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CFTC's Division of Clearing and Risk Issues Extension of Time-Limited No-Action Relief from Required Clearing for Swaps Entered into by Certain Cooperatives
July 19, 2013--The Division of Clearing and Risk (DCR) of the Commodity Futures Trading Commission (Commission) today announced the issuance of a time-limited, no-action letter granting relief from required clearing under section 2(h)(1)(A) of the Commodity Exchange Act and part 50 of the Commission's regulations for certain swaps entered into by qualifying cooperatives.
The no-action letter provides that DCR will not recommend an enforcement action for a cooperative’s failure to clear a swap if the cooperative and the swap meet certain conditions set forth in the no-action letter.
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Source: CFTC.gov
US STOCKS-Dow, S&P 500 end at record highs on earnings, Bernanke
Morgan Stanley's stock soars after strong results
Shares of eBay, Intel fall after disappointing forecasts
Bernanke soothes markets again in congressional testimony
Dow up 0.5 pct, S&P 500 up 0.5 pct, Nasdaq up 0.04 pct
July 18, 2013--The Dow and the S&P 500 closed at record highs on Thursday after Morgan Stanley and others reported better-than-expected earnings and Federal Reserve Chairman Ben Bernanke's comments further reassured markets.
Shares of Morgan Stanley jumped 4.4 percent to $27.70, its highest close since April 2011, after the bank posted a 42 percent increase in quarterly profit as stock trading revenue soared. Earlier, Morgan Stanley's stock hit a session high of $27.95, its highest intraday level since April 2011. The S&P financial index climbed 1.3 percent.
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Source: Reuters
Direxion Indexed Managed Futures Strategy Fund Surpasses $100 Million In Assets Under Management
Growth Since Inception 16 Months Ago Demonstrates Increasing Interest in Achieving Diversification Through Managed Futures
July 18, 2013--Direxion, a leader in alternative investment solutions, announces that the Direxion Indexed Managed Futures Strategy Fund (DXMAX) has obtained more than $100 million in assets under management since its inception in February 2012, further strengthening the firm as a premier provider of alternative investment strategies.
The Direxion Indexed Managed Futures Strategy Fund offers a rules-based approach to managed futures investing. It seeks investment results, before fees and expenses, which are comparable to the performance of the Auspice Managed Futures ER Index, a long/short managed futures index. The Fund provides exposure to 21 futures markets, including commodities, interest rates and currencies, in a cost-efficient way that does not have additional underlying manager or incentive fees. Unlike other managed futures funds, it does not invest in equity futures, a feature which provides additional diversification.
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Source: Direxion
Market Vectors Fixed Income ETFs Achieve NAIC Designations
July 18, 2013--Six Market Vectors fixed income exchange-traded funds (ETFs) have received risk-based capital ratings from the Securities Valuation Office (SVO) of the National Association of Insurance Commissioners (NAIC), it was announced.
Ratings assess credit quality of fixed income securities and can allow for favorable risk-based capital treatment when a fund is added to portfolios of state regulated insurance companies.
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Source: Insurancenewsnet.com
Federal Reserve Chairman Ben S. Bernanke: Semiannual Monetary Policy Report To The Congress-Before The Committee On Financial Services, U.S. House Of Representatives, Washington, D.C.
Chairman Bernanke presented identical remarks before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate on July 18, 2013
July 17, 2013--Chairman Hensarling, Ranking Member Waters, and other members of the Committee, I am pleased to present the Federal Reserve's semiannual Monetary Policy Report to the Congress. I will discuss current economic conditions and the outlook and then turn to monetary policy.
I'll finish with a short summary of our ongoing work on regulatory reform.
The Economic Outlook
The economic recovery has continued at a moderate pace in recent quarters despite the strong headwinds created by federal fiscal policy.
Housing has contributed significantly to recent gains in economic activity. Home sales, house prices, and residential construction have moved up over the past year, supported by low mortgage rates and improved confidence in both the housing market and the economy. Rising housing construction and home sales are adding to job growth, and substantial increases in home prices are bolstering household finances and consumer spending while reducing the number of homeowners with underwater mortgages. Housing activity and prices seem likely to continue to recover, notwithstanding the recent increases in mortgage rates, but it will be important to monitor developments in this sector carefully.
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Source: FRB
Arizona Public Safety Personnel commits $75 million to BlackRock fund
July 18, 2013--Arizona Public Safety Personnel Retirement System, Phoenix, committed up to $75 million to BlackRock (BLK) Fixed Income Global Alpha Fund, confirmed James Hacking, administrator of the $7.3 billion pension fund.
Funding will come from core fixed income. Mr. Hacking said no managers will be terminated.
