Americas ETP News
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Stock Exchanges Seek Curbs on Dark Pools to Fight Exodus
June 4, 2013--Three large U.S. stock exchanges are lobbying for new limits on dark pools and other competitors, arguing that too much trading has become hidden on private venues that create more cost and volatility in public markets.
Chief executive officers of NYSE Euronext (NYX) Inc., Nasdaq OMX Group Inc (NDAQ). and Bats Global Markets Inc (BATS). have met in Washington over the past two months with lawmakers and the Securities and Exchange Commission. They’ve asked for a rule that could divert more orders to exchanges rather than trading in dark pools or within a broker’s inventory.
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Source: Bloomberg Businessweek
New Barron's 400SM ETF (BFOR) On The Market
Funds Seeks Results Corresponding to Underlying Index of 400 Stocks, ALPS Announces.
June 4, 2013--The Barron's 400SM ETF (NYSE Arca: BFOR) launched today under the ALPS ETF Trust, based on the Barron's 400 IndexSM, a rules-based index intended to give investors a means of tracking the overall performance of a collection of companies with strong fundamentals based on a methodology jointly developed by Barron's and MarketGrader.com.
“All index components are selected on the basis of their fundamental strength,” said Carlos Diez, President of MarketGrader.com. “The Barron's 400 IndexSM is built from the ‘bottom-up’ using a methodology that is quite different from most traditional market benchmarks.”
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Source: ALPS
Market Vectors Emerging Markets Local Currency Bond ETF Awarded Second-Highest Rating from NAIC
Rating allows EMLC to receive favorable risk-based capital treatment when added to portfolios of state regulated insurance companies
June 4, 2013--Market Vectors(R) Emerging Markets Local Currency Bond ETF (NYSE Arca: EMLC) has received a risk-based capital designation of "2" from the Securities Valuation Office (SVO) of the National Association of Insurance Commissioners (NAIC), it was announced today.
SVO ratings range from 1 to 6, with 1 being highest available.
The Market Vectors Emerging Markets Local Currency Bond ETF (EMLC) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the J.P. Morgan GBI-EMG Core Index (GBIEMCOR). The underlying Index provides exposure to local currency bonds issued by emerging market governments. As such, the Fund is subject to the risks of investing in emerging market debt securities.
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Source: Van Eck Securities
CME Group Volume Averaged 14.7 Million Contracts per Day in May 2013, Up 11 Percent from May 2012, Marking Highest Month since August 2011
All-time daily volume record of 26.9 million contracts traded on May 29
Record monthly Treasury futures and options volume up 42 percent
Monthly average daily volume records achieved for futures and options on 30-year Treasury Bonds, 10-year Treasury Notes and 5-year Treasury Notes
Interest rate volume up 31 percent
June 4, 2013--CME Group, the world's leading and most diverse derivatives marketplace, today announced that May 2013 volume averaged 14.7 million contracts per day, up 11 percent compared with May 2012, and up 27 percent sequentially.
Total volume for May 2013 was more than 324 million contracts, of which 88 percent was traded electronically.
In May, CME Group interest rate volume averaged 7.8 million contracts per day, up 31 percent from May 2012, and the highest monthly average daily volume since August 2011.
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Source: CME Group
DB-Synthetic Equity & Index Strategy-North America-US ETF Trade Alert-Long Gold vs. Short JPY & AUD
June 4, 2013--Implementing the Commodity Research weekly trade idea
Using ETPs to gain access to non-USD gold exposures
Long Gold in USD Short JPY & AUD
While our Commodity Research colleagues maintain a bearish view for Gold denominated in USD, they believe that a long exposure to Gold denominated in Japanese Yen and Australian dollar is expected to perform strongly on the back of "Abenomics" and expected weakness in the bulk commodity sector affecting the iron and coal Australian exporting industries.
ETP Trade: Long GLD short FXY & FXA
We believe that a combination of ETPs can offer an efficient way to gain access to gold denominated in JPY or AUD. More specifically, we recommend a long position in GLD to gain access to physical gold in USD and equally weighted short positions in FXY and FXA to achieve the exposure to gold in Japanese yen and Australian dollar.
