Americas ETP News
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Agencies Reviewing Treatment of Collateralized Debt Obligations Backed by Trust Preferred Securities under Final Rules Implementing the "Volcker rule"
December 27, 2013--The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission on Friday said they are reviewing whether it would be appropriate and consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act not to subject
collateralized debt obligations backed by trust preferred securities to the investment prohibitions of section 619 of Dodd-Frank, otherwise known as the "Volcker rule."
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Source: SEC.gov
Pax World to Exit ETF Business, Merge Socially Responsible ETF Into an Open-End Fund
December 27, 2013--On Thursday, Dec. 12, Pax World announced that it plans to merge its socially responsible ETF into a newly created open-end mutual fund.
The firm announced that sometime in early 2014, it will merge the $55.5 million Pax MSCI EAFE ESG Index ETF (EAPS) and a Pax open-end mutual fund, the $44.5 million Pax World International Fund (PXIRX), into a newly created fund, to be named Pax World International ESG Index Fund.
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Source: Morningstar
CFTC Grants Singapore Exchange Derivatives Clearing Ltd. Registration as a Derivatives Clearing Organization
December 27, 2013--The U.S. Commodity Futures Trading Commission (CFTC) issued an Order granting Singapore Exchange Derivatives Clearing Limited (SGX-DC) registration as a derivatives clearing organization pursuant to
Section 5b of the Commodity Exchange Act.
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Source: CFTC.gov
U.S. Commodity Futures Trading Commission and Monetary Authority of Singapore Sign Memorandum of Understanding to Enhance Supervision of Cross-Border Regulated Entities
December 27, 2013--Today, leaders of the U.S. Commodity Futures Trading Commission (Commission) and the Monetary Authority of Singapore (MAS) signed a Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in the supervision and oversight of regulated entities
that operate on a cross-border basis in the United States and Singapore.
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Source: CFTC.gov
Copper spikes on 'fat finger' trade
December 26, 2013--Copper prices rose to their highest finish in seven months Tuesday after an erroneous trade triggered a late-session rally.
The most actively traded contract, for March delivery, gained 6.65 cents, or 2%, to $3.3740 a pound on the Comex division of the New York Mercantile Exchange. This was the highest settlement price since May 22.
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Source: cableabc.net
Effective swaps oversight undercut by inaccurate data reporting
December 26, 2013--The Commodity Futures Trading Commission's efforts to create a system for tracking derivatives trading is running into trouble because it relies on what is turning out to be bad data.
The regulator is trying to correct errors that have caused much of the information it produces to be unreliable. The agency has already incorrectly reported the size of some swaps used in interest-rate hedging.
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Source: smartbrief.com
Federal Court Gives Regulators Until Dec. 30 to Respond in Volcker Case
Regulators Want Additional Time to Respond to ABA's Demand to Halt Provision of Volcker Rule
December 26, 2013--A federal court Thursday partially granted banking regulators' request for additional time to respond to an industry group's demand that they halt a provision of the Volcker rule.
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency have until Monday to respond to the American Bankers Association's request to delay the provision, according to an order filed in the U.S. Court of Appeals for the District of Columbia Circuit.
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Source: Wall Street Journal
CFTC.gov Swaps Report Update
December 26, 2013--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
DB-Synthetic Equity & Index Strategy-North America-US ETF Market Weekly Review- Growth ETPs led Equity weekly inflows of $9.6bn
December 23, 2013--Data in this report is as of Fri, Dec 20th
Market and Net Cash Flows Review
The US (S&P 500) edged higher by 2.42%; while, outside the US, the MSCI EAFE (in USD) rose by 2.57% and the MSCI EM (USD) dropped by 0.21%. In the meantime, performance was positive across US sectors; the Industrials (+3.39%) and Materials (+2.80%) sectors recorded the largest weekly gains.
The DB Liquid Commodity Index rose by 1.02%; similarly, the Agriculture sector (DB Diversified Agriculture Index) and the WTI Crude Oil rose by 0.42% and 2.82%, respectively; while Gold and Silver prices fell by 2.87% and 1.40%, respectively. Moving into other asset classes, the 10Y US Treasury Yield rose 1bps ending at 2.89%. Last but not least, Volatility (VIX) dropped by 12.50% during the same period.
The total US ETP flows from all products registered $7.9bn (+0.5% of AUM) of inflows during last week vs. $7.6bn (+0.5%) of inflows the previous week, setting the YTD weekly flows average at +$3.5bn (+$176.9bn YTD in total cash flows).
Equity, Fixed Income and Commodity ETPs experienced flows of +$9.6bn (+0.7%), -$0.7bn (-0.3%) and -$1.1bn (-1.7%) last week vs. +$7.4bn (+0.6%), +$0.7bn (+0.3%) and -$0.5bn (-0.9%) in the previous week, respectively.
Among US sectors, Industrials (+$0.6bn, +4.5%) and Materials (+$0.4bn, +3.7%) received the top inflows, while Energy (-$0.2bn, -0.8%) and Utilities (-$0.1bn, -1.5%) experienced the largest outflows.
Top 3 ETPs & ETNs by inflows: VO (+$1.3bn), VXF (+$1.0bn), VB (+$0.9bn)
Top 3 ETPs & ETNs by outflows: SPY (-$1.9bn), GLD (-$0.5bn), QQQ (-$0.5bn)
New Launch Calendar: USD, JGB, US HY Corporate and US broad bonds
There were six new ETFs listed by WisdomTree during the previous week. The new products offer exposure to the US broad bond market (AGZD; AGND) and below investment grade corporate bonds (HYZD; HYND) while seeking to manage interest rate risk through the use of short positions in US Treasuries; changes in Japanese interest rates (JGBB), and the value of the US dollar against a basked of developed and emerging market currencies (USDU).
Turnover Review: Floor activity increased by 32.4%
Total weekly turnover increased by 32.4% to $369.4bn vs. $279.0bn from the previous week; Furthermore, last week's turnover level was 37.0% over last year's weekly average. Equity, Fixed Income and Commodity ETPs turnover increased by $81.9bn (+32.8%), $4.2bn (+23.6%) and $3.4bn (+38.6%) during the same period, respectively.
Assets under Management (AUM) Review: assets increased by $28.3bn
US ETP assets rose by $28.3bn (+1.7%) totaling $1.650 trillion at the end of the week. As of last Friday, US ETPs had accumulated an asset growth of +23.8% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved +$31.2bn, -$0.7bn and -$2.2bn during last week, respectively.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
US ETF shop for sale (ETFs not included)
December 23, 2013--A private equity group has put its exchange traded fund business on the auction block, soliciting offers for an entity without products or assets but with regulatory approval to launch them.
It is the latest example of an entity selling its ETF regulatory approval to the highest bidder, an undertaking that is meeting with varying degrees of success, sources say.
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Source: FT.com
