Americas ETP News
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ISE Introduces Risk Management Feature in Kill Switch
October 3, 2012--The International Securities Exchange (ISE) today announced the implementation of its electronic "Kill Switch" functionality in PrecISE Trade(R), ISE's innovative, front-end execution system.
The Kill Switch has already been available for exchange members that are connected to ISE via a Direct Trading Interface (DTI) or FIX connection. By extending this functionality to PrecISE, this segment of ISE’s membership community now has the ability to utilize the Kill Switch to cancel all open orders and prevent new order submissions for more comprehensive risk management. In addition, if a DTI or FIX user is unable to access their system during a session, PrecISE serves as an alternative means of enabling the Kill Switch.
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Source: International Securities (ISE)
Brown Brothers Harriman, Hilliard Lyons, Legg Mason, Edward Jones, and JPMorgan Chase Recognized with SIFMA Diversity Leadership Awards
October 3, 2012--SIFMA today awarded Brown Brothers Harriman, Hilliard Lyons, Legg Mason, Edward Jones, and JPMorgan Chase with its annual Diversity Leadership Awards.
Emerging Diversity Leadership: Brown Brothers Harriman - Possibility Thinking and Hilliard Lyons - Women’s Financial Consultant Roundtable.
Innovative Diversity Leadership: Legg Mason - Diversity & Inclusion Leadership Council Board Leadership Program.
Sustained Diversity Leadership: Edward Jones - Cross-Cultural Development Program.
Team Diversity Leadership: JPMorgan Chase - Black Organization for Leadership Development.
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Source: SIFMA
Introductory Remarks At SEC's Market Technology Roundtable By SEC Chairman Mary L. Schapiro
October 2, 2012--Good morning. Thank you to all of the panelists for taking time to share your thoughts with us on market technology. And thank you to those who have already written in with your comments. You have given us a number of very thoughtful recommendations.
To an extraordinary extent, the stability of our securities markets is tied to the technological infrastructure of those markets.
As with virtually every industry, technology brings many benefits. And our markets are no different. Thanks to technology, our securities markets are more efficient and accessible than ever before.
But we also know that technology has pitfalls. And when it doesn’t work quite right, the consequences can be severe.
Just imagine what can happen:
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Source: SEC.gov
S&P Dow Jones Indices announces changes to the S&P/TSX Canadian Indices
A Deletion from the S&P/TSX Income Trust Index October 2, 2012--S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The stapled unitholders of Labrador Iron Ore Royalty Corporation (LIF-UN.TO) have approved the restructuring of the company to a corporate structure.
The name of the company is not changing and the new ticker symbol will be "LIF". Following this restructuring, the company will be removed from the S&P/TSX Income Trust Index and added to the S&P/TSX Equity, Capped Equity and Equity Completion indices. The company will remain a constituent of the S&P/TSX Composite, Capped Composite and Composite Equal Weight, the S&P/TSX Completion, the S&P/TSX Capped Materials and the S&P/TSX Composite Dividend Indices. All these changes will be effective after the close of trading on Thursday, October 4, 2012 .
Source: S&P Dow Jones Indices
DB-Global Equity Index and ETF Research-North America-US ETF Investment Ideas-Implementing the House View with ETFs
October 2, 2012-While the central bank actions have encouraged flows into risk assets, the overwhelming policy response highlights just how fragile the outlook remains. Our base case is that growth will bottom out in Q3/Q4 and accelerate in 2013. Downside risks remain, however, which could have knock-on effects in other regions, risking a negative growth and asset price spiral.
Asset Class Views: Fed and ECB easing to provide ‘safety net’ to risky assets
The cross asset class views from DB strategists are moderately bullish on US equities, long gold, bullish on the EUR/USD, bearish on Core rates, and moderately bullish on Credit.
ETF Implementation: Moderate risk-on positioning
We present a number of ETF portfolios which seek to capture the upside of the risk-on trade, while at the same time protect against sudden drops by selecting less correlated asset classes.
Given the current outlook and market conditions which present a more favorable tilt towards risky assets we focus on exploring long positions in US equity, and HY and EM credit. Furthermore, given the USD weakness and relative strength of the EUR and gold we explore long positions on the EUR and gold, and short positions on the USD. At the same time, we also examine short positions on core rates given a possible rise in yields over the next 3-6 months.
