Americas ETP News
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S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices-A Deletion From The S&P/TSX Preferred Share Index
January 8, 2013--S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
National Bank of Canada (TSX:NA) has announced that it will redeem for $CDN25.00 cash per share all of the outstanding shares of its Non-Cumulative Fixed Rate First Preferred Shares, Series 15 (TSX:NA.PR.K) at the close on January 15, 2013.
The shares of this issue will be removed from the S&P/TSX Preferred Share Index and the S&P/TSX North American Preferred Stock Index after the close of trading on Tuesday, January 15, 2013.
Source: S&P Canadian Index Services
CBO-Monthly Budget Review
January 8, 2013--The federal budget deficit was $293 billion for the first three months of fiscal year 2013 (that is, October through December 2012), $29 billion less than the shortfall recorded in the first quarter of last fiscal year, CBO estimates.
Without shifts in the timing of certain payments in both years, however, the deficit for the three-month period would have been about $60 billion lower this year than in fiscal year 2012.
Total Receipts Were Up by 11 Percent in the First Quarter of Fiscal Year 2013 Receipts for the first three months of fiscal year 2013 totaled $616 billion, $60 billion more than those in the same period last year. Compared with receipts in the first quarter of last year:
view the CBO-Monthly Budget Review
Source: CBO (Congressional Budget Office)
A Call for Ethics in ETF Advertising - Forbes
January 7, 2013--The fund industry is notorious for comparing the performance of their products to the wrong benchmarks and even made-up benchmarks. This is done to make a fund's performance appear to be superior relative to something-even if that something makes no sense. This decadent practice harms the credibility of an industry that has lost so much in recent years.
Sometimes, when an exchange-traded fund (ETF) doesn’t actually have performance, the fund provider will publish an index return that the ETF is attempting to follow. The index performance is then compared to other benchmarks so that investors can evaluate differences.
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Source: Forbes
NYSE, Nasdaq Indicate 'Flash Crash' Safeguards May Be Postponed
January 7, 2013--NYSE Euronext (NYX) and Nasdaq OMX Group Inc. (NDAQ) said new measures meant to prevent wild stock-market swings may be delayed in order to allow securities firms time to prepare their systems for the change.
The measures, "circuit breaker" techniques that halt or slow trading in periods of extreme stock or index volatility, were conceived in response to the 2010 "flash crash." As the implementation date has drawn nearer, market participants have warned they may need more time to run tests on how their computer systems would react to the new rules.
Under the proposed delay, the rules would go into effect April 8, rather than early next month as originally planned, according to notices NYSE and Nasdaq sent to customers Monday.
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Source: Wall Street Journal
Fidelity, late to learn value of ETFs, could cut into State Street
January 6, 2013-Fidelity Investments' belated bid to offer a range of exchange-traded funds will pit the firm squarely against another Hub-based financial giant, State Street Corp., which pioneered the increasingly popular investments.
Last March, Fidelity poached Anthony Rochte from State Street to build out its new ETF division. Then, last month, Fidelity filed plans with the Securities and Exchange Commission to unleash its ETF onslaught this year.
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Source: Boston Herald
JPMorgan's copper ETP splits opinion
Copper is often known as Dr Copper for the supposed predictive powers of the metal in signalling the health, or otherwise, of the global economy.
If critics are to be believed, the US Securities and Exchange Commission has opened the door to the widespread doctoring of the price of copper, with potentially serious ramifications for the world economy, given the metal’s ubiquity in electrical wiring.
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Source: FT.com
International Securities Exchange Weekly Listings January 4, 2013
January 4, 2013--The International Securities Exchange listed new options classes during the week beginning December 31, 2012 as described below.
Effective Wednesday, January 2, 2013, the ISE listed options on the following product along with its related symbol:
Bin 5 - Merrill Lynch Professional Clearing Corp. Equity
AbbVie Inc. (Symbol: ABBV, Trading Symbol(s): ABBV) will trade on a February expiration cycle with exercise and position limits of 50000.
Source: International Securities Exchange (ISE)
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.
Visit http://www.epfr.com for more info
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.
