Americas ETP News
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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.)
SEC Announces Initiative Directed at Never-Before Examined Registered Investment Advisers
February 20, 2014-The Securities and Exchange Commission today announced that its Office of Compliance Inspections and Examinations (OCIE) is launching an initiative directed at investment advisers that have never been examined, focusing on those that have been registered with the SEC for three or more years. OCIE previously announced that examining these advisers is a priority in 2014.
As part of the initiative, OCIE will conduct examinations of a significant percentage of advisers that have not been examined since they registered with the SEC. These examinations will concentrate on the advisers, compliance programs, filings and disclosure, marketing, portfolio management, and safekeeping of client assets.
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Source: SEC.gov
Treasury International Capital Data for December
February 20, 2014-- The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for December 2013. The next release, which will report on data for January 2014, is scheduled for March 17, 2014.
The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC outflow of $119.6 billion. Of this, net foreign private outflows were $119.9 billion, and net foreign official inflows were $0.3 billion.
Foreign residents decreased their holdings of long-term U.S. securities in December; net sales were $18.6 billion. Net sales by private foreign investors were $1.6 billion, while net sales by foreign official institutions were $17.0 billion.
U.S. residents increased their holdings of long-term foreign securities, with net purchases of $27.3 billion.
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Source: US Department of the Treasury
PowerShares Canada to adjust NAV on three ETFs
February 20, 2014--PowerShares Canada announced today that it will adjust the net asset value (NAV) of three TSX-listed PowerShares exchange-traded funds (the "ETFs") effective Friday, February 21, 2014.
PowerShares Fundamental High Yield Corporate Bond (CAD Hedged) Index ETF [TSX: PFH] and PowerShares Senior Loan (CAD Hedged) Index ETF [TSX: BKL] invest in one or more U.S. Regulated Investment Companies (RICs) that earn and distribute qualified interest-related dividends.
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Source:Invesco Canada Ltd.
JP Morgan prepares for ETF roll out
February 20, 2014--JP Morgan is paving the way for a roll out of a suite of active exchange-traded funds this year
as it plans the launch of a so-called "smart beta" offering for its US investors.
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Source: Financial News
iBillionaire To Launch New Billionaire-Tracking Guru ETF
February 20, 2014--Back in November, I wrote about the newest addition to stable of guru-following strategies-the iBillionaire Index-and I compared it to the two existing guru ETFs currently trading-the Global X Top Guru Holdings Index ETF (GURU) and the AlphaClone Alternative Alpha ETF (ALFA ).
iBillionaire produces an index, but there is no investment product designed to track it-yet. That is changing, however, and iBillionaire expects to launch an ETF later this year.
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Source: Forbes
Minutes Of The Federal Open Market Committee, January 28-29, 2014
February 19, 2014--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on January 28-29, 2014.
view the Minutes Of The Federal Open Market Committee, January 28-29, 2014
Source: Federal Reserve
CFTC Weekly Swaps Report
February 19, 2014--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Nasdaq to roll out 'kill switch' to help catch trading errors
February 19, 2014--Nasdaq OMX Group plans to roll out a "kill switch" that would cut off trading of its member firms when pre-set limits are breached, the exchange operator said in a regulatory filing.
Controlling risk has been a major focus for the securities industry in the wake of high-profile snafus like the August 2012 glitch at Knight Capital Group, now a part of KCG Holdings Inc, that sent a flood of errant orders to the NYSE, nearly sank the firm, and led to its takeover by rival Getco
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Source: Reuters
DB-Synthetic Equity & Index Strategy- North America-US ETF Market Weekly Review-US ETP assets up by 3.1% amid positive markets and healthy inflows
February 18, 2014--Data in this report is as of Friday, Feb 14
Market and Net Cash Flows Review
The US (S&P 500) edged higher by 2.32%, while, outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) rose by 2.48% and 2.18%, respectively. In the meantime, performance was positive across US sectors.
The Utilities (+3.35%) and the Healthcare (+3.27%) sectors recorded the biggest weekly gains. The DB Liquid Commodity Index rose by 1.06%, similarly, the Agriculture sector (DB Diversified Agriculture Index), the WTI Crude Oil, Gold and Silver prices rose by 1.35%, 0.42%, 4.06% and 7.26%, respectively. Meanwhile on the FX side the USD strengthened against all major currencies, the Euro, the British Pound, the Swiss Franc and the Japanese Yen depreciated 0.43%, 2.05%, 0.62% and 0.49%, respectively. Last but not least, volatility (VIX) dropped by 11.25% during the same period.
The total US ETP flows from all products registered $16.0bn (+1.0% of AUM) of inflows during last week vs. $9.1bn (-0.6%) of outflows the previous week, setting the YTD weekly flows average at -$1.2bn (-$8.3bn YTD in total cash flows).
Equity, Fixed Income and Commodity ETPs experienced flows of +$14.5bn (+1.1%), +$1.4bn (+0.5%) and +$45mn (+0.1%) last week vs. -$24.1bn (-1.9%), +$14.9bn (+5.7%) and +$0.2bn (+0.4%) in the previous week, respectively. Among US sectors, Healthcare (+$1.5bn, +5.2%) and Financials (+$1.1bn, +1.9%) received the top inflows, while Energy (-$1.1bn, -4.1%) and Industrials (-$0.6bn, -3.7%) experienced the largest outflows. Top 3 ETPs & ETNs by inflows: SPY (+$6.0bn), IWM (+$1.3bn), IVV (+$0.5bn) Top 3 ETPs & ETNs by outflows: IYJ (-$0.6bn), IYE (-$0.6bn), BND (-$0.5bn)
New Launch Calendar: Gold ETFs
There were four new ETFs listed during the previous week. The new actively managed funds from AdvisorShares offer exposure to Gold utilizing a variety of currencies other than the USD.
Turnover Review: Floor activity decreased by 36.2%
Total weekly turnover decreased by 36.2% to $309.9bn vs. $485.5bn from the previous week. However, last week's turnover level was 8.3% over last year's weekly average. Commodity ETPs turnover increased by $0.6bn (+5.0%), while Equity and Fixed Income ETPs turnover decreased by $149.5bn (-34.9%) and $24.4bn (-58.9%), respectively.
Assets under Management (AUM) Review: assets increased by 3.1%
US ETP assets rose by $50.7bn (+3.1%) totaling $1.669 trillion at the end of the week. As of last Friday, US ETPs assets had declined by 0.5% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved +$46.2bn, +$1.7bn and +$2.7bn during last week, respectively.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy- North America
