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H.R. 992, Swaps Regulatory Improvement Act
May 20, 2013--As ordered reported by the House Committee on Financial Services on May 7, 2013
H.R. 992 would allow certain financial firms to retain financial portfolios containing swaps while remaining eligible for assistance from the Federal Reserve and Federal Deposit Insurance Corporation (FDIC).
A swap is a contract between two parties to exchange payments based on the price of an underlying asset or change in interest, exchange, or other reference rate. Swaps can be used to hedge or mitigate certain risks associated with a firm’s traditional activities, such as interest rate risk, or to speculate based on expected changes in prices and rates.
Enacting this legislation could affect direct spending and revenues; therefore, pay-as-you-go procedures apply. However, CBO estimates that any impact on the net cash flows of the Federal Reserve or the FDIC over the next 10 years would not be significant.
view the H.R. 992
Swaps Regulatory Improvement Act
Source: Congressional Budget Office (CBO)
VTL Associates Closes Growth Capital Investment
Suzhou Industrial Park Kaida Venture Capital Investment will fuel expansion of RevenueShares Family of ETFs
May 20, 2013--VTL Associates, LLC, an independent investment advisory and consulting firm, has received an investment from Suzhou Industrial Park Kaida Venture Capital, an international venture capital firm based in Dalian, China.
The growth capital will be used to support the expansion of RevenueShares, a division of VTL that provides revenue-weighted exchanged-traded funds (ETFs).
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Source: VTL Associates
SEC issues warning on ETF compliance
May 19, 2013--Has the Securities and Exchange Commission granted your firm exemptive relief in recent years? If so, it would be wise for compliance personnel to check to ensure compliance with the conditions that are part of that relief
That’s because the SEC is paying close attention to this area of late.
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Source: FT.com
Deutsche Asset & Wealth Management Introduces the First Hedged Equity German Exchange Traded Fund to the U.S. Marketplace
May 17, 2013--Deutsche Asset & Wealth Management today announced the addition of the db X-trackers MSCI Germany Hedged Equity Fund (NYSE Ticker: DBGR) to the db X-trackers platform, effective May 31, 2013.
DBGR is the first ETF designed to provide investors direct exposure to the German equity markets while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.
DBGR will provide access to Germany, the fourth largest economy in the world by gross domestic product according to UN data1, while simultaneously decoupling German equity investment from currency exposure. Before the introduction of DBGR, investors could only access the German stock market through unhedged ETFs that subjected the funds to the fluctuations in the currency market, possibly eroding gains in equity investments.
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Source: Deutsche Asset & Wealth Management
CFTC.gov Commitments of Traders Reports Update
May 17, 2013--The current reports for the week of May 14, 2013 are now available.
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Source: CFTC.gov
Deutsche Bank-Synthetic Equity & Index Strategy--DB SYNDEX: Delta One Strategy-How to navigate the Japan trade going forward
May 17, 2013--From a broad approach to a more selective one
Finding the right access vehicle and exposure to navigate the rally
"Abenomics" have, so far, been very welcome by the market
In the past few months, Japan launched a major policy experiment geared towards boosting growth and ending 15 years of deflation.
So far, it seems that the markets have priced-in the success of these measures and have driven the Japanese equity market to return over 75% since mid November last year, in addition to a weakening of over 20% for the Yen during the same period.
Financials and exporters to continue leading the Japan rally The rally has been driven by asset price and export sensitive sectors such as Financials and Consumer Discretionary, respectively. DB strategists’ views are that Financials and Exporters will continue to be the best segments within equities along with a weak JPY; while other non-exporter sectors such as Utilities and Telecom should underperform.
Delta-one products provide different exposures, liquidity, costs, and risks We review six different delta one products to navigate the Japan trade going forward. ETFs offer easy access to the general investment audience interested in Japanese exporters or financials without FX exposure. Futures provide access to abundant liquidity, leveraged returns, and no FX risk. Swaps offer a good alternative to implement customized views and can be financed in JPY to benefit from local currency depreciation and to obtain cheaper financing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy
Dow, S&P 500 end week with record highs
May 17, 2013--Stocks defied skeptics again Friday, attracting attention from even the most hardened market-watchers. The Dow Jones industrial average and the Standard & Poor's 500 index closed at record highs.
The Dow gained 121.18 points, 0.8%, to 15,354.40. The S&P 500 ended up 15.65 points, 1%, to 1,666.12. And the Nasdaq composite index rose 33.72 points, 1%, to 3,498.97. It was the fourth straight week of gains for the indexes.
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Source: USA Today
BNY Mellon ADR Index Monthly Performance Update April 2013
May 16, 2013--The BNY Mellon ADR Index Monthly Performance-April 2013 Update has been published and is now available for review.
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Source: BNY Mellon
iShares Diversified Alternatives Trust (NYSEArca: ALT) to Cease Trading on May 29, 2013
May 15, 2013--BlackRock, Inc. (NYS: BLK) previously announced in a public filing on April 26, 2013, that its iShares Exchange Traded Funds (ETFs) business, the world's largest manager of ETFs, plans to liquidate and close the iShares Diversified Alternatives Trust (NYSEArca: ALT).
As indicated in the prior announcement, ALT will continue to trade and intends to pursue its current investment strategies until May 28, 2013. Beginning May 29, 2013, ALT will be closed to creation and redemption activity, trading of the shares of ALT on NYSE Arca will terminate,
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Source: Daily Finance
First Trust launches family of AlphaDEX(TM) Dividend ETFs in Canada
Firm brings highly successful rules-based fundamental stock selection methodology to Canadian investors
May 15, 2013--FT Portfolios Canada Co., a privately owned company and an affiliate of Chicago based First Trust Portfolios L.P., a U.S. registered broker-dealer, is pleased to announce that the first three First Trust AlphaDEXTM Dividend ETFs have completed their initial offering of units for both the common class and advisor class units of the ETFs and are scheduled to commence trading on Wednesday, May 15th on the Toronto Stock Exchange.
First Trust AlphaDEXTM Canadian Dividend Plus ETF (TSX: FDV, FDV.A), will primarily invest in a portfolio of higher yielding Canadian dividend paying stocks, as well as provide Unitholders with monthly distributions. In addition, First Trust AlphaDEXTM Canadian Dividend Plus ETF will from time to time write call options on a portion of the portfolio in order to produce additional income.
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Source: The Sacramento Bee
