Americas ETP News
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Institutional Use of ETFs Keeps Growing
November 28, 2012--Exchange-traded funds have shaken institutional investors to their core. Literally.
According to a survey of 1,117 clients of BlackRock (BLK), nearly 40% of institutional investors are now using ETFs for core allocations, particularly in U.S. domestic and international equity. For individual investors playing at home, take note, this means that a large swath of the big guys are essentially using index funds for their core portfolios.
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Source: Forbes
CIBC Mellon earns expanded Horizons Exchange Traded Funds asset servicing mandate
November 28, 2012--November 28, 2012--CIBC Mellon today announced that Horizons Exchange Traded Funds Inc. and its affiliate AlphaPro Management Inc. (together,, "Horizons ETFs") awarded the company a second fund accounting and administration mandate.
In addition, Horizons ETFs selected CIBC Mellon to provide custody and securities lending services for Horizons' family of actively-managed ETFs.
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Source: CIBC Mellon
Invesco PowerShares Lowers Fees on Six ETF Portfolios
November 28, 2012--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), today announced lower total expense ratios (TER) for six PowerShares ETF portfolios effective November 21, 2012.
The names and ticker symbols for the PowerShares ETFs lowering fees are listed below:
Fundamentals Weighted
Ticker Fund Name Old TER New TER
PXF FTSE RAFI Developed Markets ex-U.S. Portfolio 0.75% 0.45% (1)
PXH FTSE RAFI Emerging Markets Portfolio 0.85% 0.49% (2)
PAF FTSE RAFI Asia Pacific ex-Japan Portfolio 0.80% 0.49% (2)
FTSE RAFI Developed Markets ex-U.S. Small-Mid
PDN Portfolio 0.75% 0.49% (2) Factor Driven
Ticker Fund Name Old TER New TER
IDHQ S&P International Developed High Quality Portfolio 0.75% 0.45% (1)
SPHQ S&P 500 High Quality Portfolio 0.50% 0.29% (3) "We continuously analyze ways to improve our overall ETF product lineup for investors," said Ben Fulton, Invesco PowerShares managing director of global ETFs. "We believe the lower fees announced today better align the six funds with our existing offerings, and help position the PowerShares family of ETFs for continued growth."
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Source Invesco PowerShares
DB-Synthetic Equity & Index Strategy-North America-US ETF Investment Ideas-Capture the rating upgrade of Industrials with ETFs
November 28, 2012--XLI and beyond...
Comprehensive Guide for US Industrials Sector ETF Investing
Industrials upgraded from Underweight to Overweight
Deutsche Bank's US Equity Strategist, David Bianco, has recently upgraded the Industrials sector from Underweight to Overweight based on an expected increase in business investment, strong capex, attractive valuations, and a favorable view on long-term EM growth coupled with a soft landing for Asia.
At an industry level, the following industries have an Overweight rating: Aerospace & Defense, Electrical Equipment, Industrial Conglomerates, and Machinery; while these other industries have an Underweight rating: Airlines, Building Products, Commercial Services & Supplies, and Trading Companies & Distributions.
ETF recommendations
We provide ETF recommendations for implementing positions in the Industrials sector and the Aerospace & Defense industry. Besides having good product characteristics, we focus on finding the most representative exposure and attractive valuations. We recommend XLI and VIS for the Industrials sector and ITA for the Aerospace & Defense industry.
Full ETF analysis for Industrials ETFs
We also present details for all 14 non-levered long US Industrials ETFs listed in the US, with additional in-depth analysis for the 6 Broad Diversified Industrials and the 3 Aerospace & Defense products. This information can be used as a guide for Industrials ETF investing.
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Source: Deutsche Bank -Synthetic Equity & Index Strategy-North America
CFTC Staff Withdraws Elements of the "Frequently Asked Questions on Reporting of Cleared Swaps"
November 28, 202--Staff of the Commodity Futures Trading Commission (Commission) today withdrew parts of its "Frequently Asked Questions on Reporting of Cleared Swaps." Specifically, staff withdrew the following questions, and their corresponding answers:
"Which party has the authority to select the particular SDR for purposes of cleared swap reporting?"
“May a DCM, SEF or DCO that is also registered as an SDR or legally affiliated with an SDR require counterparties to use their “captive” SDR for reporting swap transactions?”
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Source: CFTC.gov
CFTC Issues Clearing Determination for Certain Credit Default Swaps and Interest Rate Swaps
Commission Requires First Swaps to be Cleared
November 28, 2012--The Commodity Futures Trading Commission today issued new rules to require certain credit default swaps (CDS) and interest rate swaps to be cleared by registered derivatives clearing organizations (DCOs).
The rules establish the first clearing determination by the Commission under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Under the rules, market participants are required to submit a swap that is identified in the rule for clearing by a DCO as soon as technologically practicable and no later than the end of the day of execution. The Commission voted 5 to 0 via seriatim to issue the Clearing Determination, which will become effective upon publication in the Federal Register.
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Source: CFTC.gov
CFTC's Division of Clearing and Risk Issues Time-Limited No-Action Relief from Required Clearing for Swaps between Affiliated Counterparties
November 28, 2012--The Commodity Futures Trading Commission's Division of Clearing and Risk (DCR) 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 the Commission’s newly adopted Part 50 regulations for certain swaps entered into by qualifying affiliated counterparties.
The no-action letter provides that DCR will not recommend an enforcement action for failure to clear a swap entered into by affiliated counterparties if one of the counterparties to the swap is majority owned by the other counterparty or both counterparties are majority owned by a third party and the financial statements of both counterparties and the third party majority owner, if any, are reported for accounting purposes on a consolidated basis. In addition, both affiliates must agree not to clear the swap.
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Source: CFTC.gov
CFTC's Division of Clearing and Risk Issues Time-Limited No-Action Relief from Required Clearing for Swaps entered into by Certain Cooperatives
November 28, 2012--The Commodity Futures Trading Commission's Division of Clearing and Risk (DCR) 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 the
Commission’s newly adopted Part 50 regulations for certain swaps entered into by qualifying cooperatives.
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Source: CFTC.gov
S&P Dow Jones Indices Announces Changes In Canadian Indices-A Deletion From The S&P/TSX SmallCap And Global Mining Indices
November 27, 2012--The shareholders of High River Gold Mines Ltd. (TSX:HRG) have accepted the cash or share exchange offer from Nord Gold NV (LSE:NORD) whereby High River Gold Mines shareholders will receive $CDN1.40 or 0.285 shares of Nord Gold for each share held.
High River Gold Mines will be removed from the S&P/TSX SmallCap and Equity SmallCap and the S&P/TSX Global Mining and Global Gold Indices effective after the close of Friday, November 30, 2012.
Source: S&P Dow Jones Indices
Canada ETF industry on track for record year
November 27, 2012--Canada's fast growing exchange traded funds market is on course for a record year in 2012 with analysts predicting that ETFs will continue to win market share from the country's traditional mutual funds industry.
Canadian listed ETFs (funds and products) attracted net new inflows of $10.1bn between January and October, up 33.2 per cent on the $7.6bn gathered over the whole of 2011, according to ETFGI, a consultancy, which reported all figures in US dollars.
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Source: FT.com
