Branding of Exchange-Traded Managed Funds
November 6, 2014--Eaton Vance Management (Eaton Vance), a subsidiary of Eaton Vance Corp. (EV), announced that the U.S. Securities and Exchange Commission (SEC) has today issued notice of its intent to grant Eaton Vance and related parties an exemption from certain provisions of the Investment Company Act of 1940,
as amended, to permit the offering of exchange-traded managed funds. Consistent with customary SEC practice, interested persons may request a hearing on this matter by contacting the SEC on or before December 1, 2014.
An order granting the requested relief (Order) will be issued unless the SEC orders a hearing.
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Source: Eaton Vance Corp.
AdvisorShares Weekly Market Update-Election Impact on Oil
November 6, 2014--High Yield Report-The tally is in and it was a very bad Tuesday evening for the Democratic party. Senate races in Iowa, North Carolina, Georgia and a host of other States went red...
The Gold Report-Since the beginning of August there has been a striking divergence in the relative performance of gold priced in US dollars versus gold priced in yen...
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Source: AdvisorShares
SEC Issues Preliminary Denial Notices for Two Nontransparent Actively Managed ETF Applications
November 6, 2014--Summary: In 2008, the Securities and Exchange Commission ("SEC" or "Commission") approved the first actively managed exchange-traded funds ("ETFs").[1] The exemptive orders for those ETFs-and all active ETF exemptive orders since-have required daily portfolio transparency.[2] On October 21, 2014, the Commission issued notices ("Notices") on exemptive applications filed by two separate sets of applicants (the "Applicants") seeking relief from the Investment Company Act of 1940, as amended ("1940 Act"), to
launch nontransparent active exchange‑traded funds ("NTA ETFs").[3] In the Notices, the Commission states that it has "preliminarily" determined to deny the requested exemptions. This Alert describes the NTA ETFs proposed by the Applicants, summarizes the Notices, and analyzes significant aspects of the Notices.
The Proposed NTA ETFs
As noted above, to date, active ETFs have provided daily portfolio transparency-meaning daily disclosure, prior to the opening of trading in their shares, of the ETF's portfolio holdings that will be included in the calculation of net asset value ("NAV") that trading day.[4] The NTA ETFs proposed by the Applicants would not provide daily portfolio transparency; rather, they would generally only provide the same disclosures as existing mutual funds do, with one exception- the publication of their intraday indicative value (“IIV”) every 15 seconds during the trading day.
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Source: K&L Gates LLP