The following link will be available for 90 days. For more information, please click on the link for the full PDF.
If you have any trouble viewing the link, copy and paste the link in a browser.
http://pull.db-gmresearch.com/p/577-6A22/34339792/US_ETF_Investment_Ideas.pdf
Source: Deutsche Bank - Global Equity Index and ETF Research
U.S. market players urge caution on designing "kill switches"
October 2, 2012--Brokerage and exchange technology gurus generally endorsed the concept of deploying "kill switches" to stop computer errors before they can unleash havoc on the market, but they warned regulators on Tuesday to ensure they are not set off too easily.
Speaking at a roundtable hosted by the U.S. Securities and Exchange Commission, experts said they recognized the need for more safeguards after a series of scary software glitches.
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Source: Reuters
Vanguard Selects FTSE as Index Benchmark Provider for Six International Stock Index Funds
October 2, 2012--FTSE Group ("FTSE") has been selected by Vanguard, one of the top three US asset management firms, as the index benchmark provider for six international equity index funds with aggregate assets of $170 billion as of August 31.
These funds will transition to benchmarks in the FTSE Global Equity Index Series, replacing MSCI. This transaction represents the largest international index provider benchmark switch ever and includes the world’s largest emerging markets fund, the $67bn Vanguard Emerging Markets Stock Index Fund and its exchange-traded fund (Ticker: VWO). These funds will move to the FTSE Emerging Index.
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Source: FTSE
MSCI Falls Most on Record as Vanguard Dumps Its Indexes
October 2, 2012--MSCI Inc. (MSCI) fell the most on record after being dropped as benchmark provider for 22 index funds by Vanguard Group Inc., the largest U.S. mutual-fund company.
MSCI declined 27 percent to close at $26.21 in New York, the most since it went public in November of 2007, after Vanguard said funds with about $537 billion in assets will replace New York-based MSCI to cut costs for fund shareholders.
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Source: Bloomberg
Trading Activity In VIX Futures Spurs CFE To Busiest Month In History
Several All-Time Highs Reached During Record-Setting Month
October 1, 2012-- The CBOE Futures Exchange, LLC (CFE(R)) announced today that September 2012 was the most-active trading month ever for futures on the CBOE Volatility Index(R) (VIX(R)).
The record trading activity in VIX futures drove total volume at CFE to a new all-time high. During the month, several new trading records -- for both VIX futures and CFE -- were set.
VIX Futures
In September, average daily volume (ADV) in VIX futures reached a new all-time high of 126,345 contracts, which surpassed the previous record ADV of 102,587 contracts during June 2012. September's ADV increased by 170 percent from the 46,784 contracts ADV in September 2011 and rose by 52 percent when compared to the ADV of 83,016 contracts in August 2012. A new single-day volume record for VIX futures was achieved on Thursday, September 13 when 190,081 contracts traded. The previous record had been 159,744 contracts on June 18, 2012.
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Source: CBOE
CBOE Holdings Reports September 2012 Consolidated Trading Volume; 92.9 Million Total Contracts; 4.9 Million Contracts ADV
CBOE Holdings Volume Up 23% from August
--VIX Futures-Busiest Month Ever, ADV Up 170% from Year Ago
October 1, 2012--CBOE Holdings, Inc. (NASDAQ: CBOE) reported today that September 2012 consolidated trading volume for options contracts on the Chicago Board Options Exchange(R) (CBOE(R)) and C2 Options ExchangeSM (C2SM) and futures contracts on CBOE Futures Exchange SM (CFE(R)), totaled 92.9 million contracts.
September 2012 average daily volume (ADV) for the three exchanges, combined, was 4.9 million contracts, a two-percent decrease from 5.0 million contracts ADV in September 2011, and a 23-percent increase from nearly 4.0 million contracts ADV in August 2012.
Year to date through September, consolidated ADV for the three exchanges was 4.7 million contracts, down seven percent from 5.0 million contracts ADV for the same period a year ago.
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Source: CBOE
