Americas ETP News
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Exchanges move to revamp curbs on some ETFs
August 28, 2013--U.S. exchanges asked the Security and Exchange Commission to exclude a handful of lightly traded exchange-traded funds from new market-volatility curbs following a string of phantom halts in ETFs that scarcely trade.
The exchanges and the Financial Industry Regulatory Authority proposed a higher volume threshold for the first wave of ETFs to fall under the limit-up/limit-down pilot program, according to document submitted to the SEC dated Tuesday.
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Source: MarketWatch
NASDAQ OMX Provides Updates On Events of August 22, 2013
Provides Details on Preliminary Findings of Internal Review
Company Intends to Recommend Steps to Strengthen the Industry Quote System; Identifies Key Areas of Focus for SIP Improvements
August 28, 2013--NASDAQ OMX today provided the following update on the preliminary findings of its internal review of the events leading to the August 22 temporary
trading halt in trading of NASDAQ-listed securities.
A preliminary internal review has identified a combined series of technology events that caused the initial market problems and
extended the halt period. A number of these issues were clearly within the control of NASDAQ OMX. As the Securities Information Processor (SIP) f
or NASDAQ stocks, we are responsible for them, regret them, and intend to take all steps necessary to address them to enhance stability and function
ality of the markets.
Other issues contributing to the halt are more endemic to technology issues across today’s complex markets and will require a broader industry-wide effort to resolve.
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Source: NASDAQ OMX
First Trust launches first actively managed Senior Loan ETF in Canada
August 28, 2013--FT Portfolios Canada Co. ("First Trust Canada"), a privately owned company is pleased to announce the launch of the common and advisor class of units of the First Trust Senior Loan ETF (CAD-Hedged) (TSX: FSL & FSL.A).
The First Trust Senior Loan ETF (CAD-Hedged) seeks to provide Unitholders with a high level of current income by investing primarily in a diversified portfolio of senior floating rate loans and debt securities, with capital appreciation as a secondary objective.
First Trust Senior Loan ETF (CAD-Hedged) will primarily invest in a portfolio of senior floating rate loans which are generally rated at or below BB+ by Standard & Poors, or Ba1 or less by Moody's Investor Services, Inc., or a similar rating by an approved credit rating organization. The Fund attempts to outperform the S&P/LSTA U.S. Leveraged Loan 100 Index.
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Source: First Trust
United States Commodity Funds lists products on Mexican Stock Exchange
August 28, 2013--USCF announced today that five of its exchange traded products (ETPs) are now listed on the Mexican Stock Exchange, Bolsa Mexicana de Valores in Spanish (BMV).
The ETPs available on the BMV are United States Oil Fund, LP (USO), United States Natural Gas Fund, LP (UNG), United States 12 Month Oil Fund, LP (USL), United States Gasoline Fund, LP (UGA) and the United States Commodity Index Fund (USCI).
USCF's Chief Investment Officer John Hyland said: "We are pleased to list these products on the BMV, as this opens up a significant new market for our products. We think the BMV is the most important exchange in Latin America as it serves both the fast-growing Mexican economy and is a key exchange for the rest of Latin America. As Mexican institutions and investors are becoming increasingly sophisticated, they are interested in alternative investments as well as Mexican equities and fixed income. Now that Mexican investors can trade these ETPs in pesos, we hope they'll benefit from the liquidity and transparency these products provide."
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Source: United States Commodity Funds
Exclusive: Citadel, Virtu, Two Sigma, RGM bid for E*Trade unit -sources
August 28, 2013--Citadel LLC, Virtu Financial, Two Sigma and RGM Advisors are among the companies bidding for E*Trade Financial Corp's (ETFC.O) market-making unit in a deal expected to be worth $100 million to $200 million, several sources with direct knowledge of the situation said on Wednesday.
E*Trade said last month that it was selling its Chicago-based market-making business, G1 Execution Services. The New York-based brokerage said it was taking a $142.4 million impairment charge to close the unit, which it planned to sell within six months
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Source: Reuters
State Street to Open Emerging Market ETF Without BRIC Countries
August 28, 2013--State Street Corp. (STT), the second-largest provider of exchange-traded funds worldwide, is seeking to counter its biggest rivals' dominance of emerging-market stock ETFs with a fund that excludes Brazil, Russia, India and China, known as the BRIC nations.
State Street asked the U.S. Securities and Exchange Commission for permission to open the SPDR MSCI Beyond BRIC ETF, according to a regulatory filing dated yesterday from the Boston-based firm.
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Source: Bloomberg
U.S. SEC to meet exchange heads September 12 over Nasdaq outage
August 27, 2013--The U.S. Securities and Exchange Commission will meet with heads of the major exchanges on September 12 to discuss last week's Nasdaq trading outage, the regulator said on Tuesday.
The meeting with SEC Chairwoman Mary Jo White would address "the market dissemination system involved in last week's halt, as well as other critical market systems and infrastructure issues," the SEC said.
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Source: Reuters
Brown Brothers Harriman and IndexUniverse Launch First Annual ETF Advisor Survey
Key Findings Highlight Opinions of the World's Leading ETF-focused Financial Advisors
August 27, 2013--Brown Brothers Harriman-one of the market leading ETF custodians and administrators with $170 billion in ETF assets and IndexUniverse-the leading independent authority on exchange-traded funds (ETFs), indexes, and index funds- announced today that it will publish its first "Annual Advisor Survey" in the September 2013 issue of IndexUniverse's leading publication, ETF Report.
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Source: Yahoo News
CBOE Futures Exchange Hit With Data Glitch
System Recovers After Temporary Delay of Quotes
August 27, 2013--CBOE Holdings Inc., operator of the largest U.S. options exchange by trading volume, alerted traders to problems with some market-data services early Tuesday, according to notices on the exchange operator's website, before all issues were fully resolved by about 1 p.m. Eastern time.
The Chicago Board Options Exchange parent warned that "some users may see delays in complex order entry," according to an alert at 11:16 a.m., while earlier in the session, the exchange operator said that its futures platform had problems with a "limited number" of canceled trades on its futures platform being executed early Tuesday, according to a separate notice sent to traders. Another notice said some orders from Monday were still appearing as "active" in the futures exchange's order book.
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Source: Wall Street Journal
ISE GeminiTM is the Fastest New Exchange to Surpass Two Percent Market Share in Equity Options
Successful Product Rollout Completed on an Accelerated Basis
August 27, 2013--The International Securities Exchange (ISE) announced that ISE GeminiTM surpassed two percent market share yesterday in equity options, the fastest exchange to reach that milestone since ISE introduced electronic trading to the options market in 2000.
ISE Gemini also successfully concluded its product listing plan on an accelerated basis, less than a month after launching on August 5.
"Since ISE's inception, one of our core values has been a dedication to growth through innovation and the record market share milestone is a testament to that," said Boris Ilyevsky, Managing Director of ISE. "The pricing structure, market model and listings plan we developed were meant to ensure a methodical introduction to ISE Gemini, and the extremely smooth rollout has surpassed our expectations. We are gratified that ISE Gemini continues to be well received and look forward to continued growth of our new exchange."
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Source: ISE.com