< href="mailto:sebastian.mercado@db.com">request report
Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
DB Synthetic Equity & Index Strategy-US ETF Model Portfolios-Country Rotation Portfolio Update
June 4, 2013--Country Rotation Update as of May 31st, 2013
Portfolios experienced weakness driven by underperformance of long portfolios during May.
Market Performance
The global equity markets edged lower in May following an end-of-month reversal. The MSCI AC World Index (ACWI) lost 0.38% during this period.
ETF Country Rotation Portfolio (CRP) Series Performance
Our long portfolios posted negative returns for May. The tercile, quartile, and quintile portfolios recorded losses of 4.22%, 5.58%, and 6.02%, respectively. Similarly on the long/short area, the tercile, the quartile and quintile portfolios recorded losses of 2.26%, 3.83% and 3.63%, respectively. The main drags to the long/short portfolios came from the long positions in New Zealand and Thailand.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-North America
Implicit Costs of a Transition
June 4, 2013--The objective of a transition manager is to preserve the asset value of a client's portfolio. This can only be done by implementing a strategy to manage all of the component costs of trading, in particular those subject to greater variability- the implicit costs of a transition.
The cost of a transition is commonly viewed as a combination of two elements-the explicit costs, which can be clearly estimated in advance and generally easily understood, and the implicit costs, which are subject to a far greater degree of variability, and more difficult to both estimate and measure.
As with most investment decisions that investors make, transitions must be considered in the context of risk-adjusted cost. Despite the uncertainty in estimating implicit costs, at the end of the day, the objective of any transition manager is to preserve the asset value of the client’s portfolio. This can only be done by implementing a strategy to manage all of the component costs of trading, in particular those subject to greater variability-the implicit costs of a transition.
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Source: BNY Mellon
Deutsche Asset & Wealth Management Launches Municipal Infrastructure Revenue Bond ETF and Regulated Utilities ETF
June 4, 2013--Deutsche Asset & Wealth Management today announced the launch of the db X-trackers Municipal Infrastructure Revenue Bond Fund (NYSE Ticker: RVNU) and the db X-trackers Regulated Utilities Fund (NYSE Ticker: UTLT).
RVNU is the only exchange-traded fund (ETF) on the market offering investors targeted access to municipal infrastructure revenue bonds and UTLT is first ETF to provide investors with 100% exposure to regulated utilities.
The new funds offer unique investment opportunities in markets not previously served by ETFs. RVNU invests in municipal infrastructure revenue bonds which are backed by dedicated revenue streams from infrastructure projects. UTLT provides investors exposure to regulated utilities, an asset class backed by a government regulated rate base that produces stable earnings.
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Source: Deutsche Asset & Wealth Management
Brazil reduces foreign capital controls as currency tanks
Gov't to scrap tax on foreign purchases of local debt
Surprise move likely to help ease fall of real
Cbank official said earlier real likely to stay weak
Investors see mixed messages in gov't fx policy
June 4. 2013--Brazil will scrap a tax on foreign investments in local debt, a surprise move that could help stop a sharp depreciation of the country's currency that threatens to stoke already high inflation in Latin America's largest economy.
In a hastily called press briefing, Finance Minister Guido Mantega said that a drop in foreign inflows prompted the removal of the financial transaction tax, known as IOF, on foreign purchases of government bonds and other fixed-income investments.
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Source: Reuters
CFTC's Division of Clearing and Risk Provides No-Action Relief from the Clearing Requirement for Swaps Entered into by Eligible Treasury Affiliates
June 4, 2013--The Division of Clearing and Risk (Division) of the Commodity Futures Trading Commission (CFTC) today issued a no-action letter providing eligible treasury affiliates that enter into swaps that are subject to the clearing requirement in section 2(h)(1) of the Commodity Exchange Act (CEA) and part 50 of the CFTC's regulations, with relief from the clearing requirement, subject to certain conditions and requirements.
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Source: CFTC.gov
