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EPFR Global Fund Data News Release-Institutional investors showing faith in equities going into 2013 as EM funds shine
January 4, 2013--With negotiations on the so-called US fiscal cliff going down to the wire--and beyond--during the week spanning the final days of 2012 and the beginning of 2013 fund flows took a turn for the cautious as over $40 billion found its way into Money Market Funds.
But investors kept faith with emerging markets, especially Asian ones, and EPFR Global-tracked Equity Funds extended their longest inflow streak since a 10 week run ended in mid-4Q10.
The sixth straight week of net inflows for all Equity Funds was driven by institutional investors as their retail investors pulled money out for the 26th consecutive week. Retail redemptions during the week ending January 2 were the highest since mid-May.
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Source: EPFR
Barclays Bank PLC to Automatically Redeem the Barclays ETN+ Short C Leveraged Exchange Traded Notes
January 4, 2013--Barclays Bank PLC announced today the automatic redemption of its Short C Leveraged Exchange Traded Notes linked to the Inverse Performance of the S&P 500® Total Return (ticker: BXDC) (the "Securities").
The Securities are being redeemed as the result of a stop loss termination event occurring on January 4, 2013, the stop loss termination date. As described in the prospectus, a stop loss termination event occurs on any index business day prior to or on the final valuation date, when the intraday indicative note value is less than or equal to 15.0% of the principal amount per Security, or $10.00 for each Security. Details of the stop loss termination event are below.
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Source: Barclays Bank PLC
Horizons ETFs Sets Unit Consolidation Ratio
January 4, 2013--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate Horizons ETFs Management (Canada) Inc., the manager and trustee of the Horizons U.S. Dollar Currency ETF (the "ETF"), which is listed on the Toronto Stock Exchange ("TSX") under the symbols DLR and DLR.U, has
announced today that it has set the consolidation ratio (the "Consolidation Ratio") for the previously announced consolidation of units of the ETF, as outlined below:
Unit Consolidation
After the TSX closed for trading today, January 4, 2013, the units of the ETF will be consolidated based on a Consolidation Ratio of 1:1.009601, i.e. for every 1.009601 pre-consolidation units outstanding, one (1) consolidated unit will be issued, such that the net asset value ("NAV") of the units of the ETF traded on the TSX under the ticker symbol DLR.U will now equal $10.00 USD after the consolidation.
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Source: Horizons Exchange Traded Funds Inc.
CFTC.gov Commitments of Traders Reports Update
January 4, 2013--The current reports for the week of December 31, 2012 are now available.
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Source: CFTC.gov
Barclays Launches iPath(R) S&P MLP Exchange Traded Note
New iPath(R) S&P MLP ETN (ticker: IMLP) provides investors with exposure to the MLP market
January 4, 2013--Barclays Bank PLC announced today the launch of the iPath(R) S&P MLP Exchange Traded Note (ETN) on the NYSE Arca stock exchange under the ticker symbol IMLP.
The ETN is designed to provide investors with a way to gain exposure to the performance of the consolidated volume-weighted average price (“VWAP”) level of the S&P MLP Index, providing investors broad-based exposure to the energy infrastructure focused Master Limited Partnership (MLP) market.
“We are pleased to expand our suite of exchange traded notes with the first iPath® ETN to offer exposure to the MLP market,” said Kevin Burke, Head of Investor Solutions at Barclays. “Investors have shown considerable interest in the MLP market, and the iPath® S&P MLP ETN will provide exposure in an exchange-traded format.”
“As investors continue to seek out investments with higher yield, this ETN offers the potential for income along with upside appreciation via index-linked exposure to US energy infrastructure-focused partnerships,” said Kevin Murphy, Head of US Equity and Funds Solutions at Barclays.
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Source: Barclays Bank PLC
In the Vanguard of lower fund fees
January 4, 2013--Five years of low interest rates and erratic stock markets have stripped away the fat returns that used to cover up wastefully high fees and commissions.
So let’s talk about controlling your investing costs. Provincial securities regulators have set the scene well for a national dialogue on this topic. Late last year, they announced a review of the fees for investment advisers that are invisibly folded into mutual fund fees. And in the first half of 2013, they will start phasing in new disclosure rules requiring investment firms to show investors the actual dollar amount of the fees they’re paying (improved account performance reporting are also coming).
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Source: Globe and Mail
High-Frequency Trading Provides Essential Liquidity .
January 4, 2013--While high-frequency trading firms can ably defend themselves, Knight Capital Group's view as a leading market maker is that high-frequency trading didn't cause the flash crash, the withdrawn BATS Global Markets IPO, the mishandled Facebook IPO or our Aug. 1 technology issue.
Further, any balanced discussion regarding the market impact of high-frequency trading must acknowledge that HFT firms often provide essential liquidity to all market participants.
The article fails to note that retail investors today benefit from the lowest trading costs and the highest execution quality in history. Under measures established by the Securities and Exchange Commission, independent data show near-continual improvement in terms of speeds, spreads and price improvement since inception. Likewise, independent data bear out the dramatic declines in the costs of online and broker-assisted trades since the mid-1990s.
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Source: Wall Street Journal
Replication Index Up 6.96% In 2012
January 4, 2013--Hedge funds limped to a disappointing finish in 2012, returning less than 7%, according to an industry replication index.
IndexIQ's IQ Hedge Composite Beta Index rose 0.43% last month to reach the figure. Six of its seven strategy benchmarks were also in the black, but none exceeded the return for the Standard & Poor's 500 Index last year, 16%
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Source: FIN Alternatives
New rules to help exchanges break brokers' grip on swaps
January 3, 2013--The world's top brokers face a fight to hold onto hundreds of millions of dollars of revenue this year when U.S. legislation throws open the vast swaps trading market to stock exchanges.
Brokers like ICAP (IAP.L) and BGC Partners (BGCP.O) make around a third of their revenue from the $640 trillion (396 trillion pounds) industry for trading swaps - financial instruments used by companies to cover their exposure to changes in interest rates, foreign exchange rates and credit ratings.
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Source: Reuters
US regulators give banks time to spin off swap trading
January 3, 2013--Banks could have up to three extra years to comply with a new U.S. rule requiring firms that receive federal deposit insurance to spin off some of their swaps trading into separate arms, U.S. regulators said on Thursday.
The Office of the Comptroller of the Currency said it would "consider favorably" requests for transition periods before banks must comply with the so-called "swaps push-out" rule.
Under the rule, included as part of the 2010 Dodd-Frank financial oversight law, banks that receive deposit insurance and other government backstops have to set up separate arms to trade certain swaps.
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Source: Reuters
