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CBOE Bets On Volatility Trading for 2014
The Chicago Board Options Exchange sees opportunity in volatility and aims to drive further growth in volatility trading in 2014 by introducing more new products and expanding extended-hour product offerings.
December 16, 2013--Leveraging the popularity of its CBOE Volatility Index (VIX), the Chicago Board Options Exchange closed 2013 with a spate of activity that has included introducing several new volatility products and expanding its trading hours to accommodate European trading.
That activity is set to continue into the coming year, beginning in the first quarter with the launch of weekly futures and options based on the exchange's new CBOE Short-Term Volatility Index (VXST).
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Source: TradersMagazine.com
BATS Exchange Welcomes New iShares ETF
December 13, 2013--BATS Global Markets (BATS), a leading operator of securities markets in the U.S. and Europe, today announced that the iShares Liquidity Income ETF (BATS: ICSH) will begin trading today on BATS Exchange.
The iShares Liquidity Income ETF seeks to provide current income consistent with preservation of capital. More information about the iShares Liquidity Income ETF is available on the iShares website.
The BATS Exchange Listings program offers ETF issuers a variety of innovative service offerings, including the BATS Competitive Liquidity Provider (CLP) program, which is a rewards-based program designed to incent market makers to increase liquidity and create tighter quoted spreads for each listing on BATS.
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Source: BATS Global Markets
Push for "non-transparent" active ETFs gains steam
December 13, 2013--Exchange-traded funds have traditionally been touted for their transparency, with their portfolio holdings disclosed daily. But the push for a new breed of ETFs that can hide their specific holdings for months at a time is gaining momentum.
Several large asset managers, including BlackRock Inc , State Street Corp, and Eaton Vance Corp have asked the U.S. Securities and Exchange Commission to let them market actively managed ETFs that would be permitted to report their portfolio holdings quarterly. That would put their reporting requirements on par with traditional mutual funds.
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Source: Reuters
CFTC.gov Commitments of Traders Reports Update
December 13, 2013--The current reports for the week of December 10, 2013 are now available.
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Source: CFTC.gov
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices
A Deletion From The S&P/TSX SmallCap Index
December 12, 2013--S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The shareholders of Angle Energy Inc. (TSX:NGL) have approved an Arrangement Agreement with Bellatrix Exploration Ltd. (TSX:BXE).
Angle Energy shareholders will receive a combination of cash and Bellatrix Exploration shares for each share held. Angle Energy will be removed from the S&P/TSX SmallCap Index after the close of trading on Monday, December 16, 2013.
Source: S&P Dow Jones Canadian Index Services
Invesco PowerShares Provides Estimated Long-Term Capital Gains Information for 2013
December 12, 2013--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), announced today that it expects to deliver zero long-term capital gains distributions across 108 of 115 equity and fixed-income ETFs for 2013.
"At Invesco PowerShares we are proud of our product line's tax efficient track record," said Dan Draper, Invesco PowerShares managing director of global ETFs. "Once again this year, we are pleased to report that the vast majority of PowerShares ETFs did not have long-term capital gains distributions."
The seven PowerShares ETFs expected to make capital gains distributions this year represent less than 1% of total franchise assets. All seven of these Funds are expected to see long-term capital gains distributions under 1% of NAV per share.
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Source: Market Watch
Smart Beta ETFs Poised for Growth Among Institutional Asset Managers
Independent Research Reveals Increased Institutional Interest in Non-Market Cap Weighted ETFs
December 11, 2013--nstitutional investors report they are increasingly using smart beta Exchange Traded Funds (ETFs), according to a new study conducted by Cogent Research, a division of Market Strategies International.
The results reveal that more than half (53%) of institutional decision makers will increase their use of smart beta ETFs over the next three years --higher than any other ETF category, including market-cap weighted ETFs (48%).
"These results echo what we are hearing from our clients and confirms what we have seen with industry-wide flows: non-market cap weighted ETFs have captured 25% of the equity ETF inflows year to date, despite representing only 12% of the assets," said John Hoffman, Invesco PowerShares director of ETF institutional sales and capital markets. "Furthermore, the research results show that interest in the smart beta category is being driven by a desire to improve risk-adjusted returns, reduce volatility and gain access to more sophisticated weighting methodologies."
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Source: Invesco PowerShares Capital Management LLC
Bipartisan Budget Act of 2013
December 11, 2013--The legislation, offered as an amendment to H.J. Res. 59, the Continuing Appropriations Resolution, 2014, would revise the limits on discretionary appropriations for fiscal years 2014 and 2015, allowing for higher levels of funding in those years than is allowed under the caps and budget enforcement procedures in current law.
CBO estimates that, if appropriations for 2014 and 2015 equaled the revised limits, discretionary outlays would be roughly $62 billion higher over the 2014-2023 period than if appropriations for those years equaled the limits in current law. (Nearly $48 billion of the anticipated increase in discretionary outlays would occur in 2014 and 2015.)
view the Bipartisan Budget Act of 2013
Source: Congressional Budget Office (CBO)
CFTC.gov Swaps Report Update
December 11, 2013--CFTC's Weekly Swaps Report has been updated, and is now available.
The proposed version of the Swaps Report provides a detailed weekly snapshot of the notional outstanding (on both a gross and net basis) as of the previous Friday, as well as a detailed weekly total of the transaction volume (on both a ticket volume and dollar volume basis) ending the previous Friday, in four asset classes (interest rate swaps, credit default swaps, equity swaps, and other commodity swaps).
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Source: CFTC.gov
UBS Launches Exchange-Traded Note with Significant Monthly Income Potential and 2x Leveraged Exposure to a Closed-End Fund Index
ETRACS Monthly Pay 2xLeveraged Closed-End Fund ETN
December 11, 2013--UBS Investment Bank announced that today is the first day of trading on the NYSE Arca(R) for the ETRACS Monthly Pay 2xLeveraged Closed-End Fund ETN (NYSE:CEFL).
CEFL is linked to the monthly compounded 2x leveraged performance of the ISE High Income(TM) Index (the "Index"), reduced by investor fees.
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Source: UBS
