Americas ETP News
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ETF roundup: BAML reports big rise in high-yield ETF inflows
February 21, 2014--9.8% increase in flows year on year; equity redemptions hit ETPs in January; North American ETFs suffer worst quarter for five years; iShares lists Europe's first fund to use international security structure
Inflows into credit funds through the exchange-traded funds (ETFs) route have risen dramatically this year, according to Bank of America Merrill Lynch. With a weekly combined average inflow of $240 million for high-grade and high-yield funds, total inflows for 2014 are now in excess of $1.4 billion, driven by a 9.8% year-on-year increase in money going into high-yield ETFs, with 3.3% finding its way into investment grade ETFs.
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Source: Risk.net
Invesco PowerShares Announces a Special Dividend for PowerShares QQQ
February 21, 2014--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), announced today that PowerShares QQQ expects to issue a special dividend payment on Friday, March, 7,, 2014.
The special dividend is due to a corporate action event by Vodafone Group PLC ADR which is held by PowerShares QQQ. As of February 20, 2014 Vodafone represented 0.93% of total holdings in PowerShares QQQ.
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Source:Invesco PowerShares Capital Management LLC
U.S. SEC reviewing if some high-speed traders should register
February 21, 2014--U.S. securities regulators are studying whether more proprietary high-speed trading firms should register as broker-dealers, which would subject them to greater oversight, a U.S. Securities and Exchange Commission official said on Friday.
Speaking at the Practising Law Institute's annual SEC Speaks conference, John Ramsay, the outgoing acting director of the SEC's Trading and Markets Division, said that whether certain high-speed proprietary trading firms should be formally registered as brokers "is something we are looking at carefully."
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Source: Reuters
CBOE to close stock-trading venue
January 21, 2014--The Wall Street Journal is reporting: CBOE Holdings plans to shut a stock-trading venue because the small exchange doesn't fit into its long-term business plan.
The exchange, CBSX, accounts less than a half-percent of U.S. equity market trading volume, the newspaper reported.
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Source: Chicago Tribune
NYSE Euronext 1 ETF Launch Alps
February 21, 2014--NYSE Euronext
is pleased to announce that on Tuesday, February 25, 2014, the following
ETF will be listed on NYSE Arca and will begin trading as a new issue
Security Name: Workplace Equality Portfolio
CUSIP: 00162Q 65 0
Trading Symbol: EQLT
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Source: NYSE Arca
CFTC.gov Commitments of Traders Reports Update
February 21, 2014--The current reports for the week of February 18, 2014 are now available.
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Source: CFTC.gov
Legal & General's First US Investment Management Acquisition-Global Index Advisors, Inc.
February 20, 2014--Legal & General Group Plc ("Legal & General" or the "Group") has today agreed to acquire the business of Global Index Advisors, Inc ("GIA"), an Atlanta based investment advisor focused on target date funds ("TDF").
GIA is in the top 51 of target date providers in the US. The acquisition, by the Group's subsidiary Legal & General Investment Management America, Inc ("LGIMA"), for a maximum consideration of $50.4m, is expected to complete mid 2014, subject to Fund shareholder approval.
Legal & General has identified international expansion of asset management as one of its five key themes for growth, and with this acquisition LGIMA now has proforma assets which exceed $50bn. The acquisition provides Legal & General with scale and distribution in the $6 trillion US defined contribution ("DC") market, where TDF assets are forecast to double by 2017.2 This acquisition underlines the significant potential for Legal & General Investment Management ("LGIM") to grow assets in the DC market in the UK and in the US and further position itself as a market leader in delivering innovative investment solutions.
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Source: Legal & General Group Plc
ETFs Gain Ground on Index Mutual Funds
Deutsche Bank: ETFs comprised almost 12% of the $13.9 trillion U.S. mutual fund and ETF market
February 20, 2014--Ron Vinder used to buy funds run by star managers who seemed to have the Midas touch in picking stocks. After 2008's global financial crisis, the New York-based financial adviser decided to make a change.
Now, he uses exchange-traded funds. Like cousin index mutual funds, ETFs are built to mimic a benchmark, making them much less expensive to own in most cases than actively managed funds.
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Source: Wall Street Journal
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices
A Deletion From The S&P/TSX Venture Composite And Venture Select Indices
February 20, 2014--S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The Toronto Stock Exchange announced today in the Daily Bulletin that the shares of SilverCrest Mines Inc. (TSXVN:SVL) will graduate to trade on TSX at the open of trading on Monday, February 24, 2014. The ticker symbol will remain "SVL" and the CUSIP number will remain 828364 10 6.
The company will be removed from the S&P/TSX Venture Composite Index after the close of trading on Friday, February 21, 2014.
SilverCrest Mines is also a constituent of the S&P/TSX Venture Select Index. The company will be removed from this index effective after the close of Thursday, February 27, 2014, at which time it will be listed on TSX.
Source: S&P Dow Jones Canadian Index Services
ISE and ISE GeminiTM Enhance Risk Management with Market-Wide Speed Bump
February 20, 2014--The International Securities Exchange Holdings, Inc. today announced that its exchanges ISE and ISE GeminiTM have enhanced their risk management capabilities for market makers by implementing a Market Wide Speed Bump. The Market Wide Speed Bump improves risk management by limiting a market maker's total exposure across a market.
As part of the exchanges' existing portfolio of risk management offerings, market makers are required to set risk thresholds for each options class they are quoting. The Market Wide Speed Bump is activated automatically if these thresholds are breached for multiple products within a specified time period, and all quotes for that market maker are then inactivated.
"The implementation of the Market Wide Speed Bump provides our members with an across-the-market safeguard over their quoting activity," said Boris Ilyevsky, Managing Director. "This enhancement demonstrates our ongoing commitment to providing our market makers with sophisticated risk management tools and to protecting market integrity and resilience for all exchange members."
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Sourse: ISE (International Securities Exchange Holdings, Inc.)