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Source: Pensions & Investments
S&P GSCI Dynamic Roll Capped Component 35/20 Launched by S&P Dow Jones Indices
July 18, 2013--S&P Dow Jones Indices announced today the launch of the S&P GSCI Dynamic Roll Capped Component 35/20 reflecting the total return available through an unleveraged investment in the specific commodities of the S&P GSCI Dynamic Roll while employing the S&P Capped Component 35/20 methodology.
The Index contains the specific commodity futures contracts of the S&P GSCI Dynamic Roll and is calculated using the rules of the S&P GSCI Dynamic Roll, but modified to apply the Capped Component 35/20 rules for capping according to the ESMA guidelines on UCITS issues
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Source: MarketWatch
BNY Mellon urges change to borrowing rule
July 17, 2013--Bank of New York Mellon said it would urge US regulators to exclude a "perverse" aspect of a new rule aimed at capping banks' borrowing, in one of the first signs that the financial industry intends to lobby against parts of the proposal.
The biggest banks would have to hold extra capital against all of their assets under a new US “leverage ratio” rule outlined by regulators including the Federal Reserve and the Federal Deposit Insurance Corporation earlier this month. Total assets would include cash held on deposit at central banks, as well as government bonds.
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Source: FT.com
Guggenheim Investments Expands BulletShares(R) Product Suite With Two New ETFs
BulletShares' Total Assets Increased 133 Percent Year-Over-Year
July 17, 2013--Guggenheim Investments, the investment management division of Guggenheim Partners, today announced the launch of two new BulletShares ETFs: Guggenheim BulletShares 2021 Corporate Bond ETF and Guggenheim BulletShares 2022 Corporate Bond ETF.
BulletShares were the first defined-maturity corporate bond ETFs available on the market. In 2012, total assets in the suite increased 133 percent, and year-to-date assets are up $967 million--a 56% percent increase (as of June 30, 2013).
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DB-Synthetic Equity & Index Strategy-North America-US ETF Market Weekly Review-Markets and $17.5bn inflows into equity drive assets higher by 3.9% The total US ETP flows from all products registered $16.77bn (+1.2% of AUM) of inflows during last week vs. $6.1bn (+0.4%) of inflows the previous week, setting the YTD weekly flows average at +$3.4bn (+$94.13bn YTD in total cash flows).
Equity, Fixed Income, and Commodity ETPs experienced flows of +$17.5bn (1.6%), -$0.4bn (-0.15%) and -$0.6bn (-0.84%) last week vs. +$3.0bn (0.28%), +$3.4bn (1.33%) and -$0.4bn (-0.61%) in the previous week, respectively.
Among US sectors, Financials (+$1.03bn, +1.7%) and Consumer Discretionary (+$0.78bn, +7.0%) received the top inflows, while Utilities (-$0.18bn, -2.3%) and Materials (-$0.12bn, -1.2%) experienced the largest outflows.
Top 3 ETPs & ETNs by inflows: SPY (+$8.4bn), IWM (+$1.2bn), MDY (+$0.7bn)
Top 3 ETPs & ETNs by outflows: GLD (-$0.9bn), EEM (-$0.4bn), TLT (-$0.3bn)
New Launch Calendar: small-caps and investment grade corporate bonds
Turnover Review: Floor activity rose by 27.5%
Total weekly turnover increased by 27.5% to $296.9bn vs. $232.85bn from the previous week (4th of July week); Furthermore, last week's turnover level was 10.1% over last year's weekly average. Equity, Fixed Income and Commodity ETPs turnover increased by $56.9bn (+28.2%), $4.6bn (+23.6%) and $1.7bn (+18.4%) during the same period, respectively
Assets under Management (AUM) Review: assets increased by 3.9%
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Source: Guggenheim Investments
July 16, 2013--Market and Net Cash Flows Review
Global markets rallied across the board during last week. The US (S&P 500) climbed 2.96%; outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) rose by 3.84% and 3.07%, respectively. Moving on to other asset classes, the 10Y US Treasury Yield dropped by 12 bps last week, while the DB Liquid Commodity Index was up by 2.17%.
Similarly, the Agriculture sector (DB Diversified Agriculture Index), the WTI Crude Oil, Gold and Silver prices moved higher by 0.67%, 2.64%, 5.11% and 5.41%, respectively. Last but not least, Volatility (VIX) dropped by 7.05% during the same period.
There were five new ETFs listed during the previous week. State Street launched TWOK, offering exposure to US Small-cap; In the meantime, BlackRock launched four new target-date IG Corporate bond ETFs with maturities in 2016 (IBDA), 2018 (IBDB), 2020 (IBDC) and 2023 (IBDD).
US ETP assets rose by $55.8bn (+3.9%) totaling $1.491 trillion at the end of the week. As of last Friday, US ETPs had accumulated an asset growth of 11.8% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved +$51.6bn, +$1.6bn and +$2.4bn during last week, respectively.
Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
