Americas ETP News
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Credit Suisse Announces Name Change for the Credit Suisse MLP Index ETN
The Credit Suisse Equal Weight MLP Index ETN will continue to trade on the NYSE Arca under the ticker symbol "MLPN"
August 7, 2013--The new name, Credit Suisse Equal Weight MLP ETN, is designed to better emphasize MLPN's equal weight investment strategy.
MLPN is the only equally-weighted MLP exchange-traded product tracking oil and natural gas midstream MLPs.
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Source: Credit Suisse AG
BlackRock announces plan to enter Canada's mutual fund market
August 7, 2013--BlackRock Asset Management Canada Ltd, the country's largest provider of exchange traded funds through it's subsidiary iShares, is expanding shop after filing a preliminary prospectus on Wednesday to launch a new series of balanced mutual funds.
BlackRock Strategic Portfolio Series will include seven new mutual funds, all of which will invest in various iShares ETFs in order to fulfill their individual mandates.
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Source: Financial Post
SEC Cautions Exchanges and Investment Professionals to Monitor Composition of Indices When Offering Futures Products
August 7, 2013--August 8, 2013--The Securities and Exchange Commission today issued a report cautioning exchanges and investment professionals to monitor the composition of indices used in offering financial instruments to determine if they are security futures products and ensure they are complying with the federal securities laws.
The SEC’s report of investigation stems from an inquiry into a foreign derivatives exchange that was offering and selling futures to U.S. customers on what was initially a broad-based index not subject to the registration requirements of the federal securities laws. The index later transitioned to a narrow-based security index, leaving it without a valid exemption from the securities laws. The SEC’s report reminds exchanges and investment professionals to establish policies and procedures to consistently monitor the composition of indices on which futures are based to establish whether or not they are offering security futures products.
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Source: SEC.gov
Global X Funds Launches Tax Pass-Through MLP & Energy Infrastructure ETF (MLPX)
August 7, 2013--Global X Funds, the New York based provider of exchange traded funds (ETFs, today launched the Global X MLP & Energy Infrastructure ETF (NYSE Arca: MLPX).
MLPX is the lowest cost ETF1 with Master Limited Partnership (MLP) and midstream energy infrastructure exposure, taking advantage of a fund structure unique to MLP ETFs to provide greater tax efficiency for shareholders. Due to its structure as a Regulated Investment Company, MLPX is not subject to corporate taxes, yet still provides access to the popular MLP sector. MLPX has the added advantage of not requiring K-1 tax filings from investors, only 1099s. At just 0.45%, MLPX has the lowest cost among ETFs with similar MLP exposure1.
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Source: Global X
SEC, European Regulators Establish Supervisory Cooperation Arrangements Related to the Asset Management Industry
August 7, 2013--The Securities and Exchange Commission today announced that it has established supervisory arrangements with financial regulators of the member states of the European Union (EU) and the European Economic Area (EEA) as part of long-term strategy to improve the oversight of certain entities in the asset management industry that operate across national borders.
The memoranda of understanding (MOUs) signed this week provide a framework for supervisory cooperation and exchange of information between SEC and the EU/EEA member state national regulators in the area of asset management. These MOUs were negotiated between the SEC staff and staff of the European Securities and Markets Authority (ESMA). ESMA negotiated the MOUs required under the EU Alternative Investment Fund Managers Directive on behalf of the EU/EEA member-states’ national regulators.
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Source: SEC.gov
ISE Gemini(TM) Announces Successful Launch
August 6, 2013--The International Securities Exchange (ISE) announced that ISE GeminiTM, ISE's second options exchange, successfully completed its first day of trading yesterday. ISE Gemini launched trading with six symbols--Walt Disney Co. (DIS), NetApp Inc. (NTAP), Texas Instruments Inc. (TXN), Goldcorp Inc. (GG), NVIDIA Corp. (NVDA), and Dow Chemical Co. (DOW)--and plans to add additional products over the next several weeks until it has ultimately listed all of the most active options classes.
The new exchange offers maker-taker pricing combined with ISE’s patented pro-rata and customer priority market structure.
“The ISE Gemini name represents technology, innovation and working together as a team to accomplish a milestone,” said Gary Katz, President and CEO of ISE. “With yesterday’s successful launch of ISE Gemini, we reached that milestone. We are proud to offer a new trading venue to the market with the same high standards in technology and customer service that members have come to expect of ISE.”
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Source: International Securities Exchange (ISE)
CFTC's Division of Market Oversight Issues an Amendment to Previously Issued No-Action Relief for Certain Commodity Trading Advisors and Investment Advisors from the Prohibition of Aggregation for Large Notional Off-Facility Swaps
August 6, 2013--The Commodity Futures Trading Commission's (CFTC) Division of Market Oversight (Division) today issued an amendment to CFTC No-Action Letter No. 13-48 previously issued by the Division on July 30, 2013 (Letter 13-48).
Letter 13-48 grants relief from grants relief from the aggregation prohibition in § 43.6(h)(6) for certain commodity trading advisors (CTAs) and investment advisors (IAs) with respect to large notional off-facility swaps. The no-action letter provides that until October 1, 2013 at 11:59 pm EST, the Division will not recommend that the Commission take enforcement action against CTAs and IAs that aggregate orders for the purpose of executing large notional off-facility swaps, provided they meet specified conditions.
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Source: CFTC.gov
Insurance assets opening up to ETFs
August 6, 2013--Exchange traded fund providers can increase their potential for success in tapping the relatively untouched pool of insurer investment by embracing risk-based capital designations from the National Association of Insurance Commissioners.<
The risk-based capital requirements provide a capital adequacy standard for the insurance companies operating within the US based on criteria set by the NAIC, a US standard-setting organisation of state insurance regulators. Through obtaining an NAIC designation, an investment is given a regulatory stamp of approval for certain risk requirements.
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Source: FT.com
First Asset Leading the Canadian ETF Industry in Growth
August 6, 2013--First Asset Investment Management Inc. (First Asset), an independent Canadian investment management company, has seen the highest percentage of growth among Canadian Exchange Traded Fund (ETF) companies during the months of June and July, with $47.5 million in ETF asset inflows.
First Asset launched its ETF product line two years ago with a focus on delivering superior risk -adjusted returns. They have found great success in both the fixed income and equity categories through collaboration with DEX Universe Bond Indices and Morningstar Indices.
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Source: First Asset
Blair Hull and Company Slated To Launch Active ETF
August 6, 2013--New active ETF seeks to provide investors with access to proprietary trading strategy
August 6, 2013--HTAA, LLC (Hull Tactical Asset Allocation), in conjunction with Exchange Traded Concepts, LLC (ETC), announces the filing of a registration statement and preliminary prospectus with the Securities and Exchange Commission for an active ETF.
HTAA, LLC utilizes advanced algorithms as well as macro and technical indicators to anticipate future market returns. Their strategies are continually stress-tested with over 20 years of historical data and evolved from tactical allocation models and systems developed and traded by Hull Investments, LLC over the last 6 years.
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Source:HTAA, LLC (Hull Tactical Asset Allocation)
