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FINRA Issues an Interpretation to Clarify the Classification and Trade Reporting of Certain "Hybrid" Securities to FINRA
May 16, 2014--Executive Summary
FINRA is publishing this Notice to provide additional information on how trades in certain securities that have both debt- and equity-like features (hybrid securities) must be reported to FINRA. Specifically, the SEC approved an interpretation regarding the appropriate trade reporting facility to which firms should report transactions in the following three types of hybrid securities: (1) unlisted depositary shares having a liquidation preference of $1,000 or more;
(2) unlisted non-convertible, preferred securities having a liquidation preference of $1,000 or more; and (3) unlisted capital trust securities (also referred to as trust preferred securities) (together, "covered hybrid securities").
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Source: Finra
Barclays Bank PLC to De-List Nine Canada-Listed ETNs
May 15, 2014--Barclays, nine cross-listed iPath(R) ETNs will cease to trade on the Toronto Stock Exchange, but continue to trade on the NYSE Arca Exchange
May 15, 2014--Barclays Bank PLC ("Barclays") announced today that it has elected to de-list the following nine iPath(R) exchange traded notes (ETNs) from the Toronto Stock Exchange (TSX):
iPath(R) CBOE S&P 500 BuyWrite IndexSM
iPath(R) EUR/USD Exchange Rate ETN
iPath(R) GBP/USD Exchange Rate ETN
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Source: Barclays Bank PLC
Vanguard to launch five new ETFs in Canada
May 15, 2014--Vanguard has revealed plans to broaden its line-up of exchange-traded funds in Canada, with the launch five new ETFs on the Toronto Stock Exchange.
The firm has filed a preliminary prospectus with the Canadian securities regulators for three international equity ETFs and two international bond ETFs.
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Source: etfstrategy.co.uk
Deutsche Bank Starts Invesco (IVZ) at Hold
May 15, 2014--Deutsche Bank initiated coverage on Invesco (NYSE: IVZ) with a Hold rating and a price target of $39.00.
Analyst Brian Bedell said, "Over the long term, we see Invesco as especially well positioned vs. peers given mgmt has built a very diversified product range by virtually every measure, a strong global distribution platform, and a reasonably good presence in most of the stronger growth areas in asset mgmt. However, we think the risk of elevated outflows in the near-to-intermediate term, especially in higher fee equity product in Europe, may weigh on the shares and provide a better entry point."
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Source: streetinsider.com
Colombia Prepares to Meet Development Challenges
Enhancing Sustainability in the Fiscal Framework
May 15, 2014--Challenge
Colombia's considerable reliance on oil revenues, relatively high poverty and inequality levels, high exposure to natural disaster risk, and a relatively complex political economy represent major challenges to making the Government's fiscal framework sustainable. At the same time, sustaining growth in the longer run needs smart investments in infrastructure, health, and education without risking fiscal and debt sustainability.
Solution
The Fiscal Sustainability and Growth Resilient Development Policy Loan series supported a strong program of reforms to strengthen Colombia’s fiscal position. Reforms included the implementation of a Fiscal Rule Law in 2011 that defines an adjustment path for the structural budget deficit.
view moreP>view the Fiscal policy in Colombia : tapping its potential for a more equitable society
Source: World Bank
Invesco PowerShares to Launch Multi-Strategy Alternative ETF
May 14, 2014--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), today announced the anticipated listing of the PowerShares Multi-Strategy Alternative Portfolio (LALT) on May 29, 2014 on the NASDAQ Stock Market, LLC. LALT is an alternative ETF designed to help investors achieve lower portfolio volatility and enhance risk-adjusted returns.
"One of the primary goals for investors that use alternative strategies is to minimize exposure to equity and bond markets, and to achieve better risk-adjusted returns compared to portfolios consisting only of traditional asset classes," said Dan Draper
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Source:Invesco PowerShares Capital Management LLC
NYSE Arca-1 ETV Launch-Merk
May 14, 2014--NYSE Euronext is pleased to announce that on Friday, May 16, 2014, the following ETV will be listed on NYSE Arca and will begin trading as a new issue:
Security Name: Merk Gold Trust
CUSIP: 590055 10 9
Trading Symbol: OUNZ
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Source: NYSE Arca
BlackRock signals bond trading shake-up
May 14, 2014--BlackRock, the world's largest asset manager, is teaming up with electronic trading hub Tradeweb in a shake-up for US bond and derivatives markets, supported by Wall Street banks.
The alliance announced on Wednesday will focus on boosting trading...
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Source: FT.com
iShares Launches First Qatar & UAE Focused ETFs
May 14, 2014--The Middle East, the often ignored investment destination in the ETF world, finally has two single-country products focused on its equity markets.
iShares, the world's leading ETF provider, has recently launched two products that provide single country exposure to the Middle East.
The new funds-iShares MSCI Qatar Capped ETF-(QAT) and iShares MSCI UAE Capped ETF (UAE)-hit the market on May 1, 2014, and are solely dedicated to the securities focused on these nations.
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Source: Nasdaq
Buy Side Takes Issue With Maker-Taker Pricing
May 14, 2014--Maker-taker pricing is a sore point for some buy-side market participants, who believe it distorts market behavior to their detriment. The system, by which liquidity providers are paid a rebate by exchange and liquidity takers pay a fee, has historically been justified by exchanges as a way to attract more liquidity, but in the era of high-frequency trading that argument has come under scrutiny.
"There’s a big difference between liquidity and volume: if you start flat and go home flat, you’re not really providing liquidity," said Joseph Scafidi, director of trading at Brandes Investment Partners, which manages $27 billion. "It’s recently been announced that the SEC may take a look at some pilot programs for removing maker-taker. I am in strong support of such a program. There are a lot of incentives with the maker-taker model that many guys on my side of the fence have issues with."
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Source: Markets Media
